The National Electric Power Regulatory Authority (Nepra) has rejected a request of the telecom and cellular ‘industry’ to change its power tariff from commercial to a cheaper industrial electricity tariff. Nepra reached the conclusion after the ministries of energy and finance opposed the telecom industry’s petitions due to an expected loss of over Rs20 billion in annual revenue and the resulta
Pakistan will “absolutely not” default on debt obligations despite catastrophic floods, the finance minister said on Sunday, signalling there would be no major deviation from reforms designed to stabilise a struggling economy. Floods have affected 33 million Pakistanis, inflicted billions of dollars in damage, and killed over 1,500 people — creating concern that Pakistan will not meet debts.
Oil prices climbed on Monday as a weaker dollar and supply concerns ahead of the European Union embargo on Russian oil in December offset fears of a global recession that could dampen fuel demand. Brent crude futures rose 60 cents, or 0.7 per cent, to $91.95 a barrel by 0330 GMT after settling up 0.5pc on Friday. US West Texas Intermediate crude was at $85.50 a barrel, up 39 cents, or 0.5pc. Th
Volatility continued to mar the trading of shares on the Pakistan Stock Exchange on Thursday owing to a lack of positive triggers and rising political temperature, said JS Global. Another reason for the benchmark index to stay range-bound was the ever-widening gap of value between the rupee and the dollar, according to Arif Habib Ltd. The rupee closed at 235.88 per dollar after losing 0.66 per
A rally that has the dollar on course for its best year since 1984 has further to run, traders and analysts say, suggesting more pain almost everywhere else as other currencies either crumble or require rapid rate hikes to stay put. The rise — the dollar is up nearly 15 per cent against a basket of currencies this year — has already been a wrecking ball through foreign exchange markets, crushin