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
Chinese tech giant Huawei on Tuesday unveiled its new smartphone, billed as the world’s first trifold phone, hours after US competitor Apple lifted the curtain on its new iPhone built for AI. The Mate XT was officially launched in a keynote presentation by Huawei executive Richard Yu at the firm’s headquarters in the southern city of Shenzhen. Originally designed as a premium phone for a nic
Global oil benchmark Brent crude futures fell below $70 a barrel on Tuesday for the first time since December 2021, after Opec+ revised down its demand forecast for this year and 2025. Brent crude futures were down $2.62, or 3.65 per cent, at $69.22 a barrel at 1:14 p.m. EDT (1715 GMT). US West Texas Intermediate (WTI) crude lost $2.90, or 4.22 per cent, to $65.81. Both benchmarks dropped b
Commerce Minister Jam Kamal said on Tuesday that digital inclusion is a pathway to economic equality and called on the private sector to actively contribute to driving change in Pakistan. The minister remarked at the event titled Shaping Tomorrow: Private Sector Engagement in Advancing Gender Equality and Women’s Empowerment. UN Women Pakistan hosted the event. The minister highlighted the c
Finance Minister Muhammad Aurangzeb has said that structural reforms are being undertaken in the power sector to improve its efficiency and service delivery. During a meeting with the K-Electric delegation on Tuesday, the minister said the reforms included the reconstitution of the boards of directors of Discos by bringing in professionals from the private sector and reducing the number o