Business

ISLAMABAD: The government on Tuesday told a parliamentary panel that despite the recent 15 per cent increase in consumer tariff, the power sector’s circular debt would go up by Rs436 billion during the current fiscal year to reach Rs2.6 trillion. The meeting of the National Assembly Stan­ding Committee on Finance was presided over by MNA Faizullah, and was given a …

LAHORE: The National Accountability Bureau (NAB) on Monday decided to seek the record from a known private laboratory about procuring Covid-19 vaccine from Russia and its proposed plan to charge over $100 [per head] profit. The NAB Lahore has initiated a probe into a complaint that the private laboratory plans to charge over $100 profit from per person for Covid-19 …

RAWALPINDI: Following Boeing company’s recommendation to suspend the use of 777 planes with Pratt & Whitney engines, the Pakistan Inter­national Airlines said it has 12 Boeing 777 planes in its fleet with General Electric engines which are considered to be the safest. PIA spokesman Abdullah Hafeez said on Mon­day that the General Electric engines are considered to be the safest …

PESHAWAR: The Khyber Pakhtunkhwa government’s plan to auction 155 megawatts of electricity to industrial units under the wheeling regime has hit a roadblock as two power distribution companies have got a stay order from the court of law against the Nepra’s decision on wheeling charges. Wheeling is the export of power from generation source to another entity through transmission system …

KARACHI: Foreign direct investment (FDI) during the first seven months of the current fiscal year fell by 27 per cent compared to the same period of last fiscal year, the State Bank of Pakistan (SBP) reported on Monday. The FDI during July-Jan FY21 was $1.145 billion against an inflow of $1.577bn in the same period last fiscal year. The inflow …

ISLAMABAD: Days after a staff-level agreement for the International Monetary Fund (IMF) programme revival, a parliamentary panel on Monday blocked a government bill seeking restoration of its powers to impose unspecified amount of surcharges on electricity consumers. Through the bill, the government attempted to regain the powers for imposition of surcharge that had been withdrawn in 2017. Almost all members …

It is often said if you need to experience or report on heat, Jacobabad is the right place to be. The oppressive heat has been its identity as one of the hottest places in Asia that makes people go for impromptu showers multiple times a day. Heat is not a joke here — people die. Another strong identity of the …

When the Covid-19 health crisis struck the world forcing countries across the globe into lockdown to slow down the spread of the plague, multilateral lenders had forecast developing nations like Pakistan would see a significant drop in the remittances sent home by their migrant workers, hitting their economies hard. However, such forecasts have proved wrong — at least until now …

The neighbouring countries are treating hybrid electric vehicles (HEVs), plugged-in hybrid electric vehicles (PHEVs) and electric vehicles (EVs) in the same fashion. While creating a base for future autonomous connected vehicles and the related infrastructure, Pakistan should not be too off the mark if it wants to promote environment-friendly vehicles. This was the concluding remark by Indus Motor Company (IMC) …

ISLAMABAD: With its plenary beginning on Monday (today), Pakistan may remain in the grey list of the Financial Action Task Force (FATF) though the authorities assert that the country qualifies to be moved out on merit. Background discussions with key officials and foreign diplomats suggest that the jury is divided — with the authorities claiming sufficient progress to be confident …