OPEC+ Delays Planned Oil Output Increase Amid Falling Prices and Economic Concerns OPEC+, the alliance of the Organisation of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, has agreed to delay a planned oil output increase for October and November 2024. This decision comes after crude prices fell to their lowest in nine months, with further pauses …

Cement Sales Plummet by 27.54% in August Due to Tax Increases and Monsoon Slowdown The local cement industry experienced a sharp decline in sales in August 2024, with local cement sales plunging by 27.54% year-on-year to 2.752 million tonnes. The decrease was driven by a combination of tax-driven price increases and a slowdown in construction activities during the monsoon season. …

Multan District Administration Lowers Transport Fares Amidst Fuel Price Cut In response to a recent decrease in petroleum prices, the district administration of Multan has announced a 2% reduction in commercial fares for both passenger and goods transport services. This initiative aims to provide financial relief to citizens amid fluctuating fuel costs. Regional Transport Authority (RTA) Secretary Mohsin Nisar stated, …

Merchandise Exports Show Strong Growth in August Pakistan’s merchandise exports increased nearly 16% to $2.74 billion in August 2024, compared to $2.36 billion in the same month last year, according to data released by the Pakistan Bureau of Statistics (PBS) on Tuesday. The growth momentum picked up in August due to improved international orders and exchange rate stability. On a …

Market Overview: Positive Close Amid Volatility The Pakistan Stock Exchange (PSX) managed to close in the green on Tuesday, overcoming a volatile trading session. The positive close was primarily driven by expectations of a third consecutive interest rate cut by the State Bank of Pakistan (SBP) in its upcoming Monetary Policy Committee meeting scheduled for September 12. Ahsan Mehanti, an …

KCCI Calls for Urgent NEPRA Hearing on K-Electric Issues The Karachi Chamber of Commerce and Industry (KCCI) has called on the National Electric Power Regulatory Authority (NEPRA) to urgently convene a hearing with all relevant stakeholders to address pressing issues related to K-Electric (KE) that are significantly impacting both industrial and domestic consumers in Karachi. In a letter addressed to …

Lahore’s Traffic Congestion: A Major Factor in Worsening Smog The Punjab Traffic Impact and Pollution Authority (TIPA) has identified 65 critical traffic choke points in Lahore that are significantly contributing to the city’s smog problem. The report highlights how traffic congestion in these areas is leading to increased air pollution, exacerbating Lahore’s environmental crisis. Key Areas of Concern: Nasir Bagh …

Apple to Exclusively Use OLED Displays Starting in 2025 According to Nikkei, Apple plans to transition entirely to organic light-emitting diode (OLED) displays for all iPhone models starting in 2025, moving away from liquid crystal displays (LCDs). Consequently, this shift will mark a significant change in the iPhone lineup and will exclude Japanese companies Sharp Corp and Japan Display from …

US Dollar Gains Against Pakistani Rupee in Interbank Market On Tuesday, the US dollar appreciated by six paisas against the Pakistani rupee, reaching Rs278.70 in interbank trading. This marginal gain reflects ongoing volatility in the currency market as Pakistan navigates a complex economic landscape. Improved Economic Indicators Highlight Positive Shift The Ministry of Finance has released its latest monthly economic …

PTA Receives Proposals for 5G Spectrum Auction Despite Industry Concerns Five international consultants have submitted proposals to the Pakistan Telecommunication Authority (PTA) to oversee the 5G spectrum auction, anticipated to be completed within the ongoing fiscal year. However, there are concerns within the industry about whether this is the right time to roll out 5G technology in the country. In …