Month: June 2022

As many as nine countrywide electricity blackouts have been witnessed since mid-2018 due to inefficient management and Board of Directors (BoD) of the National Transmission & Despatch Company (NTDC), said sources. They said the Nepra has fined the NTDC for the blackouts as such a level of blackouts have never been witnessed in the history of the country. According to data available with Business Recorder, the worst-ever blackouts started from August 1, 2018, in Lahore due to tripping of 220 kV Bund Road Grid Station, followed by tripping of NTDC’s 500…

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The IMF has asked cash-strapped Pakistan’s government to renegotiate the China-Pakistan Economic Corridor (CPEC) energy deals before making payments of around Rs 300 billion (USD 1,49,71,55,400) to the Chinese power plants, putting Islamabad in a tight spot, a media report said on Thursday. As of now Pakistan has repeatedly been seeking international aid to support its failing economy. The talks with the International Monetary Fund are being held in the Qatari capital Doha. The global lender has asked the government to treat the Chinese CPEC power plants at par with…

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Crude Oil & Gasoline prices have been a hot topic for almost everyone recently. As inflation surges, consumers are feeling the increased pricing pressures from all sides right now. It is starting to reflect in the use of credit cards, discretionary spending habits, and summer holiday travel plans. As the US Fed adjusts rates to burst inflation trends, consumers are left trying to navigate a minefield of unknowns. How far will the Fed have to raise rates – and how quickly? Will this affect the jobs/housing markets? How will this affect credit/borrowing costs? Will a…

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Despite country’s mining and quarrying sector shrank by 4.5 percent in July-March 2021-22, production of coal, natural gas, crude oil, and iron ore increased in the same period, latest economic survey showed on Thursday. During nine months of the current fiscal, production of major minerals increased such as coal by 8.34 percent, natural gas by 3.45 percent, chromite by 25.7 percent, crude oil by 4.48 percent, iron ore by 1.5 percent, soapstone by 7.47 percent, and barytes production up by 162.5 percent over last year. However, some witnessed negative growth,…

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The National Assembly on Thursday passed “The Export-Import Bank of Pakistan Bill, 2022” with a majority vote aimed at establishing a facility for the promotion of international trade. The bill was moved by Minister of State for Finance and Revenue Dr Aisha Ghaus Pasha in the house for passage. The house passed the bill with a majority after reading clause by clause. Under this proposed law, the Export-Import Bank of Pakistan will be established. The bank will obtain reinsurances from any foreign agencies or any insurance companies in or outside…

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