Business

KARACHI: Karachi Port Trust (KPT) Chairman Syed Syedain Raza Zaidi has said the authority will go very tough against the highhandedness of shipping companies for terribly looting the business community by overcharging under various headers without any justification. The shipping companies need to submit details of their registration, licence, relevant laws or any agreements within 10 days which authorised them …

ISLAMABAD: Ahead of the final review next month with the International Monetary Fund (IMF) of the ongoing $3 billion Stand-By Arrangement, the Power Division on Tuesday confirmed to have finalised a plan to reduce power tariffs for the industrial sector to revive economic activities, create job opportunities and address circular debt challenge. Testifying before the Senate Standing Committee on Power, …

ISLAMABAD: Caretaker Finance Minister Dr Shamshad Akhtar is retaining the position of chairperson and independent director on the board of directors of the state-run Sui Southern Gas Company Ltd (SSGCL) apparently against the letter and spirit of the State Owned Enterprises (Governance and Operations) Act 2023. Dr Akhtar who also continues to be the chairperson and independent director of the …

KARACHI: An increase last week in the minimum export price (MEP) of onion from $750 per tonne to $1,200 per tonne has failed to bring down prices in the local market as consumers continue to pay Rs 220-240 per kg for the commodity. Exporters reported to have forced the Ministry of Commerce (MoC) to fix a higher MEP to control …

The International Monetary Fund (IMF) has released the much awaited $700 million tranche, shoring up the State Bank of Pakistan’s (SBP) foreign reserves. The SBP confirmed the development in a statement, adding that the tranche equivalent to $705.6 million was released on January 16 (Tuesday) “following the successful completion of the first review by the Executive Board of IMF under …

ISLAMABAD: Care­taker Prime Mini­ster Anwaarul Haq Kakar emphasised on Tuesday the need to realise the true potential of the country’s agricultural sector by scaling up investments in its modernisation and mechanisation to achieve food security. He was talking to Brian Sikes, CEO of the American global food corporation Cargill Inc., during a meeting on the sidelines of the 54th annual …

ISLAMABAD: Ahead of the proposed induction of the private sector for divestment and management contracts, the caretaker government has prohibited all forms of union activities in the power sector. This decision encompasses all public sector power companies, including those in the business of generation, transmission, distribution and sale of electricity, bringing them under the scope of the “Pakistan Essential Service …

ISLAMABAD: On the sidelines of the 54th annual meeting of the World Economic Forum (WEF) being held in Switzerland, caretaker Prime Minister Anwaarul Haq Kakar will invite international community to invest in Pakistan under the Special Investment Facilitation Council (SIFC) initiative. The prime minister arrived in Switzerland on Sunday to participate in the Davos event, which will continue till January 19. He …

KARACHI: The Volun­tary Delisting Committee (VDC) of the Pakistan Stock Exchange (PSX) has determined a minimum buyback price of Rs609 per share as against Rs406 offered by Pak Suzuki Motor Company Ltd (PSMCL) for delisting. PSX in its announcement said that the voluntary delisting application of the PSMCL was considered on Monday. The committee had determined the minimum buyback price …

ISLAMABAD: In yet another blow to electricity consumers, the Central Power Purchasing Agency (CPPA) on Monday sought more than 100pc (Rs5.62 per unit) increase in fuel charges to mop up about Rs42 billion for ex-Wapda Distribution Companies (Discos) through February consumer bills and make up for subdued consumption of the most expensive electricity. This is apparently the highest-ever increase in …