Despite a 26pc increase in base uniform national tariff with effect from July 1, there appears to be no respite in sight for power consumers as ex-Wapda distribution companies (Discos) have sought permission to extract almost Rs30 billion more from their subscribers next month. Through their commercial agent — the Central Power Purchasing Agency (CPPA) — the discos have filed a joint petition w
The International Monetary Fund’s (IMF) representative in Pakistan on Wednesday said that the reform process to which the government had agreed required the country to keep all state-owned enterprises (SOEs) under finance ministry oversight. “Following through on the previously agreed 2021 triage reform process, and other governance and private sector reforms, is important to durably attract fo
The government on Wednesday borrowed Rs2.073 trillion through the auction of market treasury bills mostly for three-month tenor. The State Bank of Pakistan reported that the banks placed bids of Rs3.2tr but the government remained within the auction target of Rs2.25tr. It raised Rs1.996tr through three-month papers at the cut-off yield of 22.88 per cent while it raised Rs3.486bn through 12-m
Qatar Investment Authority (QIA) will invest $1 billion for a one per cent stake in India’s Reliance Retail Ventures, the retail arm of billionaire Mukesh Ambani’s Reliance Industries, nearly doubling its valuation to $100bn from its last funding round in 2020. Reliance Retail, India’s largest retailer, has been partnering with a slew of global brands like Burberry, Pret A Manger and Tiffany
The bottom line of Pakistan State Oil (PSO) turned negative in the last quarter of 2022-23 as its unconsolidated loss amounted to Rs4.6 billion versus a three-month profit of Rs21.4bn a year ago. In the preceding quarter of January-March, the state-owned oil marketing company recorded a net profit of Rs13.6bn. As a result, PSO’s earnings totaled Rs5.6bn in 2022-23, down 93.4pc from the precedin