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NEPRA takes notice of major power breakdown in Karachi

ISLAMABAD (Web Desk) The National Electric Power Regulatory Authority (NEPRA) on Friday took serious notice of a recent power outage in Karachi.According to a press release issued by NEPRA, K-Electric is not investing to improve its transmission and distribution network as occurrences of tripping are frequent.Raising serious concern on the …

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Traders bet on oil at $100 as Iran sanctions loom

LONDON (Web Desk) Oil traders have piled into wagers that US crude oil could surge to $100 a barrel by next year, a milestone that until recently many considered unthinkable due to record US production growth and relatively flat global demand.But the imminent return of US sanctions on Iran and …

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Asian markets mixed, euro weak on brewing Italy risk

HONG KONG (Web Desk) Asian markets were mixed Wednesday and the euro struggled to recover from recent selling pressure as a brewing spat between Italy and the European Union fans fears of another crisis in the eurozone.While the China-US trade row simmers, the source of angst among dealers has moved …

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Govt slashes investment in CPEC rail project by $2b

ISLAMABAD (Web Desk) Citing debt concerns, Railways Minister Sheikh Rasheed has announced to bring down the China-Pakistan Economic Corridor (CPEC) investments in Pakistan Railways to $6.2 billion, a move that could halt many projects related to upgrade of the organisation.The announcement gives credence to the reports that the Pakistan Tehreek-e-Insaf …

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FBR extends date for filing tax returns

ISLAMABAD (Web Desk) The Federal Board of Revenue (FBR) has announced extension in deadline for filing income tax returns till November 30, 2018.According to reports, the process of filing income tax returns was at snail’s pace owing to the incentives given to non-filers in the mini budget announced by the …

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PM decides to maintain petroleum product prices for October

ISLAMABAD (Web Desk) Against recommendation of the Oil and Gas Regulatory Authority (Ogra), Prime Minister Imran Khan has decided to maintain the prices of petroleum products at the current level for October, “so as not to burden the consumers with the sudden hike in prices”.Considering the increase in global oil …

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Rupee down against US dollar, plunged to two month low of Rs126

KARACHI (Web Desk) The Pakistani rupee showed turn down, as it plunged to two months low in the open market on Friday, traded at Rs 126 against US dollar.According to sources, dealers supposed that such decline is the result of news that International Monetary Fund (IMF) had recommended further downgrading …

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Petrol, diesel prices likely to rise Rs4 per litre

ISLAMABAD (Web Desk) The government is likely to increase prices of petroleum products by up to Rs4 per litre in a monthly revision for October 2018.According to sources in the Petroleum Division, the government may increase prices of a litre of petrol and high-speed diesel (HSD) by Rs4 each. Rates …

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Auction of buffaloes under way at PM House

ISLAMABAD (Web Desk) An auction to sell eight buffaloes, allegedly bought to cater to the ‘gastronomic requirements’ of former prime minister Nawaz Sharif, is under way at the PM House on Thursday.In the first phase of Prime Minister Imran Khan’s austerity drive, 61 out of 102 vehicles put up for …

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Indonesia interested in bilateral trade with KP in oil and gas sector

PESHAWAR (Web Desk) The embassy of Indonesia and Sarhad Chamber of Commerce and Industry (SCCI) have settled to enhance bilateral trade quantity, by looking into more investment prospects and removing the hindrances in between the commercial trade of two countries.Iwan Suyudhie Amri, Indonesia Ambassador to Pakistan and Zahid Shinwari, SCCI …

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