Category: Latest News

Pakistan says three Turkish firms express interest in acquiring stakes in power distributor

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KARACHI: Pakistan’s Privatization Commission said on Monday that three Turkish companies and seven local ones had formally submitted expressions of interest to acquire stakes in the Islamabad Electric Supply Company (IESCO) power distributor. IESCO is one of three major power distribution companies that Pakistan is seeking to privatize in the first phase of a broader power-sector sell-off. Islamabad is offering investors stakes ranging from 51 percent to 100 percent and management control in the distributors. Pakistan has said it wants to bring private sector investment and management into a power…

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Houthis Launch Missiles, Drones at Saudi Arabia as Yemen Fighting Escalates

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Yemen’s Iran-backed Houthis launched missiles and drones at Saudi Arabia over the weekend, including an attempted ballistic missile strike on the capital of Riyadh, as renewed fighting in Yemen and the broader Iran war continue to increase pressure on the kingdom and its oil-export routes.  Saudi-led coalition spokesperson Col. Turki al-Malki said air defenses intercepted and destroyed a ballistic missile launched toward Riyadh early Saturday. Saudi Arabia had issued emergency alerts overnight Friday over a “hostile aerial threat,” marking the first air raid warning in the capital since fighting with…

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Pakistan’s cost-of-living squeeze deepens as fuel and energy prices climb

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Petrol-oil

KARACHI: Residents of Pakistan‘s major cities, particularly Karachi, are facing a widening cost-of-living squeeze as higher petrol, diesel, LPG, and electricity charges push up the price of food and transportation day by day. Workers, retailers, and lower-income families are struggling to stretch already limited incomes. From Karachi‘s crowded streets to neighborhood grocery stores and bakeries, rising fuel and energy costs are increasingly showing up in household budgets, forcing consumers to cut spending, switch brands, and, in some cases, reduce essential food purchases. The pressure is being felt across all income…

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Federal government debt rises by Rs37.3tr during Shehbaz Sharif’s two tenures

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Shehbaz-Sharif

ISLAMABAD: The federal government’s debt increased by Rs37,307 billion during the combined period of Prime Minister Shehbaz Sharif’s first and current tenures, according to figures attributed to the State Bank of Pakistan (SBP). The reported increase over nearly three years and nine months was substantially higher than the Rs18,323 billion increase recorded during the approximately three-year-and-nine-month tenure of the Pakistan Tehreek-e-Insaf (PTI) government. According to the data, the federal government’s debt increased by Rs18,764 billion during Shehbaz Sharif’s first tenure from April 2022 to July 2023, spanning 16 months. During…

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Govt working to ensure uninterrupted fuel supply amid surge in global oil prices

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Oil-Price1

LAHORE: Federal Minister for Petroleum Ali Pervaiz Malik has said the government is taking all possible measures to ensure uninterrupted availability of petroleum products and provide relief to economically vulnerable segments amid a sharp rise in international oil prices. Speaking to reporters, the minister said the region was passing through a highly sensitive period, with the ongoing conflict and attacks on Saudi Arabia affecting global oil supplies and prices. He said Pakistan had already been facing pressure from high fuel prices for several months, while international diesel prices had reached…

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