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Inquiry committee confirms overbilling by power firms


February 29, 2024

ISLAMABAD: A four-member independent inquiry committee on ‘Abject Failure — Illegal Overbilling’ confirmed the power regulator’s overcharging allegations against all the distribution companies (Discos) across the country but absolved them of ‘deliberate and mala fide’ fleecing while shifting some blame on to the then PDM-led coalition government’s decision-making. All the members of the inquiry committee who have either worked with …

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Stocks rise 484 points on cherry-picking


February 29, 2024

KARACHI: After posting losses overnight, the stock market on Wedne­sday resumed its upward drive due to political clarity and strong corporate results as investors opted to do some cherry-picking at attractive levels. Topline Securities Ltd said the equities remained bullish almost throughout the session thanks to further clarity with regards to formation of new government in the centre. The market …

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Fuel prices likely to rise by up to Rs4 per litre


February 29, 2024

ISLAMABAD: The prices of petrol and high-speed diesel (HSD) are estimated to increase by Rs1-4 per litre on Thursday (February 29) for the next fortnight due to minor adjustments in international prices, import premiums, and the exchange rate. Informed sources said that the prices of both major petroleum products — petrol and HSD — moved slightly in both directions (10 …

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US urges Pakistan to ‘continue working with IMF’


February 29, 2024

The United States has urged Pakistan to “continue working with the International Monetary Fund (IMF) and other international financial institutions towards macroeconomic reforms” for economic stability in the country. The development comes after the PTI wrote a letter to the Fund urging the lender to endorse an audit of the 2024 elections for the sake of political stability in the country, before …

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PSX continues bullish run, gains over 800 points


February 29, 2024

Bulls dominated the trading floor on Thursday as shares gained over 800 points, which analysts attributed to “clarity on the formation of the new government” and the swearing-in of MNAs. According to the PSX website, the KSE-100 index gained 873.38, or 1.37 per cent, to stand at 64,576.82 at 11:43am from the previous close of 63,703.44 points. The benchmark index sustained …

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Exports to Europe fall 8pc despite GSP+ status


February 28, 2024

ISLAMABAD: Pakis­tan’s exports to European countries dipped year-on-year by 7.54 per cent in the first seven months of the current fiscal year, mainly due to reduced demand for Pakistani goods in western, southern and northern Europe. The export proceeds from these countries fell to $4.866 billion in July-January FY24, a drop from the $5.263bn recorded in the corresponding months of …

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Energy minister takes credit for ‘painful’ gas price hikes


February 28, 2024

ISLAMABAD: Outgoing caretaker Minister for Power and Petroleum Muhammad Ali on Tuesday identified recent “painful” gas pricing reforms among the best achievements despite difficulties to the consumers and conceded inability to negotiate debt relief from foreign independent power producers (IPPs) chiefly from China during over six-month stint. Speaking to journalists before leaving the office, he said the biggest challenge to …

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India says no new deals at WTO without key US concession


February 28, 2024

India will only finalise new deals at a World Trade Organisation (WTO) ministerial meeting if the United States stops blocking an agreement on a dispute settlement mechanism, New Delhi’s trade minister said on Wednesday. Delegates are hoping for progress on issues such as fisheries and agriculture at the WTO’s 13th ministerial meeting, underway in Abu Dhabi. But Indian minister Piyush Goyal told AFP on …

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‘Controversial’ polls, ‘weak’ coalition govt to pose economic challenges: Moody’s


February 28, 2024

ISLAMABAD: Moody’s Investors Service on Tuesday kept Pakistan’s ratings unchanged at ‘Caa3’ with a stable outlook but highlighted that significantly high risks of liquidity and external vulnerability challenges following highly controversial elections, severely constrained decision-making capacity of the coalition government-in-waiting. The international rating agency — one of the top three global rating firms — said it had completed last week …

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Shares at PSX rally 480 points over ‘clarity’ on govt formation


February 28, 2024

Shares at the Pakistan Stock Exchange (PSX) traded in the green on Wednesday as stocks gained nearly 500 points, with analysts attributing the rally to “robust results” of companies and “clarity” on government formation. The KSE-100 index gained 507.79, or 0.8 per cent, to stand at 63,726.88 at 11:46am from the previous close of 63,219.09. It closed at 63,703.44, up …

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