Amid increasing pressure from the public and the business community to review power contracts to end unjustified capacity payments, an independent power producer (IPP) has announced that it is submitting proposals to the federal government to lower electricity prices and adjusting its rate of return from US dollars to the local currency. Shaharyar Chisti, chairman of Pak Asia Investment, the pa
In a surprise move, the Punjab government has withdrawn the much-publicised electricity subsidy for consumers in Islamabad for September. According to a statement issued by Islamabad Electric Supply Company (Iesco) on Wednesday, the Rs14 per unit subsidy in electricity bills for federal capital consumers has been suspended by the Punjab government. However, consumers in other parts of Punjab
Despite heightened political tensions amid persisting uncertainty over IMF loan approval, the robust remittances, falling global crude oil prices and a likely third straight cut in interest rate boosted market sentiments, tossing the KSE benchmark index above 79,000 barriers on aggressive mid-session value-hunting. Topline Securities Ltd said institutional buying in blue-chip stocks drove t
Despite plant shutdowns and uncertain economic and political situation, the sales of cars, light commercial vehicles (LCVs), pickups and jeeps jumped 36 per cent to 17,288 units in July-August compared to 12,671 in the same period last year. According to the Pakistan Automotive Manufacturers Association (PAMA) data released on Tuesday, the sales of these vehicles remained flat, posting a meagre
Punjab’s unplanned power subsidies have emerged as the second most significant impediment to Pakistan’s much-anticipated $7 billion bailout from the Intentional Monetary Fund (IMF). In July, Pakistan reached a Staff-Level Agreement (SLA) for a new 37-month $7bn Extended Fund Facility. However, the agreement will take effect following the IMF Executive Board meeting, which has yet to be placed o