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OGRA proposes slashing petroleum prices

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) on Friday recommended a reduction in the fuel prices, with a proposal of a Rs2.55-a-litre cut in petrol. According to a summary sent to the Petroleum Division, the OGRA suggested to decrease the per-litre prices of petrol, diesel, and light diesel oil to be reduced by Rs2.55, Rs3.23, and Rs2.41, respectively. Furthermore, ... Read More »

Pakistan among ‘Top 20 Improvers in Doing Business 2020’ list

ISLAMABAD: Pakistan was listed among the World Bank’s list of ‘Top-20 improvers in Doing Business 2020’, it emerged on Friday. According to the World Bank, Pakistan has improved in six areas measured by ‘Doing Business’, which are: starting a business, dealing with construction permits, getting electricity, registering property, paying taxes and trading across borders. The World Bank’s Doing Business project ... Read More »

Sports goods’ exports decline 5.93pc in two months

ISLAMABAD: The exports of sports goods from the country witnessed decrease of 5.93 percent during the first two months of current financial year (2019-20) as against the corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported. The country exported sports goods worth US $ 52.603 million during July-August (2019-20) against the trade of US $ 55.919 million during ... Read More »

Foreign exchange reserves decrease by $125m

KARACHI: The liquid foreign exchange reserves of the country fell by $125 million to $15.773 billion by week ended September 20, 2019, State Bank of Pakistan (SBP) said on Thursday. The total foreign exchange reserves of the country a week ago were at $15.898 billion. The foreign exchange reserves held by the SBP declined by $135 million to $8.465 billion ... Read More »

Australian companies to invest in Thar Coal project

KARACHI: Newly appointed Australian High Commissioner (HC) to Pakistan on Thursday called on Chief Minister (CM) Sindh Murad Ali Shah. According to the CM House Sindh spokesperson, both the dignitaries exchanged views on the shortage of energy and how to tackle this issue. Shah while inviting the Australian companies to invest in Thar Coal Power Project said a 660-megawatt power ... Read More »

Anti-Corruption Court rejects pre-arrest bail plea of Malik Riaz, Ali Riaz

RAWALPINDI: An anti-corruption court rejected the pre-arrest bail applications of property tycoon Malik Riaz and his son, Ali Riaz, in a land fraud case and summoned them for the next hearing on Oct 15 with a warning that non-bailable warrants against them would be issued in case of their absence. The dismissal of the bail pleas has enabled the anti-corruption ... Read More »

Finance ministry rejects news regarding IMF bar on sovereign guarantees

ISLAMABAD: The Ministry of Finance has contradicted a news report published in a section of the press claiming that IMF has barred Pakistan from extending sovereign guarantees till December Review. In a statement, finance division has termed the report and its headline as false and contradictory to an official response provided to the newspaper in advance of the published report. ... Read More »

CDWP gives nod to seven projects worth Rs36b

ISLAMABAD: The Central Development Working Party (CDWP) cleared a total of seven development projects having a total estimated cost of Rs36 billion. According to media, two larger projects with cumulative estimated cost of Rs25bn were referred to the Executive Committee of the National Economic Council (Ecnec) for approval. The remaining five smaller projects with total estimated cost of Rs11bn were ... Read More »

Footwear exports rise over 15pc to $25.793m

ISLAMABAD : The footwear exports from the country witnessed increase of 15.75 percent during the first two months of current financial year (2019-20) compared to the corresponding period of last year. Pakistan exported footwear worth $25.793 million during July-August (2019-20) against the exports of $ 22.283 million during July-August (2018-19), showing a growth of 15.75 percent, according to the latest ... Read More »

CPPA recommends Nepra Rs1.86 per unit hike in power tariff

ISLAMABAD: The Central Power Purchasing Agency (CPPA), on behalf of the distribution companies (DISCOs), has filed a petition for power tariff increase for all the power distribution companies, except K-Electric, on account of fuel price adjustment for the month of August. In the application filed with the National Electric Power Regulatory Authority (Nepra) on Wednesday, it mentioned that the actual ... Read More »

Singaporean company willing to bring $2b investment to Pakistan

ISLAMABAD: A Singapore based company is willing to bring USD 2 billion investment in Pakistani shipping sector which would help create nearly four thousand jobs in the local industry. Currently Pakistan is paying four billion dollar freight to foreign ships which can be saved, Chairman of Global Radiance Group Abdul Latif Siddiqui while talking with media. At present the country ... Read More »

Pak economy continues to stabilize despite strong headwinds: ADB

ISLAMABAD : Pakistan’s economy in fiscal year (FY) 2019, which ended on 30 June, is showing signs of recovery as the government’s fiscal consolidation and austerity measures to address the structural weaknesses started to take effect. However, the growth rate moderated to 3.3% during the period reflecting persistent macroeconomic imbalances and heightened external challenges, according to the Asian Development Outlook ... Read More »

SNGPL, SSGCL to reinforce gas transmission network

ISLAMABAD: Sui Northern Gas Company Limited (SNGPL) and Sui Southern Gas Company Limited (SSGCL), under a strategy to reinforce and expand their transmission network, would lay an additional 13,599 km pipeline during the current fiscal year. The capacity of SNGPL and SSGCL would be enhanced by laying additional 12,100 KM and 1,499 KM pipelines in their areas respectively by June ... Read More »

Govt releases Rs 90.6b under PSDP 2019-20

ISLAMABAD: The federal government has so far released Rs 90.6 billion for various ongoing and new social sector uplift projects under its Public Sector Development Programme (PSDP) 2019-20, as against the total allocation of Rs 701 billion. According to media, under its development programme, the government has released an amount of Rs 19.9 billion for federal ministries, Rs 23.6 billion ... Read More »

OGDCL injects 13 new wells in production gathering system

  ISLAMABAD: The Oil and Gas Development Company Limited (OGDCL) has injected 13 new wells, producing 373,515 Barrels crude oil and 4,867 Million Cubic Feet (MMCF) gas, in its production gathering system during the last fiscal year. “The company contributed around 45 percent and 29 percent towards the country’s total oil and natural gas production respectively,” the OGDCL announced in ... Read More »

Foreign inflows jump during July, August

ISLAMABAD: Pakistan has secured $1.622 billion foreign inflows in the first two months (July-August) of the current fiscal year – almost 100 per cent higher than $820 million last year. The latest data of the Economic Affairs Division on foreign assistance, a classification in which they include loans and grants, shows foreign inflows amounted to Rs258.6 billion ($1.622bn) in two ... Read More »

Poultry prices hit all-time high during September

KARACHI: The poultry industry has jacked up live bird and chicken meat prices to an all-time high of Rs270-280 and Rs480-500 per kg, respectively, denting the household budget hard in the current month. Retailers attributed the rising prices to dwindling supplies from farms against soaring demand due to the marriage season which started after Ashura. “Big poultry farmers have been ... Read More »

PIA posts 41pc growth in revenue during six months

KARACHI: Pakistan International Airlines (PIA) Chief Executive Officer (CEO) Arshad Mahmood Malik said that the national flag carrier’s revenue increased by 41 percent during the last six months. Addressing a gathering of industrialists, at the Korangi Association of Trade and Industry (KATI) on Monday, he said that due to the government’s corrective measures financial performance of the airline has improved. ... Read More »

Pakistan contributing to carry out TAPI project

ISLAMABAD: Pakistan is regularly contributing its committed share to carry out the multi-billion dollar Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project activities, which made significant progress during the current year. “The groundbreaking for Pakistan-section of the TAPI pipeline is being planned that is expected to be held soon,” a senior official privy to the petroleum sector developments told media. He said Turkmenistan ... Read More »

SECP approves revision in tariff structure of NCCPL & CDC

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Monday announced that it has approved a revision in tariff structures of the National Clearing Company of Pakistan Limited (NCCPL) and the Central Depository Company of Pakistan Limited (CDC). According to a press release issued by the commission, the decision was taken to foster capital market development and broaden the ... Read More »