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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Byco Petroleum reports a drop in nine-month gross profit to Rs 1.2bn

KARACHI: Byco Petroleum Pakistan Ltd. (BPPL) Monday reported financial results for the nine months ending March 31, 2020. The company recorded gross sales of Rs 192.1 billion, up from Rs 182.9 billion in the same period of the previous fiscal year, says a Press release.Gross profits fell to Rs 1.2 billion from Rs 3.0 billion a year earlier due to the negative impact of the exchange rate and an increase in inventory losses. The rise in KIBOR rates pushed finance costs higher. Due to these factors, the company reported a…

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40,000 COVID-19 tests a day capacity soon: NDMA chief

ISLAMABAD: Chairman National Disaster Management Authority (NDMA) Lt Gen Muhammad Afzal Monday said that Pakistan would soon attain the capacity to conduct 40,000 tests for the coronavirus per day.Talking to the media after receiving a consignment of 18 tonnes medical equipment from China arrived here through a special PIA flight, he said in the next few days the country’s laboratories would be able to conduct up to 40,000 COVID-19 tests daily.He said the National Disaster Risk Management Fund (NDRMF) has collaborated with the NDMA in procuring the medical equipment valuing…

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Organizations social corporate responsibility in Pakistan

In the process of Corporate Social Responsibility, businesses spend a certain portion of their profits (earnings) on the welfare of society. This creates a pleasant feeling within the society and people want to see these businesses not only flourishing but also its development and prosperity. Almost all the major institutions in Pakistan are in one way or another benefiting the welfare of the people and various segment of the society from these funds. Is the money being spent really helpful for the betterment of the eligible classes or is the…

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Oil prices skid on oversupply, storage concerns

LONDON: Oil prices fell on Monday on concerns about scarce storage capacity and global economic doldrums from the coronavirus pandemic. U.S. oil futures led losses, falling by more than $2 a barrel on fears that storage at Cushing, Oklahoma, could reach full capacity soon.U.S. West Texas Intermediate CLc1 June futures fell $2.86, or 16.88%, to $14.08 a barrel by 1100 GMT.Brent crude LCOc1 was down 83 cents, or 3.9%, at $20.61 a barrel. The June Brent contract expires on Thursday.Oil futures marked their third straight week of losses last week…

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