Shares of embattled developer China Evergrande Group plunged 25% on Monday after police detained some staff at its wealth management unit, suggesting a new investigation that could add to the property company’s woes. Evergrande, the world’s most indebted property developer, is at the centre of a crisis in China’s real estate sector that has seen a string of defaults since late 2021 that have ra
In a continued effort to combat gas theft, Sui Northern Gas Pipelines Limited (SNGPL) conducted raids in Punjab, Khyber-Pakhtunkhwa (K-P), and Islamabad, resulting in the disconnection of 163 illegal connections and the imposition of fines totalling Rs4.2 million. In Peshawar, the company disconnected 32 connections due to the direct use of gas and illegal connections, with a fine of Rs2 millio
Despite facing numerous challenges in the IT sector, Pakistan’s Information Technology (IT) exports for August 2023 have amounted to $235 million, marking a significant 10% increase on a month-on-month (MoM) basis. This boost was primarily due to a higher number of working days compared to July 2023. The Federal Minister for Information Technology & Telecommunication, Dr Umar Saif, recently ple
Pakistan on Tuesday deferred a decision on changing its benchmark rate for foreign borrowing to finance power projects due to the absence of crucial information about the financial impact of the decision on electricity prices. The Economic Coordination Committee (ECC) of the cabinet did not endorse a proposal of the Ministry of Energy about replacing the existing London Interbank Offered Rate (
A nearly $4.5 billion hole has surfaced in Pakistan’s external financing plan and its budget may also overshoot by another Rs1 trillion due to the understatement of debt expenditures, which may become a serious issue during the first review of the International Monetary Fund programme. Both the problems of about a $4.5 billion financing gap and approximately Rs1 trillion less allocations for in