Global stocks came under pressure on Tuesday from investor concern about U.S. President-elect Donald Trump’s policies, while bitcoin neared a record $90,000 as traders piled into assets they believe could benefit from the new administration. Investors have been funneling cash into assets they think will get a boost from Trump’s second four-year term in office, in which he has vowed…
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Gold prices in Pakistan saw a massive decrease on Tuesday in line with their drop in the international rates. In the local market, the price of gold per tola lost Rs7,000, clocking in at Rs270,500. Similarly, 10-gram gold was sold at Rs231,911 after it recorded a decrease of Rs6,000, according to rates shared by the All-Pakistan Gems and Jewelers Sarafa Association…
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ISLAMABAD: The Petroleum Division failed to meet the November 10 deadline set by the Special Investment Facilitation Council (SIFC) to resolve critical issues faced by Pakistan’s oil refineries, a delay that may hinder progress on plant upgrade agreements outlined in the 2023 Brownfield Refinery Policy, sources revealed. In a November 3 SIFC working group meeting, oil refineries expressed concerns regarding…
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ISLAMABAD: The Power Division is set to present a summary to the Economic Coordination Committee (ECC) for approval of the security package documents for the 7.08 MW Riali-II Hydropower Project under the Power Generation Policy, 2015. The Finance Division advised that the Power Division should ensure the documents align with the policy, without imposing additional obligations or guarantees. The 7.08…
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ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) has announced plans to take legal action against Distribution Companies (DISCOs) for contributing Rs276 billion to the circular debt through increased Transmission and Distribution (T&D) losses in FY 2023-24. This move follows a Circular Debt report for June 2024, reviewed by Nepra. The report reveals that DISCOs’ T&D losses rose to 18.31%…
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Pakistan’s petroleum product sales and daily oil and gas production recorded a 2% increase during the first four months of the current fiscal year, with POL sales reaching 5.18 million tons from July to October. Data from Petroleum Information Services indicated that the average daily crude oil production for the week ending October 31 stood at 65,582 barrels, up from…
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BAKU: As COP29 commenced on Monday, U.S. climate envoy John Podesta reassured global leaders that efforts to address climate change would persist despite Donald Trump’s re-election. The summit, held from November 11-22, faces heightened uncertainty following Trump’s victory, with the incoming administration expected to reconsider the Paris climate agreement. Podesta emphasized that even if federal action slows, U.S. states, cities,…
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ISLAMABAD: The government has initiated consultations on the New Energy Vehicle (NEV) Policy 2025-30, designed to transform Pakistan’s transportation sector and reduce carbon emissions. The Ministry of Industries held a meeting on Monday with automakers to discuss the policy’s framework, which aims to promote local NEV production, decrease reliance on fossil fuels, and lower emissions. The proposed policy includes incentives…
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Islamabad, Monday, 11 November 2024 – To celebrate 75 years of diplomatic relations betweenDenmark and Pakistan, the Embassy of Denmark hosted a special reception under the theme “75Years of Greener Together.” The evening underscored a dual purpose – celebrating the endurinpartnership between the two nations and reaffirming their commitment to a greener, moresustainable future.Hosted by H.E. Jakob Linulf, Danish Ambassador…
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The Pakistani government has approved 20 new positions within its Trade Mission in China to boost exports, attract foreign investment, and support efforts to relocate Chinese industries to Pakistan. This initiative addresses the $12 billion trade deficit, with Pakistan’s 2023-24 exports to China at $2.56 billion and imports at $14.51 billion. Following a directive from the Prime Minister and consultations…
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