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[ad_1] ISLAMABAD: The federal cabinet on Monday approved up to 193% increase in gas prices to recover an additional Rs350 billion from consumers in this fiscal year while making some further adjustments in the recommended rates for industrial and CNG consumers. Headed by Prime Minister Anwaarul Haq Kakar, the cabinet approved up to 172% increase for domestic consumers, 137% increase for commercial consumers and 193% increase in prices for cement manufacturers with effect from Nov 1. The cabinet referred back the proposed increases for processing units of non-export and export industries, captive power plants of non-export and export industries and the compressed natural gas (CNG) consumers to the Economic Coordination Committee (ECC) of the Cabinet for further deliberations. The cabinet decided that if the ECC develops consensus on the rates for these categories, it should be deemed as approved by the federal cabinet, Mohammad Ali, the federal minister for energy, said. Ali

[ad_1] KARACHI: The price of gold has dropped sharply in the domestic market in the wake of stern action against the mafia involved in illegal activities. Since the crackdown on illicit trade, the price of gold has come down by a whopping Rs27,000, reaching Rs188,000 per tola. The local gold pricing body has not been releasing daily prices for more than three weeks now. Bullion rates were last announced on September 12 when gold was priced at Rs215,000 per tola. On Thursday, the price of 10-gram gold stood at Rs160,400, far lower than the rate of Rs184,585 quoted on September 12. In about three weeks, the 10-gram price has decreased by over Rs24,000. In the international market, the bullion became cheaper by $12 per ounce compared to the previous day, standing at $1,814. The local bullion market did not release the official gold rates on Thursday as well. Pricing committee head Haji Haroon Rashid Chand once again announced that the regular release of gold price list would r

[ad_1] Finance Minister Ishaq Dar on Friday said that the State Bank of Pakistan (SBP) has received $700 million from the China Development Bank (CDB) in a much-needed boost to forex reserves as the country grapples with a worsening economic crisis. The finance minister took to Twitter to make the announcement. "AlhamdoLilah! Funds $700 million received today by State Bank of Pakistan from China Development Bank". In an earlier tweet, Dar had maintained that the loan would "shore up" Pakistan's foreign exchange reserves. Formalities completed and Board of China Development Bank has approved the facility of US $ 700 million for Pakistan. This amount is expected to be received this week by State Bank of Pakistan which will shore up its forex reserves! — Ishaq Dar (@MIshaqDar50) February 22, 2023 Earlier this month, the country's foreign exchange reserves slipped to the alarming level of below $3 billion for the first time in nine years, reducing

[ad_1] The International Monetary Fund (IMF) said that it will "continue engagement with the government on the loan despite the ramp-up in political tensions”,  Bloomberg reported on Thursday. The remarks by the IMF come days after former prime minister Imran Khan was arrested from the Islamabad High Court (IHC) on May 9 in the Al-Qadir Trust case, leading to political unrest in the country.  The Bloomberg report also maintained that the international money lender said that Pakistan will scrap a new fuel subsidy proposal, a decision that potentially clears a hurdle to unlock a long-delayed $1.1 billion loan disbursement, In response to email questions, an IMF spokesperson said that Pakistan had “committed not to implement a so-called cross-subsidy programme in the current fiscal year and beyond”. The IMF added that the incumbent government would not introduce new tax exemptions and would “durably allow” a market-based exchange rate for its currency, the rupee. Read Gov

[ad_1] LAHORE: In a surprising turn of events, singer Meesha Shafi admitted in court that women can lie publicly and level serious false allegations against anyone, as she faced cross-examination in a defamation case filed against her by popular singer Ali Zafar. The proceedings took place at a Lahore district court where Shafi's counsel raised objections to the line of questioning, deeming it irrelevant and repetitive. During the cross-examination, Zafar's lawyer questioned Shafi about her opinion regarding the allegations made by Talia Mirza against her brother, Faris Shafi. Shafi responded by stating that Mirza confronted Faris based on something she felt, and he offered her an apology. When pressed further about whether she believed Mirza's allegations against her brother, Shafi hesitated to give a simple yes or no answer. She expressed doubts about Mirza's credibility, stating that since Mirza had lied about the allegations against her, it became challen

[ad_1] KARACHI: Commerce Minister Syed Naveed Qamar said on Tuesday that a new scheme replaced the Generalised Scheme of Preferences (GSP) to help drive business between Pakistan and the United Kingdom (UK), reducing the country’s need for aid. According to a press release, the UK’s Developing Countries Trading Scheme (DCTS) had now entered into effect, providing simpler terms of trade to Pakistan, removing tariffs on over 156 additional products, and simplifying some seasonal tariffs. Some of the specific goods which benefited the most from the DCTS in Pakistan, include over £ 250 million ($320 million) of average annual exports to the UK of bed linen and almost £100 million of jeans which would each receive a 12% reduction in import duty. The DCTS covers 37 countries in Africa and 26 in Asia, Oceania and Middle East, and two in the Americas. The scheme was announced last year, and legislation has since been finalised to bring it into force. Syed Naveed Qamar's visit t

[ad_1] SINGAPORE: Saudi Aramco raised its multi-billion-dollar investment in China by finalising and upgrading a planned joint venture in northeast China and acquiring an expanded stake in a privately controlled petrochemical group. The two deals, announced separately on Sunday and Monday, will see Aramco supplying the two Chinese companies with a combined 690,000 barrels a day of crude oil, bolstering its rank as China’s top provider of the commodity. Aramco said on Monday it had agreed to acquire a 10% stake in privately controlled Rongsheng Petrochemical Co Ltd for about $3.6 billion. The deal includes the supply of 480,000 bpd of crude oil to Rongsheng-controlled Zhejiang Petrochemical Corp (ZPC) for 20 years, Aramco added. It follows a preliminary agreement Aramco reached with the Zhejiang provincial government in 2018 for a 9% stake in ZPC. The deals are the biggest to be announced since Chinese President Xi Jinping visited the kingdom in December where he called for o

[ad_1] The European Union (EU) on Wednesday removed Pakistan from its list of 'High-Risk Third Countries' for anti-money laundering and terrorist financing purposes, according to the Ministry of Commerce. The EU Commission is mandated to identify high-risk third countries having strategic deficiencies in their regime on anti-money laundering and countering the financing of terrorism (AML/CFT). Read Pakistani professionals struggle with higher costs as economy teeters Pakistan was included on the list in 2018, placing the country under additional regulatory restrictions. Commerce Minister Syed Naveed Qamar in a statement revealed that EU authorities have removed Pakistan from the list. Sir EU has removed Pakistan from the List of High Risk Third Countries. Pakistani businesses and individuals would no longer be subjected to ‘Enhanced Customer Due Diligence’ by European legal and economic operators. — Syed Naveed Qamar (@naveedqamarmna) March 28, 2023 "Pakist

[ad_1] ISLAMABAD: The Saudi Fund for Development (SFD) will finance Pakistan's oil derivatives worth $1 billion, the Economic Affairs Division said on Thursday. The fund's chief executive, Sultan Abdulrahman Al-Marshad, signed an agreement pledging the financing with Economic Affairs Secretary Dr Kazem Niaz, the division said on Twitter. SFD CEO Al-Marshed said the agreement emphasised the Kingdom of Saudi Arabia's commitment to continue supporting the brotherly Islamic Republic of Pakistan. The agreement also reflected the interest of "our leaders in supporting the government of Pakistan to navigate economic challenges and build a sustainable economy", he added. "I am pleased to convey to you the greetings and wishes of the government of Saudi Arabia for continuous progress, growth, and prosperity in Pakistan." [ad_2] Source link https://worldnews2023.com/business/saudi-fund-to-finance-1b-pak-oil-derivatives-the-express-tribune/?fee

[ad_1] ISLAMABAD: The government has sought policy guidelines from the power regulator for transferring the burden of a staggering Rs52 billion to the consumers on account of fuel charges adjustments (FCAs) for the months of June and July, 2022. The National Power Regulatory Authority (Nepra) would calculate this amount under the period of eight months starting from the next month to October 23, 2023 in accordance with the recovery rates mentioned for XWDISCOs and K-Electric. Moreover, the government also requested Nepra to issue policy guidelines under Section 31 of the Regulation, Generation, Transmission, and Distribution of Electric Power Act 1997 for the recovery of FCAs applicable to the consumers for the months of August and September 2022. The federal cabinet, through circulation, has already approved the recovery of Rs52 billion on account of the two FCAs. Nepra had determined FCAs of Rs9.8972 per unit and Rs4.3435 per unit for the months of June and July 2022, res

[ad_1] BENGALURU: United States (US) lawmakers met with the Federal Reserve and Federal Deposit Insurance Corporation on Friday to discuss the collapse of Silicon Valley Bank (SVB) Financial Group, Coindesk reported on Saturday citing a source. Democratic US Representative Maxine Waters held briefings with officials from the two regulators and the Treasury Department, hours after the startup-focused SVB’s collapse, the report said. The report comes after SVB collapsed on Friday in the largest bank failure since the 2008 financial crisis, roiling global markets and stranding billions of dollars belonging to companies and investors. Separately, Representative Ro Khanna said in a tweet on Friday that he reached out to both the White House and the Treasury Department to discuss the situation with the bank. US Treasury Secretary Janet Yellen on Friday met with banking regulators on the collapse of SVB, as she and the White House expressed confidence in their abilities to respond

[ad_1] The International Monetary Fund’s (IMF) Director of Strategic Communications Julie Kozack has said that "steadfast implementation" of the nine-month Stand-by Arrangement ( SBA ) was critical to Pakistan's future. "Steadfast implementation is critical to address its large financing needs & support the most vulnerable," she said in a statement on Thursday. The Stand-By Arrangement (SBA) for Pakistan 🇵🇰 comes at a challenging juncture. It aims to stabilize the economy & address the needs of the Pakistani people. Steadfast implementation is critical to address its large financing needs & support the most vulnerable. pic.twitter.com/2BfDQxvih2 — Julie Kozack (@IMFSpokesperson) July 13, 2023 "The SBA is aimed at supporting the authorities' immediate efforts to stabilise the economy," she said, "and also to ensure that the current balance of payments need is filled. "While it is a relatively short programme, it

[ad_1] ISLAMABAD: The federal government has approved an increase in the rate of profit of the provident fund of its employees. According to the finance ministry, the profit rate of the provident fund has now been increased to 14.22% for the current fiscal year. It pointed out that the profit rate in the financial year 2021-22 was 12.40%. The finance ministry has informed the controller general of accounts about the decision through a letter. It should be noted that the federal government had increased the salaries of its employees by 30-35% and pensions by 17.5% in the budget. According to a notification, the adhoc relief allowance of government employees up till Grade 16 had been increased by 35%. Similarly, the adhoc relief allowance of government officials from Grade 17 to Grade 22 had been raised by 30%. Read   PSX surges, becomes world’s best performing Contract employees and contingent pay workers would also avail the allowance. All federal government employees, i

[ad_1] KARACHI: The Pakistani currency witnessed a strong rebound as the International Monetary Fund (IMF)’s new loan programme defended its value, causing speculators to suffer losses. The rupee gained a significant 3.83%, or Rs10.55, reaching a four-month high at Rs275.44 against the US dollar in the inter-bank market on Tuesday. In the open market, the currency also experienced a jump of 3.57%, or Rs10, reaching Rs280 against the greenback. However, the closing price was significantly lower compared to Finance Minister Ishaq Dar’s claim of Rs270-272 against the dollar in the retail market just a day ago, despite the market largely being closed during the day. Furthermore, Pakistan’s global Eurobond continued its astonishing rally for the third consecutive working day, while gold prices further decreased following the signing of the staff-level agreement (SLA) between Pakistan and the IMF for a new nine-month loan programme worth $3 billion. Tuesday marked the first tradin