Tycoons, aware of challenges and Prime Minister Shehbaz’s government’s weakness, are not hopeful. The volatile market is desperate for positive signals. The people, however, expected relief in an election-year budget. To avoid higher levies on their income/profit, bankers, brokers and barons are lobbying hard, approaching heavyweights in the power corridors. The currency dealers, commodity trad
Engro Polymer and Chemicals Ltd (EPCL) — which is the country’s only manufacturer of polyvinyl chloride or PVC resin used in plastic and rubber production — has been facing long delays in setting up its $23 million hydrogen peroxide plant. Speaking to a group of journalists at the Bin Qasim factory on Wednesday, company officials said the cost of the under-construction facility has exceeded the
The government raised Rs2.29 trillion through treasury bill auctions on Wednesday, surpassing the target, as well as the requirement for the maturity of the bills. The cash-starved government raised a total of Rs2.286tr, exceeding the target of Rs1.8tr. This amount also exceeded the required funds for the maturity of the treasury bills on the same day by 35 per cent. In fact, the government rai
The National Electric Power Regulatory Authority (Nepra) on Wednesday concluded that ex-Wapda distribution companies (Discos) would charge an additional Rs1.61 per unit and K-Electric to refund Rs0.05 to their respective consumers for electricity consumed in April, under monthly fuel cost adjustment (FCA) mechanism. The decisions were made upon completion of two separate public hearings. Discos
The State Bank of Pakistan (SBP) has allowed banks to acquire US dollars from the interbank market for the settlement of card-based cross-border transactions with the International Payment System, apparently to bring down the dollar rate in the open market. The SBP issued a circular on Wednesday, which indicates that this is a short-term move as the permission granted to banks will end on July