Business News
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Govt to import expensive urea to meet shortfall | The Express Tribune
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[ad_1] ISLAMABAD: The government on Friday approved import of 100,000 metric tons of fertiliser at a price of $359 per ton but turned down a proposal for doling out Rs5.9 billion in subsidy to match local urea prices – in a move that would bridge the shortfall but disturb market prices. The Economic Coordination Committee…
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CCOP okays sale of six power firms | The Express Tribune
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[ad_1] ISLAMABAD: The Cabinet Committee on Privatisation on Friday approved the sale of six highest loss-making power distribution and four power generation companies, causing a total annual loss of over Rs200 billion, in the last leg of privatisation –in a move that will keep the power sector bleeding for years to come. The decision to…
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Senate panel calls for conducting IPPs’ audit
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[ad_1] A file image of Senate. — Senate website The Senate Standing Committee on Cabinet Secretariat has requested a forensic audit of independent power producers (IPPs) in response to public concerns about inflated billing. Pakistanis have been receiving high electricity bills which also include capacity payments being made to the IPPs. The power producers are paid…
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PM Shehbaz promises the nation to reduce electricity prices in Pakistan | The Express Tribune
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[ad_1] Listen to article Prime Minister Shehbaz Sharif announced on Friday that reducing electricity prices was a top priority for the PML-N government and its allies. He emphasised that providing relief to electricity consumers was a key agenda for PML-N President Muhammad Nawaz Sharif and his administration. In his remarks at a Cabinet meeting, the Prime Minister…
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Intel says it will slash 15% workforce to cut costs
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[ad_1] A sign is posted in front of Intel headquarters on August 01, 2024 in Santa Clara, California. Chipmaker Intel is set to lay off thousands of workers as the company tries to recover from an eroding market share. — AFP US chip maker Intel said Thursday it will slash more than 15 per cent…
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PSM land to be converted into SEEZ for investors | The Express Tribune
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[ad_1] KARACHI: The federal government would hand over the 4,000-acres land of the Pakistan Steel Mills (PSM) to Chinese investors by establishing a Special Export Economic Zone (SEEZ) there, Sindh Industry Minister Jam Ikramullah Dharejo said on Thursday. Talking to the Council of Economic and Energy Journalists (SAGE) members, the minister stated that the land…
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PBS registers CPI inflation at 11.1% for July
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[ad_1] People buy pulses and grains at a wholesale market in Karachi on February 1, 2023. — AFP ISLAMABAD: The general Consumer Price Index (CPI)-based inflation recorded at 11.1% on year-on-year basis in July 2024, down from 12.6% in June 2024 and 28.3% in the corresponding month last year, according a data released by the…
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Gohar Ejaz lashes at power producers of charging billions without producing power | The Express Tribune
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[ad_1] Former caretaker Minister of Commerce Dr Gohar Ejaz has criticised the Independent Power Producers (IPPs) for allegedly charging the government Rs 200 billion without generating a single unit of electricity. In a press conference in Islamabad, Dr Ejaz called for a forensic audit of these transactions and questioned the efficiency of the country’s energy…
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Capacity charges are just the tip of Pakistan’s power sector iceberg | The Express Tribune
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[ad_1] Pakistan’s power sector woes are a hot topic, often attributed to capacity charges as the primary cause of circular debt and high electricity costs. However, the reality is far more complex. The public’s lack of exposure to the true causes makes it challenging to convey the consequences of our cumulative failures in power sector…
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Petrol price decreased by Rs6.17 per litre for next fortnight
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[ad_1] A car being refuelled in this undated picture. — AFP The federal government has reduced the price of petrol by Rs6.17 per litre for the next fortnight following a drop in rates of international petroleum products, according to a statement issued by the Prime Minister’s Office on Wednesday. The new prices will be effective…
