ISLAMABAD: The federal cabinet has rejected a plan to boost profit margins for oil marketers and dealers, tying any increase to the full digitisation of the country’s fuel supply chain in a push to curb smuggling and revenue losses.
Economy
Pakistan in talks to swap Saudi loans for JF-17 jets, report
ISLAMABAD: Pakistan and Saudi Arabia are negotiating to convert roughly $2 billion in Saudi loans into a deal for JF-17 fighter jets, according to two Pakistani sources with knowledge of the matter, a move that would further cement military ties between the allies just months after they sealed a mutual defence pact, Reuter reported on Wednesday.
PIA groundings, spare parts mismanagement cost carrier Rs33 billion, audit shows
ISLAMABAD: Pakistan International Airlines Corp. suffered losses totaling about Rs22 billion from prolonged aircraft groundings, according to audit officials who briefed lawmakers this week on a litany of financial and operational missteps at the struggling carrier.
Dubai developer Damac courts Pakistan with blockchain, AI and tokenization expertise
ISLAMABAD: A delegation from Dubai’s Damac Group pitched technical know-how in tokenising real-world assets, blockchain platforms and artificial intelligence to the government, as the South Asian nation pushes ahead with digital reforms to lure foreign investment.
Defence Minister Asif says arms exports tested in India conflict could cut reliance on IMF bailouts
ISLAMABAD: Defence minister Khawaja Asif said on Tuesday that a surge in orders for the country’s fighter jets, spurred by its military performance in a brief but intense conflict with India last year, could soon make international bailouts unnecessary, potentially allowing Islamabad to break free from its longstanding dependence on the International Monetary Fund.
Govt freezes gas prices for six months to shield consumers from winter costs
ISLAMABAD: Pakistan’s government will hold natural gas prices steady for the next six months, delivering a reprieve to households and industries battered by soaring energy costs, even as the sector’s circular debt balloons to more than Rs3 trillion.
UBL overtakes OGDC as Pakistan’s most valuable listed firm at $4.6 billion
KARACHI: United Bank Ltd. has vaulted to the top spot among Pakistan’s listed companies, with its market capitalisation swelling to Rs1.28 trillion ($4.6 billion) on Tuesday, eclipsing longtime leader Oil & Gas Development Co.
Pakistan’s central govt debt falls in July–Nov as currency gains offset domestic rise
ISLAMABAD: Pakistan’s central government debt declined in the first five months of the fiscal year as a stronger rupee and debt repayments helped ease the burden of foreign borrowings, even as domestic obligations ticked higher amid controlled spending.
Pakistan’s services exports surge 17 percent on tech boom, outpacing goods shipments
ISLAMABAD: Pakistan’s exports of services jumped 16.77% in the first five months of the fiscal year, propelled by a sharp rise in information technology shipments that helped the sector buck the uneven performance seen in commodity sales.
Pakistan grants Bangladesh carrier Karachi flight rights amid thawing ties
ISLAMABAD: Pakistan has given Bangladesh’s national airline permission to start flights between Dhaka and Karachi, marking a fresh step in rebuilding relations between the two nations more than five decades after their bitter split.