ISLAMABAD: With the imminent entry of private-sector investors in the gas market, the government will restructure public utilities by ending the fixed asset return formula to run them on a commercial basis. The government has already increased the allocation of gas from 10% to 35% to the private sector from the new gas fields. So far, only two state-owned gas utilities have been functioning, but the entry of private-sector suppliers will spark competition in the gas market. The Oil and Gas Regulatory Authority (Ogra) has conducted hearings to grant licences…
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PSX jumps 1,200 points on IMF loan hopes
KARACHI: The Pakistan Stock Exchange (PSX) opened the week on a strong note as bullish sentiment dominated trading throughout the session. Investor confidence was buoyed by expectations that the International Monetary Fund (IMF) Executive Board would approve the long-awaited $1 billion disbursement for Pakistan later in the day. The benchmark KSE-100 index touched the day’s peak at 168,755 and the low at 167,386, ultimately settling at 168,303, up 1,218 points, or 0.73%. The rally reflected optimism across key sectors, particularly cement, banking, fertiliser and energy. The anticipated IMF’s approval reduced…
Read More80% of Pakistan lacks safe drinking water, ADB warns
ISLAMABAD: Pakistan’s lifeline – the Indus Basin Water System – is facing mounting threats from upstream water controls and deep-rooted infrastructure challenges, while over 80% of the population lacks access to safe drinking water, leading to widespread waterborne diseases, according to a new report by the Asian Development Bank (ADB). The Asian Water Development Outlook report says Pakistan remains a severely water-stressed country, with per capita water availability standing 35% below the international benchmark due to rapid population growth. The report, which assessed 50 Asian countries, evaluated performance across rural,…
Read MoreGold surges tracking global market gains
KARACHI: Gold prices in Pakistan increased on Monday, mirroring gains in the international market as investors awaited the US Federal Reserve’s policy meeting. Expectations of an interest rate cut kept the dollar subdued, helping drive bullion demand. Domestically, gold per tola rose by Rs1,600 to Rs443,762, while the 10-gram rate reached Rs380,454, up Rs1,372, according to the All Pakistan Sarafa Gems and Jewellers Association (APGJSA). The uptick follows a recent dip, when gold fell to Rs442,162 on Saturday. Internationally, spot gold gained 0.4% to $4,214.41 per ounce, while US gold…
Read MoreLHC expands kite-flying case, adds WCLA DG
LAHORE: The Lahore High Court (LHC) on Monday directed that the Director General of the Walled City of Lahore Authority (WCLA) be made a necessary respondent in a petition challenging the Kite-Flying Ordinance 2025. Justice Muhammad Awais Khalid, while hearing the case, noted that proposals for reviving Basant had originally been initiated by the WCLA chief. “Fundamentally, the DG Walled City must be made a respondent,” the judge remarked. The petitioner’s counsel argued that the matter involves urgent concerns of public safety and should be adjudicated without delay. The court…
Read MoreGohar urges NA speaker to calm tempers
ISLAMABAD: PTI Chairman Barrister Gohar on Monday urged National Assembly Speaker Sardar Ayaz Sadiq to actively intervene to reduce political tension, warning that confrontation with state institutions could push the country towards instability. During the NA session chaired by Speaker Ayaz Sadiq, Barrister Gohar said the country could not afford further chaos and stressed that any escalation against institutions would be dangerous. He requested the speaker to play a role in resolving the leadership issue concerning the opposition leader and broader political tensions. Responding to the appeal, the NA speaker…
Read MoreOpp slams labeling politicians as ‘security threat’
LAHORE: The opposition in Punjab Assembly has criticised the labelling as “security threat” of most popular leaders of Pakistan in the past and Pakistan Tehreek-e-Insaf’s (PTI) founding chairman Imran Khan currently. Opposition Leader Moeen Riaz Qureshi said the blame for poor governance by the current administration was unfairly shifting onto state institutions. “Separate the army from politics. People end up blaming the military,” he said. Addressing the assembly, the opposition leader accused the government of pushing a major political party “against the wall” and creating conditions that could plunge the…
Read MoreKarachi University declares Justice Tariq’s degree invalid
The Higher Education Commission (HEC) has submitted its report to the Islamabad High Court in the degree controversy involving Justice Tariq Mehmood Jahangiri, with Karachi University’s detailed response attached to the record. According to the HEC report, the commission has no role in the administrative affairs of universities and the ongoing petition is entirely an internal matter of the university. It stated that universities and their authorised bodies are solely responsible for issuing degrees, and the HEC has no involvement in this process. The commission informed the court that Justice…
Read MoreIMF approves $1.3 billion loan
ISLAMABAD: The International Monetary Fund (IMF) board on Monday approved a $1.3 billion loan by granting waivers against missing a few core conditions and securing a fresh commitment from Pakistan to introduce new tax measures to offset the impact of a huge revenue shortfall. In order to win the IMF board meeting date, the Pakistani authorities had agreed to fulfil two prior actions, a guarantee to issue an order to restructure an undercapitalised bank and publish the Governance and Corruption Diagnostic Assessment report – the latter hit on its political…
Read MoreTrump’s Pentagon chief under fire as scandals mount
WASHINGTON: US Defence Secretary Pete Hegseth is under mounting pressure from scandals surrounding strikes on alleged drug boats and his use of Signal to discuss sensitive military information, sparking growing criticism and calls for him to quit. Hegseth — a former Army National Guard major who went from Fox News co-host to leader of the world’s most powerful military — is no stranger to controversy and was only narrowly confirmed by the Senate earlier this year. The strikes on alleged narcotics smugglers — especially an incident in which survivors of an initial attack…
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