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Bureaucrats will also have to declare their assets

In line with a demand by the International Monetary Fund (IMF), the federal cabinet has given its nod to a proposed amendment in the Civil Serv­ants Act 1973 that will bind government officials (BPS 17 to 22) to share details of their assets along with those owned by their family members. The cabinet meeting chaired by Prime Minister Shehbaz Sharif on Wednesday approved all decisions of its leg

PSO profit surges to Rs11.2 billion

Pakistan State Oil (PSO) delivered a stable performance in 1HFY25, posting 44 per cent increase in its unconsolidated net profit to Rs11.2 billion, translating into earnings per share (EPS) of Rs23.81 compared to 1HFY24 profit of Rs7.8bn and EPS of Rs16.51. The petroleum giant earned an unconsolidated profit of Rs7.2bn (EPS: Rs15.35) during 2QFY25. In a meeting held on Thursday, the company’

Two companies bid for 75pc of Lotte Chemical

AsiaPak In­­vestments, a private inv­estment firm with operational assets in Pakistan and Hong Kong, and Mid­dle Eastern oil and gas company Montage Oil have bid for a 75.01 per cent stake in Lotte Chemical Pakistan, according to a notice filed by the manager to the offer with the Pakistan Stock Exchange on Thursday. “The due diligence and price discovery for a share price agreement is yet to h

Ogra raises RLNG prices for Sui companies

With system losses at a record 16.16 per cent, the Oil and Gas Regulatory Authority (Ogra) on Thursday notified up to 2pc increase in the price of Regasified Liquefied Natural Gas (RLNG) for sale to consumers by the two Sui gas companies for February. Karachi-based Sui Southern Gas Company Ltd (SSGCL) serves consumers in Sindh and Balochistan, and Ogra approved an increase in its system losses

SBP reserves fall $500m in less than a month

The State Bank of Pakistan’s (SBP) foreign exchange reser­ves plunged by over half a billion dollars in less than a month. On Thursday, the central bank announced that its forex holdings recor­ded an outflow of $252 million to $11.166 billion during the week that ended on Feb 7. However, the SBP res­e­rves witnessed a steep de­­cline of $559m from $11.725bn on Jan 10, mainly due to external