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Mobilink merges operations with Warid Telecom The biggest merger of Telecom industry took place on Thursday when the country’s largest cellular phone operator, Mobilink, and Warid Telecom merged their operations.According to local media reports, under the terms of the deal, Mobilink will first buy all of Warid. The Dhabi Group shareholders will then take a 15 percent stake in Mobilink. When the transaction is complete, the parties will merge Warid into Mobilink. Mobilink Chief Executive Jeffrey Hedberg will become the CEO of the combined business. According to official statement issued by VimpelCom, both Warid Telecom and Mobilink will merge into one company with 45 million combined customers.Reportedly, official announcement is due anytime soon today. Both companies are going to hold a press conference in Lahore later today to announce the details. Copyright Business Recorder, 2015 ...

PetroChina sells pipeline stake amid reforms push SHANGHAI: State-owned Chinese oil giant PetroChina will sell half of a subsidiary that operates pipelines across central Asia for $2.4 billion, it said, raising hopes of possible reforms among nationalised firms.PetroChina's Trans-Asia Gas Pipeline has pipelines connecting China with countries including Kazakhstan, Uzbekistan, Tajikistan and Kyrgyzstan.It is expected to have an 8,000 kilometre network with an annual capacity of 85 billion cubic metres by 2020.The 50 percent stake will be sold to another state-owned firm, ...
PlayStation 4 console sales top 30 million SAN FRANCISCO: Sony on Wednesday announced that PlayStation 4 video game consoles have sold at a furious pace, topping 30 million units worldwide.PS4 has seen the fastest and strongest adoption since the first generation of the video game console was introduced in late 1994, according to Sony Computer Entertainment (SCE).Some 30.2 million PS4 consoles were sold worldwide as of November 22, according to SCE.Microsoft has not released recent Xbox One console sales figures, which have ...
GM, law firm can keep ignition switch documents secret NEW YORK: General Motors Co and its law firm need not turn over privileged documents to drivers hoping to show that the automaker intended to commit a crime or fraud by concealing defective ignition switches in their vehicles, a Manhattan federal judge ruled on Wednesday.Despite finding "probable cause" to believe GM committed a crime or fraud by hiding the defect from regulators and the public, US District Judge Jesse Furman found no showing that the ...
Brazil sells rights to run 29 hydropower plants for $4.51bn SAO PAULO: Brazil sold operation rights for all the existing hydropower plants it offered to power companies and investors in an auction on Wednesday for 17 billion reais ($4.51 billion), taking an important step to reorganize the power sector and to boost its accounts before the year ends. The Brazilian government promoted the auction to find new operators for 29 hydropower installations with expired or nearly expired licenses, aiming also to raise crucial revenue for ...
American Airlines stops accepting payments in Argentine pesos BUENOS AIRES: American Airlines has stopped accepting Argentine pesos to pay for tickets due to currency controls that make it hard to convert receipts into US dollars, local media and one of the airline's sales agents said on Wednesday. "That's the policy at this moment. It started two days ago," said an American Airlines sales agent contacted by Reuters. A local spokesman for the airline, the world's largest, could not be reached immediately for comment. ...
Greek telecoms operator OTE to raise 350mn euro with 4-year bond ATHENS: Greece's biggest telecoms operator OTE said on Wednesday it will raise 350 million euros ($370 million) with a new four-year bond, the first Greek company to tap international debt markets in a year. OTE, 40 percent owned and managed by Deutsche Telekom , said after completing the bookbuilding process that the issue was twice oversubscribed and that the bond would bear an annual coupon of 4.375 percent. "The demand for the new bond is ...


Index Closing Chg%
Arrow DJIA 17,813.39 0.01
Arrow Nasdaq 5,116.15 0.26
Arrow S&P 2,088.87 0.01
Arrow FTSE 6,393.13 0.88
Arrow DAX 11,320.77 1.35
Arrow CAC-40 4,946.02 1.08
Arrow Nikkei 19,944.41 0.49
Arrow H.Seng 22,488.94 0.04
Arrow Sensex 25,958.63 0.71

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Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.197 bln
Exports $1.729 bln
Imports $3.926 bln
WeeklyNovember 23, 2015
Reserves $19.713 bln