Owing to a “lack of progress” in the proposed transaction, a group of three investors has formally decided not to proceed with the acquisition of more than 50 per cent shares in Escorts Investment Bank Ltd, a subsidiary of real estate developer Bahria Town Ltd, a bourse filing said on Monday. The three investors made a public announcement of their intention in March to buy more than 50pc shareh
The economic pressure has increased due to floods, said Finance Minister Miftah Ismail. “Difficult decisions have been taken to save the country from bankruptcy. The economic pressure has increased owing to recent floods,” the minister said during his meeting with Punjab Governor Balighur Rehman on Monday. The economic conditions of the country and the flood situation were discussed. The
The Asia-Pacific Group (APG) on Money Laundering has rated Pakistan’s level of effectiveness as ‘low’ on 10 out of 11 international goals on anti-money laundering and combating the financing of terror (AML/CFT), even though the country is now compliant on 38 out of 40 technical recommendations. The Sydney-based regional affiliate of the Financial Action Task Force (FATF) released an update, as
The dollar nursed losses on Tuesday ahead of United States inflation data that investors hope might show some signs of softening, while the euro rose on hawkish comments from policymakers that rates would need to increase further. The euro was last up 0.06 per cent to $1.013, after hitting a nearly one-month high of $1.0198 in the previous session and gaining 0.76pc overnight. Sterling was u
Oil prices tumbled more than $4 on Wednesday, slumping below levels seen prior to Russia’s invasion of Ukraine as downbeat Chinese trade data fed investor worries about recession risks. Brent crude futures were down $4.12, or 4.4%, at $88.71 a barrel by 1543 GMT, touching their lowest since February 3 and falling below $90 a barrel for the first since February 8. US West Texas Intermediate crud