The government has planned to place assets of Nandipur power plant (NPP) in a separate entity in order to hand over its controlling interest to Pakistan State Oil (PSO) for paying some of its outstanding dues. This will help the cash-starved PSO, the country’s largest oil marketing company, to reduce its huge circular debt receivables. Finance Division, in an office memorandum, said that it
Honda Atlas Cars Pakistan Limited (HCAR) has decided to temporarily close its plant from March 9 to 31 due to supply chain disruptions. In a notice to the Pakistan Stock Exchange (PSX), the auto giant announced that government’s restrictions on importing completely knocked down (CKD) kits, raw material and the halt to foreign payments had disrupted the supply chain and it was unable to continue
Restrictions on opening Letters of Credit (LC) to import raw materials essential for operations has put Pakistan’s leading producer of innovative home appliances in a crux with the company’s management urging the government to offer support. Dawlance Chief Executive Officer, Umar Ahsan Khan held a meeting with a Senate Finance Committee on Wednesday to highlight the adverse economic impact of t
The country’s oil industry is reportedly in serious trouble in arranging crude oil and petroleum products owing to foreign exchange constraints and prevailing product pricing, particularly following the recent currency depreciation and increase in the central bank’s policy rate. Reporting these challenges to the government, the Oil Companies Advisory Council (OCAC) – an association of more than
Ride-hailing service Careem has announced its plans to launch a new “women-driven motorbike service” catering exclusively to its female clientele. According to a press release issued by the company on Tuesday, the service will commence from Karachi before making its way to other cities. Careem said the new service would enable its large female customer base to access “affordable yet safe and