Business

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) on Wednesday notified an additional fuel cost adjustment (FCA) of 40 paise per unit for consumers of ex-Wapda distribution companies (Discos) with a net financial impact of Rs5.2bn for electricity consumed in September. The “adjustment of Rs0.4014/kWh sha­ll apply to all the consumer categories except Electric Vehicle Charging Stations (EVCS) and lifeline …

ISLAMABAD: The Oil and Gas Regul­atory Authority (Ogra) on Wednesday formally notified an increase in gas rates and fixed charges for all consumers throughout the country with effect from Nov 1. Under the notification, fixed monthly charges for the residential “protected category” of consumers have been increased from Rs10 to Rs400, showing an increase of 3,900pc. In addition, they would …

KARACHI: Honda Atlas Cars Ltd has extended plant closure for another two days (Nov 8-9) after keeping production suspended from Oct 24 to Nov 7. In a stock filing, the company said that the current level of inventory and parts shortages had severely disrupted the company’s supply chain. Sherman Research says that car assemblers are again facing issues related to …

ISLAMABAD: Care­taker Prime Minister Anwaarul Haq Kakar on Tuesday hoped to conclude a deal for selling a stake to Saudi Arabia in the Reko Diq, one of the world’s biggest gold and copper mining projects, by December. “We are quite excited at the Saudi offer, and we would be very much encouraging their participation, not just in this project but otherwise …

KARACHI: Prime Minister Anwaarul Haq Kakar said on Tuesday Pakistan is leading in terms of the opening of bank accounts in Edison Alliance’s global financial inclusion goal of providing one billion people with affordable digital solutions by 2030. Speaking at a webinar held in connection with the Spotlight Pakistan Day by the World Economic Forum on the success of the …

BEIJING: China is owed more than a trillion dollars through its Belt and Road project, making it the biggest debt collector in the world, a report said this week, with an estimated 80 per cent of the loans supporting countries in financial distress. Beijing says upwards of 150 countries stretching from Uruguay to Sri Lanka have signed up to the …

The Pakistan Stock Exchange’s benchmark KSE-100 index traded in the green in early morning trade on Wednesday and crossed the 54,000 barrier. At closing time, the index gained 525.69 points, or 0.98 per cent, closing at 54,261.42 points from the previous 53,735.73. The KSE-100 index has gained more than 30pc this year, with a turnaround in fortunes coming after the …

ISLAMABAD: The PML-N and PPP joined hands in the Senate on Monday to oppose a move for creation of an independent ‘supra body’ for long-term economic planning. Sania Nishtar of the PTI had moved a motion in the house seeking to introduce the Pakistan Future Council Bill, 2023, which was defeated by 25-16. The proposed bill sought to provide for …

KARACHI: Stocks hit on Monday another all-time high on the Pakistan Stock Exchange amid a strong earnings outlook. Arif Habib Corporation Ltd analyst Ahsan Mehanti said the announcement of general elections on February 8, 2024, and deliberations by the government on the Special Investment Facilitation Council initiatives helped sustain the momentum on the bourse. In addition, planned reforms in state-owned …

KARACHI: Pakistan is the third biggest recipient of Chinese development finance worldwide with a portfolio of $70.3 billion, according to a report released on Monday by AidData, a US-based international development research lab. Only two per cent of China’s portfolio in Pakistan between 2000 and 2021 consisted of grants while the rest was in the form of loans, says the AidData …