KARACHI: Hub Power Co Ltd (Hubco), the country’s largest private utility, expects power consumption in the country to fall again this year due to higher tariffs and tepid industrial activity, a top executive told Reuters. Power demand in Pakistan plunged last year by nearly a sixth and a decline in 2024 would mark the first time in 16 years that annual electricity use has fallen consecutively,
KARACHI: The business community of Karachi has urged Prime Minister Shehbaz Sharif to fulfil the promises made during the last days of his previous government for creating an enabling business environment. Businessmen Group (BMG) Chairman Zubair Motiwala and Karachi Chamber of Commerce and Industry (KCCI) President Iftikhar Ahmed Sheikh, in a letter to the PM, recalled that despite assurances b
KARACHI: At the beginning of March, the US dollar started moving upward against the rupee, creating space for speculative forces to take advantage, said market sources. According to the State Bank of Pakistan (SBP), the dollar appreciated by five paise to Rs279.31 in the interbank market on Tuesday. However, banks claimed the dollar price was higher than quoted by the SBP. For the last three
ISLAMABAD: The chief executive officer of Habib Bank Ltd (HBL), Pakistan’s largest bank, is likely to be tapped for a top position in the finance team of newly elected Prime Minister Shehbaz Sharif, two sources told Reuters, ahead of talks with the IMF for a fresh bailout deal. Pakistan urgently needs a fresh IMF agreement to shore up its struggling $350 billion economy which is suffering from
ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday directed the authorities concerned to formulate proposals for reducing government expenditures and overhauling the country’s economic structure. He also directed the authorities to immediately initiate the process of complete digitisation and automation of the Federal Board of Revenue (FBR), which he himself would oversee. Presiding over a