Pakistan’s long-running Gas Infrastructure Development Cess (GIDC) controversy has entered a fresh phase, with Rs453 billion still awaiting recovery from defaulters while another Rs295 billion reportedly remains unutilised. The issue has resurfaced as the government seeks to amend the GIDC law and expand the permissible use of funds collected under the levy. The proposed GIDC…
The government has decided to allow the export of an additional 200,000 metric tonnes of sugar, citing sufficient domestic stocks and improved production. The decision was taken by a sugar steering committee chaired by Deputy Prime Minister Ishaq Dar and will now be presented to the Economic Coordination Committee (ECC) for formal approval. The latest…
ISLAMABAD: Pakistan has invited international buyers to submit bids for the export of 107,739 metric tonnes of white refined sugar as the country moves to manage excess domestic stocks. The Trading Corporation of Pakistan (TCP), the state-run trading agency, has issued an international tender for the sale and export of the sugar, according to European…
ISLAMABAD: Punjab has the largest reported sugar stock among the three provinces for which figures were presented to the Federal Board of Revenue (FBR), with more than 1.58 million metric tonnes available as of Friday, September 4. According to figures presented to FBR Chairman Rashid Mahmood Langrial, Punjab had 1,588,542 metric tonnes of sugar in…
The crisis surrounding Pakistan Steel Mills (PSM) has intensified as the PSMC Stakeholders Group has called for an urgent National Assembly inquiry into alleged losses exceeding Rs800 billion and questioned the management and financial affairs of the state-owned industrial giant. In a letter addressed to the National Assembly Standing Committee on Industries and Production, the…
KARACHI: The Pakistan Stock Exchange (PSX) came under renewed selling pressure on Monday as escalating US-Iran tensions unsettled investors, sending the benchmark KSE-100 Index down more than 400 points during early trading. At around 9:40am, the KSE-100 Index stood at 177,242.03 points, down 454.47 points, or 0.26%, from the previous close. Selling pressure was visible…
ISLAMABAD: Pakistan’s proposed $3.5 billion Falcon Isles Refinery and Storage Complex has cleared a key institutional hurdle, bringing the major energy project closer to consideration under the country’s industrial cooperation framework. The China-Pakistan Economic Corridor (CPEC) Secretariat has endorsed the proposed refinery project, which is planned for Dhabeji in Thatta district, Sindh. Following the endorsement,…
ISLAMABAD: Prime Minister Shehbaz Sharif has expressed Pakistan’s desire to transform its longstanding relationship with Saudi Arabia into a mutually beneficial strategic economic partnership, aligned with the vision of Saudi Crown Prince and Prime Minister Mohammed bin Salman. The prime minister made the remarks during a meeting with a high-level Saudi business delegation headed by…
ISLAMABAD: Official documents presented before Parliament have revealed that 33 retired senior government officials are currently living abroad while receiving pensions from the government of Pakistan. According to documents submitted by the Ministry of Foreign Affairs, the retired officials moved to different foreign countries after completing their government service and continue to receive pension payments…
ISLAMABAD: The federal government has increased the prices of petrol and high-speed diesel once again, adding further pressure on consumers, transporters and businesses across Pakistan. The Oil and Gas Regulatory Authority (OGRA) has issued a notification announcing the latest adjustment in petroleum prices. The revised rates will take effect from August 25. According to the…
