Pakistan has reported 3,752 coronavirus cases during the last 24 hours, taking the national positivity rate to a whopping 7.51 per cent as the country battles a fourth wave of the pandemic. According to the National Command and Operation Centre, this is the highest number of cases reported since May 21 when 4,007 infections were reported, and a dramatic overnight…
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The National Transmission and Dispatch Company (NTDC) has failed to recover Rs714 million from an Iranian firm despite the award announced by the Paris-based International Chamber of Commerce (ICC) in April last year, Dawn learnt on Saturday. “A severe lack of on-time decision making, politics, appointment of a permanent MD, resignation of competent officers and other administrative issues are the…
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Amid system challenges, the Petroleum Division is seeking an average national basket price for natural gas — both local and imported — through a distant ‘political consensus’ even though it has fixed price commitments with various consumer groups. This comes at a time when the energy sector is facing serious gas and electricity shortages and both gas and power companies…
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Pakistan’s real effective exchange rate (REER) – the country’s cost of international trade – improved to 99.85 points on the index in June, making exports viable and imports expensive mainly due to depreciation in rupee against the basket of major trading partners’ currencies. The real effective exchange rate below 100 means the country’s exports remain competitive and import expensive. The…
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The current account deficit (CAD) may pose a challenge to rupee stability in the coming days, despite record inflows of export receipts and workers’ remittances. The current account posted an unexpected $1.64 billion in June 2021. The monthly current account deficit deteriorated the full-year balance of payment. Analysts at Topline Research said the current account deterioration in June 2021 was…
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Vice President of Pakistan Businesses Forum (PBF) Ahmad Jawad has called upon the economic managers to intervene as once again the cost of one dollar is now equal to Rs162 despite remittances being good, the Current Account has been in surplus or close to it, and foreign exchange reserves are also at a record high. “With devaluation, there is inflation.…
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Korangi Association of Trade and Industry (KATI) President Saleem-uz-Zaman has termed the increase in the price of Liquefied Petroleum Gas (LPG) as unacceptable. He said that industries could not afford the frequent increase in LPG price. A further hike will also increase the cost of production. He said that the government is increasing the prices for industrial units frequently. Saleem…
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Electric cars — key to reducing emissions and meeting climate change goals — have boosted their market share in Europe, data showed on Friday, as the region prepares to abandon petrol and diesel. Battery electric vehicles more than doubled their share of new car sales in Europe in the second quarter, according to the European Automobile Manufacturers’ Association (ACEA) which…
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Asian spot prices for liquefied natural gas (LNG) jumped this week to a more than six-month high, as warm temperatures drove up demand for the fuel used in electricity generation, industry sources said. The average LNG price for September delivery into Northeast Asia LNG-AS was estimated at about $14.45 per metric million British thermal units (mmbtu), up $1.15 from the…
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Amid intensified efforts by Pakistan to get the work restarted on the Dasu hydropower project, Water and Power Development Authority (Wapda) Chairman retired Lt Gen Muzammil Hussain called on Chinese Ambassador Nong Rong here on Friday and discussed the matters relating to construction of the dam. “The matters relating to construction of Dasu hydropower project in the context of July…
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