Year: 2021

Govt seeks to cut power subsidies

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The Monetary and Fiscal Policies Coordination Board on Wednesday agreed to reduce electricity subsidies by Rs170 billion and also discussed the possibility of scaling back grants for subjects that fall in provincial domains. The board meeting also discussed the southbound movement of the rupee and its future outlook, which the State Bank of Pakistan (SBP) governor described stable, sources told The Express Tribune after the meeting. The meeting was held the day Pak rupee lost another Rs1.08 value against the US dollar and closed at 166.28 – the lowest level…

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Does Pakistan need electric vehicles?

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Electric Vehicles (EVs) have already caught the interest of large populations of the developed countries and the Pakistani public as well awaits with excitement. Tesla has surpassed all international car manufacturing companies in terms of market capitalisation. The financial incentive in the form of hard cash given by the western governments to the consumers has been the key factor in the rapid adoption of EVs. Despite these incentives, the road to achieving full conversion to EVs from conventional petrol-based vehicles is going to be a long one. The main limitations…

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Power sector blamed for challenges faced by LNG supply chain

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The petroleum division on Wednesday blamed the power sector for most of the challenges faced by the liquefied natural gas (LNG) supply chain and said the Frontier Works Organisation (FWO) had given monopoly through 10 fuel stations on the motorway to troubled Hascol as subsidiary. Testifying before the Senate Standing Committee on Petroleum and Natural Resources, Petroleum Secretary Dr Arshad Mahmood said there was a dry-out situation on M-2 (Lahore-Islamabad Motorway) on the eve of Eidul Azha and the petroleum division had been trying to ensure that these remained wet.…

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NFEH joins hands with SPL for tree plantation drive

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The National Forum for Environment and Health (NFEH) has joined hands with the Security Papers’ Ltd (SPL) to undertake a tree plantation campaign at the latter’s premises.An NFEH delegation led by its President Naeem Qureshi visited the SPL to launch the tree plantation drive.The delegation was warmly received by the senior officials from the IMS as well as HR and Administration Departments of the SPL.Mr. Khalid Farooque, Chairman Horticulture Committee at the SPL briefed that the Gulmohar plant also known as Flame Tree was specially selected for the plantation drive…

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PSO returns to profit

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Pakistan State Oil Company Ltd on Tuesday declared a profit-after-tax (PAT) of Rs29.14 billion translating into earnings per share of (EPS) Rs62.07 for the year ended June 30, 2021. It represented a turnaround from the loss of Rs6.47bn (LPS: Rs13.77) suffered the earlier year. The company also ann­ounced a cash dividend at Rs10 per share. Engro incomes surges 88pc Engro Corporation Ltd posted a PAT of Rs17.05bn (EPS at Rs29.60) for the 1HCY21, showing a stellar growth of 88pc over the PAT at Rs9.06bn and EPS at Rs15.73 in the…

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