ISLAMABAD: Riyadh Air, the Saudi Arabian national carrier launched under the Kingdom’s Vision 2030 economic program, began commercial service to Pakistan on Friday, landing its inaugural flight in Islamabad as the airline works toward a goal of serving more than 100 destinations by 2030.
Economy
Khyber Pakhtunkhwa rejects federal bid to withhold Rs6.4 billion from transfers
Pakistan’s Khyber Pakhtunkhwa province has refused to accept a federal government plan to deduct 6.4 billion rupees from its share of monthly revenue transfers, deepening a fiscal standoff between Islamabad and one of its four provinces over control of constitutionally mandated funds.
Pakistan raises fuel dealer margins by Rs1.34/liter, averting nationwide strike
The Economic Coordination Committee of the cabinet approved an increase in the margins earned by petroleum dealers on Friday, defusing a threatened nationwide strike that would have shut fuel pumps across the country starting Saturday.
Pakistan’s fiscal deficit shrinks to 23-year low on fuel levy, provincial surplus
KARACHI: Pakistan’s fiscal deficit narrowed to the smallest in more than two decades in the year through June, as record fuel levy collections, a surge in cash transfers from provincial governments and a sharp drop in debt-servicing costs offset a shortfall in tax revenue and rising civilian administrative costs.
Pakistan fuel prices climb again as dealers’ talks with govt collapse, strike set for Saturday
ISLAMABAD: Pakistan’s petroleum dealers said talks with the government aimed at averting a nationwide strike had collapsed, setting the stage for a threatened shutdown of fuel pumps from Saturday, even as retail prices rose for a second consecutive day.
Power firms seek Rs33.8 billion from consumers as solar shift drives up capacity cost
ISLAMABAD: Pakistan’s state-run power distribution companies are seeking to pass roughly 33.8 billion rupees in additional costs onto consumers, as households and factories increasingly defect to rooftop solar and leave utilities stuck paying for power plants that are barely running.
US State Department faults Pakistan on military budget secrecy, debt disclosure
ISLAMABAD: Pakistan needs to open its military and intelligence budgets to civilian scrutiny and disclose more about its state debt, the US State Department said, placing the South Asian nation among dozens of governments that fell short of Washington’s fiscal transparency benchmarks even as it eyes fresh support from the International Monetary Fund.
Pakistan cuts petrol price, raises diesel as Middle East volatility persists
ISLAMABAD: Pakistan lowered the retail price of petrol for a fourth consecutive day while raising the cost of diesel, as the government’s shift to daily fuel pricing continues to expose consumers to the swings of a global oil market unsettled by conflict in the Middle East.
Pakistan car sales nearly double from year ago in July
KARACHI: Pakistan’s automobile industry opened its new fiscal year with the strongest July on record, as sales nearly doubled from a year earlier on the back of new market entrants, fresh product launches and easier access to auto financing.
Qatari LNG cargo reaches Pakistan after Iran grants safe Hormuz passage
KARACHI: A liquefied natural gas tanker chartered by QatarEnergy docked in Pakistan on Monday, capping a three-week ordeal that saw the vessel idle in the Persian Gulf, get turned back once from the Strait of Hormuz, and ultimately require direct intervention from Islamabad to reach port.