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Business

New law moved to replace Companies Ordinance

ISLAMABAD: A new Ordinance to replace the present Companies Ordinance was moved to National Assembly Friday to facilitate business community and empowering Securities and Exchange Commission (SECP) to probe money laundering terror financing and fraud. Minister for Finance Revenue Statistics and Economic Affairs Muhammad Ishaq Dar moved the bill to …

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‘Promote sustainable agriculture to end hunger’

ISLAMABAD: (Web Desk) In order to end hunger we have to promote sustainable agriculture, which means investing in rural smallholder producers, said International Fund for Agriculture Development (IFAD) President Kanayo F Nwanze on Monday. Mr Nwanze, who is on a two-day visit to Pakistan, stressed the fund is committed to …

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Oil reserves lower than mandatory 20 days’ coverage

ISLAMABAD: (Web Desk) The government on Monday confirmed that the countrywide stocks of petrol and diesel were sufficient for only 13 and 17 days of average national consumption, respectively — lower than the mandatory 20 days’ coverage — and at least seven vessels of various products were currently waiting for …

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Power sector: winds of change

ISLAMABAD: (Web Desk) Is the promised relief from power shortages by the next elections really around the corner? Will it also bring about any reduction in electricity bills? The government claims to be on track for adding around 10,000MW of additional electricity by end 2018 or earlier, which is supposed …

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Pakistan’s fuel reserves fall below strategic levels

ISLAMABAD: (Web Desk) The country’s oil supplies are facing serious disruption due to pipeline and port congestion, forcing oil companies to go against standard operating procedures amid acute storage constraints. Consequently, stocks of the two main petroleum products — motor gasoline and high-speed diesel — are short of the mandatory strategic …

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Gold price dips

KARACHI: (Web Desk) The price of gold could not sustain its upward movement after going up by Rs 428 per 10 grams and Rs 500 per tola in the aftermath of Donald Trump’s win in the US presidential election. The price of 10-gram gold has declined by Rs1,371 since Nov …

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Plan to set up five more LNG terminals

LAHORE: (Web Desk) The petroleum ministry is working on proposals for the construction of five more terminals at the Gwadar and Karachi ports for handling, regasification, storage, treatment and processing of 3,000 million cubic feet per day of liquefied natural gas (LNG) it plans to import by 2018. At present, the …

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Govt paid Rs65b in markup on financing for power firms

ISLAMABAD: The government has paid Rs65 billion in markup on the Rs136.45-billion syndicated term financing facility taken to repay debt of state-owned power distribution companies. The interest was being paid from the revenues collected by the distribution companies from power consumers in the shape of debt servicing surcharge. The disclosure …

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NO INCREASE IN GAS PRICES, GOVT ADVISES OGRA

ISLAMABAD: The government has decided not to increase the gas price for all categories of domestic consumers in current financial year 2016-17 even after the letter got from Oil and Gas Regulatory Authority (OGRA) seeking increase in gas price. In a letter written to petroleum ministry, OGRA had recommended to …

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IP pipeline: Ministry seeks to hold fresh price talks with Iran

ISLAMABAD: The Ministry of Petroleum and Natural Resources is seeking the green light from the Economic Coordination Committee (ECC) for resuming stalled negotiations with Iran on laying a gas pipeline between the two countries. The ministry will look for a further reduction in the gas import price and extension in …

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