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Articles for tag: cuts, Fed, point, reduction

September 18, 2024

News Desk

The US Fed cuts more by half a point in the first reduction since 2020

Federal Reserve Chairman Jerome Powell holds a press conference following the release of the Fed’s interest rate policy decision at the Federal Reserve in Washington, U.S., January 31, 2024. —Reuters The news will likely be positive for Democratic candidate Kamala Harris. Policymakers voted 11 to 1 in favor of cutting the benchmark rate. Analysts had expected the Fed to adopt an aggressive stance as inflation has eased. The U.S. Federal Reserve cut its key lending rate by half a percentage point on Wednesday, its first cut since the start of the Covid-19 pandemic, sharply reducing borrowing costs ahead of November’s

August 17, 2024

News Desk

Possible small reduction in electricity tariffs

Islamabad: The National Electricity Regulatory Authority (Nepra) is likely to reduce the power tariff by Rs 0.3142 per unit due to July 2024 fuel duty adjustment. The Central Power Purchase Authority (CPPA) has sent a petition to Nepra that it is ready to refund this unit price to consumers in their September 2024 bills. The power regulator accepted the petition and fixed a public hearing on August 28, 2024, for to finalize the decision. The report said benchmark fuel charges for July 2024 were Rs 9.0378 per unit while the total cost per unit stood at Rs 9.352. CPPA seeks

July 1, 2024

News Desk

The ECC approves no reduction in natural gas prices from July 1

This is a representational image of a stove. — AFP/File ECC approves price hike for CPP by Rs.250. The government is raising tariffs as per IMF guidelines. The IMF seeks gas tariff adjustments twice a year. Islamabad: The Economic Coordination Committee (ECC), which met with Finance Minister Muhammad Aurangzeb in the chair on Sunday, approved the Petroleum Department’s recommendation not to cut gas prices by 10% as set by the Petroleum Regulatory Authority and Gas (Ogra) from July 1, 2024. However, the ECC approved an increase in gas prices for captive power plants (CPPs) by Rs 250 to Rs 3,000

June 24, 2024

News Desk

The Senate recommends a 50% reduction in indirect taxes, suspension of the VAT increase

Islamabad: The Senate proposed a total of 128 recommendations, including nine on the Public Sector Development Program (PSDP) for the year 2024-25, to the National Assembly for inclusion in the Finance Bill 2024 during a session on Monday. These recommendations will be forwarded to the National Assembly, which will decide whether or not to incorporate them into the Finance Bill. Of the total recommendations, 69 were general budget recommendations for 2024-2025. Additionally, eight related to the Customs Act, 1969. 23 to the Sales Tax Act, 1990; 15 to the Income Tax Ordinance, 2001; three to the Federal Excise Act, 2005;

June 15, 2024

News Desk

A reduction in the tax rate for employees is proposed

The Senate Standing Committee on Finance, chaired by Senator Saleem Mandviwalla, has approved a 75% withholding tax on telephone and internet services for non-applicants, while proposing a reduction in the tax rate for salaried employees. The committee, during its meeting, approved the tax on telephone and Internet services that have not submitted an application. However, he rejected the proposal to impose 15% capital gains tax on property transactions from July 1 and to share records of MPs with NADRA for tax collection purposes. Senator Anusha Rehman raised concerns over the security of NADRA’s data, while the FBR chairman said the

April 28, 2024

News Desk

The Prime Minister is seeking an inquiry into the reduction of natural gas supplies

Islamabad: Prime Minister Shehbaz Sharif has ordered an inquiry into the curtailment of gas supply to public utilities due to delayed payments. Sources told The Express Tribune that the prime minister intervened as the utilities’ liabilities had risen to $600 million, which they had to pay to foreign oil and gas exploration companies. Earlier, an association of oil and gas exploration and production (E&P) companies had taken up the matter with the Petroleum Directorate, seeking its immediate resolution. Sources said the E&P companies informed the Petroleum Directorate that the supply of 150 million cubic feet of gas per day (mmcfd)

April 17, 2024

News Desk

New reduction in the electricity tariff for May in the foreground

The sun rises behind electricity pylons near Chester, northern England, October 24, 2011. — Reuters The power tariff has also come down from Rs 4.92 to Rs 7.6 per unit for April. Consumers will get a cut of Rs 4.12 per unit on their May electricity bills. Benefits of fuel price reduction to be provided to masses: Minister. After the federal government announced a cut in electricity tariffs in April, the power authorities are likely to give another relief to consumers next month in terms of electricity bills. An application has been submitted to the National Electricity Regulatory Authority (Nepra)

April 11, 2024

News Desk

The government announces a reduction in electricity tariffs

Federal Minister for Power, Sardar Awais Khan Leghari, on Thursday announced a significant reduction in electricity bills for the month of April, Express News reported. In a statement, Leghari disclosed a reduction of Rs 3.82 per unit in electricity bills for April. This move comes as a relief to households and businesses struggling with rising utility costs. He noted that fuel price adjustments for the current month have been set at Rs 4.92 per unit, from Rs 7.06 per unit in the previous month, resulting in a reduction of Rs. 2.14 per unit in fuel prices. Earlier adjustment was Rs

April 9, 2024

News Desk

Pakistan Railways announces ‘massive reduction’ in fares on Eid

People board a train at a railway station as they return home ahead of Eid in Lahore on July 7, 2022. — AFP In an effort to facilitate commuters, Pakistan Railways (PR) has announced a 25% reduction in fares as a special package on the auspicious occasion of Eid ul Fitr. In a statement, the PR said, “Railway fares will be reduced by 25% for the first three days of Eid-ul-Fitr.” This discount will be available on all train types and classes. The discount, however, will not be applicable on special Eid trains, the PR spokesperson clarified. Last week, PR

March 7, 2024

News Desk

India’s Modi visits Kashmir for the first time since the reduction of special status

INDIA: A rally was held by Indian Prime Minister Narendra Modi in the main city of India’s Illegally Occupied Jammu and Kashmir (IIOJK) on Thursday during his first visit to the disputed region since Kashmir’s semi-autonomous status was revoked in 2019. The visit comes ahead of India’s national elections in May, the first since the region lost its autonomy. The last local elections in Kashmir were held in 2014. During the visit, Modi said the region’s erstwhile rules and “dynastic politics” limited the IIOJK’s potential. “Today, from Kashmir I extend my greetings for the coming Ramadan to the entire country,”

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