KARACHI: As per the directive of Prime Minister Shahbaz Sharif, the shipping companies/agents have started opening their offices from July 20 2024 and these offices shall remain open from Monday to Saturday. During the PM’s recent visit to the Karachi Port Trust (KPT), trade bodies raised the issue of delay in the issuance of delivery orders due to the closure of shipping companies’ offices on Saturdays and Sundays. According to a KPT press release, the trade bodies including Customs Clearing Agents have highly appreciated the above decision and its implementation, resulting in substantial cost saving taking place due to delay and detention…
Author: Hasnain Abid Khanzada
KARACHI: Trade and industry leaders frustrated by the high capacity payments to independent power producers (IPPs) have asked the government to review the power purchase agreements and demanded a reduced electricity tariff of 9 cents per unit for industry survival. Korangi Association of Trade and Industry (Kati) President Johar Ali Qandhari and other office-bearers and former presidents told a press conference at the Kati office on Saturday that “the IPPs are receiving more money than the nation’s defence budget. The interests of the 240 million people of Pakistan should take precedence over the interests of the 40 families running these IPPs.” The…
ISLAMABAD: The Oil Marketing Association of Pakistan (Omap) has written to the prime minister requesting the release of Rs26 billion to compensate for the industry’s loss due to deficiencies in the current foreign exchange gain/loss recovery mechanism. The Omap has said that the matter had already been brought to the notice of the PM’s Office, and it was a matter of concern that has been pending for a considerable time. The letter highlighted that the industry has accumulated significant unrecovered exchange losses amounting to Rs26bn due to deficiencies in the current foreign exchange gain/loss recovery mechanism. “Despite acknowledging these flaws and recognising…
ISLAMABAD: Prime Minister Shehbaz Sharif on Saturday directed the authorities to expedite the process of implementing the agreements and memoranda of understanding (MoUs) made with the Chinese government and Chinese companies, saying that any further delay would not be tolerated. “China is a time-tested friend of Pakistan who helped Pakistan in every hour of need, said Mr Shehbaz while chairing a review meeting regarding Pak-China cooperation at the PM House. The prime minister pointed out that the transfer of the Chinese industry to Pakistan would help improve the country’s overall economy, increase Pakistan’s exports, and create new employment opportunities. During the meeting,…
KARACHI: The current fiscal year’s tax-laden budget and the Supreme Court’s ruling on reserved seats have shifted the focus of politics on the economy, casting doubts over the country’s ability to meet the new IMF conditions for a $7 billion loan. Analysts indicate that the government is seeking China’s help to restructure its substantial $28bn debt. However, sources suggest China is unlikely to restructure these loans, fearing that other nations, like Sri Lanka, may also seek debt re-profiling from Beijing. “This is crucial to determine if the government can meet the conditions for a $7bn IMF loan agreement. Nonetheless, I am confident the government will…
WASHINGTON: Congresswoman Sheila Jackson Lee, known for her unwavering support of Pakistan, has passed away at the age of 74. Her chief of staff, Lillie Conley, confirmed that Jackson Lee, who had been battling pancreatic cancer, died in Houston on Friday night with her family by her side. Jackson Lee, a lifelong Democrat and advocate for progressive causes, was a formidable presence in the US Congress. As the founder and co-chair of the Pakistan Caucus, she championed Pakistan’s role as a crucial ally in the global war on terror. PM Shehbaz says Sheila Jackson was a champion for stronger Pak-US…
PARIS: Planes were gradually taking off again on Saturday after global airlines, banks and media were thrown into turmoil by one of the biggest IT crashes in recent years, caused by an update to an antivirus program. Passenger crowds had swelled at airports on Friday as dozens of flights were cancelled after an update to a program operating on Microsoft Windows crashed systems worldwide. By Saturday, officials said the situation had returned virtually to normal in airports across Germany and France, as Paris prepared to welcome millions for the Olympic Games starting on Friday. Multiple US airlines and airports across Asia said they had resumed operations,…
LONDON: Three police officers were injured and one man was arrested on Friday in the latest anti-immigration protests at a site earmarked for housing asylum seekers in Dublin, authorities said. It was the latest in a series of clashes at the site in a deprived northern suburb of the Irish capital over the past week. Police said a planned public gathering at the site on Friday initially “passed off peacefully” before turning into an “incident of public disorder”. A fire broke out at the building site, with police subjected to “both verbal and physical abuse including rocks, concrete bricks and…
BEIJING: A bridge collapse caused by torrential rains in northern China killed 12 people and left more than 30 missing, state media said on Saturday. Large parts of northern and central China have been battered in recent days by rains that have caused flooding and significant damage. The bridge in the northwestern Shaanxi province buckled “due to a sudden downpour and flash floods” on Friday night, according to state news agency Xinhua. All 12 victims in the city of Shangluo were found inside five vehicles that were recovered from the river below the bridge, Xinhua said. At least 31 people remained missing and…
UNITED NATIONS: Pakistan stands for boosting cooperation between the United Nations and regional and sub-regional organisations in maintaining world peace and security, a top Pakistani diplomat has said, while also stressing that no state should be allowed to dominate regional organisations. “We must strive for a collective vision that benefits all,” Ambassador Munir Akram told the UN Security Council which held a debate on Friday under the chairmanship of Russia, the 15-nation body’s president for July. In this regard, the Pakistani envoy underscored that the particular national interests of member states do not hinder regional integration. “The quest for regional…
