Last week, the International Energy Agency (IEA), the world’s leading energy authority, laid bare the scale of the challenge in keeping the world on track to achieve net-zero emissions by 2050: a massive acceleration in renewable energy development and, starkly, no new oil, gas or coal development. None. For as long as coal remained cheapest, the IEA consistently predicted that…
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After the oil scam, another scam could emerge as the Petroleum Division has amended the draft of LPG Policy 2021 that appears to favour an influential LPG importer by waiving regulatory duty and advance tax on imports via sea. According to the amended draft, a copy of which is available with The Express Tribune, the Petroleum Division has introduced measures…
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The circular debt has recorded a major drop of Rs189 billion during the first 10 months of ongoing financial year 2020-21 compared to the same period of previous year. The total circular debt stood at Rs2.41 trillion till April this year. The major portion of circular debt build-up amounting to over Rs100 billion was on account of unpaid and unbudgeted…
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Oil marketing companies (OMCs) are paying significantly higher than the 29 percent corporate tax rate in the country because of anomalies in turnover taxation, an independent think-tank said on Tuesday.https://1268e33ab907a8782476efdd4c2cb408.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html In a report, Islamabad Policy Institute (IPI) said the turnover tax is effectively negating the provisions of Section 57 of the Income Tax Ordinance, 2001 and is putting a significant…
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SINGAPORE: Pakistan LNG is seeking nine liquefied natural gas (LNG) cargoes for delivery over July to August, a tender document posted on the company website showed. The cargoes are 140,000 cubic metres each and are for delivery over July 8-9, July 12-13, July 17-18, July 28-29, Aug 2-3, Aug 7-8, Aug 12-13, Aug 17-18 and Aug 27-28. The tender closes…
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The President Hyderabad Chamber of Commerce and Industry Fahad Hussain Shaikh and members of the governing body have demanded the high ups of the Federal and provincial government to exempt power load management during business hours. In a joint statement issued here on Monday, they said that the government has been engaged in boosting up the economic development therefore it…
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Prime Minister Imran Khan while chairing the National Coordination Committee on Housing (NCCH) asked Finance Minister Shaukat Tarin to present a comprehensive plan for providing easy low cost loans to weaker segments of society, including for house building. It is coincidental that the same day the State Bank of Pakistan, the more appropriate entity to deal with commercial banks’ lending…
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Fitch Ratings – Hong Kong – 24 May 2021: Fitch Ratings has assigned Pakistan Water and Power Development Authority ‘s (WAPDA, B-/Stable) proposed US dollar senior unsecured notes a rating of ‘B-‘. The proceeds of the proposed notes will be used to finance or refinance eligible green projects. KEY RATING DRIVERSThe proposed notes will be direct, unconditional, unsubordinated and unsecured…
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Special Assistant to Prime Minister (SAPM) on Climate Change Malik Amin Aslam on Sunday said that Pakistan would become the world’s best example in green energy revolution as government was well on track to meet the renewable energy targets by 2030 and will raise it to 60% through renewable resources. Pakistan was encouraging private sector investment in renewable energy projects…
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Pakistan’s imports increased by 17.79 percent, in the US dollar term, to reach $44.749 billion during the first 10 months of the current fiscal year as compared to $37.992 billion during the corresponding period of last financial year. According to the data provided by Pakistan Bureau of Statistics (PBS), the imports in April 2021 were $5.260 billion (provisional) as compared…
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