Month: April 2024

Pak-Iran trade volume ‘unacceptable’, to be increased to $10bn: Raisi

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Iran-Pakistan

Iran and Pakistan have decided to increase the trade volume between the two countries to $10 billion, Iranian President Ebrahim Raisi said on Monday, adding that the existing volume was “not acceptable”.Raisi — who is currently on a three-day visit to Pakistan — made the remarks during a joint press conference alongside Prime Minister Shehbaz Sharif after the two held a meeting in Islamabad. The visit is the first of its kind by any head of state after the February 8 general elections.“We are committed to strengthening relations at high…

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PM urges cut in plastic use on Earth Day

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Earth-Day

Shehbaz Sharif noted that Pakistan was among one of the most climate-vulnerable countries ISLAMABAD: Pakistan, along with nations worldwide, observed International Earth Day on Monday, focusing on the theme ‘Planet vs Plastics’ to raise awareness about plastic usage, its environmental impacts, and the imperative to reduce dependency, aiming for a plastic-free Earth.Prime Minister Shehbaz Sharif, in his message on the occasion, appealed to the nation to reduce the use of plastics, embrace recycling and eco-friendly alternatives and advocate for stronger environmental policies at every level of society.“We have initiated an…

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Refineries oppose Ogra’s pricing deregulation model

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OGRA

ISLAMABAD: Strongly opposing the petroleum pricing deregulation model suggested by the Oil and Gas Regulatory Authority (Ogra), the oil refineries have started shutting down their refining units due to storage constraints caused by declining sales of domestic products and the rising influx of smuggled products throughout the country.“Why would oil marketing companies (OMCs) lift oil product from refineries, involving a substantial impact of taxes, when they can access cheaper product in the black market?” questioned an official representing the refining sector. He added that Ogra had proposed doing away with…

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IMF board to approve $1.1bn on 29th

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IMF-demand

WASHINGTON: The Executive Board of the International Monetary Fund (IMF) will meet on April 29 to finalise its last review of Pakistan’s $3 billion Stand-By Arrangement (SBA).“According to the IMF’s event calendar, the review meeting is set for 10:00am on April 29,” a diplomatic source informed Dawn.Earlier this week, the Fund published a schedule of the Executive Board’s meetings on its website, which indicated Nigeria as the country whose programme would be reviewed on April 29. The subsequent meeting on May 1 will review IMF programmes with Kiribati and Montenegro, with…

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Shanghai Electric takes back its bid to acquire major stake in K-electric

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power-sector

By Web Desk KARACHI: Shanghai Electric has taken back its offer to purchase up to 66.4 per cent stake in the K-Electric, the Pakistan Stock Exchange was informed on Monday.The deal between the K-Electric and Shanghai Electric company was repeatedly delayed for last eight years due to regulatory approvals and liquidity constraints, sources said.The deadline for making a firm offer for the K-Electric stake expired on April 20 and Shanghai Electric withdrawn its bid, the stock exchange informed. K-Electric (KE) is the only electric company generates, transmits, and distributes electricity…

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