Express
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PSX hits all-time high, crosses 67,200 points | The Express Tribune
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[ad_1] KARACHI: The Pakistan Stock Exchange (PSX) hit an all-time high of 67,246 points before mid-day on Thursday after registering a 1% increase, maintaining its record-breaking spree on the second consecutive working day. The market reached a new high after the UK-based global index provider (FTSE) announced its decision to retain Pakistan in the ‘secondary emerging…
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PIA Holding Company approves Rs268b debt restructuring | The Express Tribune
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[ad_1] ISLAMABAD: The Pakistan International Airline Holding Company board on Wednesday approved the restructuring of the airline’s Rs268 billion commercial debt, incorporating it into the public debt. The term sheet was finalised by the Ministry of Finance with commercial banks. The government’s decision to merge the airline’s debt into public debt means that taxpayers will…
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Energy supply chain under threat | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan State Oil (PSO) has warned that the country’s entire energy supply chain may get disrupted as circular debt is uncontrollably rising in sales of liquefied natural gas (LNG). In a letter written to the managing director of Sui Northern Gas Pipelines Limited (SNGPL), oil marketing giant PSO said that outstanding dues against…
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Minister urges speedy work on Gwadar plant | The Express Tribune
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[ad_1] ISLAMABAD: Minister for Planning, Development, and Special Initiatives Professor Ahsan Iqbal directed the authorities concerned on Tuesday to expedite the construction work on the Gwadar Power Plant. The minister issued these directives while chairing a meeting to review the progress of the Gwadar Power Plant. The meeting was attended by ministry officials, the Managing…
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OCAC backs old price mechanism | The Express Tribune
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[ad_1] ISLAMABAD: The oil industry has called for reverting to the old methodology of price revision based on the current value of dollar indexation. In a letter written to the Oil and Gas Regulatory Authority (Ogra) chairman, the Oil Companies Advisory Council (OCAC), a lobbying group of oil industry players, called for re-establishing the old…
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Competitors raise concern over telecom merger | The Express Tribune
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[ad_1] ISLAMABAD: As one of the largest mergers in Pakistan’s telecom sector is underway, the Competition Commission of Pakistan (CCP) has said that the decision on acquisition of Telenor Pakistan by Pakistan Telecommunication Company Limited (PTCL) could be delayed as competitors have expressed concern over the plan. In a statement, the CCP said that a…
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SIFC approves setting up of largest IT park | The Express Tribune
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[ad_1] ISLAMABAD: The Special Investment Facilitation Committee (SIFC) has approved the establishment of Pakistan’s largest IT Park in the G-10 sector of the federal capital, covering an expansive area of 3.3 acres. This decision signifies a significant leap forward for Pakistan’s growing tech sector, offering unprecedented opportunities for innovation and advancement. Negotiations are underway with…
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Pakistan to seek US waiver for Iran gas pipeline project | The Express Tribune
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[ad_1] The federal government has decided to obtain a waiver of US sanctions on the Iran-Pakistan (IP) Gas Pipeline Project, aiming to fulfil contractual obligations with Iran. The caretaker government opted to construct a portion of the 80-kilometre pipeline within its territory to preempt potential legal disputes with Iran in international courts. Pakistan feared facing…
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Priorities for new government | The Express Tribune
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[ad_1] ISLAMABAD: The new government’s steadfast commitment to economic revival and proactive approach to building upon the groundwork laid by the caretaker administration are encouraging signs. The government’s swift action in initiating negotiations with the IMF for another loan programme is necessary to address the substantial external financial deficit and prevent a repeat of the…
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Gas crisis looms as $1bn diverted to domestic sector | The Express Tribune
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[ad_1] ISLAMABAD: The gas sector braces for another blow as approximately $1 billion is earmarked for diverting expensive RLNG to the domestic sector in a bid to alleviate the gas crisis anticipated in the fiscal year 2024-25. State-owned oil and gas entities are already staggering under the weight of a circular debt amounting to Rs710…
