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• Reject ‘Take or Pay’ clause, say it benefits refineries at their expense• Move comes as fuel prices expected to see major cut this weekend• Under new rule, OMCs must buy assigned fuel quotas from refineries or pay penalties• Clause aimed at reducing imports, protecting local refining capacity ISLAMABAD: Indicating a substantial cut in prices of petroleum prices by this weekend, the oil marketing companies (OMCs) have opposed the forced signing of ‘Take or Pay’ agreements with local refineries, arguing that the clause would unfairly burden them with financial risks. The dispute comes amid reports that price of petrol could…
China’s securities association has published new draft guidelines that will penalise companies whose staff flaunt their wealth and privilege, as Beijing continues its drive to remould an industry once known for its lavish lifestyle.In the proposed revisions to its rules, the Securities Association of China has added tougher points deductions for firms that “offer questionable pay incentives”, or whose staff “flaunt wealth” and indulge in “excessive luxury”, Chinese financial media outlet Cailian Press reported on Friday.The revised guidelines are currently open for industry feedback. If passed, they will affect the way the association assesses securities’ firms corporate culture, with each…
More than two years after China’s stringent Covid-19 lockdowns triggered an exodus of international businesses and expatriates, the country’s high-end property market continues to suffer from falling rents, with analysts warning the downturn could persist for some time amid declining home prices.The average rent for flats in Beijing’s central business district, home to more than 118 multinational companies, declined as much as 17 per cent year on year in February to 11,385 yuan (US$1,750) per square metre, according to data compiled by Beike, a real estate services provider owned by KE Holdings.Rents in neighbouring Dawanglu, as well as those in…
PESHAWAR: Members of the business community urged the government and the State Bank to bring down the interest rate to single digit for economic growth and prosperity. According to government statistics, Pakistan’s inflation rate has reached a nine-year low, currently sitting at 2.4% in February 2025 and 2.8% in January 2025 despite that the policy rate remains high at 12%, reflecting a significant 1050 basis points premium above core inflation, the traders said. Businessmen said prices of oil products maintained in the global market, and importantly, power division, and the government of Pakistan has also recommended bringing down energy prices,…
PESHAWAR: Pak-Afghan traders urged Islamabad and Kabul to sort out peaceful solution to all issues by holding table talks to immediately restore bilateral trade. Traders said owing to the closure of the border for many days, traders on both sides of the border had incurred financial loss, worth billions of dollars. Pak-Afghan business community asserted business should be separated from politics to ensure trade growth. They expressed these views during an online conference/ webinar jointly organised by SCCI and Pak-Afghan Joint Chambers of Commerce and Industry (PAJCCI) on border trade closure and other traders’ issues. During the last 17 to…
ISLAMABAD: Local and international firms in oil and gas exploration and production (E&P) sector have expressed strong interest in investing over $5 billion in the country’s energy sector in the next three years. This surge in investor confidence is attributed to recent amendments in the Petroleum Policy and the introduction of an exclusive Tight Gas Policy, offering enhanced incentives and a more investor-friendly regulatory framework. These strategic reforms are set to unlock new opportunities, bolster domestic energy production, and attract significant foreign and local investment. According to official documents, during the last one year, the revision of gas prices has…
HYDERABAD: The President Hyderabad Chamber of Small Traders & Small Industry (HCSTSI), Muhammad Saleem Memon, has praised the government’s initiatives to promote cryptocurrency and blockchain technology, stating that this decision could prove to be a revolutionary step for the country’s economy. The appointment of Bilal Bin Saqib as the Chief Advisor to the Finance Minister for the Pakistan Crypto Council reflects the government’s serious efforts to transition towards a digital economy. Embracing modern technology and integrating it into the national economy is the need of the hour, and these measures have the potential to reshape Pakistan’s business landscape in the…
ISLAMABAD: Advisor to Finance Minister, Khurram Schehzad said here n Sunday that country’s economy has successfully been prevented from bankruptcy and steered in the right direction to sustainable growth as indicated by various economic indicators. The advisor, in an exclusive interview with APP, highlighted positive developments of several economic indicators and the success of key reforms introduced by the incumbent government to put the country on growth path. The advisor noted that inflation has decreased significantly, with the overall inflation rate previously reaching a historic high of 38%. The food inflation rate had also surged to 49%. He said, owing…
Our president, Donald Trump , tells us that “what we are doing is big,” so there might be economic consequences to come that we don’t like. But he can’t change the plan, whatever the heck the plan is. Our Treasury secretary, Scott Bessent, comes on CNBC and tells us that the economy has to detox from public spending. It’s been detoxed. There’s no new money coming from Washington, and we don’t expect it. We are waiting for the clawbacks — both legal and illegal — to begin. Our Commerce secretary, Howard Lutnick, tells us to worry about tariffs, then not…
Sitting in his lavish living room in Almaty, Kenges Rakishev – one of the wealthiest men in Kazakhstan – gets excited about electric vehicles (EVs), saying he drives a Zeekr and his father-in-law owns a Hongqi.The two Chinese auto brands are just a small part of his automotive menagerie, but the chairman of the Fincraft Group – with businesses in oil and gas, metals mining and processing – plans to add more to his collection.The 45-year-old just visited China in February, where he had the opportunity to check out Xiaomi’s newest EV.The investor and entrepreneur has been branching out into…