Experts are cautiously optimistic that recent gains pushing the price of oil to around US$60 a barrel are a sign of good things to come. That’s welcome news after an industry downturn followed by the impacts of the coronavirus torpedoed prices and caused massive layoffs, even company closures. Now, supply cuts by major producers and optimism over the likelihood of…
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To resolve the issues related to K-Electric’s payables and receivables through arbitration, the KE has submitted its TORs to the federal government and dropped its early demand of “the principle of reciprocity” and has also accepted that arbitration may take place in Pakistan, rather than in London. The Ministry of Energy has yet to respond to the TORs submitted by…
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KARACHI: Pakistan’s total debt and liabilities increased 9.9 percent to Rs44.9 trillion during the last year, the central bank’s data showed on Thursday, as the government’s fiscal position is stressed amid lower tax revenue collection. The debt and liabilities stood at Rs40.9 trillion till December 2019. Brokerage BMA Capital said the government’s fiscal response is limited by burgeoning debt ratios…
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KARACHI: The Sindh High Court (SHC) has upheld the order of the Customs Appellate Tribunal that the Federal Board of Revenue (FBR) has no authority either to enhance or restrict exemption as it is the prerogative of the Parliament only. A division bench of the SHC comprising Justice Muhammad Junaid Ghaffar and Justice Agha Faisal gave this verdict in the…
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Engro Corporation’s profit soared 45.1% to Rs44.4 billion in the year ended December 31, 2020 compared to earnings of Rs30.6 billion in 2019, according to a notice sent by the company to the Pakistan Stock Exchange on Thursday. Earnings per share (EPS) of the company came in at Rs43.57 in 2020 compared to Rs28.69 a year ago. Alongside the result,…
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KARACHI: National Electric Power Regulatory Authority (Nepra) delegation led by its chairman Tauseef Farooqi, visited K-Electric’s (KE) 560 MW Bin Qasim Power Plant (BQPS) – II and also reviewed the development work at the adjacent 900 MW RLNG-fired Bin Qasim Power Plant (BQPS) – III. As per KE officials, the delegation included vice chairman and member Punjab Saif Ullah Chattha,…
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LAHORE: The LPG importers on Thursday warned that complete shutter down and strike will be observed on March 1 if the government imposes additional tax of Rs 4,669 per metric ton on LPG import from the land route as proposed by Ministry of Planning Development. Addressing a joint press conference in Lahore on Thursday, LPG Industries Association chairman Irfan Khokhar,…
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ISLAMABAD: The Central Power Purchasing Agency (CPPA) on Friday requested the National Electric Power Regulatory Authority (Nepra) for an increase of Rs0.92 in the electricity tariff in the context of January’s fuel price adjustment. According to CPPA, more than seven billion units of electricity were produced in January costing about Rs51,660,000,000, at [an average of ] about Rs5.75 per unit. “Expensive furnace…
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KARACHI: Mari Petroleum’s profit inched up 0.68% to Rs7.33 billion in the quarter ended December 31, 2020 owing to a significant decline in other expenses and a modest rise in revenue. According to a notice sent to the Pakistan Stock Exchange on Thursday, the oil exploration firm had reported a profit of Rs7.29 billion in the same quarter of 2019. Accordingly,…
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KARACHI: There is a new urban forest coming up by the seashore in Clifton, but to write about it, one first needed to find it. Taking directions from Shahzad Qureshi, the person already known to have transformed much of his adopted park into an urban forest by using the Miyawaki method, one reached the spot all right. First a greenhouse…
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