Moody’s reaffirms Pakistan credit rating

ISLAMABAD: Moody’s on Saturday confirmed Pakistan’s B3 credit rating with a stable outlook as part of the review for downgrade, the agency said in a statement. Concurrently, the agency has also confirmed the B3 foreign currency senior unsecured ratings for The Third Pakistan International Sukuk Co Ltd, according to press statement received here which added […]

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Power tariff increased under fuel adjustment charges

ISLAMABAD: The power tariff has been increased by 95 paisa per unit for the current month and Rs1.09 per unit for the next month under fuel adjustment charges. However, the new tariff will not be applicable to lifeline consumers. The National Electric Power Regulatory Authority (Nepra) has notified the changes in the approved tariff on […]

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87pc overseas workers went to KSA, UAE in 2019

KARACHI: Over 87 per cent of Pakis­tanis looking for overseas jobs went to the United Arab Emirates and Kingdom of Saudi Arabia (KSA) in 2019, data shared by the Bureau of Emigration and Overseas Employment as quoted by the State Bank of Pakistan showed. The figures show pre-Covid-19 trends as the pandemic has almost halted […]

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Duration of electricity interruption much higher in Pakistan: WB

ISLAMABAD: The World Bank, in its first comprehensive stock-taking of infrastructure services in Asia, says although electricity access in Pakistan is in line with regional averages of 92.5 per cent, the average interruption duration and frequency values are much higher. This is apparent from frequent power outages due to loadshedding. Pakistan suffers from outdated facilities […]

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Stocks settle over 40,000 level in outgoing week

KARACHI: The gaining streak at the stock market continued for seventh week in a row with the outgoing one recording a rise of another 772 points (two per cent) and the index settling above the 40,000 level at 40,030 points. Investors were relieved by the spectacular drop in active Covid-19 cases, resulting in opening up […]

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CCI agrees on distribution of water resources in a month

ISLAMABAD: The Council of Common Interests (CCI) on Thursday made a number of important decisions, including resolution of 30-year-old controversies among the provinces over the 1991 Water Accord through consensual distribution of water resources in one month. The 42nd meeting of the CCI chaired by Prime Minister Imran Khan referred the issue of appointment of […]

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Financial advisers to be appointed for Roosevelt Hotel privatisation

ISLAMABAD: The National Assembly Standing Committee on Privatisation decided on Thursday to hold an in-camera session to discuss the leasing of the Roosevelt Hotel site. The Managing Director of PIA Investments Limited, Najeeb Samie, who attending the meeting, requested chairman of the standing committee to make the event in-camera. He added that a financial adviser […]

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New rules tighten govt cash flow management, relax parliamentary oversight

ISLAMABAD: The government has secured relaxation in parliamentary oversight and reporting of its budgetary exercise and has tightened cash flow mechanisms of all the federal entities and ministries. This has been achieved by amending the Public Finance Management Act 2019 through the Finance Act 2020, followed by notification of Cash Management and Treasury Single Account […]

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Microsoft intends to buy TikTok’s entire global business, says FT

WASHINGTON: Microsoft Corp is chasing a deal to buy all of TikTok’s global business, the Financial Times reported on Thursday, citing five people with knowledge of the talks. However, a source familiar with the discussions told Reuters that Microsoft had not raised the prospect of buying all of TikTok in its negotiations with ByteDance. Microsoft had said it was […]

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ML-I the biggest Railways project in 160 years: minister

ISLAMABAD: Railways Minister Sheikh Rashid Ahmed on Thursday said the Main Line-I (ML-I) project is the biggest Pakistan Railways project since 1861, adding it will improve the railway system and prevent accidents. “After completing the track from Karachi to Peshawar, we will open the track to private investors so they can run their trains while […]

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