Mr. Rehmat Ali Hasnie, President of NBP, emphasized the crucial role of the financial sector in driving Pakistan’s economic growth in his recent session at The Future Summit. He highlighted that the financial sector must be viewed as more than just basic banking access, as it forms the foundation for economic resilience and empowerment. He mentioned that integrating everyone into…
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KARACHI: UAE Consul General in Karachi, Bakhit Atiq al-Rumaithi, participated as the chief guest in a conservation event at Turtle Beach, Hawkesbay, where he released green turtle hatchlings into the Arabian Sea. The event, organized by the Sindh Wildlife Department (SWD), aimed to promote environmental protection and marine life conservation. The SWD’s Deputy Conservator, Mumtaz Soomro, and Marine Turtle Unit…
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LAHORE: As rising electricity tariffs burden consumers, a growing shift to solar power has led to a 17% decrease in grid electricity demand, causing significant revenue losses for Pakistan’s power distribution companies (DISCOs). To counteract this trend, the government introduced the Bijli Sahulat Package on Friday, offering an 18-50% discount on additional electricity usage from December to February for residential,…
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DUBAI: Saudi Aramco reported a 15.4% decline in third-quarter profit, with net income at $27.6 billion, impacted by lower crude prices and reduced refining margins. Despite the profit dip, the oil giant maintained its substantial dividend at $31.1 billion for the quarter, including $10.8 billion in performance-linked payouts. This third-quarter performance surpassed analysts’ estimates, including Citi’s projection of $26.3 billion.…
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ISLAMABAD: The petroleum sector and imported vehicles were the leading contributors to customs duty revenue in 2023-24, according to a report by the Federal Board of Revenue (FBR). Customs duty collection showed a strong recovery, growing by 18.5% to reach Rs 1,104.1 billion, up from Rs 931.7 billion in the previous fiscal year. This revenue contributed approximately 12% of total…
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ISLAMABAD: The Competition Commission of Pakistan (CCP) has recommended that Pakistan’s power distribution companies (DISCOs) be privatized or transitioned to public-private partnerships (PPPs) to address critical inefficiencies. In its latest report, “State of Competition in the Key Markets in Pakistan: Power Sector,” the CCP highlights significant challenges facing DISCOs, including high distribution losses, revenue leakages, low bill recovery, electricity theft,…
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PARIS: On the eve of the critical UN climate summit COP29 in Azerbaijan, the European Union’s climate monitoring agency, Copernicus, has warned that 2024 is “virtually certain” to set a new record as the hottest year in history, with global temperatures surpassing 1.5°C above pre-industrial levels. October, marked by extreme weather events like Spain’s devastating floods and Hurricane Milton in…
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Karachi The Public Accounts Committee (PAC) of the Sindh Assembly has sought complete records from the provincial government’s Agriculture Department showing details of the beneficiary farmers in the province who received a total subsidy of Rs 600 million to install solar-powered tube wells and water pumps to boost farming activities in the province.The PAC met on Friday with its Chairman,…
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NEW YORK, Nov 8 (Reuters) – Oil prices settled more than 2% lower on Friday as traders grew less fearful of prolonged supply disruptions from a hurricane in the U.S. Gulf of Mexico, while China’s latest economic-stimulus packages failed to impress some oil traders. U.S. West Texas Intermediate futures led the decline and settled at 70.35 per barrel, down by…
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Sales tax issue on crude and refined products blocks progress on high-investment refinery expansion KARACHI: Attock Refinery Limited (ATRL) has delayed the execution of its multi-million-dollar refinery upgrade project, aimed at increasing the production of premium products like petrol and diesel, due to unresolved tax-related issues. The project, which is designed to reduce the production of outdated furnace oil and…
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