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Articles for tag: accuses, Gas, high, industrial, Karachis, natural, prices, sector, SSGC, supplying

December 19, 2023

News Desk

Karachi’s industrial sector accuses SSGC of supplying natural gas at high prices

“We cannot sell LNG bought at a high price from the international market at lower prices,” says SSGC CEO Smoke rises from a factory during sunset. — Reuters/File The industry sector says the SSGC had no mandate to set the rates. SSGC CEO refuses to sell gas bought at high prices at low prices. It asks industry whether SSGC could cut off supply if it didn’t need it. KARACHI: Industrialists in Karachi have accused Sui Southern Gas Company (SSGC) of burdening the industrial sector with expensive LNG without a mandate to fix the rates, The news reported on Tuesday. The

December 8, 2023

News Desk

The electricity sector management proposal is opposed

Islamabad: The finance ministry has not backed a formal proposal to appoint senior officers of the armed forces as heads of new Performance Management Units (PMUs) in the rotten electricity distribution companies to improve their management. However, the finance ministry backed the Special Investment Facilitation Council’s (SIFC) initial decision to give the armed forces a role in an ongoing campaign against electricity theft. A senior power ministry official said a few days ago that the military also does not want a role in the management of electricity distribution companies and the proposal was tabled by the power ministry for the

December 7, 2023

News Desk

The Ministry of Finance opposes the new management proposal for the energy sector

Islamabad: The finance ministry has not backed a formal proposal to appoint senior officers of the armed forces as heads of new Performance Management Units (PMUs) in the rotten electricity distribution companies to improve their management. However, the finance ministry backed the Special Investment Facilitation Council’s (SIFC) initial decision to give the armed forces a role in an ongoing campaign against electricity theft. A senior power ministry official said a few days ago that the military also does not want a role in the management of electricity distribution companies and the proposal was tabled by the power ministry for the

November 27, 2023

News Desk

Transformation of the private sector

KARACHI: One of the biggest challenges facing policymakers in Pakistan is not only to increase exports, which are at a meager 10% of GDP, but also to make growth sustainable so as to mitigate the recurring balance of payments crisis it is experiencing. the country every few years. The private sector plays an important role in generating much needed exports. Unfortunately, the lack of dynamism within the industry, measured by the lack of competitiveness and capacity for investment and innovation, has resulted in repeated crisis. Exports are unlikely to grow sustainably when the private sector fails to invest in productive

November 24, 2023

News Desk

Financial malpractice claims in the fertilizer sector, CPP

Islamabad: Government officials blame fertilizer manufacturers, arguing they profit at the expense of farmers while enjoying the benefits of cheaper gas. A recent meeting of the Economic Coordination Committee (ECC) highlighted a difference in the intended purpose of providing natural gas to the fertilizer sector at subsidized rates. While the aim was to provide affordable fertilizer to farmers, the expected flow reduction effect has not materialized and market prices of fertilizers continue to rise. EKK members stressed the urgent revision of natural gas prices for the fertilizer sector, stressing the need for more equitable distribution of benefits to farmers. In

November 24, 2023

News Desk

Chinese giant BYD is eyeing investments in Pakistan’s electric vehicle sector

BYD is emerging as a formidable competitor to Tesla and is on track to overtake the latter as the world’s largest EV maker In this file photo taken on Oct. 17, 2022, Chinese automaker BYD’s electric BYD Seal berline is shown on the first day of the Paris Motor Show. — AFP BYD delegation on fact-finding visit to Pakistan, BoI says. Expresses interest in talks with government, local partners. BYD is on track to overtake Tesla as the largest EV maker. ISLAMABAD: Chinese electric vehicle (EV) maker BYD, which is a fierce competitor to Tesla, is considering investing in Pakistan’s

November 23, 2023

News Desk

The government levies a 40% tax on windfalls. Analysts say the move will hurt the banking sector

The decision comes as the government aims to broaden its revenue base and punish lenders for currency speculation A representational image of financial documents kept next to a pen and calculator. —Pixabay The government aims to widen its revenue base through new tax rules for banks. It also wants to punish lenders involved in currency speculation. Analysts predict the government’s new measure will further hurt banks. KARACHI: Banks will now have to pay 40% tax on windfall income from foreign exchange transactions in the past two years, according to rules issued by the caretaker government, The news reported on Thursday.

November 19, 2023

News Desk

Experts seek to renew the car sector

KARACHI: Auto industry analysts and experts have urged policymakers to quickly bring about a paradigm shift to uplift the industry in this trying period. They presented a series of proposals to strengthen the industry by formulating a consistent 10-year policy, activating the Pakistan Standards and Quality Assurance Authority (PSQA), reducing taxes as almost 40% of the price of vehicles consists of taxes, and encouraging small and medium enterprises (SMEs) to export. The Express Tribune reached out to industry mentors to get their views on boosting exports, localizing the industry and boosting the national economy. Pakistan Association of Auto Parts and

November 10, 2023

News Desk

The Punjab government exempts the IT sector from smog restrictions

Islamabad: The Punjab government has responded to the urgent appeal of the Pakistan Software Houses for IT & ITeS Association (P@SHA) by exempting the IT sector, including call centers and international IT centers, from the recent smog-related restrictions. In a move to mitigate the unintended consequences on various undertakings, the Government of Punjab, vide order NO.SO(G)/P&SHD/4-1/2023, has incorporated para 4(e)(1) to exempt call centers and international IT centers. The provision sets out exemptions for indoor businesses, which include a range of essential services. Excluded businesses include pharmacies, medical shops, medical facilities, vaccination centres, petrol pumps, oil depots, tandoors, bakeries, grocery

November 7, 2023

News Desk

Experts call for reforms in the energy sector

LAHORE: A panel discussion convened by the Lahore Economic Journalists Association (LEJA) titled “Rise in Electricity Tariffs – Impact on Consumer Affordability, DICOs Recoveries and Cyclical Debt” brought together experts who highlighted the urgent need to bring down the cost of power generation, revision of the tariff structure and strengthening of the efficiency of the distribution companies (DISCOs). The experts highlighted several key measures to address the ongoing challenges in Pakistan’s energy sector. Their suggestions included appointing more professionals within DISCOs, enhancing power generation from domestic resources and renewable energy sources, and separating non-electricity related financial charges such as taxes

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