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K-Electric gets 20-year licences for distribution, supplier of last resort


January 20, 2024

ISLAMABAD: The National Electric Regula­tory Authority (Nepra) on Friday granted a non-exclusive distribution licence and a supplier-of-last-resort (SoLR) licence to K-Electric Ltd (KEL) both for 20 years, valid until Jan 18, 2044. The non-exclusive distribution licence to KEL means that smaller private power distribution companies with a licence from Nepra would be allowed into the power distribution and sale business, …

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Textile exports rise to $1.39bn in December


January 20, 2024

ISLAMABAD: The textile and clothing exports rebounded in December from the previous month’s downward trajectory, according to data issued by the Pakistan Bureau of Statistics (PBS) on Friday. The sector expanded by 3.33 per cent, with exports reaching $1.39 billion, up from $1.35bn in the same month the previous year. Textile and garment exports fell by more than 7pc year-on-year …

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Pakistan faced worst economic crisis in 2023, says Human Rights Watch


January 20, 2024

ISLAMABAD: Pakis­tan faced one of the worst economic crises in its history in 2023 with poverty, inflation and unemployment soaring, jeopardising millions of people’s rights to health, food and an adequate standard of living, according to a report by the Human Rights Watch. In its 740-page ‘World Report 2024’, made available on Friday, the HRW reviewed human rights practices in …

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Shares at PSX gain over 500 points in intraday trade


January 19, 2024

Shares at the Pakistan Stock Exchange (PSX) returned to trading in the green on Friday, gaining more than 600 points in early morning trade. According to the PSX website, the KSE-100 index struck 63,790.08 points at 10:42am, up 587.68 points or 0.93 per cent from the previous close of 63,202.40 points. A day earlier, border tensions with Iran had sustained …

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Output of 8.2m lint bales falls short of local needs


January 19, 2024

LAHORE: Pakistan has so far produced 8.2 million bales of cotton as both Punjab and Sindh provinces have had almost equal output during 2023-24. The Pakistan Cotton Ginners Association (PCGA) on Thursday reported that the country produced 8.258m bales by Jan 15, which is 3.3m bales or 67 per cent more than the total yield of the previous crop year …

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Exporters urge govt to resume trade via Chaman


January 19, 2024

ISLAMABAD: Balochistan exporters have urged the federal government to devise a comprehensive plan to resume trade at the Chaman border stations with Afghanistan, which has been suspended for more than three months. The closure of border customs stations has significantly impacted exporters in Balochistan and Karachi. They are unable to fulfil export orders from Central Asian States, particularly Turkmenistan. The …

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Flare-up at borders may destabilise exchange rate


January 19, 2024

KARACHI: Tensions with Iran and Afghanistan could lead to uncertainty in the country and destabilise the exchange rate, as the demand for dollars will rise, said currency dealers in Karachi. A currency dealer mentioned that the grey market, which had disappeared after the crackdown, started showing activity on Thursday. “I am not sure about the grey market activity. If the situation leads to more uncertainty, …

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Investment in women’s health to boost world economy by $1tr: WEF


January 19, 2024

ISLAMABAD: A new World Economic Forum report showed that closing the women’s health gap would allow more women to live healthier, higher-quality lives, and provide an unprecedented boost to the global economy. The report titled, “Closing the Women’s Health Gap: A $1 trillion Opportunity to Improve Lives and Economies”, released on Wednesday, says women on an average spend 25 per cent more …

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PSX sheds over 350 points on Pakistan-Iran tensions


January 18, 2024

Shares at the Pakistan Stock Exchange (PSX) lost more than 350 points on Thursday due to escalating tensions between Iran and Pakistan. According to the PSX website, the KSE-100 index lost around 1,038 points at 10:08 am. At 10:31am, the index climbed to 62,797.21. By 3:34pm, it recovered to 63,202.40, or 364.93 points below the previous close of 63,567.33. Mohammed Sohail, chief executive …

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Current account posts $397m surplus


January 18, 2024

KARACHI: Pakistan’s current account posted a significant surplus of $397 million in December 2023, bringing the entire second quarter of the current fiscal year FY24 into positive territory with a surplus of $198m. The December surplus was primarily attributed to higher exports, increased remittances, and a significant decline in imports, helping the country gain control over the most pressing economic …

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