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KARACHI: Federal Minister for Planning and Development, Asad Umar has said that the projects under the China-Pakistan Economic Corridor (CPEC) projects are not just restricted to infrastructure now, with a $240 million investment, a Chinese company will construct a steel mill in the Rashakai SEZ. He also said that CPEC is entering into the second …
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ISLAMABAD: In an effort to lower the electricity tariff, the National Electric Power Regulatory Authority (Nepra) has reduced the Return on Equity (ROE) and Return on Equity During Construction (ROEDC) components of 12 thermal power plants. “Nepra has reduced the ROE and ROEDC components of those 12 thermal power plants that were built under the …
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ISLAMABAD: The Pakistan Bureau of Statistics (PBS) announced on Thursday that inflation rose to over 9% in March, the highest rate in three months, due to increases in food and electricity prices, especially in rural areas of the country. Three days after Prime Minister Imran Khan sacked Finance Minister Dr Abdul Hafeez Shaikh for not …
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The State Bank of Pakistan (SBP) and the Controller General of Accounts Pakistan (CGAP) signed a Memorandum of Understanding today to digitize federal government payments using RAAST, Pakistan’s First Instant Payment System, which will be launched by SBP in January 2021. Raast is SBP’s flagship initiative, providing a simple, fast, low-cost, interoperable, and safe online …
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KARACHI: The Pakistani currency has continued its upward trajectory towards the US dollar, reaching a new all-time high of Rs154.58 to the US dollar in the interbank market on Friday, as foreign currency supplies outnumber demand. On the same day that the World Bank accepted $1.3 billion for Pakistan, including $600 million for the Ehsaas …
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ISLAMABAD: Pakistan has received another loan from the world bank on Friday loan of worth $1.3 billion including $600 million for budget support. This borrowing will prove to be beneficial to revive the financial state of the country. The amount includes a $200 million loan to combat locust attacks, a scheme that has been met …
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ISLAMABAD: Even if a new Act of Parliament is approved, the federal government will have a powerful presence in state-owned enterprises (SOEs), which runs counter to the aim of maintaining productive and financially stable public sector companies by eliminating political intervention. According to the proposed State-owned Enterprises (Governance and Management) Act 2021, the government also …
KARACHI: State bank of Pakistan (SBP) in a statement has reported that the overall assets and deposits of the Islamic banking industry have shown significant growth of 30 percent and 27.8 percent, for the year 2020. According to SBP’s statement, “this is the highest increase in assets in a year and the highest deposits since …
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ISLAMABAD: The Sui Southern Gas Company (SSGC) and Sui Northern Gas Private Limited (SNGPL) have asked the Oil and Gas Regulatory Authority to raise the gas tariff. SSGC has requested a tariff increase of Rs109.78 per metric million British thermal unit (mmbtu), while SNGPL has requested an increase of Rs857.40 per mmbtu. They want the …
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KARACHI: The gold prices on Saturday increased by Rs 800. With the increase of Rs 800, the price of gold per tola will be Rs 1 lac 8 thousand. The price of 10 grams of gold increased by Rs 686 to Rs 92,593. Gold in the global market increased by 17 8 to 1745 per …
KARACHI: The office-bearers of Pakistan Tea Association (PTA) Mr. Muhammad Aman Paracha, former Chairman, Mr. Zeeshan Maqsood, and the Convener Standing Committee (SVC) of Tea in The Federation of Pakistan Chambers of Commerce & Industry (FPCCI) have expressed their concerns over the malpractices being carried out by some tea traders. They have also requested the …
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KARACHI: The foreign exchange reserves of the State Bank of Pakistan (SBP) were recorded at $13 billion in the week ending March 12, a rise of $4 million or 0.03 percent. Overall liquid foreign currency reserves held by the government, including net reserves held by banks other than the SBP, were $20 billion, according to …
KARACHI: Asif Ahmad has been appointed General Manager of IBM Pakistan by the International Business Management (IBM). He will succeed Ghazanfar Ali, who has led IBM’s operations in Pakistan since 2016 and is now in charge of IBM’s Middle East and African operations. “The adoption of technology is not only necessary for a profitable and …
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ISLAMABAD: Complications and irritants in current tax processes must be overcome in order to fully use the country’s tax capacity. According to former vice president of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) MA Jabbar, taxation schemes are getting more nuanced with each budgetary exercise, likely due to the Federal Board of …
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ISLAMABAD: The ruling party, Pakistan Tehreek-e-Insaf (PTI), sought the resignation of the Election Commission of Pakistan (ECP) on Monday, accusing it of “total incompetence” in conducting open Senate elections and thereby losing the government’s confidence. The PTI government and the commission got into a battle when the latter claimed in the Supreme Court that the …
ISLAMABAD: The government raised kerosene and light diesel oil (LDO) tariffs on Monday, the new rates will be effective from today. The price of kerosene oil was boosted by Rs3.42 per litre, from Rs80.19 to Rs83.61, by the government. Within the fortnightly market adjustment process, the premiums will be in place for the next two …
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STOCKHOLM: The Stockholm International Peace Research Institute (SIPRI), on Monday, informed via a report that Pakistan, among other counties, such as India, Australia, China, and South Korea, was the largest importer of major weapons. In the report by SIPRI, Pakistan collected 42% of global arms transactions in 2016–20. The United States, France, and Germany – …
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ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) has authorized K-Electric to raise the electricity tariff to Rs1.97 per unit for a period of three quarters. Currently, the government is implementing a strategy of uniform tariffs for all electricity delivery firms. The same policy applies to K-Electric as well. With a strategy of standardized market …
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KARACHI: At the opening of the bullion market, a single tola of 24-Karat gold in Pakistan was sold for Rs103,000 on Thursday, 11 March. Likewise, 10 grams of 24k gold were sold for Rs 88,305, while 10 grams of 22k gold were traded for Rs 80,947. In addition, silver was exchanged at Rs1,320/tola, while 10 …
KARACHI: In spite of some economic difficulties, the Pakistani Rupee is improving against the US dollar. As per an article published by Khaleej Times, strong remittances, debt relief, and rising exchange reserves are contributing to the appreciation of the currency. At the beginning of the year, USD 1 valued at 160.99 and is now valued …
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KARACHI: The decline in gold prices persisted on Friday, while the prices of precious metals dropped by Rs1,450 per tola in the local market. The cost of gold fell by more than 8 per cent in a month, as buyers are moving away from the safe bet product with COVID-19 fear subsidizing, as per traders. …
KARACHI: On Friday, March 5, at the opening of the bullion market in Pakistan, a single tola of 24-karat gold was sold for Rs104,200. Similarly, 10 grams of 24k gold sold for Rs89,335 and 10 grams of 22k gold for Rs81,890. Furthermore, the price of a tola of silver is Rs1,350, whereas the price of …
KARACHI: At the opening of the currency market on Friday, March 5, the buying rate of the US dollar was Rs157.1, while the selling rate was Rs157.9. According to dealers, the local currency reversed some of its gains from the previous session as political instability outweighed the effects of positive economic developments. Furthermore, a rise …
