KARACHI: Pakistan has won a four-year extension to export seafood to the United States, strengthening its $465 million industry, Maritime Affairs Minister Muhammad Junaid Anwar Chaudhry said on Saturday.
Commodities
ECC approves Rs40bln plan to wind down loss-making Utility Stores Corp
The Economic Coordination Committee (ECC) of the cabinet on Thursday greenlit a roughly Rs40 billion plan to wind down the state-run Utility Stores Corporation (USC), a once-profitable retailer that has haemorrhaged funds for over a decade.
Pakistan faces flood risks as inflation holds at 4-5 percent, fiscal gains strengthen
ISLAMABAD: Pakistan’s economy, with August inflation projected at 4-5% and support from a narrowing fiscal deficit and strong revenue growth, faces rising risks from flood damage that could disrupt food supplies, strain fiscal resources and threaten agricultural growth targets, the Finance Division said in its monthly outlook on Thursday.
ECC approves gas surcharge relief, funds for flood-hit Gilgit-Baltistan
ISLAMABAD: The Economic Coordination Committee of the cabinet approved a bailout for the state broadcaster, a plan to recover overdue petroleum levies from a refinery and a mechanism to use gas surcharges to cut electricity tariffs for all consumers
TCP secures initial 30,000 tons of sugar in global tender
ISLAMABAD: Pakistan’s state-owned Trading Corporation of Pakistan (TCP) has acquired an initial 30,000 metric tons of white sugar through an international tender that closed last week, Reuters reported on Tuesday, as the South Asian nation grapples with surging domestic sugar prices.
Reko Diq secures $410 million ADB financing
ISLAMABAD: The Asian Development Bank has committed $410 million to propel Pakistan’s Reko Diq copper mine, one of the world’s largest untapped deposits, toward production, Reuters reported on Thursday.
TCP gets $560/ton sugar bid in 200,000-ton import tender
KARACHI: State-run grains agency Trading Corporation of Pakistan (TCP) received the lowest offer at $560 a metric ton, cost and freight included, in its international tender to buy 200,000 metric tons of white refined sugar, traders said on Thursday.
Pakistan locks in 85,000 tons of sugar imports from Azerbaijan’s SOCAR to ease price surge
ISLAMABAD: Pakistan has secured Letters of Credit through Azerbaijan’s state-owned SOCAR for the import of 85,000 metric tons of sugar, a move designed to avert shortages and rein in retail prices that have soared past 200 rupees per kilogram.
Diesel drops Rs12.84, petrol unchanged
KARACHI: The government slashed the price of high-speed diesel by Rs12.84 per liter, or 4.5%, while holding petrol steady for the fortnight through August 31, responding to shifts in international oil prices.
Pakistan to roll out real-time digital tracking of petroleum to curb Rs500bn smuggling
ISLAMABAD: Pakistan will roll out real-time digital tracking of every litre of petroleum products within a month, a landmark reform to stem smuggling, theft, misappropriation, and adulteration that cost the economy up to Rs500 billion annually, Dawn newspaper reported on Friday.