MCB Bank Ltd (MCB) on Monday announced that it is in the process of carrying out due diligence for a potential transaction to purchase 55 per cent shares in Telenor Microfinance Bank Ltd, the bank informed the stock exchange. “The State Bank of Pakistan (SBP) has granted in principle conditional approval to MCB Bank to conduct due diligence for a potential transaction for the purchase of 55pc s
With fuel cost adjustments in power tariff going through the roof, the government is struggling to ensure fuel supplies in the coming summer months amid higher global prices and supply constraints. Informed sources told Dawn that no fuel supplier was ready to commit liquefied natural gas (LNG) at lesser than $20 per million British thermal units (mmBtu) while furnace oil prices stay above Rs120
Pakistan’s eatable import bill surged by 21.32 per cent to $5.63 billion in the July-January period compared to $4.64bn in the corresponding period last year owing to higher international prices and massive depreciation of the rupee. The growth in food import bill was seen to bridge the shortfall of eatables in the domestic market. The share of eatables in the total import bill also posted grow
The rupee opened the week on a stronger note on Monday in line with other Asian currencies, as plans by US President Joe Biden and his Russian counterpart Vladimir Putin to hold a summit on the Ukraine crisis boosted risk appetite. The rupee gained 11 paise, or 0.6 per cent, against the US dollar in the interbank market to close at 175.75 on Monday compared to 175.86 on Friday, according to the
The government is planning to arrange credit for lower cadre non-gazetted employees so they can benefit from the Naya Pakistan Housing Programme (NPHP) and to also allow overseas Pakistanis to avail loans under Kamyab Pakistan Programme (KPP), which is expected to be formally launched across the country on March 1 by Prime Minister Imran Khan. The two proposals were discussed at two separate bu