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Articles for tag: business, criticism, draws, Gas, Latest, losses, natural, performance, profit, rise, Utilities

January 10, 2026

News Desk

21% profit rise for natural gas utilities draws criticism over performance losses

Industry stakeholders say fixed yields limit gas sector profitability amid rising cyclical debt Natural gas services. Photo: file Islamabad: Pricing natural gas based on a guaranteed rate of return on assets is killing the efficiency of public utilities, whose profits have grown to 21 percent despite the country’s energy shortages, industry stakeholders said at a public hearing Friday. The Oil and Gas Regulatory Authority (Ogra) held the hearing to review the existing gas pricing formula for state-owned transmission and distribution companies, which was based on a guaranteed and fixed rate of return on assets. On the back of solid performance,

January 10, 2026

News Desk

Losses of SOEs rise 300% to Rs 123 billion in FY25

A man walks past machines in the hot strip mill section of Pakistan Steel Mills (PSM) on the outskirts of Karachi February 8, 2016. — Reuters NHA is incurring a loss of Rs 153 billion and the toll model is straining finances. QESCO, SEPCO report losses of Rs 58 billion, Rs 29 billion, respectively. Pakistan Railways, PESCO, PSM add billions to SOE losses. Islamabad: Large loss-making state-owned enterprises (SOEs) posted a combined net loss of Rs 123 billion in FY2024–25, reflecting a sharp increase of nearly 300% compared to losses of Rs 30.6 billion reported in FY2023–24. The News reported

January 9, 2026

News Desk

Foreign exchange reserves rise by $141 million to $21.19 billion

Entry cover in 2.65 months. Gold falls to Rs 466,162/tola on upcoming US non-farm payrolls data The loan delay will not adversely affect Pakistan’s external position in the short term due to its $16 billion in gross foreign exchange reserves. PHOTO: FILE KARACHI: Pakistan’s total liquid foreign exchange reserves stood at $21.19 billion as of January 2, 2026, reflecting a modest improvement in the country’s external liquidity position, according to official data. The State Bank of Pakistan (SBP) held foreign exchange reserves of $16.06 billion, while commercial banks collectively held net foreign exchange reserves of $5.14 billion, bringing total liquid

January 7, 2026

News Desk

Trump lashes out at Modi as tariff tensions rise

US president says India faces 50% tariffs on Russian oil as Modi seeks meeting amid trade tensions US President Donald Trump and Indian Prime Minister Narendra Modi. PHOTO: FILE United States President Donald Trump recounted a meeting with Indian Prime Minister Narendra Modi, saying Modi asked for permission to meet him as he mocked the Indian leader during his remarks at a House GOP retreat. “Prime Minister Modi came to see me, ‘Sir, to see you please’. Yes,” Trump said of defense sales and trade ties with India. Trump said India had been waiting five years for US-made Apache attack

December 30, 2025

News Desk

Oil prices rise as tensions flare in Yemen

Moscow claims the Ukrainian drones were aimed at the Russian presidency. Investors await US inventories report A view shows oil pump jacks outside Almetyevsk, in the Republic of Tatarstan, Russia, July 14, 2025. Photo: Reuters NEW YORK/BENGALURU: Oil prices rose more than $1 on Monday as traders braced for possible supply disruptions in the Middle East due to rising tensions in Yemen and Russia accused Ukraine of launching a drone attack on the residence of President Vladimir Putin. Brent crude futures were up $1, or 1.7%, at $61.64 a barrel by 1818 GMT, while U.S. West Texas Intermediate crude was

December 25, 2025

News Desk

UAE, Saudi Arabia seek more than 1.5 million workers despite rise in artificial intelligence

Workers work near the Burj Khalifa, the world’s tallest tower, in Dubai on May 9, 2013. — Reuters DUBAI: The booming labor markets of the United Arab Emirates and Saudi Arabia are expected to create demand for more than 1.5 million additional workers by 2030, despite the rapid growth of artificial intelligence (AI), according to a global workforce study published in 2025. Research shows that while AI is changing the way businesses operate, it is not reducing the overall need for human workers in the Gulf. On the contrary, strong economic growth, major development projects and the expansion of public

December 20, 2025

News Desk

PepsiCo Launches ‘PepsiCo Rise Together’ Initiative in Pakistan to Help Rebuild Flood Livelihoods

The campaign aims to preserve Pakistan’s street food traditions while supporting sustainable economic recovery PepsiCo Pakistan, in partnership with PepsiCoFoundation and leading non-profit micro-entrepreneurship organization SeedOut, has launched the “PepsiCo Rise Together Program“, Economic Empowerment Program, a flagship social and economic empowerment initiative designed to help restore livelihoods and strengthen community resilience across Pakistan. For decades, Pakistan’s street-food culture has been more than a culinary tradition, it’s been a source of income for hundreds of thousands of micro-entrepreneurs whose carts bring flavor, familiarity and vibrancy to city streets. However, rising inflation, declining consumer spending and the devastating floods of 2025

December 16, 2025

News Desk

Pakistan issues ‘super flu’ advisory for winter surge as cases rise

A representative picture shows a box of flu vaccine on display at a pharmacy in London, Britain, on December 11, 2025. — Reuters The provinces are asked to strengthen preparedness measures. 340,856 suspected ILI cases were reported in week 44-49. 12% of samples tested confirm positive for H3N2. The National Institutes of Health (NIH) on Monday issued an advisory as cases of H3N2 flu rise globally and in Pakistan, warning that a new genetic subclade known as Subclade K, often called “super flu,” has emerged internationally and urging provincial health authorities to step up preparedness and prevention measures. The NIH

December 9, 2025

News Desk

Remittances rise 9% to $16.1bn in 1Q26

A forex trader holds dollars in his hands. — AFP/File November inflows are up year-on-year but down since October. Saudi Arabia remains Pakistan’s largest source of remittances. The brokerage predicts remittances in 2026 will reach $41 billion. Workers’ remittances to Pakistan rose 9% year-on-year to $16.145 billion in the first five months of the 2025-26 fiscal year (July-November), even as monthly inflows fell to $3.19 billion in November, State Bank of Pakistan (SBP) data showed. SBP data shows that November 2025 remittances were 9% higher than the $2.92 billion received in November 2024, but 7% lower than October 2025’s $3.42

December 4, 2025

News Desk

Child deaths to rise this year as aid cuts reverse progress, Gates says

A nurse from Save the Children vaccinates an internally displaced Somali child in Baidoa, Somalia, June 25, 2025. — Reuters LONDON: About 200,000 more children are likely to die before their fifth birthday this year than in 2024, as cuts to international aid undermine decades of progress, the Gates Foundation said on Thursday. The projected increase would mark the first increase in preventable child deaths this century, Gates said, from an estimated 4.6 million in 2024 to 4.8 million this year. Child deaths have halved since 2000. “For decades, the world has made steady progress in saving children’s lives. But

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