Business

ISLAMABAD: The Competition Commission of Pakistan (CCP) has granted approval for the acquisition of Coca-Cola (Pakistan) under the phase-1 review of the Competition Act, 2010, and the Competition (Merger Control) Regulations, 2016. Coca-Cola Içecek (Turkiye) acquired a 49.67 per cent shareholding of Coca-Cola (Pakistan) through CCI International Holand (one of its subsidiaries) from Atlantic Industries. The transaction involves a total …

LAHORE: Pakistan Railways (PR), which is passing through its worst-ever financial crisis and even unable to clear monthly salary to its employees, pension payments to retired staff, and vendor payments on time, has failed to earn potential revenue amounting to Rs6.1 billion in track access charges in FY23. “This marks a deplorable example of incompetence, laziness, and a self-serving attitude …

ISLAMABAD: Short-term inflation hit a new high for the fifth week in a row as the retail price of petroleum products soared, according to official data released on Friday. Measured by the Sensitive Price Index (SPI), short-term inflation saw a year-on-year increase of 38.28 per cent for the week ending on Oct 12. This is the second-highest increase in five …

ISLAMABAD: The implementation of the Main Line-1 (ML-1) railway project, stretching from Karachi to Peshawar over 1,726 kilometres, remains subject to IMF approval and the finance ministry’s ability to provide sovereign guarantees for a $6.67 billion loan from China, even though the project’s budget has been cut by 32 per cent. Meanwhile, time is running out for authorities in Islamabad …

KARACHI: A delegation of Transport Canada will visit Pakistan in December to conduct a flight and airport security audit. Canada is expected to conduct a security audit of direct flights and airports in Pakistan in December. The Transport Canada delegation will arrive in Karachi in the first week of December and audit the Pakistan International Airlines (PIA) direct flights to …

KARACHI: Despatch of imported wheat from Karachi Port and Port Qasim to up country has been suspended as transporters refused to comply with axle load restrictions.   Sources told ARY News that 150,000 tonnes of imported wheat is currently being held at Karachi Port and Port Qasim as the commodity was offloaded from three ships – two of which arrived …

The US auto workers union announced Friday no new strike targets, but the group’s president said the labor action had entered a new stage involving last-minute walkouts. “We’re entering a new phase of this fight, and it demands a new approach,” United Auto Workers (UAW) President Shawn Fain said in a webcast briefing. The message to the companies is, “don’t …

KARACHI: Master Changan Motors Ltd (MCML) has become the first company to export Made-in-Pakistan 14 Oshan X7 SUVs to Kenya for onward sale to Kenyan and Tanzanian markets. Last year, the first sample unit was also exported to a country in the Oceania region. This major milestone was achieved on the 10th anniversary of the China-Pakistan Economic Corridor (CPEC), thus …

KARACHI: The rupee kept appreciating against the US dollar while the foreign exchange reserves held by the State Bank of Pakistan (SBP) witnessed a marginal rise of $31 million, reported the central bank on Thursday. The dollar lost another 93 paise to close at Rs278.58 in the interbank market which did not react to the disappointing figure of remittances. Several …

LONDON: The gap between two leading oil forecasters’ views on 2024 demand growth widened on Thursday, with the International Energy Agency (IEA) predicting a sharper slowdown while producer group Opec stuck to expectations for buoyant China-led growth. The Organisation of the Petroleum-Exporting Countries (OPEC) and the IEA, which represents industrialised countries, have clashed in recent years over issues such as …