Business

ISLAMABAD: The state-owned Pakistan LNG Ltd (PLL) and private power utility K-Electric on Tuesday signed a formal agreement under which the former would supply 150 million cubic feet per day of regasified liquefied natural gas (RLNG) to the KE’s upcoming 900-megawatt power plant at Bin Qasim. The gas supply agreement (GSA) was signed by KE Chief Executive Officer Moonis Alvi …

ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) has urged the public representatives and government to come up with policy guidelines for competition-based development and expansion of national grid and new residential gas connection in view of the expiry of monopoly of the two gas companies — Sui Northern Gas Pipelines Limited and Sui Southern Gas Company Limited. “Please be …

In the first month of the current fiscal year, the growth momentum was driven by the production side of the economy, reflected in the exports and imports of goods and services, says the Monthly Economic Outlook, (MEO) released by the Ministry of Finance (MoF) on July 28. However, the MEO report warns that transition to higher economic growth could build …

Keeping the exchange rate stable during this fiscal year is apparently a challenge. In July, the first month of 2021-22, the rupee lost 3.2 per cent of its value against the US dollar and in the first five days of August, it weakened further by another 0.5pc. The rupee’s decline is primarily due to the structural weakness of Pakistan’s balance …

ISLAMABAD: Pakistan’s exports to the United Kingdom posted a 33 per cent growth when it reached $2.025 billion in the fiscal year 2021 (FY21) against $1.522bn over FY20, mainly led by textile products. Pakistan’s exports to the UK primarily consist of textile and leather-related products, according to data compiled by the Ministry to Commerce. Over the years, the UK has …

KARACHI: Bulls chased the bears out of the stock market in the outgoing week with the KSE-100 index rebounding by 435 points, or 0.9 per cent. Regardless of repeated attempts, the index did not manage to cross the 48,000 level at closing and settled at the end of the last session at 47,490. After two faltering weeks that saw a …

KARACHI: The formal footwear industry has weathered a turbulent year as its production plunged in 2020-21, mainly due to Covid-induced lockdowns and restricted timings of markets. The footwear production in the first 11 months (July-May) of the outgoing year dipped 35 per cent to 23,350,000 pairs from 36,032,000 pairs in July-May 2019-20, showed data of Pakistan Bureau of Statistics (PBS). …

ISLAMABAD: The Policy Committee of the Universal Service Fund (USF) on Saturday approved 30 projects — the highest so far — for FY22, with an allocation of more than Rs18 billion for establishing IT and telecom infrastructure in the country The meeting was informed that under the present government, the USF has shown a 100 per cent increase in the …

KARACHI: The end of an amnesty scheme for investment in the construction industry on June 30 has created hurdles in the dollar inflow in the country and is likely to hurt growth of the sector, industry sources told on Saturday. Anyone investing in the construction sector was not questioned about their source of income which boosted the construction industry and …

ISLAMABAD: The Oil and Gas Regulatory Auth­ority (Ogra) on Friday set the average sale price of re-gasified liquefied natural gas (RLNG) at about $13.22 per million British thermal unit for the current month, an increase of 2.33 per cent from last month’s $12.91 per unit. The regulator had last week notified the RLNG sale price at $13.61 for August, about …