Oil prices rose 2pc on Monday as the ongoing impact of Hurricane Francine on output in the US Gulf of Mexico offset persistent Chinese demand concerns ahead of a US Federal Reserve rate cut decision later this week. Brent crude futures for November were up $1.35, or 1.89pc, at $72.96 a barrel by 2:06pm EDT (1806 GMT). US crude futures for October rose $1.7, or 2.48pc, to $70.35. Nearly a fif
The National Electric Power Regulatory Authority (Nepra) has initiated formal legal proceedings by issuing show-cause notices to three independent power producers (IPPs) for their inability to restore power supply to the national grid after a countrywide breakdown in January last year. The development came after detailed investigations into three power projects — 1,320MW Sahiwal Coal Power Proj
Pakistan has, perhaps for the first time, touched the mark of $3.89 billion in earnings from rice exports, which were made possible mainly due to favourable weather conditions, availability of farm inputs and an Indian ban on export of non-Basmati rice. This was stated by founder of the Rice Exporters Association of Pakistan (Reap), Shehzad Ali Malik, while announcing the unopposed election of
The country’s oil import bill surged 23 per cent in the first two months (July and August) of the current fiscal year compared to the same period a year ago, according to data released by the Pakistan Bureau of Statistics (PBS) on Monday. The data showed that imports across all major categories — including petroleum products, consumer durables and raw materials — grew during the two months.
The Pakistan Customs foiled an attempt to smuggle over 15,465 mobile phones, mostly Android, worth Rs446 million from China to Pakistan through the Khunjerab Pass border crossing. The mobile phones and other goods have been seized and a smuggling case has been registered. According to the incident a report submitted to Federal Board of Revenue (FBR), the Pakistan Customs officials on the Sos