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Articles for tag: Gas, increase, industries, Latest, natural, price, suspended

August 17, 2024

News Desk

The increase in the price of natural gas for industries is suspended

PESHAWAR: The Peshawar High Court stayed the hike in gas prices for textile mills and asked SNGPL to respond till the next hearing of the case. A two-judge bench, comprising Justices Ejaz Anwar and Syed Arshad Ali, heard the petitions filed by the Khyber-Pakhtunkhwa Textile Mills Association against the increase in gas tariffs. During the hearing, advocate Shamail Ahmed Butt, counsel for the petitioner, told the court that on the advice of the federal government, OGRA increased the gas prices for textile and other industries. He told the court that any increase in tariffs should be based on the annual

June 26, 2024

News Desk

Government empowers JVs to relocate Chinese industries to Pakistan

Prime Minister Shehbaz Sharif chairs a meeting on matters related to the Directorate of Petroleum, in Islamabad on Wednesday, June 26, 2024. — PPI Chief Minister Shehbaz says boosting FDI is among the government’s priorities. It calls for a review of the SEZ One-Stop Shop Bill. It underlines the commitment to promote local, foreign investment. Prime Minister Shehbaz Sharif on Wednesday allowed joint ventures (JVs) between the two nations to relocate Chinese industries to Pakistan as part of his efforts to kickstart China-Pakistan Economic Corridor (CPEC) activities following his recent engagements with top officials from Beijing. , state media reported.

June 22, 2024

News Desk

The US is drafting rules to limit investment in Chinese AI and technology industries

WASHINGTON/NEW YORK: The United States on Friday issued draft rules to ban or require notification of certain investments in artificial intelligence and other technology sectors in China that could threaten US national security. The U.S. Treasury Department released the proposed rules and a series of exemptions after an initial comment period following an executive order signed by President Joe Biden last August. The rules place the burden on US individuals and companies to determine which transactions will be restricted or prohibited. Biden’s executive order, which directs the regulation of certain US investments in semiconductors and microelectronics, quantum computing and artificial

June 21, 2024

News Desk

The Ministry of Industries is seeking to reverse the increase in taxes on hybrid, electric vehicles

A representational image of an electric vehicle. — Reuters Sales tax was raised from 8.5% to 25% in the budget, the ministry says. AIDEP is designed to promote environmentally friendly technologies. The ministry says the higher sales tax “puts at risk” investment. Islamabad: The Ministry of Industries and Production has objected to the proposed tax hike on hybrid electric vehicles in the 2024-25 budget, terming it a violation of export and automotive development policies. In a letter to the Finance Department and the Federal Board of Revenue (FBR), the ministry said that the sales tax has been increased from 8.5%

June 2, 2024

News Desk

Industries require full restoration of power supply

KARACHI: Karachi Chamber of Commerce and Industry (KCCI) President Iftikhar Ahmed Sheikh and SITE Association of Industry (SAI) President Mohammad Kamran Arbi urged K-Electric (KE) to immediately ensure proper and complete restoration of power supply to largest industrial zone in Karachi. Expressing concern over the delay in resumption of power supply to SITE industries, they pointed out that it had been seven days since a fire incident occurred at Haroonabad grid station but KE failed to fully restore power supply to the industries, which caused heavy losses to industrialists and took a heavy toll on exports. In a joint statement

May 6, 2024

News Desk

The greed of private capital threatens prosperity

KARACHI: In recent decades, the rise of private equity firms has reshaped the financial landscape of the United States and Europe. Although initially heralded as engines of innovation and growth, these companies have come under increasing scrutiny for their practices, which often prioritize short-term profits at the expense of long-term sustainability. In fact, private equity has helped destroy industries by loading companies with debt, driving down costs and stifling investment in innovation. The devastating effects of these practices on workers and the wider economy are to undermine the sustainability of a system that allows for such extreme redistribution of wealth.

April 17, 2024

News Desk

Production in major industries is slowing down

KARACHI: Production of goods in large-scale manufacturing industries (LSMI) such as food, textiles, fertilizers and building materials fell for the second consecutive month, shrinking to around 126 in the Quantum Index of Manufacturing (QIM) for February 2024. The Pakistan Bureau of Statistics (PBS) reported on Tuesday that the LSMI reading fell by 4.14% to 126.1 in February compared to January 2024. However, the heavy industry sector managed to grow by 0.6% the month under review compared to the same month last year. “Overall, the large-scale manufacturing sector registered a negative growth of 0.51% in July-February 2023-24 compared to the same

March 16, 2024

News Desk

The production of large industries is declining

Islamabad: Production of goods by Pakistan’s major industries slowed in the first seven months of the current fiscal year, and growth fell 0.52 percent year-on-year as the manufacturing sector was hit by a record high interest rate and rising business costs. The Pakistan Bureau of Statistics (PBS) on Friday reported that the growth in the production of large-scale manufacturing (LSM) industries declined by less than 1% in the July-January period of the financial year 2023-24. Large industrial units are hit by import restrictions, the highest interest rate of 22% and continuous increase in utility prices. PBS released the manufacturing output

March 5, 2024

News Desk

Police presence has been beefed up for the security of Karachi’s industries

KARACHI: Additional Inspector General of Police (AIGP) Karachi Range Khadim Hussain Rind announced the deployment of additional 20 police officers in the SITE Crime Monitoring Cell (SCMC), located at the premises of the SITE Association of Industry (SAI). This initiative aims to curb the increasing incidence of street crimes and maintain law and order in the area. Reed made the announcement during his visit to SAI, where he worked with industrialists to discuss concerns about street crime, muggings and armed robberies. Industrialists welcomed the addition of 20 police officers to augment the existing workforce at the base. Additionally, the AIGP

February 20, 2024

News Desk

Industries are at risk as energy costs rise

KARACHI: Rising gas and electricity prices threaten to shut down industries, increase unemployment and worsen inflation, lamented industrialists. Speaking to The Express Tribune, President of Federal Association of Commerce and Industry (FBATI), Syed Raza Hussain highlighted the impact of gas tariff hike on small and medium entrepreneurs who are already facing cost of production and competitive prices. “The relentless rise in natural gas prices will have dire consequences for SMEs, including cost cutting leading to unemployment and retail price hikes, exacerbating inflation alongside escalating electricity and petroleum product prices” , Hussein warned. Calling for a review of government policies, Hussain

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