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China’s central bank said on Thursday that it was looking into creating more structural tools to support innovation, domestic consumption and exporters, as it strives to help the Chinese economy ride out a period of heightened global uncertainty.Pan Gongsheng, governor of the People’s Bank of China (PBOC), also reiterated pledges to cut interest rates and the reserve requirement ratio (RRR) for commercial banks to boost economic growth during the meeting.Meanwhile, the bank will keep the yuan stable and manage financial risks amid the pressure being exerted by external tariffs, Pan added.“We will utilise a range of monetary policy tools, including…
ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) has ordered K-Electric to refrain from penalising paying customers by interrupting their electricity supply due to non-payment of others or illegal connections. Additionally, it has instructed K-Electric not to delay or discourage net-metering applicants based on claims of system weaknesses that need to be addressed. In two separate orders, Nepra expressed deep concern that KE was discouraging or delaying solar net-metering applications and instead asked the regulator to reconsider its explicit orders for timely connections. Nepra “views this as a deliberate attempt to avoid compliance with its instructions. Such behaviour is unacceptable,…
WASHINGTON: US President Donald Trump on Thursday threatened to impose 200 per cent tariffs on wine, champagne and other alcoholic beverages from European Union countries, in retaliation against the bloc’s planned levies on US-produced whiskey. Trump has launched trade wars against competitors and partners alike since taking office, wielding tariffs as a tool to pressure countries on commerce and other policy issues. His latest salvo was a response to the European Union’s unveiling of tariffs on $28 billion in US goods, starting in stages from April. The EU measures — including a sharp tariff hike on American whiskey — were…
ISLAMABAD: Amid worsening economic struggles confronting Pakistan, yuan-denominated financial instruments are likely to offer opportunities to the country to restructure its debt and drive green infrastructure initiatives. This was the crux of a high-level webinar, Panda Bonds: Mobilising Sustainable Investments for Pakistan’s Renewable Energy Future, on Thursday. It was organised by the Sustainable Development Policy Institute (SDPI). Leading financial experts, policymakers, and energy specialists underscored the strategic importance of Panda Bonds as a critical instrument to mobilise sustainable investments for financing the country’s renewable energy transition. Eraj Hashmi, the director of debt management at the finance ministry, outlined the government’s…
ISLAMABAD: Pakistan Software Houses Association (P@SHA) has sought a rational taxation regime to facilitate the growth of the information technology industry. In its budget proposals for 2025-26 on Thursday, the association demanded an end to the disparities in taxation between local salaried employees and the remote employees of the companies. The income tax for local employees ranges up to 35 per cent, whereas for remote workers, just 1pc. “This has led to talent migration and challenges for local companies in retaining skilled professionals,” the association maintained. The proposals forwarded by P@SHA Chairman Sajjad Mustafa Syed also asked the government to…
KARACHI: Sino Sindh Resources Pvt Ltd (SSRL) Chief Executive Officer Li Jigen has stated that the power generation cost from Block-1 of the Thar region is Rs5.52 per unit, significantly cheaper than the energy produced from hydro sources. This he said while speaking at a public hearing called by the Thar Coal and Energy Board (TCEB) on Thursday regarding the SSRL’s petition for the determination of the commercial operations date (COD) stage tariff for its 7.8 million tonnes per annum lignite mine located at Block-1 of Thar Coalfield. Various stakeholders, experts, and members of the public attended the hearing. TCEB…
• ECC slashes solar net-metering buyback rate by one-third, ends net billing• Under new framework, consumers to sell at Rs10, buy at Rs42-48 per unit ISLAMABAD: In yet another knee-jerk reaction to curb renewable energy growth through solar net metering amid high grid electricity costs, the government on Thursday reduced the buyback rate by one-third to Rs10 per unit and scrapped net billing. The decision, applicable to new net-metering consumers, was taken at a meeting of the Economic Coordination Committee (ECC) of the Cabinet, presided over by Finance Minister Muhammad Aurangzeb. Under the revised policy, power companies will purchase surplus…
WASHINGTON: The United States imposed sanctions on Thursday on Iran’s Oil Minister Mohsen Paknejad and some Hong Kong-flagged vessels that are part of a shadow fleet that helps disguise Iranian oil shipments, the Treasury Department said. President Donald Trump re-imposed a “maximum pressure” policy on Iran in February that includes efforts to drive its oil exports to zero in order to stop Tehran from obtaining a nuclear weapon and funding militant groups. Paknejad “oversees the export of tens of billions of dollars’ worth of Iranian oil and has allocated billions of dollars’ worth of oil to Iran’s armed forces for…
DOHA: Qatar began supplying Syria with gas via Jordan, state media in the gas-rich country reported Thursday, as Damascus’s new leadership seeks economic relief for the war-torn country long prone to power cuts. “Qatar has started today providing… natural gas supplies to the Syrian Arab Republic through the territories of the Hashemite Kingdom of Jordan,” the Qatar News Agency (QNA) reported. The new authorities in Damascus, who seized power from longtime ruler Bashar al-Assad in December, have sought to rebuild the country’s infrastructure and economy after almost 14 years of civil war. Citing a statement by the Qatar Fund for…
KARACHI: Trade Development Authority of Pakistan (TDAP) with the collaboration of the Consulate General of Pakistan at Hong Kong is organizing APLF 12-14 – Hong Kong March 2025. The Pakistan Pavilion inaugurated by the Honourable Consul General of Pakistan in Hong Kong, Riaz Ahmed Shaikh on 12th March 2025 along with Hamid Arshad Zahur, Chairman, PTA & other distinguished guests and participants exhibiting their products from Pakistan in APLF’25, Hong Kong. This year, 45 Pakistani exporters are participating in APLF 2025, 32 Pakistani exporters of finished leather and 13 leather garments/products/bags etc at Hong Kong displaying their products ranging from…