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ISLAMABAD: The federal government on Wednesday formed yet another committee to settle Rs1.6 trillion circular debt after the Petroleum Division warned that power and gas supplies across the country may be disrupted due to near bankruptcy situation of companies. The Economic Coordination Committee (ECC) of the cabinet, which decided to constitute the committee, also allowed the reduction of Rs1.5 billion subsidy budget and diversion of the amount to clear liabilities of the Ministry of Religious Affairs and National Accountability Bureau (NAB). Under the chairmanship of Finance Adviser Dr Abdul Hafeez…

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ISLAMABAD: The industrial package with discount in power tariff by 25-50 percent announced here on Tuesday by Prime Minister Imran Khan will be financed from the Covid-19 Fund. The electric power tariff on incremental consumption of electricity by large scale manufacturing industry has been reduced by 25 percent and 50 percent for medium enterprises (SMEs) from November 1, 2020. More importantly, the peak hour tariff has also been scratched. “We have estimated the loss in revenue in the next eight months at about Rs 25-30 billion, which will be funded…

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In its latest analysis of air traffic, the union said that domestic demand decreased in September by 43.3% compared to the previous year, an improvement from a 50.7% decline in August compared to 2019, capacity decreased by 33.3% and load factor decreased by 12.4 percentage points to 69.9%. In turn, IATA Director General and CEO Alexander de Juniac said that although domestic markets are performing better, this is primarily due to improvements in China and Russia. He explained that international passenger markets witnessed a collapse in European airline demand in September…

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LONDON: Oil prices extended their rally on US election day with a 3pc gain as financial markets staged a broad recovery, but concerns over surging coronavirus cases around the world capped further gains. Brent crude futures rose $1.13, or 2.9pc to $40.10 a barrel at 1138 GMT on Tuesday, while US West Texas Intermediate (WTI) crude futures were up $1.13, or 3.1pc, to $37.94 a barrel. Both benchmarks gained nearly 3pc on Monday. “The jump has borne all the hallmarks of a massive, logical and even inevitable short-covering prior to the…

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ISLAMABAD: Prime Minister Imran Khan on Tuesday unveiled a major power bill relief package for industries with extra incentives for small and medium businesses, doing away with peak-hours charging and slashing the tariff on additional electricity consumed. The premier announced the package accompanied by members of his economic team after a meeting of the federal cabinet. Under the package, all industries will be exempted from peak-hours charging for the next three years. Small and medium enterprises using additional power than their consumption in their previous bills will be given a…

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