AFTER a commendable long period of uninterrupted decline in poverty rates, Pakistan’s economy is now facing one of its worst crises. Poor policy choices, combined with a series of shocks — Covid 19, the 2022 catastrophic floods and adverse global conditions — caused growth to slow, poverty to increase, and brought the country to the brink of debt default. Moreover, human development outcomes re
Oil prices shed value during the first session of 2024, on the back of interest rate jitters and as concerns eased that tensions in the Red Sea could disrupt supplies. Brent crude was down 45 cents, or 0.6 per cent, at $76.59 a barrel at 13:15 p.m. ET (18:15 GMT). US West Texas Intermediate crude was down 60 cents, or 0.8pc, at $71.05. Prices rose briefly in early trade after attacks on vess
The Privatisation Commission on Tuesday completed the divestment process of Heavy Electrical Complex (HEC) by handing over the share certificates to the buyer IMS Engineering (Pvt) Ltd. In a final settlement of the Rs1.4 billion transaction, the buyer has not only made the full payment but also taken over additional liabilities of Rs752 million payable to the Bank of Khyber. The government
The Competition Commission of Pakistan (CCP) has approved a merger in the deep-sea container liner shipping services market. Through the approved merger, PIL Holdings Pte Ltd acquires minor shareholding in PIL Pte Ltd, both entities are registered in Singapore. The PIL Pte has an indirect subsidiary in Pakistan called Pacific Delta Shipping (PDSPL). PDSPL serves as the designated local agent
Some revival in construction activities propelled local cement sales by a mere one per cent year-on-year to 20.223 million tonnes during July-December of FY24, while exports soared by 111pc to 3.653m tonnes from 1.734m tonnes the same period a year ago. As a result, the cumulative cement despatches (domestic and export) grew 9.7pc to 23.876m tonnes in 1HFY24 versus 21.674m tonnes, according to