National Bank of Pakistan (NBP) President, Mr. Rehmat Ali Hasnie, participated in the Pakistan China Business Conference held in Shenzhen, China. Mr. Hasnie was among the delegation accompanying Prime Minister Shehbaz Sharif who on Tuesday landed in China’s Shenzhen on his official visit to the country, as Islamabad aims to advance bilateral trade and economic ties with Beijing and attract…
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ISLAMABAD: The government is expected to announce a further reduction in the prices of petroleum products by Rs12 per litre from June 15, following a declining trend in global oil rates. At the beginning of this month, the government already reduced the prices of petrol and high-speed diesel (HSD) by Rs4.74 and Rs3.84 per litre, respectively. Consequently, the price of…
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ISLAMABAD: Tempers flared in the National Assembly on Friday as PPP lawmakers fiercely criticized K-Electric and the federal government over the ongoing power crisis in Karachi. PPP members challenged the government, asserting they would resign if they failed to prove claims of 16 to 20 hours of daily power outages in the city. They accused the government of downplaying the…
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ISLAMABAD: The Prime Minister’s Office has called the attention of the Petroleum Division to the mounting exchange rate loss of Rs26 billion faced by the oil industry, along with Rs65 billion in unrecovered sales tax, which is severely impacting cash flows. In a memorandum, the Prime Minister’s Office highlighted concerns raised by the Oil Marketing Association of Pakistan’s chairman regarding…
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LAHORE: The Environment Protection and Climate Change Department (EPCCD) is developing a digital registry to map and monitor plastic bag production, as well as register all producers, distributors, collectors, and recycling units. This initiative is part of the Punjab government’s “No to Plastic” campaign. Punjab, the most populous province in Pakistan, accounts for over half of the country’s plastic consumption.…
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ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) announced on Friday an increase of up to Rs3.23 per unit in electricity rates for K-Electric consumers over the next four months (June to September) to address a nine-month backlog of fuel cost adjustments (FCA). K-Electric had requested a cumulative FCA of about Rs18.6 per unit for the three quarters from July…
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Commits to Strengthening Pakistan’s Energy Infrastructure BEIJING: Prime Minister Shehbaz Sharif reaffirmed his government’s commitment to bolstering the alternative energy system in Pakistan, emphasizing the vast investment opportunities within the sector during a meeting with the Chairman of Power China on Wednesday. The prime minister detailed his administration’s extensive efforts to combat power theft nationwide. The Power China chairman praised…
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Promulgates Ordinance Empowering Govt to Remove Independent Directors of SOEs ISLAMABAD: Hours before the parliamentary sessions began, President Asif Ali Zardari promulgated an ordinance to eliminate a legal barrier preventing the government from dismissing the boards of loss-making power distribution companies (DISCOs). The State-Owned Enterprises Governance and Operations Amendment Ordinance 2024, effective from June 5, 2024, grants the government temporary…
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ISLAMABAD: Prime Minister Shehbaz Sharif lauded the Chinese development model on Thursday, asserting that Pakistan could become a great nation by emulating this model through diligent effort and a strong focus on industrial and agricultural growth. “All Pakistanis will also have to pass through this thorny process. There is no other way to earn respect in the world,” the prime…
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ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) on Thursday notified an additional fuel cost charge of Rs3.33 per unit for April, allowing ex-Wapda distribution companies (Discos) to collect an additional Rs29 billion in June. This notification comes as the government acknowledges a minor impact of solar net metering on electricity sales. Nepra stated that it had reviewed and assessed…
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