Year: 2021

Cargo ship to remain stuck at Clifton beach till Aug 15

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The cargo ship that has been stuck at Clifton beach in Karachi will remain stranded till August 15 as the engine of the vessel is too weak to function, said Special Assistant to the Prime Minister on Maritime Affairs Mehmood Moulvi on Monday. Speaking at a press conference alongside the Federal Minister for Maritime Affairs Ali Zaidi, Moulvi said the authorities will need to unload oil from the ship first to move it. He said the port remained closed during Eid that resulted in the suspension of the rescue work,…

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CPPA seeks power tariff hike

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The Central Power Agency Guarantee (CPPA-G) on behalf of ex-Water and Power Development Authority (Wapda) distribution companies has sought an increase of 80 paisa per unit in the power tariff for June under monthly Fuel Cost Adjustment (FCA) mechanism. The CPPA-G in a petition filed with the National Electric Power Regulatory Authority (Nepra) said the actual fuel charges remained Rs6.739 per unit against the reference fuel charges of Rs5.934 per unit during the said period and sought 80 paisa increase. In the petition it was said that a total 14,361…

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Senate panel discusses alleged corruption by Hascol

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The fishy affairs of Hascol oil marketing company have landed in a parliamentary panel with a member levelling allegations of corruption worth Rs15 billion on the company. Senate Standing Committee on Petroleum member Afnanullah Khan alleged Hascol has been involved in corruption worth Rs15 billion. “Who is responsible for such massive corruption?” Senator Mohsin Aziz, another committee member questioned, adding that the issue must not be ignored and should be discussed in detail. A joint meeting of the standing committees on finance and petroleum should be convened on this issue,…

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Credit to private sector spikes 12% to Rs6.82tr

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The banks’ credit to the private sector jumped 12% to a total of Rs6.82 trillion in the previous fiscal year (FY21), as a number of sectors- including those which got government’s support and those that played a key role in turning the economy around- borrowed more during the year. The credit increased by Rs741 billion from FY20’s level of Rs6.08 trillion, according to the data reported by Pakistan’s central bank on Friday. “The percentage of banks’ credit to the private sector grew in double digits in FY21 compared to annual…

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Stronger private sector to realise true economic potential

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President SAARC chamber of commerce and Industry Iftikhar Ali Malik Sunday said that a stronger private sector could help Pakistan realise its economic potential. Talking to a 20-member traders delegation led by Zafar Bakhtawari Secretary General United Business Group in the federation of Pakistan Chamber of Commerce and Industry here, he said that only private sector plays key role in pushing economic growth upward, generating job opportunities, providing oxygen to domestic industry besides boosting export in addition to promotion of small and medium sized enterprises (SMEs). He said Pakistan has…

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