As the National Electric Power Regulatory Authority (Nepra) decided on Tuesday to reduce the national average power tariff by Rs1.14 per unit, the move was criticised by industrialists and businesspersons from Karachi as being “too minuscule”. The decision to reduce the tariff was taken at a public hearing presided over by Nepra members Maqsood Anwar and Rafique Shaikh. The government team,
The annual inflation rate dropped sharply to 4.49 per cent during the fiscal year 2024-25 from 23.41pc in the previous year, mainly due to high base effect, a decline in food prices and lower transport costs, the government announced on Tuesday. This marks the lowest inflation rate since FY16, when it stood at 2.9pc — a nine-year low. Pakistan is currently experiencing disinflation, which refl
The Ministry of Maritime Affairs has announced an ambitious plan to expand Gwadar Port’s operational capacity by introducing additional shipping lines and launching a ferry service connecting Pakistan with Gulf Cooperation Council (GCC) countries. The announcement was made during a high-level meeting chaired by Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry on Tuesday.
The online retail platform of Chinese tech giant Alibaba announced on Wednesday that it will issue $7 billion in subsidies for certain purchases, providing a much-needed boost for a country struggling with sluggish spending. Taobao, China’s e-commerce champion launched by Alibaba in 2003, said in a WeChat statement that the 50bn yuan ($6.97bn) would “directly subsidise consumers and merchants”
The State Bank of Pakistan (SBP) said on Wednesday that its foreign exchange reserves rose to $14.51 billion by June 30. Last month, the central bank’s reserves increased by $167 million to $11.675bn during the week ending June 6, though it failed to reach its target of $14bn by the end of the 2024-25 fiscal year. A press release issued by the SBP today said its reserves rose by $5.12bn to r