IHC suspends sentence awarded to PTI chairman in state gifts case and orders his release on bail In a major legal victory, the Islamabad High Court (IHC) suspended the sentence awarded to former prime minister and Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan in the Toshakhana case. The IHC ordered the release of the Pakistan Tehreek-e-Insaf (PTI) chairman, who is incarcerated at…
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ISLAMABAD/ PESHAWAR: Top officials of power and financial divisions have tailored some suggestions for immediate relief to masses in the electricity bills, which are to be placed before the federal cabinet meeting on Tuesday (today) with Caretaker Prime Minister Anwaarul Haq Kakar in the chair. All officials are tight-lipped but some insiders told The News that one of the suggestions…
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ISLAMABAD: The security staff of Water and Power Development Authority (Wapda) has stopped wearing the army-like uniform after General Headquarters conveyed its concern whereas Federal Investigation Authority (FIA) has started an investigation into the unauthorised purchase of the uniform in bulk without obtaining requisite permission. The Wapda last made headlines in February this year when portraits of Quaid-i-Azam Muhammad Ali…
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KARACHI: The oil sector is facing a severe liquidity crunch as the rupee’s sharp depreciation has shrunk its credit lines and made it harder to import crude oil and petroleum products, industry sources said on Monday. The sector also fears a possible shortage of fuel in the country if banks do not increase their lending limits for oil imports, which…
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ISLAMABAD: The Senate Standing Committee on Power on Monday joined public criticism of the “unprecedented electric bills” and directed the Power Division to provide lists of electricity defaulters and outstanding dues to all the distribution companies (Discos). The meeting of the panel presided over by Senator Saifullah Abro discussed the unprecedented electric bills that have led to nationwide protests. On…
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• Petrol price likely to increase by Rs9/litre due to rupee depreciation, global price hike• Finance ministry to review relief proposals over inflated bills due to IMF accord ISLAMABAD: While the caretaker government struggles to find a solution to ‘electricity price shock’ against the backdrop of countrywide protests, a potential petroleum price shock looms over the horizon later this week, that…
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After a long break, Pakistan has relaunched a programme for oil and gas exploration, exploitation and development activities, onshore and offshore, aiming at recovering the untapped indigenous hydrocarbon resources. Petroleum, a vital economic sector, is heavily dependent on oil and gas imports to meet the ever-growing demand based on growth in population and increasing urbanisation, and the issues of national…
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LONDON: The Chief Investment Officer (CIO) of Al-Jomaih and a Director at Karachi-Electric (KE) Shan Abbas Ashary has firmly contradicted the assertion of Infrastructure and Growth Capital Fund SPV21 (IGCF) that it has become K-Electric’s majority shareholder. In an interview here, Shan Abbas Ashary said the claim is entirely incorrect and baseless. Ashary stated that both Al-Jomaih Power and Denham…
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ISLAMABAD: Pakistan power sector’s Transmission & Distribution (T&D) losses have risen to Rs520.3 billion with the highest-ever deficit incurred in the Peshawar Electric Power Supply Company (PESCO) to the tune of Rs153.8 billion, in just one financial year. The cash bleeding power sector’s accumulated losses have crossed the defence spending of the country in the last two financial years, and…
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Interim govt for three or six months cannot be taken seriously by investors and diplomats ISLAMABAD: It seems that the caretaker cabinet is setting its eyes on the future instead of just steering the country through next general elections. There are two statements made by caretaker Minister of Commerce and Industries Gohar Ejaz, which make me think this way. He…
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