Business

ISLAMABAD: In a parliamentary testimony, the Ministry of Finance on Wednesday expressed complete ignorance about the whereabouts of over Rs821 billion, except Rs6.458bn, that the National Accountability Bureau (NAB) claimed to have recovered since its inception some 16 years ago. Surprised to know that the ministry was unaware about the massive gap in the claims and the actual funds received …

LAHORE: An enormous growth of 81 per cent has been recorded in the arrival of cotton at ginning factories, the Pakistan Cotton Ginners Association (PCGA) said on Monday. According to the PCGA data, over 6.25 million bales arrived at the factories by Nov 1 against more than 3.45m on the same date last year — a difference of 2.8m bales …

ISLAMABAD: In a desperate move, the government on Tuesday sought two emergency cargoes of Liquefied Natural Gas (LNG) for the current month to plug unexpected supply disruption caused by two defaulting international firms. According to a tender issued by state-run Pakistan LNG Limited (PLL), bids for two replacement cargoes against earlier long-term committed window of November 19-20 and November 26-27 …

ISLAMABAD: Amid a strong protest from consumers against 10 per cent increase in power tariff, the National Electric Power Regulatory Authority (Nepra) on Tuesday asked the government to review with the human factor in mind its proposed subsidy rationalisation plan that would cause additional burden to consumers. At a public hearing presided over by Nepra Cha­irman Tauseef H. Farooqui, the …

KARACHI: Petroleum dealers on Tuesday threatened to close down fuel stations across the country from November 5 if the government did not increase petrol commission to six per cent. Addressing a press conference at the Karachi Press Club on Tuesday, Abdul Sami Khan and Malik Khuda Bukhsh, senior office-bearers of the Pakistan Petroleum Dealers Association (PPDA), said the government had …

KARACHI: An assembler on Tuesday announced an increase of prices of 70-125cc motorcycles by Rs3,000 with effect from November 8. Memon Motor Private Limited (MMPL), the assembler of two- and three-wheelers with the brand name Super Star, attributed the price hike to rising prices of aluminum sheet metal, plastic and other parts. Earlier, Atlas Honda Limited had increased motorcycle prices …

ISLAMABAD: Germany on Tuesday signed a €129 million financial cooperation agreement with Pakistan for financing development projects in the country. Funds will be allocated to different projects in Pakistan including for digital governance, social protection, promotion of startups, enhanced use of solar energy, self-employment of women in private health sector and development of hydropower and renewable energy. Minister for Economic …

KARACHI: Trading began on a positive note on the Pakistan Stock Exchange (PSX) on Monday as investors welcomed the government’s decision to strike an agreement with Tehreek-i-Labbaik Pakistan (TLP) that ended a 10-day standoff. According to Topline Securities, sentiments were further buoyed by the prime minister’s rejection of the proposal by the Oil and Gas Regulatory Authority and the Ministry of Finance to increase …

ISLAMABAD: With prices of Liquefied Petroleum Gas (LPG) touching Rs217 per kg, up 67pc over last year, the government on Monday was scrambling to address energy shortages as winter sets in amid default by suppliers of Liquefied Natural Gas (LNG) to deliver committed cargoes. Energy Minister Hammad Azhar held back-to-back meetings with relevant companies in the energy supply chain, power …

ISLAMABAD: The up­ward swing in consumer prices continued in October as inflation surged to 9.2 per cent from 9pc in September, influenced by faster rupee depreciation and rising ene­rgy prices last month, the Pak­is­tan Bureau of Statistics (PBS) data showed on Monday. Inflation measured by the Consumer Price Index (CPI) increased to its highest level in four months — the …