Author: Admin

IMF Sees Limited Economic Impact of Floods on Pakistan

Admin
New-IMF

ISLAMABAD: The International Monetary Fund (IMF) has said the recent floods are unlikely to cause major setbacks to Pakistan’s economic growth or revenue collection this fiscal year, noting that except for Punjab, provinces have not reported significant damages. According to government sources, the IMF shared its views during opening meetings with Finance Minister Muhammad Aurangzeb as part of the ongoing review talks, which began on September 25 and will continue until October 8. The lender indicated that initial assessments suggested no major impact on growth or tax revenues, though it…

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Barrick Appoints Mark Hill as Interim CEO After Bristow’s Sudden Exit

Admin
New-Project41

TORONTO/BENGALURU: Barrick Gold has named veteran executive Mark Hill as interim president and CEO following the abrupt resignation of Mark Bristow, who had led the Canadian mining giant for nearly seven years since its merger with Randgold Resources. Bristow, appointed CEO in 2019, oversaw the integration of Randgold with Barrick, streamlined the company’s portfolio, and significantly reduced debt. He had previously indicated plans to remain in office until 2028, a tenure that would have included overseeing the development of the Reko Diq copper and gold project in Pakistan. His sudden…

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Finnish Firm Metso to Invest in Reko Diq, Expand Mining Role in Pakistan

Admin
Reko-Diq

ISLAMABAD: Federal Minister for Petroleum Ali Pervaiz Malik on Monday met a Finnish delegation led by Ambassador Hannu Ripatti, Piia Karhu, President of Minerals at Metso, and Willie Eerola, Honorary Consul General of Pakistan to Finland, to explore investment opportunities in Pakistan’s mineral sector. Malik said Pakistan was transitioning from primitive to mechanised, responsible mining under an improved regulatory framework designed to attract global investors. He termed Reko Diq the “torch bearer” of the country’s mineral industry and pledged full government support for international partners. Piia Karhu commended Pakistan’s reforms…

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Petrol, Diesel Prices Likely to Rise by Rs2–3 per Litre from Oct 1

Admin
Petrol-Diesel

ISLAMABAD: Prices of petrol and high-speed diesel (HSD) are expected to increase by Rs2–3 per litre from Wednesday, marking the first hike for October in line with global oil price trends. According to official estimates, the ex-depot rate of HSD may rise by about Rs2.50 per litre (around 1pc), while petrol is likely to see an increase of Rs1.90–2 per litre. Both fuels have already gone up by nearly Rs13 per litre since mid-May. Currently, petrol is priced at Rs264.61 per litre and is widely used in motorcycles, rickshaws, and…

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Consumers Face Rs2 Per Unit Hike in October Under Fuel Adjustment

Admin
New-NEPRA

ISLAMABAD: Power consumers across the country, including Karachi, will see their October bills rise by about Rs2 per unit due to a fuel cost adjustment (FCA), despite more than three-fourths of generation coming from cheaper domestic sources. At a public hearing before the National Electric Power Regulatory Authority (Nepra), Rehan Akhtar, CEO of the Central Power Purchasing Agency (CPPA), explained that lower-than-expected hydropower output in August forced reliance on expensive imported fuels. Flooding had restricted water releases from Mangla and Tarbela dams, reducing hydropower’s share to 38pc against a projected…

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