Muhammad Ali Jinnah Road has always had its share of traffic, but lately the main thoroughfare that connects central Karachi to its major port is in a state of near constant gridlock. An elevated street eats up two of the road’s three lanes, but it’s empty — part of an incomplete project to create express lanes for public buses that was supposed to finish…
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CPI inflation has been recorded at 8.9 percent for October 2020, against 9.04 percent in September. Although general inflation reduced yet, food inflation is still in double-digit and has increased. Last year, in October 2019, the CPI was at 11.04 percent, the Pakistan Bureau of Statistics (PBS) on Monday reported. Average inflation of July-October 2020 was recorded at 8.86pc compared…
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The government has decided to borrow Rs3.5 trillion from the banking system till the coming January as it still needs resources to finance budget deficit despite growth in nontax revenue, it was learnt. The government aims to sell domestic debt up to the end of January 2021 to finance the budget deficit that stayed at Rs440 billion or 0.9 percent…
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ISLAMABAD: The Auditor General of Pakistan (AGP) has pinpointed more than Rs1.543 trillion worth of malfeasance and mismanagement of public funds by public sector entities, including the Petroleum Division and its subordinate oil and gas companies, during the fiscal year 2018-19. In an audit report, the AGP noted with serious concern the management weaknesses in the Ministry of Energy —…
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KARACHI: The government is trying to boost exports of halal meat and other perishable and non-perishable items to Saudi Arabia to further enhance economic diplomacy between the two countries, a senior official said this week. The country’s federal cabinet has recently approved export of livestock to Middle Eastern countries, especially Saudi Arabia and the United Arab Emirates, to earn foreign…
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ISLAMABAD: The government has adopted a unique way to seek go-ahead from International Monetary Fund (IMF) for signing the much-awaited amended power purchase agreements (PPAs) with independent power producers (IPPs) in line with some terms and conditions the government signed with the Fund under a $6billion loan programme, well-placed sources told The News. Pakistan sought approval of the IMF over…
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ISLAMABAD: Pakistan has reported 17 deaths in the last 24 hours due to novel coronavirus, taking the nationwide tally of fatalities to 6,823, said the National Command and Operation Centre (NCOC) on Sunday.According to the NCOC, 977 fresh infections emerged during this period, lifting the national tally of cases to 333,970. Around 27,655 samples were tested during the last 24…
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Byco Petroleum Pakistan Ltd. (BPPL), Pakistan’s largest oil refining company, Saturday reported financial results for the three months ended 30 September 2020. The company recorded a 23% decrease in gross sales to Rs 48.4 billion from Rs 62.9 billion in the same period last year, mainly due to a more than 30% decrease in oil prices in the international markets,…
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LAHORE: Pakistan’s first and mega High Voltage Direct Current (HVDC) project — Matiari-Lahore transmission line — has almost been completed as engineers finished the entire line stringing work besides energising the converter station near Lahore. The project, launched under the China-Pakistan Economic Corridor, has now officially entered the testing and commissioning phase that is likely to complete by December this…
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Already struggling with weak prices from oversupply, the pandemic is taking a heavy toll on the oil industry. The International Energy Agency (IEA) says the impact on investments in the oil industry will continue to be felt for years to come. The ongoing coronavirus pandemic will end up having long-term impacts on the petroleum industry that could be felt for…
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