MCB and HBL to acquire shareholding of RBS Pakistan
MCB Bank Limited and Habib Bank Limited (HBL) have expressed interest to acquire the shareholding of Royal Bank of Scotland (RBS) in RBS Pakistan. The MCB Bank has also applied to State Bank of Pakistan (SBP) for obtaining approval to commence the due diligence of RBS Pakistan, an information sent to Karachi Stock Exchange said more... (BR)
Car sales almost halve on slowdownBut 1300cc-plus sales stable
Auto sales have almost halved during the first three quarters of the current fiscal year because of declining purchasing power amid squeezing credit supply in the country. Data released by Pakistan Automotive Manufacturers Association (PAMA) shows that auto sales dropped to 73,000 units between July-March period as against 135,000 units in corresponding period last year more... (FD)
Refineries accused of exploiting government: ECC body to examine deemed duty issue
The Economic Co-ordination Committee (ECC) of the Cabinet on Monday accused oil refineries of exploiting the government, and constituted a committee, under Dr Asim Hussain, Advisor to Prime Minister on Petroleum, to thoroughly examine the impact of proposed increase in deemed duty from 7.5 percent to 10 percent, official sources told Business Recorder more...