Business News
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Data from survey on offshore oil, gas reserves ‘being assessed’
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[ad_1] A view shows the TransOcean Barents drilling rig, at around 120 km off the coast of Beirut, Lebanon in this handout picture obtained by Reuters on August 16, 2023. — Reuters ISLAMABAD: Revealing that data of a geological survey was being assessed, Petroleum Division sources told Geo News on Saturday that the discovery of…
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Pakistan seeks to renegotiate power deals to slash unsustainable electricity costs, says minister Leghari | The Express Tribune
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[ad_1] Pakistan is renegotiating contracts with independent power producers to rein in “unsustainable” electricity tariffs, Energy Minister Awais Ahmad Leghari has said as power customers tackle with soaring unsustainable costs. Rising power tariffs have stirred social unrest and shuttered industries in the $350 billion economy, which has contracted twice in recent years as inflation hit record…
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SBP currency design competition: Shortlisted design sparks backlash on social media | The Express Tribune
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[ad_1] The State Bank of Pakistan (SBP) recent announced the winners of a competition to design new currency notes, has sparked an online debate. One of the winning design, particularly the Rs 5,000 note, has been criticised by some social media users over the depiction of the internationally-recognised disputed territory of Jammu and Kashmir region.…
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DISCOs allowed to charge extra Rs1.75/unit | The Express Tribune
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[ad_1] ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) has sanctioned an additional charge of Rs1.75 per unit for state-owned distribution companies and the privatised K-Electric, effective over the next three months. The adjustment is intended to recover Rs43.23 billion through quarterly tariff modifications for the fourth quarter of 2023-24, spanning from April to June…
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SBP announces winners of banknote design competition
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[ad_1] The second place winner of the Rs500 note designed by Hadiya Hassan for the art competition for the new banknote series. — SBP The State Bank of Pakistan has revealed winners of the art competition for the new banknote series. The art contest by SBP was announced in March to have “innovative and thematic design…
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Profit-taking wipes out almost all gains at PSX | The Express Tribune
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[ad_1] KARACHI: Pakistan Stock Exchange (PSX) on Friday ended with thin gains as investors resorted to profit-taking at attractive levels following a spike in the KSE-100 index earlier in the day. The absence of encouraging developments kept investors cautious, leading to limited activity in major stocks while smaller companies attracted the interest of market players.…
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NEPRA approves power price hike under quarterly, fuel price adjustments | The Express Tribune
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[ad_1] ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) has approved an increase in electricity prices under quarterly and fuel price adjustments, while also reducing charges by 37 paisa per unit for July’s fuel cost adjustment. In a statement issued by NEPRA on Friday, it was confirmed that a quarterly adjustment of Rs1.75 per unit…
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FBR has increased taxes on property purchases | The Express Tribune
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[ad_1] ISLAMABAD: The Federal Board of Revenue (FBR) has isued excise duty on property purchases for developers and builders, Express News reporeted. The notification issued on Thursday modifies the Federal Excise Rules 2005. According to the notification, a developer is defined as an entity that transforms land into residential or commercial plots for sale. This includes housing societies,…
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Chinese lenders agree on daily SOFR | The Express Tribune
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[ad_1] ISLAMABAD: Chinese lenders to the independent power producers (IPPs) have refused to accept the Term “Secured Overnight Financing Rate” (SOFR) but have agreed on transitioning from the London Inter-bank Offered Rate (Libor) to daily SOFR. The issue was taken up during suo motu proceedings on Thursday on the subject of shifting from Libor to…
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Foreign exchange reserves reach 26-month high | The Express Tribune
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[ad_1] KARACHI: Pakistan’s foreign exchange reserves held by the State Bank of Pakistan (SBP) rose by $33 million, reaching a 26-month high of $9.43 billion for the week ending August 30, 2024, according to the central bank’s latest update. The continued growth in reserves over the past six weeks has bolstered the domestic currency, which…
