CDK Global Hack: Ransom Demand Disrupts Car Dealerships
A group claiming responsibility for hacking software company CDK Global is demanding tens of millions of dollars in ransom, according to Bloomberg. CDK, which provides critical software to car dealerships across North America, is reportedly considering paying the ransom, though discussions are ongoing. The cyber outage has now entered its third consecutive day, severely impacting […]
Government Orders Third-Party Audit of Fertilizer Companies, Eyes Turkmenistan Trade
The Ministry of Industries and Production on Thursday ordered a third-party audit of local fertilizer companies to determine production costs, aiming for transparency and fair pricing within the industry. Besides, Islamabad also eyes Turkmenistan trade including urea imports. Federal Minister for Industries and Production Rana Tanveer Hussain announced this initiative during a Fertilizer Review […]
Pakistan Refinery Advances Refinery Expansion with Strategic Talks in China
Pakistan Refinery Limited (PRL) is taking a significant step to enhance its refining capabilities through its Refinery Expansion & Upgrade Project (REUP). Senior management from PRL recently visited China to engage with Engineering, Procurement, and Construction (EPC) contractors and financial institutions. On November 16 last year, Pakistan Refinery Limited (PRL) signed an upgrade agreement with […]
Uprise Group Bids for PIA Privatization
The Uprise Group has thrown its hat into the ring for the privatization bid for the national flag career, Pakistan International Airlines (PIA), spearheaded by Pakistani seasoned entrepreneur Tabassum Pardesi. Pardesi, renowned for her pioneering role in the aviation industry, now leads the Uprise Group. This conglomerate encompasses Uprise Markets, Uprise Africa, and Uprise Aviation. […]
CCP approves Unity Foods acquisition by Singaporean firm
The Competition Commission of Pakistan (CCP) has granted approval to the share acquisition in Unity Foods company of Pakistan by four acquirers, including a Singapore-based investment holding company. The approved transaction involves the acquisition of a 23.20% shareholding in M/s. Unity Foods Limited by the four acquirers. One of the acquirers is M/s. Wilmar Pakistan […]
Pakistan Postpones Refinery Upgrade Agreement by 6 Months Amid Private Sector Disagreements
Pakistan has postponed the signing of the Implementation Agreement (IA) with local crude oil refineries for a further six months, citing disagreements with private refiners as a significant hurdle. The delay, primarily attributed to the country’s largest refinery, Pak-Arab Refinery Company (Parco), has exacerbated the situation. The decision to extend the signing deadline reflects ongoing […]
Military Courts Granted Conditional Authority to Deliver Reserved Judgments
The Supreme Court of Pakistan has conditionally allowed military courts to deliver their reserved judgments, subject to specific conditions. Chaired by Justice Aminuddin Khan, a six-member bench presided over a hearing on intra-court appeals regarding civilian trials in military courts. Justices Muhammad Ali Mazhar, Hasan Azhar Rizvi, Shahid Waheed, Musarrat Hilali, and Irfan Saadat Khan […]
IMF Cyber Incident: 11 Email Accounts Compromised, Investigation Ongoing
The International Monetary Fund (IMF) revealed today that it fell victim to a cyber incident, which was detected on February 16, 2024. Following the discovery of the breach, an investigation was promptly initiated, with the collaboration of independent cybersecurity experts, to assess the extent and nature of the breach. Subsequently, remedial measures were swiftly implemented. […]
Government to Directly Assist Farmers with Fertilizer Subsidies
The government has unveiled a major policy shift to directly aid farmers by offering fertilizer subsidies, bypassing traditional channels that often favor manufacturers over recipients. Federal Energy Minister Musadak Malik announced the decision Thursday, citing concerns that much of the support meant for farmers ends up with factory owners rather than those working the land. […]
SECP Introduces Amendments to Companies (Further Issue of Shares) Regulations 2020
The Securities and Exchange Commission of Pakistan (SECP) has announced a series of amendments to the Companies (Further Issue of Shares) Regulations, 2020, after extensive consultations with stakeholders and the public. The SECP revealed Thursday the adoption of revised regulations aimed at simplifying the process of right issuance, bolstering disclosures in offer documents, and adjusting […]
