Tribune
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Power sector faces Rs470b loss | The Express Tribune
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[ad_1] ISLAMABAD: During a parliamentary committee meeting on Tuesday, it was revealed that the power sector in Pakistan has incurred a staggering loss of Rs470 billion due to a lack of cooperation from the provinces. The meeting, presided over by Senator Saifullah Abro at the Parliament House, focused on discussing the generation and distribution of…
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Oil dips on worries about Chinese demand | The Express Tribune
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[ad_1] LONDON: Oil prices fell slightly on Tuesday as investors remained focused on the likelihood that China’s economic malaise will keep hobbling demand from the world’s top crude importer. Brent crude was down 36 cents at $84.10 a barrel by 1545 GMT. The more active US West Texas Intermediate October contract slipped 36 cents to…
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Power tariff hike of Rs2.07 per unit sought | The Express Tribune
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[ad_1] ISLAMABAD: Consumers are bracing for another hike of Rs2.07 per unit in electricity tariff on account of fuel charges adjustment for July 2023. On behalf of power distribution companies, the Central Power Purchasing Agency-Guarantee (CPPA-G) has requested for a price increase of Rs2.0703 per kilowatt-hour (kWh) over the reference fuel cost of Rs6.8935 per…
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Rupee hits historic low as import pressure mounts | The Express Tribune
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[ad_1] KARACHI: Pakistani currency hit a new historic low at Rs299 against the US dollar in the inter-bank market on Tuesday, making imports further expensive and requiring more resources to repay foreign debt. According to State Bank of Pakistan’s (SBP) data, the currency depreciated by 0.63%, or Rs1.88, to Rs299.01 against the greenback. Talking to…
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PDM govt installed SNGPL board in violation of law | The Express Tribune
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[ad_1] ISLAMABAD: The last Pakistan Democratic Movement (PDM) government illegally replaced five independent directors of Sui Northern Gas Pipelines Limited (SNGPL) towards its fag end without holding their elections, creating a legal challenge for the firm. The matter suddenly got attention this week after the Lahore High Court (LHC) granted an interim injunction a day…
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Rupee touches all-time low of 299 against USD | The Express Tribune
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[ad_1] KARACHI: The Pakistani currency briefly touched an all-time low at Rs299 against the US dollar in the inter-bank market on Tuesday. The latest dip in the rupee’s value will make imports further expensive and more resources will be required to repay maturing foreign debt. The local currency weakened against the greenback in the wake…
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SIFC to help fast-track foreign direct investment | The Express Tribune
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[ad_1] ISLAMABAD: A cabinet member in the previous Pakistan Democratic Movement (PDM) government raised questions over empowering the Special Investment Facilitation Council (SIFC) for conducting transactions. Sources told The Express Tribune that during discussions in a cabinet meeting, chaired by former prime minister Shehbaz Sharif, a member while endorsing the spirit of legislation, observed that…
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Stocks dragged down by nearly 780 points over investor pessimism | The Express Tribune
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[ad_1] KARACHI: The Pakistan Stock Exchange (PSX) on Monday dived into the red zone as the KSE-100 index was marked by collective pessimism over the latest round of rupee depreciation coupled with disclosure of President’s statement regarding refusal to sign the Pakistan Army and Official Secrets Bills law. The market began on a positive note…
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Institutional capacity: The most critical missing essential | The Express Tribune
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[ad_1] We hear a lot about our economic potential but seldom about the abject lack of capacity to create value from the same. The deficiency can be traced to a gross anomaly that the institutions driving the economy are primarily driven by bureaucrats; a role which in the current era of knowledge-based economies has long…
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Foreign portfolio investors make a comeback after IMF loan | The Express Tribune
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[ad_1] KARACHI: Short-term foreign portfolio investors have reposed confidence in Pakistan’s economy as they staged a comeback, injecting a modest amount into equity and debt securities after the International Monetary Fund (IMF) awarded a $3 billion loan programme in late June 2023. The central bank’s latest data suggests that foreign inflows into the Pakistan Stock…
