Author: Admin

ISLAMABAD: Special Assistant to the Prime Minister (SAPM) on Industries and Production Haroon Akhtar Khan has reaffirmed the government’s commitment to private sector-led economic growth, describing the Islamabad Chamber of Commerce and Industry (ICCI) Business Opportunity Conference in Istanbul as a key step toward boosting bilateral trade with Türkiye to $5 billion. Speaking at a press conference hosted by the ICCI on Tuesday, Khan said the conference, scheduled for August 13 in Istanbul, will provide a valuable platform to strengthen economic cooperation between the two countries. He announced that he…

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ISLAMABAD: The federal government has acknowledged that Pakistan’s power sector circular debt increased by Rs61 billion during fiscal year 2025-26, attributing the rise primarily to reduced budgetary allocations rather than a decline in sector performance. In an official statement issued on Tuesday, the Power Division said the government had committed to the International Monetary Fund (IMF) to contain the circular debt stock at Rs1.614 trillion by June 30, 2026. According to the ministry, the power sector achieved a major reduction in circular debt during FY2024-25, bringing it down from Rs2.393…

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ISLAMABAD: The Senate Standing Committee on Cabinet Secretariat has voiced serious concern over billions of rupees in capacity payments being made to non-operational Independent Power Producers (IPPs), describing the practice as an unnecessary financial burden on electricity consumers. During a meeting chaired by Senator Rana Mahmood Ul Hassan on Tuesday, the committee also criticized the National Electric Power Regulatory Authority (NEPRA) and certain IPPs for allegedly undermining the government’s solar energy policy. Members unanimously called for greater accountability, directed a comprehensive performance audit of NEPRA, and decided to refer the…

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NEW YORK: Oil prices rebounded by more than $2 a barrel in early trading on Wednesday, recovering part of the previous session’s sharp losses after industry data showed a significant decline in U.S. crude inventories, signaling tighter supplies. Brent crude futures climbed $2.71, or 3.2%, to $86.80 per barrel, while U.S. West Texas Intermediate (WTI) crude gained $2.26, or 3.4%, to $81.95 per barrel. According to market sources citing data from the American Petroleum Institute (API), U.S. crude oil inventories fell by approximately 3.3 million barrels during the week ended…

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