Tag: business
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Federal govt decides to shut down utility stores
Geo News has reported that the federal government has decided to shut down utility stores. According to the administration, the federal government has given two weeks to solve transaction matters with other companies. They pointed out that the federal government has already lifted subsidies. The administration stated that out of 11,000 employees, 6,000 are permanent,…
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July remittances post significant hike
The Pakistani diaspora has sent $3 billion back home in July, 48 percent higher than the previous year, The News has reported. State Bank Pakistan (SBP) data shows that remittances from Saudi Arabia increased by 56 percent to $761 million in July, while those from the United Arab Emirates increased by $611 million.The percentage reflected…
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No immediate relief in sight for high electricity costs, experts warn
Experts have little hope for a reduction in Pakistan’s high electricity prices. The government has turned electricity and petroleum products into revenue sources, and Independent Power Producers (IPPs) face no performance checks or contract revisions, they said, adding that it gives the generators unchecked freedom. Experts discussed the issues with DAWN at a seminar titled…
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Vegetable, fruit prices soar by 150 per cent amid strikes, sit-ins
The prices of vegetables and fruits have increased by 150 per cent as strikes by trade organisations and sit-ins by political parties in the country take hold. Roads in Balochistan have been closed since the past four days to impede the Baloch Yakjehti Council from holding a large gathering in Gwadar, hindering goods-carrying vehicles. Consequentially,…
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Petroleum dealers strike as OGRA directs oil companies to keep pumps open
The Oil and Gas Regulatory Authority (OGRA) and the Petroleum Division have issued a joint statement following the strike announced by the Petroleum Dealers Association, stating that petroleum products will be available nationwide. The statement directed oil marketing companies to keep pumps open and ensure continuous supply. According to the joint statement, the country has…
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Petrol pumps going on nationwide strike from July 5
The Pakistan Petroleum Dealers Association has decided to close petrol pumps across the country starting from 6 am on Friday, July 5. The strike was announced after negotiations between the Association and the government fell apart. A delegation from the Pakistan Petroleum Dealers Association held meetings with the Finance Minister, Chairman of FBR, and Chairman…
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Oil prices likely to increase by Rs 20 per litre in budget
Despite a global decrease in petroleum product prices, Pakistanis should not expect any relief. For the federal budget of 2024-25, government is considering an increase in levy sales tax on petroleum products and the petroleum levy in the upcoming financial year. Media reports suggest the possibility of increasing the petroleum levy by up to 20…
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Shayad abh gas aajaye gi? Sindh to draft policy to produce gas from Thar coal
The Energy Department of the Sindh government is planning to draft a policy for the production of liquid gas from coal, stated the Deputy Director Sindh Coal Authority (SCA) Asif Mangi in an interview with WealkthPK. SCA consultant Dr Farid A Malik has also said that Thar coal was declared a subject for gasification in…
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Report links H&M, Zara to environmental destruction in Brazil
Fast fashion giants H&M and Zara have used cotton from farms linked to massive deforestation, land-grabbing, corruption and violence in Brazil, a report by the environmental group Earthsight said Thursday. Based on satellite images, court rulings, shipment records and an undercover investigation, the report, titled “Fashion Crimes,” found the companies sourced “tainted cotton” farmed in…
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Samsung Electronics expects 10-fold rise in Q1 profit
Samsung Electronics said Friday it expects first-quarter operating profits to rise more than 10-fold year on year as chip prices recover. The firm is the flagship subsidiary of South Korean giant Samsung Group, by far the largest of the family-controlled conglomerates that dominate business in Asia’s fourth-largest economy. The tech giant said in a regulatory filing that January-March…