Business

KARACHI: Pak Suzuki Motor Company Ltd (PSMCL) has said that its corporate data has been leaked due to a cyberattack. In a stock filing on Monday, PSMCL said initial investigations suggest that the server’s data related to human resources, financials, etc., has been ported to a public IP. “We have onboarded a security consultant to conduct a detailed forensic assessment …

KARACHI: Bank Alfalah Ltd (BAFL) on Monday announced its intention to acquire a majority stake in Samba Bank Ltd. The BAFL shared this information through a notice to the Pakistan Stock Exchange (PSX). “We would like to inform that Arif Habib Ltd, manager to the offer, has submitted the public announcement of intention to acquire up to 84.51 per cent …

KARACHI: As a high-level Saudi trade delegation arrived on Monday, Privatisation Minister Abdul Aleem Khan has asked the business community and investors to take measures, especially in view of Pak-Saudi investment and export agreements. While presiding over an important meeting of the business community and investors at Sindh Governor House, he said an increase in exports was imperative for enhancing foreign reserves …

KARACHI: After a long Eid break, the stock market extended its record-breaking spree to a fifth session on the prevailing bullish sentiments stemming from Saudi investment prospects, propelling the benchmark KSE 100 index to close at a new all-time high above 70,500 on Monday. Ahsan Mehanti of Arif Habib Corporation attributed the market’s rally to speculations over the positive outcome …

KARACHI: Despite mounting optimism for increased inflows and a new IMF bailout package, the US dollar strengthened in the inter-bank market while the State Bank’s reserves saw a slight decline. A financial team led by Finance Minister Muhammad Aurangzeb is currently in Washington seeking another loan package from the International Monetary Fund. Despite the minister’s hopeful outlook before departing for the negotiations, …

ISLAMABAD: Prime Minister Shehbaz Sharif on Monday directed authorities concerned for robust renewable energy management to cut the country’s $27 billion oil import bill and improve the country’s existing electricity distribution system. “Ultimately, we have to move to renewable energy. The oil import worth billions of dollars can be controlled by using alternative resources like solar, wind and hydel. Make …

Pakistan has initiated discussions with the International Monetary Fund (IMF) over a new multi-billion dollar loan agreement to support its economic reform programme, Finance Minister Muhammad Aurangzeb has said, adding that the country will at least be requesting for a three-year programme. During his visit to Washington, Finance Minister Muhammad Aurangzeb will attend the spring meetings organized by the IMF …

WASHINGTON: The spring meetings of the International Monetary Fund and the World Bank are due to open on Tuesday, with two clear objectives: help countries combat climate change and assist the most indebted nations. The meetings — which will bring central bankers, finance and development ministers, academics, and representatives from the private sector and civil society together to discuss the state of …

WASHINGTON: Finance Minister Muhammad Aurangzeb said on Monday that Pakistan doesn’t need too many policy prescriptions, it just needs to implement those policies. Speaking at the Atlantic Council think tank on his first working day in Washington, the minister also urged institutions such as the World Bank and International Monetary Fund (IMF) to help countries like Pakistan deal with the …

Do you know that Singapore earned $291 billion through services exports in 2022? The United Arab Emirates (UAE) and Turkiye followed with their earnings of $155bn and $90bn, respectively, according to a World Bank report. Pakistan can learn a lot from these three nations and from China and India — the two Asian giants. Combined, the five countries boast an …