KARACHI: The Pakistan Business Council (PBC) has elected Dr. Zeelaf Munir as its new chairperson for an 18-month tenure, succeeding Shabbir Diwan, CEO of Gatron (Industries) Limited. Ziad Bashir, CEO of Gul Ahmed Textiles, has been elected as vice chairman. Dr. Zeelaf, who previously served as Vice Chairperson of PBC, is also the Managing Director & CEO of English Biscuit…
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ISLAMABAD: The Lahore Electric Supply Company (Lesco) has launched a major crackdown on 87 defaulting steel furnaces, freezing their bank accounts and blocking mobile SIMs to recover outstanding dues, sources told Business Recorder. Lesco has already disconnected these defaulters and conducted thorough site inspections, documenting all locations with photographic evidence. Awareness campaigns, including banners and wall chalking, have been carried…
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ISLAMABAD: Sui Northern Gas Pipelines Limited (SNGPL) is grappling with a severe liquidity crisis due to outstanding dues from the power sector, which have surged to Rs148.5 billion. The company has warned that the alarming situation threatens its financial stability and ability to meet commitments to upstream gas suppliers. According to SNGPL, key receivables include Rs29.4 billion from Guddu Power,…
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ISLAMABAD: The tariff differential subsidy dispute involving K-Electric (KE), the government, and state-owned enterprises (SOEs) remains unresolved, as mediation efforts continue to face hurdles. The Karachi Water and Sewerage Board (KWSB) has refused to cooperate, further delaying the resolution process. The government had appointed a mediator to address KE’s claims for tariff differential subsidies and payables from entities such as…
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ISLAMABAD: Prime Minister Shehbaz Sharif will meet International Monetary Fund (IMF) Managing Director Kristalina Georgieva today (Tuesday) in Dubai, just weeks before the March 3 review talks for Pakistan’s $1 billion second loan tranche. The high-stakes meeting will take place on the sidelines of the World Governments Summit, where global leaders, policymakers, and private sector figures are gathering to discuss…
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KARACHI: Business leaders have strongly opposed the proposed hike in security deposit rates by electricity distribution companies (DISCOs), urging the National Electric Power Regulatory Authority (NEPRA) to reject the move, which they argue would severely impact industrial growth and economic competitiveness. Karachi Chamber of Commerce and Industry (KCCI) President Muhammad Jawed Bilwani warned that the proposed increase—such as the rise…
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SINGAPORE: Oil prices edged higher on Monday despite investor concerns over US President Donald Trump’s latest tariff threat on steel and aluminium imports, which could slow global economic growth and energy demand. Brent crude futures rose 51 cents (0.7%) to $75.17 per barrel by 0444 GMT, while US West Texas Intermediate (WTI) crude climbed 45 cents (0.6%) to $71.45 per…
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ISLAMABAD: A fact-finding committee of the National Electric Power Regulatory Authority (Nepra) has uncovered significant irregularities in the coal procurement process for the Sahiwal Power Plant. The committee has recommended a series of corrective measures, including the establishment of an independent regulatory authority to safeguard electricity consumers from unjustified costs. The four-member committee was formed last year following complaints from…
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