Wednesday , 19 September 2018

Economy

Due to PTA issue, Pakistan loses $940 million business deal

Pakistan loses business deal worth $940 million due to approval issues Pakistan has lost a business deal worth $940 million after the foreign acquirer of a telecom business in the country faced delays in getting regulatory approvals from the Pakistan Telecommunication Authority (PTA), which is running without a proper head for about 10 months. According to a notice filed by …

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Tax relief for salaried class

Amendments in the Finance Act 2018’s Income Tax Ordinance, introduced by the federal government, have been approved by the federal cabinet in a meeting, chaired by Prime Minister (PM) Imran Khan on Thursday. According to the amendments in the act, the burden of taxable income has been reduced for the salaried persons. For an annual salary of 0.4 million rupees, no …

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Paksitan’s finance minister ready to take chances

Asad Umar’s expertise in hazardous materials should come in handy for his new job: managing Pakistan’s economy. When the nation’s new finance minister was told two decades ago he couldn’t import chemicals through a Karachi port because of its storage terminal’s weak safety standards, he just went and built a new unit himself. Back then, he was a senior official …

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Improvements in trade deficit as exports grow

Pakistan’s trade deficit shrank to $6.2 billion in first two months of the current fiscal year as the pace of growth in exports beat the increase in imports, indicating government’s administrative measures have started yielding results. The trade deficit for July-August was 1.3% lower than the deficit recorded in the same period of previous fiscal year, reported the Pakistan Bureau of …

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Oil prices to go up as Iran sanctions loom ahead

Oil prices rose on Wednesday following a report of declines in U.S. crude inventories and as looming sanctions against Iran raised expectations of tightening supply, while top producer Russia warned of a fragile global crude market. U.S. West Texas Intermediate (WTI) crude futures (CLc1) were at $69.84 per barrel at 0428 GMT, up 59 cents, or 0.9 percent, from their …

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Re-gasified LNG terminal license given to Japan

Japanese firm secures licence to set up terminal’ A Japanese firm has secured a licence to set up and operate re-gasified liquefied natural gas (RLNG) terminal in the country, The News learnt on Monday. Officials said Tabeer Energy (Pvt) Ltd, a subsidiary of Diamond Gas International of Mitsubishi Corp., got a provisional licence for construction and operation of RLNG terminal …

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Consumers to bear the Rs 120 billion burden

Rs120b burden will be transferred to power consumers Nepra allows PYA for ex-Wapda Discos The National Electric Power Regulatory Authority (Nepra) has completed the process of tariff determinations for six Discos and allowed Prior Year Adjustment (PYA) to the ex-WAPDA Discos which will enable them to transfer the burden of Rs 120 billion to the electricity consumers. The combined impact …

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Pakistan’s power generation challenge is much smaller than distribution

Pakistan's power generation challenge is much smaller than distribution

 Khan needs to overhaul ‘collapsed’ distribution system: Engro  Engro coal power project running four months ahead of schedule In Pakistan’s Tharpakar desert, Chinese and Pakistani workers toil in the blistering heat to complete the construction of a massive open pit coal mine and an adjacent 660 megawatt power plant four months before schedule. The roadblocks will come soon after. When Engro …

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