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Articles for tag: asks, cut, Division, IMF, Power, Subsidy

February 3, 2024

News Desk

Power Division asks IMF to cut subsidy by 25%

Subsidy to be reduced for domestic sector using less than 400 units by Rs 161 billion A representational image of an electricity meter. — Reuters/File The cross-subsidy will be withdrawn from those using less than 400 units. The government will increase fixed charges for consumers who use more than 100 units. A higher fixed charge will be imposed on single-phase consumers. ISLAMABAD: Contrary to the promises of political parties to reduce electricity prices, the Power Division has made a plan to reduce the subsidy by 25% by extending the domestic consumers, The news reported on Saturday. The department, based on

December 25, 2023

News Desk

Several areas in Karachi will see power cut tomorrow due to maintenance: KE

KE says the process is to “ensure stability and reliability of power supply to consumers residing in these areas Vehicle lights streak the road along a market during a nationwide power outage in Karachi on January 23, 2023. — Reuters Karachi Electric (KE) on Monday announced that it will undertake a “critical maintenance activity” in several areas of the port city, due to which the affected areas will witness a long-term power outage. The city’s sole electricity provider said areas to be affected due to maintenance tomorrow (Tuesday) include Orangi Town, Gadap, Airport II and Queens Road Grid. KE said

December 22, 2023

News Desk

SSGC to cut gas supply to parts of Karachi amid ongoing loadshedding

A worker moves a LPG cylinder in a laboratory in Karachi, Pakistan, September 17, 2018. — Reuters Natural gas supply will remain suspended from 9 am to 8 pm. It will be suspended on December 24 (Sunday). “The inconvenience is regrettable,” SSGC tells customers. Sui Southern Gas Company (SSGC) on Friday announced plans to suspend natural gas supply to parts of Karachi as winter bites and residents of the metropolis already face surprise prolonged load shedding. In a statement, the gas supply company said it would carry out a gas distribution infrastructure development work on December 24 (Sunday), which would

December 11, 2023

News Desk

Australia unveils plan to cut migrant intake by 50%

Australia aims to fix ‘broken’ immigration system with tough language and visa rules Chinese tourists take pictures in front of the Sydney Opera House and Harbor Bridge on September 27, 2023. — AFP The Australian government on Monday announced a new 10-year immigration strategy aimed at tackling its “broken” immigration system. According to BBCthe plan includes cutting immigration intake by “around 50%” within two years, to reduce the annual intake to 250,000 by June 2025. In addition, the plan will also strengthen visa rules for foreign students and low-skilled workers, as the country faces housing and infrastructure problems due to

December 2, 2023

News Desk

Interest rate cut hopes fade as inflation hits 29.2% in November

SBP is likely to keep the discount rate unchanged in December. Food inflation also rose to 28% in November People buy nuts at a market in Karachi, Pakistan, February 1, 2023. — Reuters Inflation is up from 26.9% the previous month. The increase in natural gas tariffs results in high inflation. Food inflation in November also rose to 28%. ISLAMABAD: Pakistan’s inflation accelerated to 29.2% in November 2023 from 26.9% the previous month, dispelling market expectations of a rate cut at the upcoming policy decision meeting this month, as the State Bank of Pakistan (SBP) is likely to keep the

November 26, 2023

News Desk

A rate cut of 7% is forecast for CY24

KARACHI: Pakistan’s central bank is expected to cut its benchmark interest rate – the cost of borrowing at commercial banks – by seven percentage points over the next calendar year to 15%, which will revive affordable finance for industries that rely heavily on in bank lending. Such industries mainly include textiles, cement, steel and agriculture. In addition, commercial banks are projected to achieve a 12% rise in net profit in 2024 against the general assumption of a decline in profits after the interest rate cut and the imposition of a 40% tax on their windfall from alleged speculative rupee-dollar trades.

November 20, 2023

News Desk

No Pakistani makes the cut for ICC World Cup 2023 team of the tournament

The ICC squad includes players from Australia, India, South Africa and New Zealand, as well as Sri Lanka Pakistan’s Shadab Khan celebrates with his teammates after managing to dismiss England’s Joe Root off the bowling of Shaheen Afridi. — Reuters/File The International Cricket Council (ICC) on Monday unveiled the 2023 World Cup Team of the Tournament, with no player from the Pakistan team on the list. Pakistan were eliminated from the tournament in the group stage even after entering the World Cup as the top team. The green jerseys have lost five games out of nine. The ICC line-up includes

November 17, 2023

News Desk

The opening practice of the Vegas GP was cut short

LAS VEGAS: The Las Vegas Grand Prix suffered an embarrassing first night when opening practice at the new track was abandoned after just nine minutes on Thursday due to a loose drain cover. Carlos Sainz was forced to stop his Ferrari after hitting the cover, resulting in a red flag and damage to the front of his car in what should have been a triumphant return to F1 in Vegas after two races in 1981 and in 1982. The video shows sparks flying from the underside of Sainz’s car after he hit what organizers called a “water valve cover”. After

November 9, 2023

News Desk

Dior has not cut ties with Bella Hadid

Social media has been abuzz with rumors that luxury fashion brand Dior has cut ties with 27-year-old model Hadid, reportedly in response to her support for the Palestinian people and public criticism of the Israeli government’s actions in Gaza since October 7. 2023. Speculation intensified when Israeli model May Tager appeared in Dior’s latest holiday ad campaign, leading many to believe that Hadid had been replaced. It’s worth noting that Dior’s holiday campaign ads also feature other models. However, a closer look at the facts reveals a more nuanced story. According to a source close to the matter, Hadid’s contract

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