ISLAMABAD: The government is set to collect an additional staggering amount of over Rs3.2 trillion from power consumers, beginning July 2023, as it intends to raise the power base-tariff by approximately Rs7 per unit for the Financial Year 2023-24, according to official sources of the Power Division. Interestingly, the International Monetary Fund (IMF) Executive Board is scheduled to convene on…
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KARACHI: Pakistan is losing out on the opportunity to pass on the benefits of discounted crude oil from Russia due to the old processing technology of its current refineries, industry officials said. The country has five refineries, out of which one was established before partition and two were set up sixty years back. The other two that rely on old…
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PCA South uncovered over invoicing worth Rs69.50b at the import level KARACHI: Startling revelations have emerged regarding the commercial activities of solar panel importers, exposing a staggering case of over invoicing and money laundering. The Directorate of Post Clearance Audit Customs South has published a report shedding light on this illicit practice. According to the report, the audit conducted by…
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Karachi Irfan Iqbal Sheikh, President FPCCI, has expressed his profound satisfaction that FPCCI’s years of relentless policy advocacy initiatives for the barter trade with Russia, Iran and Afghanistan has borne fruits. We have pitched barters trade, border markets and currency swap mechanisms very diligently in tens of top-level meetings with the concerned ministries and relevant governmental institutions over the past…
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ISLAMABAD: In order to ensure smooth approval of $3 billion loan by the IMF Executive Board, the National Electric Power Regulatory Authority (NEPRA) is set to increase electricity base tariff for the ongoing financial year 2023-24. The regulator, according to one of the top officials, has worked out three options for the increase in base tariff, including jacking a base…
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RAWALPINDI: Virgin Atlantic operated its final flight from Islamabad International Airport on Sunday after announcing earlier in the year that it will suspend operations between London Heathrow, Lahore and Islamabad. A spokesman for the Civil Aviation Authority said in a press release that a Virgin Atlantic flight took off from Islamabad to London’s Heathrow Airport at 8am on Sunday. Virgin Atlantic commenced its operations…
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PM says pace of work on projects will be further expedited ISLAMABAD: The China-Pakistan Economic Corridor (CPEC), a flagship project of the Belt and Road Initiative (BRI), has witnessed remarkable progress in Pakistan, attracting direct investments worth US$25.4 billion from China over the past decade. A senior official from the Chinese Foreign Ministry stated that the CPEC has formed a…
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KARACHI: The hike in energy rates is the biggest issue of our economy, as we are the highest tax paying energy consumers in the world, said Ateeq Ur Rehman, economic expert The already raised enormous electricity tariffs are a great burden on Industry and Household, further raise will become extra ordinary load on electricity consumers. Fully endorsing the concerns of…
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The World Economic Forum (WEF)’s 14th Annual Meeting of the New Champions, also known as the “Summer Davos Forum”, was held in Tianjin from June 27 to 29. Zhong Baoshen, Chairman of LONGi, was invited to the forum where he delivered speeches at the “Net-Zero Hero? The Decarbonization of Industry Clusters” and the “China Energy Transition Roundtable”. The theme of…
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Irfan Iqbal Sheikh, President FPCCI, has apprised that bilateral trade volume of Pakistan with China has crossed the psychological barrier of $20 billion and stood at $20.8 billion in FY22.
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