Author: Admin

Bitcoin nears a record $90,000

Admin
bitcoin

Global stocks came under pressure on Tuesday from investor concern about U.S. President-elect Donald Trump’s policies, while bitcoin neared a record $90,000 as traders piled into assets they believe could benefit from the new administration. Investors have been funneling cash into assets they think will get a boost from Trump’s second four-year term in office, in which he has vowed to raise tariffs on imports from key trading partners, as well as bring in tax cuts and looser regulations. Bitcoin, the world’s biggest cryptocurrency, was trading just shy of a…

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Gold price per tola falls massive Rs7,000 in Pakistan

Admin
gold price

Gold prices in Pakistan saw a massive decrease on Tuesday in line with their drop in the international rates. In the local market, the price of gold per tola lost Rs7,000, clocking in at Rs270,500. Similarly, 10-gram gold was sold at Rs231,911 after it recorded a decrease of Rs6,000, according to rates shared by the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA). On Monday, gold price declined by Rs1,300 to settle at Rs277,500. Meanwhile, the international rate of gold decreased on Tuesday. As per APGJSA, the rate was $2,593 per ounce (with a…

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Petroleum Division Misses SIFC Deadline to Address Refinery Challenges

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Petrol-Diesel

ISLAMABAD: The Petroleum Division failed to meet the November 10 deadline set by the Special Investment Facilitation Council (SIFC) to resolve critical issues faced by Pakistan’s oil refineries, a delay that may hinder progress on plant upgrade agreements outlined in the 2023 Brownfield Refinery Policy, sources revealed. In a November 3 SIFC working group meeting, oil refineries expressed concerns regarding obstacles such as lack of sales tax exemptions, petroleum product smuggling, and the Oil and Gas Regulatory Authority’s (OGRA) approval process for high-speed diesel (HSD) imports. According to the Oil…

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Power Division Seeks ECC Approval for Riali-II Hydropower Project Security Package

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Hydropower

ISLAMABAD: The Power Division is set to present a summary to the Economic Coordination Committee (ECC) for approval of the security package documents for the 7.08 MW Riali-II Hydropower Project under the Power Generation Policy, 2015. The Finance Division advised that the Power Division should ensure the documents align with the policy, without imposing additional obligations or guarantees. The 7.08 MW run-of-river project, located on Ghori Nullah in Azad Jammu & Kashmir (AJ&K), recently received an 18-month extension in its Financial Closing Date, extending it to October 12, 2025. The…

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Nepra to Sue DISCOs Over Rs276bn Circular Debt Due to T&D Losses

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NEPRA-Office

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) has announced plans to take legal action against Distribution Companies (DISCOs) for contributing Rs276 billion to the circular debt through increased Transmission and Distribution (T&D) losses in FY 2023-24. This move follows a Circular Debt report for June 2024, reviewed by Nepra. The report reveals that DISCOs’ T&D losses rose to 18.31% in FY 2023-24, up from 16.84% the previous year, surpassing Nepra’s target of 11.77% by 6.54%. Despite an allocated investment of Rs163.1 billion to improve infrastructure, DISCOs’ efficiency remains low,…

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