Circular debt of the energy segment in Pakistan has been acting as a drag on growth for more than a decade at this point. The inability of successive governments to execute deep reforms in the energy value chain has led to a situation with the power and gas circular deficit exceeding Rs5 trillion. If the same continues unabated, it will …

ISLAMABAD: Amid public outcry, the state-run Utility Stores Corporation (USC) has reduced the prices of about 40 essential items by up to 17 per cent with immediate effect to slightly lower than prices in the open retail market. This will be followed by price cuts ahead of Ramazan. Before this reduction, there was a negligible difference between the prices of …

Shares at the Pakistan Stock Exchange (PSX) traded in the green on Monday, gaining nearly 500 points, with the analysts attributing the ongoing trend to clarity on the government structure. The KSE-100 index gained 904.03, or 1.44 per cent, to stand at 63,719.84 at 1:03pm from the previous close of 62,815.81. It finally closed at 63,305.93, up 490 points or …

WARSAW: Polish farmers on Sunday blocked a major highway into Germany in the latest such protest against EU regulations and taxes. Farmers across Europe have been protesting for weeks over what they say are excessively restrictive environmental rules, competition from cheap imports from outside the European Union and low incomes. On Sunday, farmers from Poland blocked the A2 motorway near Slubice, in …

MOSCOW: Belarusian President Alexander Lukashenko, who has held power since 1994, said on Sunday he intended to seek re-election next year, which could extend his rule to 36 years. He was speaking on the day Belarus, a neighbour and ally of Russia, held parliamentary elections decried as a sham by the opposition and the West. “Tell them I will run …

DOHA: An Austrian far-right extremist who visited Afghanistan reportedly to prove it was a safe country was released on Sunday after nine months in detention there. Herbert Fritz, 84, who according to Austrian media has close links to the far-right extremist scene, arrived in the Qatari capital Doha after being freed by Taliban authorities. Fritz was arrested in May after …

PORT SUDAN: Before the Suda­nese army and paramilitary fighters turned their guns on each other last year, Ahmed used to sell one of Sudan’s main exports: gum arabic, a vital ingredient for global industry. Now he’s out of business, and his story encapsulates the broader economic collapse of Sudan during 10 months of war. Since combat between two rival generals began on …

DURBAN: At least nine supporters of South Africa’s ruling ANC were killed in a bus crash as they were travelling home after attending a key electoral rally, police said on Sunday. Road and traffic authorities said about 70 people were aboard the vehicle when it lost control and rolled over near the eastern town of Paulpieters­burg. Eight people were killed …

SAO PAULO: Brazil’s ex-president Jair Bolsonaro takes his legal woes to the street on Sunday, calling for a mass protest from supporters amid accusations he plotted a coup to stay in power. The 68-year-old former army officer has urged his backers to attend a “peaceful rally in defence of the democratic rule of law” in the economic capital Sao Paulo …

ABU DHABI: The director general of the World Trade Organ­isation, Ngozi Okonjo-Iweala, on Sunday launched a $50 million fund to help female entrepeneurs in developing countries to export more using the opportunities offered by the digital economy. The announcement came ahead of the 13th ministerial conference of the WTO which opens on Feb 29 in the United Arab Emirates. Okonjo-Iweala, …