Day: November 28, 2021

The outflow of profits and dividends on foreign investment in Pakistan witnessed a decline of 16.5 per cent during the first four months of the current fiscal year (4MFY22). The State Bank of Pakistan (SBP) reported that outflow of profits fell to $566.6 million compared to $678.6m during the same period in FY21. The biggest outflow was from banks indicating that financial business in the country was in the best shape yielding highest profits. Almost all banks showed profits in their annual and quarterly reports. The profits outflow during July-Oct…

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None of the 10 chairmen in as many electricity distribution companies (Discos) is a certified director from the Pakistan Institute of Corporate Governance (PICG), an independent training body set up by multiple regulatory authorities to improve boardroom governance in the corporate sector. According to a recent research paper by Afia Malik of the Pakistan Institute of Dev­e­lopment Economics (PIDE), only three of the 40 independent directors on the Disco boards are PICG-certified directors. The bifurcation of the Water and Power Development Authority (Wapda) in November 2007 created initially eight and…

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While global oil prices continued their downward trend this week, there seems little chances of the government revising the prices of petroleum products to pass on relief to the masses on Dec 1. A spokesperson for the Ministry of Finance, Muzzammil Aslam, in a tweet said, “Allah has been kind to Pakistan. Very timely drop in oil prices globally. Brent reduce to $72.91/bbl.” “The full impact of this decline will be realised on Dec 15th pricing. But definitely it is big relief on imports & price pass through. Don’t forget…

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Expressing concern over inordinate delay in filling positions of CEOs/MDs of important public sector entities, the Prime Minister has urged the Ministries/Divisions to initiate the process of appointing CEOs/MDs of organizations, under their respective Divisions, well ahead of the time the positions become vacant. Prime Minister gave these instructions at a recent meeting of the Federal Cabinet when Ministry of Science and Technology and Ministry of National Food Security and Research shared update on vacant positions of MDs/ CEOs in entities/ Organisations falling under their respective administrative jurisdictions. Ministry of…

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In adherence to Ministry of Energy (Petroleum Division), Government of Pakistan’s priority order for gas load management, where domestic sector tops the list and to serve the domestic customers with even more care and consideration, especially those in Balochistan already experiencing the winter season, gas supplies to all captive power plants of general industries (non-export) across Sindh and Balochistan had to be discontinued. The discontinuation of gas supplies to all these Captive Power Plants (CPPs) was exercised under the Gas Sales Agreement (GSA) signed with CPPs, as the very agreement…

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