Category: Shortcode

Oil down over strong US dollar

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dollar

ANKARA  –   Oil prices dipped on Wednesday amid concerns over China’s economic growth and the strength of the US dollar. The international benchmark crude Brent traded at $77.68 per barrel at 0723 GMT, a 0.77% decrease from the closing price of $78.29 a barrel in the previous trading session on Tuesday. The American benchmark, West Texas Intermediate (WTI), traded at the same time at $71.85 per barrel, down 0.92% from Tuesday’s close of $72.52 per barrel. The US dollar’s strength, following the Federal Reserve’s hints at less aggressive interest rate cuts,…

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Pakistan’s Strong Condemnation of the Unprovoked Violation of its Air Space

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Foreign-Affairs

Pakistan strongly condemns the unprovoked violation of its airspace by Iran and the strike inside Pakistani territory which resulted in death of two innocent children while injuring three girls. This violation of Pakistan’s sovereignty is completely unacceptable and can have serious consequences. It is even more concerning that this illegal act has taken place despite the existence of several channels of communication between Pakistan and Iran. Pakistan’s strong protest has already been lodged with the concerned senior official in the Iranian Ministry of Foreign Affairs in Tehran. Additionally, the Iranian…

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Energy sector circular debt hits record Rs5.73tr despite tariff hikes

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power-e-unit

The viability of power and gas sector companies continues to deteriorate due to the circular debt, affecting Pakistan’s borrowing options Pakistan’s energy sector is grappling with soaring circular debt, now reaching a staggering Rs5.73 trillion, as revealed by official documents. This figure has exceeded the previous estimate reported to the International Monetary Fund (IMF) two months ago by Rs1.5 trillion. The breakdown of this debt shows that the power sector’s dues have surpassed Rs2.7 trillion, while the gas sector owes over Rs3 trillion, cumulatively pushing the total unfinanced debt to…

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Govt to cut power tariff for revival of economy

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IMF-board

ISLAMABAD: Ahead of the final review next month with the International Monetary Fund (IMF) of the ongoing $3 billion Stand-By Arrangement, the Power Division on Tuesday confirmed to have finalised a plan to reduce power tariffs for the industrial sector to revive economic activities, create job opportunities and address circular debt challenge. Testifying before the Senate Standing Committee on Power, Secretary-In-Charge Power Division Asad Rehman Gilani said working had been completed on bringing down the industrial tariff to 9 cents per unit which currently stands at 14 cents. He told…

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PMD suggests dams in catchment areas to conserve rainwater

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dam-hydro

ISLAMABAD: The Pakistan Meteorological Department (PMD) has suggested building large and small dams in catchment areas, especially to conserve the rainfall water during the monsoon period in order to cope with the floods and droughts in the country. The Drought Bulletin of Pakistan prepared by the National Drought Monitoring Centre (NDMC) of PMD says Pakistan’s dams’ water storage capacity is much less than the neighbouring countries like India and, therefore, there is a need to manage the floods and storage of water. “A natural disaster could not be stopped. Each…

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