Category: Business

Indian taxi-hailing company Ola has secured a $300-million investment from South Korean car giant Hyundai, the firms said Tuesday, providing a major boost in its fight against US giant Uber. Ola was launched in 2011 and is engaged in an aggressive battle with Uber in India’s ride-hailing market, which is estimated to be worth around […]

Glossier Inc has raised $100 million in a funding round led by Sequoia Capital, it said on Tuesday, as the millennial-favourite cosmetics company readies new products after doubling sales last year. The series D funding round included some existing investors as well as new investors Tiger Global Management and Spark Capital. The Wall Street Journal reported […]

The epic feud between India’s Ambani brothers has taken a new twist with the older and now vastly richer brother paying a debt owed by his struggling sibling, helping him avoid jail. Mukesh and Anil Ambani fell out spectacularly after their rags-to-riches father died in 2002 without a will, leaving them to fight for control […]

PESHAWAR: The Khyber Pakhtunkhwa Assembly was informed on Monday that the federal government had released Rs20 billion out of the outstanding Rs65 billion dues on account of net hydel profit to the provincial government. Winding up a discussion on the frequent gas and electricity outages and overbilling, adviser to the chief minister on elementary and […]

KARACHI: The economy is set for a “calibrated moderation” as the country seeks a bailout package from the International Monetary Fund (IMF) to avoid a hard landing, State Bank of Pakistan (SBP) Governor Tariq Bajwa said on Monday. Addressing the Pakistan Economic Forum held by Bloomberg LP, Mr Bajwa said a general agreement already exists […]

KARACHI: Adviser to Prime Minister on Commerce Abdul Razak Dawood on Monday said the government is making efforts to extend all out support to the business community for stabilising country’s economy. Addressing a seminar on ‘Trade Opportunities in USA, China and Indonesia’, the adviser also appreciated the growth of rice industry in the country. Rice […]

ISLAMABAD: As competition among private investors increases, the government has ordered a scientific examination of all feasible locations for new liquefied natural gas (LNG) import and processing terminals, including the possibility of expansion and dredging of the main channel that has been facing acute traffic congestion. This comes at a time the Pakistan Tehreek-i-Insaf government […]

The drought in Pakistan’s primary equity market has been longer than ever before. Corporate entities that had lined up for listings in 2017 are now avoiding the initial public offerings (IPOs). The relentless sell-off in the secondary market has forced the potential offers of new issues to withdraw. Everyone’s timeline has been pushed back. The […]

With GDP growth slowing down and the interest rate going up, demand for private-sector credit may remain low this year. But that has not been the case so far. In the first eight months of this fiscal year, banks’ net lending to the private sector has risen to Rs582 billion, beating the year-ago level of […]

KARACHI: Barring potato, prices of various vegetables witnessed substantial jump followed by crawling up of some pulses and sugar rates. The most notable increase was recorded in green chillies to Rs140 per kg in wholesale market from Rs12-15 a kilo. As a result, retailers are charging Rs240-320 per kg. Many retailers are avoiding giving free […]