Business Archives - Page 32 of 46

K-Electric Seeks Provincial Committee Support to Curb Electricity Theft

K-Electric’s CEO, Muns Alvi, has requested assistance from the Sindh Assembly’s Energy Committee to address electricity theft and outstanding dues. During a special briefing, he discussed various issues, including electricity duty and the provincial government’s liabilities. Committee members acknowledged K-Electric’s better performance compared to other distribution companies. Alvi sought the committee’s help in resolving the …

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Shan Foods Opens Advanced Production Facility with Symrise in Karachi

Karachi – Shan Foods, a global leader in culinary products, has inaugurated a cutting-edge production facility in Karachi. This development is part of the company’s strategic partnership with Symrise, a global player in taste, nutrition, and health. Together, they aim to shape the future of food innovation in Pakistan. A Strategic Partnership for Food Innovation …

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KCCI Announces 2024-26 Managing Committee Elections

The Karachi Chamber of Commerce & Industry (KCCI) has officially announced the upcoming elections for the 2024-26 term, set to fill 30 vacant seats on the Managing Committee. The election will occur on Saturday, 21st September 2024, at the KCCI Building located on Aiwan-e-Tijarat Road, Karachi. Voting will be available from 9:30 AM to 5:00 …

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Govt Reduces Petrol Price by Rs10, Diesel by Rs13 per Litre

The government has announced a reduction in fuel prices. Petrol prices will drop by Rs10 per litre due to a decrease in international market rates. This change comes after the Oil and Gas Regulatory Authority (Ogra) calculated the new consumer prices. According to a statement from the Finance Division on Sunday, the price of high-speed …

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Petrol Price Expected to Drop by Rs12 Per Litre

Federal Minister for Petroleum, Musadik Masood Malik, stated that while Pakistanis will benefit from the recent decline in international petroleum prices, they will also face higher costs when prices rise. Malik made these remarks in response to questions during a session of the National Assembly, emphasizing the volatility of global oil markets. Price Predictions and …

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IMF to Approve Loan Program for Pakistan This Month

The International Monetary Fund (IMF) is expected to approve a new loan program for Pakistan during its Executive Board meeting on September 25, news reported on Thursday. Julie Kozek, IMF’s Director of Communication, confirmed the meeting in a press briefing, stating that negotiations for the $7 billion loan program were finalized in July. Pakistan’s Finance …

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Industrialization Crucial for Pakistan’s Growth, Says Zubair Motiwala

KARACHI: Zubair Motiwala, Chairman of the Businessmen Group (BMG), emphasized the critical role of industrialization in Pakistan’s development at an event hosted by the Korangi Association of Trade and Industry (KATI) in Karachi. He highlighted that the country cannot progress without industrial growth and urged the need for reducing production costs to compete globally. Motiwala …

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Electricity Prices Decrease by Rs2.93 Per Unit Due to Fuel Price Adjustments

The Power Division announced on Wednesday that consumers could benefit from a reduction of up to Rs2.65 per unit (including taxes) due to fuel price adjustments. The statement explained that electricity prices have decreased by Rs2.93 per unit due to fuel price adjustments. However, there has been an increase of Rs1.74 per unit under quarterly …

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SBP Cuts Interest Rate to 17.5% as Inflation Drops

The State Bank of Pakistan (SBP) reduced its key policy rate by 200 basis points to 17.5%, effective from September 13, 2024, as inflation fell to 9.6%, marking the first single-digit figure in three years. The Monetary Policy Committee (MPC) noted that inflation dropped faster than expected, due to delayed energy price hikes and lower …

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NEPRA Fines K-Electric Rs 10 Million for Deaths in Karachi

ISLAMABAD – The National Electric Power Regulatory Authority (NEPRA) has fined K-Electric (KE) Rs 10 million over electrocution incidents that claimed 33 lives in Karachi between 2022 and 2023. NEPRA imposed the fine after rejecting KE’s response to a show-cause notice regarding the fatal incidents. The regulatory body has ordered K-Electric to deposit the fine …

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Power Companies Caught Overbilling Consumers by Rs8.44 Billion in Pakistan

Karachi: Power distribution companies (DISCOs) in Pakistan have been found guilty of overbilling consumers by a staggering Rs8.44 billion to cover up their line losses, according to an official report. The report highlights widespread malpractice among several power companies, leading to an uproar among consumers and calls for accountability. The National Electric Power Regulatory Authority …

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Pakistani Rupee Gains Slightly Against US Dollar, Euro Declines

Karachi: The Pakistani Rupee (PKR) appreciated by 09 paisa against the US Dollar (USD) on Tuesday in the interbank market, as reported by the State Bank of Pakistan (SBP). The greenback closed at Rs 278.61, compared to the previous day’s closing rate of Rs 278.70, reflecting a marginal improvement in the local currency’s value. In …

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PSX KSE-100 Index Declines by 282 Points Amid Low Trading Volumes

On the first business day of the week, the Pakistan Stock Exchange’s (PSX) KSE-100 Index experienced a bearish trend, shedding 282.72 points. This marked a 0.36% decline, closing at 78,615.00 points, compared to the previous trading day’s close of 78,897.73 points, according to reports from a private news channel on Monday. The day saw a …

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NEPRA Approves Rs1.743 per Unit Hike in Electricity Bills

ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) has approved an additional charge of Rs1.743 per unit for electricity consumers, effective from September 2024. This decision allows both state-owned distribution companies (Discos) and K-Electric to recover Rs43.23 billion over the next three months. The recovery will address quarterly adjustments for the fourth quarter (April-June) of …

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Heavy Taxation Leads to 25.68% Decline in Cement Dispatches During August 2024

September 5, 2024: Heavy taxation and subsequent rise in cement prices have caused a sharp decline in demand, leading to a 25.68% drop in cement dispatches in August 2024. According to data from the All Pakistan Cement Manufacturers Association (APCMA), cement dispatches totalled 3.366 million tons in August 2024, compared to 4.528 million tons during …

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State Bank of Pakistan Announces Results of Banknote Design Art Competition

The State Bank of Pakistan (SBP) is pleased to announce the results of the art competition held for the design of a new series of banknotes. The local artists and designers who participated are commendable for showcasing their creativity on this important occasion. After careful review by a committee comprising esteemed experts from relevant fields, …

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Gold Rates Drop by Rs1,400 per Tola in Karachi

KARACHI: Gold rates fell by Rs1,400 per tola on Wednesday in the local market, according to the All Sindh Saraf Jewellers Association. The price of gold now stands at Rs260,100 per tola. The cost of 10 grams of gold also decreased by Rs1,200, bringing it to Rs222,994. More: PIA Wins CSR Award In the international market, …

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Foreign Exchange Reserves Decrease by $36.4 Million

Karachi: The State Bank of Pakistan (SBP) reported a decline of $36.4 million in the country’s foreign exchange reserves over the past week. As of August 30th, the total reserves decreased from $14.7763 billion to $14.7399 billion. Read: Daily Crime Rate in Karachi Drops, Says Additional IG Sindh at KATI Meeting According to the SBP, despite …

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PIA Wins CSR Award

Pakistan International Airlines (PIA) was awarded at the 7th CSR 24 Leadership Conference in Karachi for its outstanding corporate social responsibility (CSR) efforts. The award was presented by Minister for Labour and Human Resources, Saeed Ghani, to PIA’s Head of Corporate Communications, Abdullah H. Khan, in recognition of the airline’s contributions to community welfare. The …

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Daily Crime Rate in Karachi Drops, Says Additional IG Sindh at KATI Meeting

Karachi: The daily crime rate in Karachi dropped from 252 to 107 incidents, according to Javed Alam Odho, Additional IG Sindh Police. He announced this during a Monday meeting at the Korangi Association of Trade and Industry (KATI). The reduction was achieved through improved policing and the use of CCTV cameras. The Safe City Project, …

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Denmark Delegation Eyes Investment in Pakistan’s Mining Sector

A high-level Denmark Delegation, led by FLSmidth Global CEO Mikko Keto and Danish Ambassador to Pakistan Jakob Linulf, met with Federal Commerce Minister Jam Kamal Khan to explore investment opportunities in Pakistan’s mining sector. The Danish delegation expressed strong interest in investing in Pakistan, particularly in mining zones. Minister Jam Kamal Khan highlighted the vast …

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PM Shehbaz Sharif Vows to Implement IMF Conditions

Prime Minister Shehbaz Sharif announced that his government is committed to implementing the International Monetary Fund’s (IMF) conditions to complete the $7 billion loan program. He expressed hope that this will be the country’s last borrowing from the IMF. In July, Pakistan and the IMF agreed on a 37-month loan program. However, the program requires …

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Pakistani Rupee Slightly Devalues Against USD

The Pakistani Rupee (PKR) slightly devalued by Rs 0.6 against the US Dollar in interbank trading on Tuesday, closing at Rs 278.70. This marks a minor decline from the previous day’s closing rate of Rs 278.64. According to news reports, The Forex Association of Pakistan (FAP) reported that in the open market, the buying and …

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