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Pakistan Bureau Statistics plans digital census for agri sector


February 22, 2024

ISLAMABAD: The Pakistan Bureau of Statistics (PBS) will conduct a digital census of the agriculture sector to maximise its benefits for policymakers in the country. An official announcement stated that PBS will employ seven software modules for an integrated and digital census approach, maximising benefits for Pakistan’s agricultural sector. In this connection, PBS will train employees on HR and assignment …

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‘Food exports to cross $7bn by end of FY24’


February 22, 2024

ISLAMABAD: The export of Pakistani food items is safely projected to cross the $7 billion mark by the end of fiscal year 2023-24, reflecting a sharp contrast of about $4 billion annual exports in this sector previously, the Chief Executive of Trade and Development Authority of Pakistan (TDAP), Muhammad Zubair Motiwala, said on Wednesday. Speaking at the Pakistan Pavilion at …

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Car buyers in no rush ahead of sales tax hike


February 22, 2024

KARACHI: Consumers have not shown any enthusiasm to pre-book or lift vehicles on cash despite the Economic Coordination Committee of the Cabinet’s decision to increase the sales tax to 25 per cent from 18pc. The caretaker government has yet not issued a statutory regulatory order (SRO) to enforce the hike in general sales tax on locally produced vehicles of 1,400cc and above …

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Hopes for interest rate cut fade away


February 22, 2024

KARACHI: The cut-off yield for short-term treasury bills has risen by 126 basis points on the back of inflationary pressures as hopes fade away for cut in the State Bank of Pakistan’s policy rate. The auction of treasury bills, held on Wednesday, saw a sudden jump in the three-month T-bills, surprising many even though it was not improbable. On Wednesday, the …

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Costly energy poses survival risks, warns FPCCI


February 22, 2024

KARACHI: While urging the government to immediately implement a nine-cent per kWh power tariff, the business leaders have warned that high gas prices will bring the industries on the verge of collapse due to rising cost of production amid surging inflation. Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Acting President Saquib Fayyaz Magoon told a press conference on Wednesday at …

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PM Kakar for effective utilisation of human, mineral resources


February 21, 2024

ISLAMABAD: Caretaker Prime Minister Anwaarul Haq Kakar, while reassuring investors of the government’s full support, said on Tuesday that effective utilisation of human as well as mineral resources would lead to a stable, prosperous and rising Pakistan. “Our human resource is more important than our mineral resource. The human resource coupled with the mineral resource will lead to a stable, …

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Electricity bills to surge with record fuel cost adjustment


February 21, 2024

ISLAMABAD: In yet another blow to struggling electricity consumers, the Central Power Purchasing Agency (CPPA) has sought a massive Rs7.13 per unit increase in fuel charges in the upcoming bills on account of electricity consumed in January to generate an additional Rs57 billion for power distribution companies (Discos) formerly under Wapda. This is the highest-ever increase in fuel cost adjustment …

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Shares at PSX rally 1,000 points over ‘clarity’ on govt formation


February 21, 2024

Bulls dominated the trading floor of the Pakistan Stock Exchange (PSX) on Wednesday as shares gained over 1,000 points, with analysts attributing the gains to consensus over the formation of the government. After multiple rounds of talks, an agreement was reached last night between the PML-N and the PPP to share power in order to form the next government. The agreement ended …

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Oil and Gas Development Company pays Rs12.6bn in gas royalty to Balochistan govt


February 21, 2024

QUETTA: Oil and Gas Development Company Limited (OGDCL) has paid Rs12.6 billion to the Balochistan government as royalty of Uch gas field, which has been pending since 2021. The OGDCL had withheld the payment of royalty since September 2021 due to an abnormal increase in the rev­olving credit of power-buying companies. After talks between the two sides, OGDCL and the …

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Stocks stay flat amid dearth of triggers


February 21, 2024

KARACHI: The stock market turned in a flat performance in a cautiously traded session on Tuesday given persistent political and economic challenges amid a lack of clarity on the future direction of the country in the near term. Topline Securities said the market began trading on a positive note and the benchmark KSE-100 index hit an intraday high of 777.77 …

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