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Rs700bn injected into banks

ISLAMABAD: The government on Friday reduced gas prices for industry by about 33 per cent and settled a Rs78 billion dispute with the Sindh government over outstanding electricity bills against a payment of Rs27.4bn. These decisions were taken at a meeting of the Economic Coordination Committee (ECC) of the Cabinet …

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Gas tariff for industrial consumers reduced by 33pc to Rs400/mmBtu

ISLAMABAD: The government on Friday reduced gas prices for industry by about 33 per cent and settled a Rs78 billion dispute with the Sindh government over outstanding electricity bills against a payment of Rs27.4bn. These decisions were taken at a meeting of the Economic Coordination Committee (ECC) of the Cabinet …

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Circular debt stands at Rs328bn, Senate told

ISLAMABAD: Minister for Parliamentary Affairs Sheikh Aftab Ahmad informed the Senate on Thursday that circular debt of power sector currently stood at Rs328 billion. In response to a calling-attention notice, the minister acknowledged that the matter was a serious one but said the government had taken a number of steps …

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Day-to-day expenses: PIA arranges financing facility of $130 million

KARACHI: Pakistan International Airlines (PIA) has arranged a financing facility of $130 million (Rs13.65 billion) to meet day-to-day expenditures and improve the standard of services to passengers, according to a handout issued Thursday. “The facility will be by PIA for its general working capital requirements and improvement in passenger services,” …

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CCP says IT ministry encroaching upon its jurisdiction

ISLAMABAD: The Competition Commission of Pakistan (CCP) has accused the Ministry of Information Technology of encroaching upon its jurisdiction by taking over the role of assessing the competition behaviour in the telecommunication sector. In a strong-worded policy note the antitrust watchdog sent to the federal government on November 10, the …

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Market watch: Foreigners offload, but index still moves higher

KARACHI: Pakistan equities closed marginally positive after morning gains had pushed the benchmark KSE-100 index past the 43,000-point level, with profit-booking taking away the shine from a record high closing yet again. At close, the Pakistan Stock Exchange’s benchmark KSE 100-share Index rose 0.11% or 48.71 points to end at …

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IT, telecommunication: Minister stresses transparency in USF affairs

ISLAMABAD: Minister of State for Information Technology and Telecommunication Anusha Rahman has directed the Universal Services Fund (USF) Company to establish an internal evaluation and monitoring mechanism in order to ensure transparency and efficiency in the company’s affairs. She gave the directive while chairing the 49th board of directors meeting …

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NEPRA promoting competition in electricity market

FAISALABAD: The National Electric Power Regulatory Authority (Nepra) is trying to promote an electricity market that is based on competition in an attempt to enable consumers to purchase power from the company of their choice, reveals Nepra Director Consumer Affairs Engineer Imtiaz Hussain Baloch. Speaking to industrialists and businessmen at …

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Employees move court against NICL CEO

LAHORE: Employees at state-owned National Insurance Company Limited (NICL) have sought support from the Sindh High Court against its chief executive officer, whom the employees said is convicted, overage and incapable of holding any key post in a government organisation. The petition filed by NICL employees further said that CEO …

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IFC likely to inject $500m into Pakistan Development Fund

ISLAMABAD: The International Finance Corporation of the World Bank Group may inject $500 million in Pakistan Development Fund Limited (PDFL) a company set up with a generous Saudi contribution of $1.5 billion as the government has offered it 20% equity stake. The government has decided to keep control of the …

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