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Aurangzeb briefs ADB chief on Pakistan’s improving economic indicators – SUCH TV
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb held detailed talks with Asian Development Bank (ADB) President Masato Kanda in Davos on the sidelines of the World Economic Forum on Wednesday.
The meeting focused on Pakistan’s economic reform agenda, macroeconomic stabilization, and strengthening the long-standing development partnership between Pakistan and the Asian Development Bank.
The finance minister highlighted Pakistan’s improving economic indicators, including declining inflation, easing policy rates, strengthening foreign exchange reserves, and growing investor confidence.
He briefed the ADB president on progress in structural reforms, particularly privatization and private sector participation, and emphasized the government’s commitment to sustaining reform momentum under the Prime Minister’s leadership.
Both sides discussed cooperation in key areas including energy sector reforms, sustainable development, and access to international capital markets.
The ADB president welcomed Pakistan’s progress, expressed confidence in the country’s economic direction, and reaffirmed ADB’s strong commitment to supporting Pakistan through continued engagement, faster delivery, and close coordination.
Meeting with Menzies Aviation chief
Senator Aurangzeb also held talks with Hassan El Houry, Chairperson of Menzies Aviation, in Davos to discuss opportunities for enhancing cooperation in Pakistan’s aviation sector.
The finance minister shared the government’s reform and privatization agenda, including progress related to Pakistan International Airlines (PIA) and plans to outsource operations at major airports in Islamabad, Karachi, and Lahore.
He noted that Pakistan’s economy is moving in a positive direction, creating a conducive environment for private sector investment and international partnerships.
Hassan El Houry briefed the minister on Menzies Aviation’s global operations and experience in airport services worldwide, and identified Pakistan as a promising destination for aviation-related investment.
He highlighted Sialkot’s strategic importance in aviation and logistics and expressed interest in expanding Menzies Aviation’s engagement in Pakistan.
Both sides also discussed ways to improve airport service quality, operational efficiency, and passenger experience.
Mumbai: Warburg Pincus-backed housing finance company Truhome Finance ( formerly Shriram Housing) has filed draft papers with capital markets regulator SEBI to raise Rs 3,000 crore through an initial public offering.The IPO will comprise a fresh issue of equity shares of face value Rs 10 aggregating up to Rs 1,500 crore and an offer for sale of equity shares of face value Rs 10 aggregating up to Rs 1,500 crore, according to the draft red herring prospectus filed with SEBI. The offer for sale will be undertaken by promoter selling shareholder Mango Crest Investment, which plans to offload shares worth up to Rs 1,500 crore.Truhome Finance plans to use the net proceeds from the fresh issue to augment its capital base to support future capital requirements, including onward lending and general corporate purposes. The funds will also help the company comply with RBI’s capital adequacy norms as its business expands.The company said the proceeds are expected to be deployed over the financial years ending March 31, 2027 and March 31, 2028.JM Financial, IIFL Capital Services, Jefferies India and Kotak Mahindra Capital Company are the book running lead managers to the issue.Warburg Pincus completed its acquisition of Shriram Housing Finance (SHFL) from Shriram Finance and other sellers in December 2024 for approximately Rs 4,630 crore, marking a strategic shift in India’s housing finance sector.
Business
Ticketmaster parent Live Nation reaches settlement with Department of Justice over antitrust concerns
Signs are seen at the Live Nation NYC headquarters on May 23, 2024 in New York City.
Michael M. Santiago | Getty Images
Live Nation Entertainment has reached a settlement with the Department of Justice over antitrust concerns surrounding its Ticketmaster platform, a senior DOJ official said Monday.
The settlement would see Ticketmaster unwind some of its exclusivity agreements with musical artists and open up the ticketing industry to greater competition. It still needs approval by more than 20 states that had filed suit and by the court.
As part of the settlement, Ticketmaster will offer a standalone third-party ticketing system for other companies like SeatGeek to use its technology. Live Nation has also agreed to divest at least 13 of its amphitheaters and will no longer be able to require artists to use other Live Nation products tied to its venues. It has also agreed to pay roughly $280 million in civil penalties.
Shares of Live Nation rose 5% in morning trading. Live Nation and Ticketmaster did not immediately respond to requests for comment.
Ticketmaster has long faced criticism that its dominance in the live events and ticketing space pushes up prices for consumers. The company has come under heightened scrutiny in recent years from fans who argue that it’s become harder and pricier to snag coveted event tickets.
In 2022, the backlash boiled over when the rollout of tickets for Taylor Swift’s Eras Tour was mishandled, leading to a probe of the company. And in 2024, the DOJ — along with more than two dozen states — sued to break up Live Nation and Ticketmaster, which merged in 2010.
In September, Live Nation was separately sued by the Federal Trade Commission over what the agency called “illegal” ticket resale tactics. The FTC said Ticketmaster controls roughly 80% of major concert venues’ ticketing.
In a Monday statement, New York Attorney General Letitia James said her office would continue to fight against Live Nation’s alleged monopoly even after its agreement with the DOJ.
“The settlement recently announced with the U.S. Department of Justice fails to address the monopoly at the center of this case, and would benefit Live Nation at the expense of consumers. We cannot agree to it,” said James, who is joined by the attorneys general of more than 20 other states.
The conflict in the Middle East could raise the cost of petrol, household energy bills and even food.
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