ISLAMABAD: The United Arab Emirates said on Tuesday it will withdraw from OPEC and the broader OPEC+ alliance, effective May 1, removing the cartel’s third-largest producer and one of its few members with significant spare capacity at a moment when the US-Israeli war with Iran has already triggered a historic energy shock and disrupted global oil flows.
Economy
PIA fully privatised as Arif Habib consortium pays up for final 25 percent stake
ISLAMABAD: The Arif Habib-led consortium has acquired the remaining 25% stake in Pakistan International Airlines from the government, taking private ownership of the national carrier to 100% and clearing the way for a complete operational overhaul.
Nepra scraps solar licensing fee for small rooftop systems after public backlash
ISLAMABAD: The National Electric Power Regulatory Authority withdrew on Tuesday the licensing requirement and associated fee for rooftop solar systems up to 25 kilowatts, reversing a policy that had triggered widespread criticism of the government for imposing what critics called a “tax on sunlight.”
Pakistan sees 4 percent growth, lines up first Panda bond after Saudi inflows
ISLAMABAD: Pakistan’s economy is on track to expand about 4% in the current fiscal year, Finance Minister Muhammad Aurangzeb said Tuesday, as the government prepares to issue its first $250 million Panda bond in China’s domestic market in May and shifts toward commercial borrowing after a fresh Saudi deposit.
Pakistan secures $18.40/mmBtu LNG cargo from TotalEnergies to bridge supply gap amid Hormuz disruptions
ISLAMABAD: Pakistan has booked a liquefied natural gas cargo from France’s TotalEnergies SE at $18.40 per million British thermal units, a purchase intended to plug a looming supply shortfall for roughly a month, a petroleum ministry official said Monday.
Pakistan fuel suppliers seek prolonged CIF waiver to safeguard supply chains as Gulf shipping crisis lingers
ISLAMABAD: Pakistan’s oil refiners and marketers have asked the State Bank of Pakistan to extend by two months, or until market conditions stabilize, a temporary permission to import petroleum products on a cost-insurance-and-freight (CIF) basis, under which buyers shoulder the full responsibility for import costs and final delivery once cargoes reach the destination port.
Pakistan’s virtual assets regulator requires prior approval for all crypto deals, pilots
ISLAMABAD: Pakistan’s virtual assets regulator warned financial institutions on Monday that any agreement, memorandum of understanding or pilot program involving virtual assets — including stablecoins used for remittances and cross-border payments — requires its explicit prior authorisation.
ECC signals easing inflation pressures, approves Rs5.985 billion to clear PIA dues
ISLAMABAD: The Economic Coordination Committee of the cabinet said on Monday that price increases for essential commodities have slowed after a temporary acceleration, as the government’s top economic panel also approved fresh funding to help clear remaining liabilities at the national airline days before its full handover to private owners.
SBP raises rates 100 basis points in first hike in nearly three years as Middle East conflict fuels inflation risks
KARACHI: Pakistan’s central bank lifted its key policy rate by 100 basis points to 11.5% on Monday, delivering its first increase in almost three years as the prolonged Middle East conflict drives up global energy prices and threatens to push inflation higher in the import-dependent economy.
Pakistan opens six overland routes for Iran-bound cargo as 3,000 containers pile up at Karachi
ISLAMABAD: Pakistan has designated six specific overland routes for the transit of goods bound for Iran, clearing the way for thousands of containers that have been stuck at its ports as Tehran’s maritime access remains curtailed under the US-Iran ceasefire.