Month: April 2020

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…

Read More

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…

Read More

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…

Read More

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…

Read More

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…

Read More