Business News
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DISCOs question efficacy of Rs73 billion project | The Express Tribune
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[ad_1] LAHORE: The Power Division and ex-WAPDA DISCOs are in conflict over the implementation of the Rs73 billion “Asset Performance Monitoring System” project as the two sides have conflicting views on its effectiveness. In a letter sent to the DISCOs, the power division directed the power companies to submit the PC-1 of the project “Asset…
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FinMin optimistic of securing $7bn IMF loan deal this month
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[ad_1] Finance Minister Muhammad Aurangzeb speaks during an interview. — APP/File Minister for Finance and Revenue Senator Muhammad Aurangzeb has exhibited confidence in the International Monetary Fund’s (IMF) Board of Directors that it will approve the staff-level agreement with Pakistan by the end of August. Addressing the “Climate Action for Pakistan” event organised by Acumen…
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Progress on Tarbela 5th extension reviewed | The Express Tribune
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[ad_1] LAHORE: The Chairman of the Water and Power Development Authority (WAPDA), Engr Lt Gen Sajjad Ghani (Retd), conducted a thorough visit to the Tarbela 5th Extension Hydropower Project to review the progress of its key components. He was accompanied by a World Bank team led by Advisor Masood Ahmed and Task Team Leader Gautum…
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Why is electricity so expensive in Pakistan? | The Express Tribune
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[ad_1] Energy Minister Awais Leghari revealed during a meeting of the Senate Standing Committee on Energy, chaired by Mohsin Aziz, that a unit of electricity from an Independent Power Producer (IPP) that cost Rs. 3 in 2016 is now priced at Rs. 285. That reflects a 9600% increase in eight years. The meeting addressed the…
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Local gold prices fall by Rs500 per tola amid drop in global rates | The Express Tribune
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[ad_1] In local markets, the price of 24-carat gold per tola fell by Rs500, dropping to Rs246,000 from Rs246,500. This decrease reflects the significant drop in the international bullion market, where gold prices declined by $17 to settle at $2,400 per ounce. This decline followed a previous decrease of $16, which had brought the price…
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WB says assessing impact of unfolding situation in Bangladesh on loan programme
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[ad_1] Anti-government protestors display Bangladesh’s national flag as they storm Prime Minister Sheikh Hasina’s palace in Dhaka on August 5, 2024. — AFP WASHINGTON: The World Bank on Monday said it was assessing the impact of events in Bangladesh on its loan programme with the country after its Prime Minister Sheikh Hasina resigned and fled.…
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Analysts urge interest rate cuts, PPP reviews | The Express Tribune
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[ad_1] KARACHI: Economic analysts and industrialists are advocating for a reduction in interest rates and a review of public-private partnerships (PPP) to bolster Pakistan’s economy and industrial growth. They argue that aggressive interest rate cuts could stimulate economic growth, encourage investment, and ease financial pressures on businesses and consumers. Ismail Suttar, President of the Hub…
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Berkshire Hathaway’s Apple stake cut sparks major tech sell-off | The Express Tribune
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[ad_1] Apple (AAPL.O) and Nvidia (NVDA.O) spearheaded a significant sell-off in technology stocks on Monday as US recession concerns and Berkshire Hathaway’s (BRKa.N) decision to cut its stake in Apple ended a months-long rally in the sector. High-performing shares of Alphabet (GOOGL.O), Amazon (AMZN.O), Meta Platforms (META.O), Microsoft (MSFT.O), and Tesla (TSLA.O), along with Apple…
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Gold prices tumble after reaching record high | The Express Tribune
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[ad_1] In the international bullion market, the price of gold per ounce dropped by $16, bringing it down to $2,417 from the previous price of $2,433. Consequently, in local markets on Monday, the price of 24-carat gold per tola decreased by Rs300, settling at Rs256,500. Similarly, the price of 10 grams of gold saw a…
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Govt forms task force for urgent power sector overhaul | The Express Tribune
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[ad_1] Following widespread protests over skyrocketing electricity bills, Prime Minister Shehbaz Sharif has announced the formation of a task force to implement structural reforms in Pakistan’s power sector, according to media reports. The task force aims to alleviate the financial burden on the government and establish a more efficient, self-sustaining power market. Sources reveal that…
