Business

ISLAMABAD: The state-run Pakistan LNG Limited (PLL) on Friday received yet another set of most expensive bids for two cargoes of liquefied natural gas (LNG) for delivery in third and last week of the current month. Earlier this week, PLL had invited emergency bids to make up for the sudden gas shortage caused by default on the part of two …

ISLAMABAD: The government on Friday announced the minimum support price (MSP) of Rs1,950 per 40kg for wheat crop 2021-22. Speaking at a news conference in Islamabad, Minister for National Food Security and Research Syed Fakhr Imam said the new support price — which is Rs150 more as compared to last year’s support price of Rs1,800 — will incentivise farmers to …

ISLAMABAD: The Nati­onal Electric Power Regu­latory Authority (Nepra) on Friday imposed a fine of Rs26 million on Faisalabad Electric Supply Company (Fesco) on charges of negligence, resulting in fatal incidents during July 2019 to January 2021 period. In an announcement, the regulator said it had taken notice of reports of 17 deaths in different electrocution incidents during the said period. …

ISLAMABAD: Inflation measured through Sensitive Price Index (SPI) posted an increase of 0.67 per cent for the week ending on Nov 4, driven by a sharp rise in prices of essential food items, data released by the Pakistan Bureau of Statistics (PBS) showed on Friday. This is the fifth consecutive week that has witnessed an increase. In October, the highest …

ISLAMABAD: To meet another requirement of the IMF programme, the National Electric Power Regulatory Authority (Nepra) on Friday allowed the federal government to notify Rs1.68 per unit increase in base power tariff for all residential consumers and Rs1.39 per unit for all other consumer categories with effect from November 1. The higher tariff would be applicable across the country for …

ISLAMABAD: Making a new record, the government on Thursday night increased petroleum prices by up to Rs8.14 per litre with immediate effect to ensure revival of the IMF programme. The decision was announced after 1:30am [Friday] by the ministry of finance. The prime minister had early this week put on hold the increase in the wake of protest by the …

KARACHI: The State Bank of Pakistan (SBP) on Thursday set the timeline of June 30, 2022 for exchange companies (ECs) to ensure that the integrated Biometric Verification System (BVS) is implemented. “All ECs/ECs-B categories are required to continue their coordination with the National Database and Registration Authority (Nadra) to ensure that the integrated system is implemented within the stipulated timeline …

ISLAMABAD: As a probe committee found Engro Elengy at fault for contractual violations by allowing dry docking of its terminal in June, the Cabinet Committee on Energy (CCoE) on Thursday asked the Oil and Gas Regulatory Authority (Ogra) to come up with a proposed legal action and steps aimed at avoiding a recurrence in future. Presided over by Planning Minister …

KARACHI: Pakistan’s total liquid foreign reserves have reached $23.925 billion. According to a press release issued on Thursday, foreign reserves of the State Bank of Pakistan increased by $53 million to $17.199 billion during the week ended on October 29. The reserves held by commercial banks stood at $6.726bn.

ISLAMABAD: Finance Adviser Shaukat Tarin assured traders of resolving their genuine issues and constituted a six-member committee on Thursday to improve liaison between the business community and the Federal Board of Revenue (FBR). Mr Tarin extended this assurance during a meeting with a delegation of the All Pakistan Anjuman-i-Tajiran, led by its president Mohammad Kashif Chaudhry. The government has recently, …