Case of cheaper LPG for the poor in Pakistan

ISLAMABAD: For a very long time, liquefied petroleum gas (LPG) business has been a symbol of power in this country. There has been stranglehold of the powerful people who earned undeserved income due to constrained supply. LPG quotas have been used frequently to please powerful interests and individuals. The LPG sector has sufficient number of buyers and sellers which are required for a competitive and transparent market. Both sincere and half-hearted attempts have been made in the past to make the LPG supply system competitive and transparent, but no meaningful…

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Engro Corporation and Hilal Foods win SAP Quality Awards

KARACHI: Two of Pakistan’s leading companies, Engro Corporation Limited and Hilal Foods have been recognized by SAP for driving Pakistan’s digital transformation market to USD 2.4 billion in 2020. As Pakistan embraces the Experience Economy, organizations are digitally transforming with real-time platforms to enhance customer and employee experiences. Recognizing the country’s top digital transformation initiatives are the SAP MENA Quality Awards, focusing on realized business benefits in four categories: Business Transformation, Cloud Transformation, Fast, and Innovation. “Pakistan, as a developing country, is continuously occupying a leading place at the forefront…

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Ismail Suttar elected President of Employers’ Federation of Pakistan

KARACHI: Ismail Suttar was unanimously elected as the new President of Employers’ Federation of Pakistan following the resignation of Mr. Majyd Aziz. Meanwhile, Zaki Ahmed Khan, will remain Vice President while Majyd Aziz would continue to be Member of EFP Board of Directors. Ismail Suttar is also the chairman of EFP Economic Council and CEO of Hub Pak Salt Refinery.  He is also serving as president of Lasbela Chambers of Commerce and Industry and has held several important positions including Advisor at Commonwealth Enterprise and Investment Council. Under his leadership, the…

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NEPRA Approves 2 50MW Solar Power plants in KP & Sindh

According to reports, two local businesses have been granted licenses by the government to establish solar power plants of up to 100 megawatts at an estimated investment of $100 million. The National Electric Power Regulatory Authority (NEPRA) approved generation licenses to two solar power plants of 50MW each. They have been given to Artistic Solar Energy (Private) Limited for a plant in Sukkur district worth $45 million and $55 million will be invested by Siddiqsons Kohat Solar Limited for their plant in Kohat district. NEPRA said that these projects will…

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Saudi Arabia’s Hajj & Umrah Ministry Announces Makkah & Medina Harams to be Opened to Worshippers

Saudi Arabia’s Hajj and Umrah Ministry has announced that the Haram in Makkah and Medina will soon be opened for worshippers. Haramain Sharifain shared a post on Facebook & Twitter indicating that both harams will be accessible to worshippers following a committement to relevant procedures to mitigate the spread of COVID-19. Both harams are currently closed to worshippers. Some of the regulations worshippers must abide by when both Harams are opened include bringing their own musallah’s, as nobody will be allowed to enter without one, bringing their own Qur’ans and…

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ECC approves Rs51bn package for SMEs

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has approved the prime minister’s relief package of Rs50.69 billion for small and medium enterprises (SMEs) through pre-paid electricity and credit loss subsidy of Rs30 billion for the risk sharing facility for the State Bank of Pakistan’s (SBP’s) refinance scheme to support employment and prevent lay-off of workers. The meeting of the ECC meeting chaired by Adviser to Prime Minister on Finance Dr Abdul Hafeez Shaikh approved “Chota Karobar- o-Sannat Imadadi package”. Sources said that Finance Division would make available the…

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Pakistan’s energy imports shrink 33% to $668 million

KARACHI:  The share of oil and petroleum products in the total import bill shrank massively to one-fifth in March 2020 as refineries shut down temporarily due to full reservoirs and demand dropped significantly under the nationwide lockdown imposed to contain the coronavirus pandemic. Earlier, the share of oil and petroleum products in total imports had been one-fourth in first eight months (July-February) of the current fiscal year ending June 30, 2020, according to the Pakistan Bureau of Statistics (PBS). The import of crude oil – the raw material for refineries…

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JS Bank, MJSF and Partners Donate Rs. 10 Million to Aga Khan Health Services

Karachi, 27th April 2020: In its effort to respond to the COVID-19 pandemic and build capacity in the national healthcare system, JS Bank and its partners today donated Rs. 10 Million to the Aga Khan Health Service, Pakistan. In addition, the Bank donated another Rs. 7.35 Million to Indus Hospital for Personal Protective Equipment (PPE). The donation was made under the Rs 110 Million fund the Bank has deployed with its partners to counter the impact of the Coronavirus (COVID-19) in Pakistan. Addressing immediate and long-term challenges, the fund’s three-tiered…

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Share of hydropower in energy mix likely to decline sharply: report

ISLAMABAD: According to a plan submitted to the National Electric Power Regulatory Authority (Nepra), the share of cheaper hydropower in the national power mix is likely to decline to about 20 per cent from 30pc at present by the fiscal year 2040 due to the negligible role played by private sector as the government attempts to renegotiate terms of contracts with thermal power producers. Because of low economic growth forecast for the coming years, the government has slashed estimates for electricity demand by 2040 to 390,240 gigawatt hours (GwH) from…

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Asim Bajwa replaces Firdous Awan, Shibli new Info Min

ISLAMABAD: Leader of the House in Senate, Senator Shibli Faraz has been appointed as new information minister of the country, while Lt Gen (retired) Asim Saleem Bajwa has been appointed as special assistant to the Prime Minister (SAPM) on information. “The Prime Minister has been pleased to appoint Lt Gen (Retd) Asim Saleem Bajwa as special assistant to the Prime Minister on information and broadcasting, in [an] honorary capacity, with immediate effect,” a notification issued by the Cabinet Division said. A second notification read: “The Prime Minister has been pleased…

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