Category: News & Announcement

ISLAMABAD: Amid tight demand-supply conditions of high-speed diesel during the wheat harvesting season, the government has asked the oil marketing companies and refineries to beef up supplies of major transport fuels ahead of Eidul Fitr. In an advisory issued on the weekend, the petroleum division directed “all OMCs to enhance their logistics movement from Karachi to upcountry locations so that sufficient stocks would be maintained at OMC depots”. It also directed all the OMCs and refineries to operate their depots and installations even during the Eid holidays, except the first…

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The COVID-19 pandemic is casting a shadow over the world of a possible economic recession which could be even worse than the one a decade ago, scholars said during the 2020 Tsinghua PBCSF Global Finance Forum held in Beijing on Saturday, calling for global approach and preparation for a long and bumpy recovery. “I don’t think we are at the bottom,” Eric Maskin, 2007 Nobel laureate in economics, told CGTN in a video interview, noting the economy has been hit too hard for financial markets to stay high and, when…

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Pakistan will soon start production of the antiviral drug remdesivir, which has shown promise in treating the novel coronavirus, the country’s top health official and a pharmaceutical company’s chief executive announced on Friday. Production should start “within weeks,” said Osman Khalid Waheed, the chief executive of Ferozsons Laboratories Ltd, which will produce the drug. He spoke at a news conference alongside Pakistan’s de facto health minister, Zafar Mirza. “Pakistan will be among the first three countries in the world where it will not only be produced but will also be…

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KARACHI: Chairman Businessmen Group (BMG) & Former President Karachi Chamber of Commerce & Industry (KCCI) Siraj Kassam Teli has urged the Sindh Government to completely do away with the ongoing lockdown at least during the last week of Ramadan ul Mubarak in which all the shops and shopping malls be permitted to operate 24-hours a day, which would not only help in dealing with the overcrowding issue at various commercial markets due to limited timings but would enable the small traders/ shopkeepers to recover some of the previous losses suffered…

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ISLAMABAD: The National Power Regulatory Authority (Nepra) sees cash injection to ease circular debt in the power sector as a stopgap measure and ineffective until privatisation is promoted to break monopoly of state-run entities and rid consumers of higher energy costs. Nepra said measures such as injection of cash in the sector would only provide temporary support as long as the real issues are not addressed. Centralised control of power distribution companies (Discos) and public sector generation companies (Gencos) is one of the main reasons for substandard performance and accumulation…

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