Business

KARACHI: The stock market stayed volatile on Tuesday owing to the investors’ concerns about the rollover week as well as the upcoming mini-budget, whi­ch will end tax exemptions to the tune of Rs350 billion, according to Arif Habib Ltd. Investors showed incre­ased interest in energy explo­ration and production companies following an upswing in international oil prices, said Topline Securities. JS …

ISLAMABAD: Railways Minister Azam Khan Swati on Tuesday informed a Senate committee that Pakistan Railways (PR) has been suffering a loss of Rs2 billion annually due to electricity theft. He told a meeting of the Senate Standing Committee on Railways presided over by Mohammad Qasim at the Parliament House that electricity was being stolen in connivance with officials of the …

LAHORE: After most stay applications against the Sui Northern Gas Pipelines Ltd (SNGPL) on supply to the industry were withdrawn on Tuesday, the company decided to start supplying 75 million cubic feet per day (mmcfd) of gas to captive power-run textile export industry from Wednesday (today). However, an official source in the Ministry of Energy (Petroleum Division) said the SNGPL …

KARACHI: Pakistan Refinery Ltd (PRL) has decided to expand and upgrade its production capacity at an estimated cost of $1.2 billion, a securities filing said on Tuesday. Speaking to, PRL Managing Director Zahid Mir said the project will double the company’s installed refining capacity to 100,000 barrels per day in five years. “Daily petrol production will increase from 750 tonnes …

KARACHI: Sindh Chief Minister Syed Murad Ali Shah on Tuesday said Bangladesh’s exports had reached $40 billion while Pakistan’s were stuck at $25bn as our policies were not business friendly. “I am going to constitute a working group with industrialists so that their problems could be solved in consultation with them,” he said while speaking at a reception he had …

ISLAMABAD: The Central Deve­­l­o­pment Working Party (CDWP) on Monday approved two major projects worth Rs191.722 billion in the field of health, physical planning and housing. The CDWP meeting presided over by Deputy Chairman Planning Commission Jehanzeb Khan appr­oved one project and recommended it to the Executive Committee of the National Economic Council (Ecnec) for further consideration. Rs528m safe blood transfusion …

LAHORE: The Central Power Purchasing Agency (CPPA) has reprimanded the National Transmission and Despatch Company (NTDC) for causing a loss of Rs15.705 billion to the power sector on account of disallowed fuel cost against the economic merit (EM) order deviation. The agency has also expressed grave concerns over the non-responsive behaviour of the company by not responding to the queries/observations …

ISLAMABAD: The government on Monday cautioned about the impending risks of Omicron on the economy including the concerns of the policymakers about the inflationary effects and the resulting policy response. Omicron has forced economists across the globe to cast a shadow of doubt on the ongoing global economic gro­wth recovery. Pakistan’s eco­n­omy cannot ignore the imp­e­nding risks of this spread, …

ISLAMABAD: The government has chalked out a comprehensive agricultural transformation plan “for the very first time in the country’s history” and was implementing it on a priority basis, Prime Minister Imran Khan said on Monday. Chairing a series of meetings regarding the priority sectors, the prime minister directed the authorities concerned to take action against urea hoarders and facilitate investors …

ISLAMABAD: After a month-long impasse, the government on Monday conditionally agreed to provide 50 per cent gas supply to textile manufacturers for co-generation on a best effort basis provided they surrender in writing their stay orders and get their energy audits conducted. Energy Minister Hammad Azhar told Dawn that a government team and a delegation of All Pakistan Textile Mills Association (Aptma) …