Latest news with #Sui
Express Tribune
10 hours ago
- Business
- Express Tribune
Fixed gas charges jacked up by 50%
Listen to article The government on Friday increased the fixed charges on gas bills by 50% and also jacked up gas tariffs for non-residential consumers but deferred a decision on import of up to 500,000 metric tons of sugar due to a disagreement over huge subsidies. The Economic Coordination Committee (ECC) of the cabinet, which took the decisions, also approved Rs2.6 trillion in supplementary grants for repayments of the domestic and foreign debts in the current fiscal year, ending on Monday. The ECC's meeting, which was held just three days before the start of the new fiscal year, underscores challenges that the Finance Ministry will keep facing in the new fiscal year 2025-26 due to competing demands for unallocated subsidies. "The ECC proposed adjustments in energy sector tariffs and decided to maintain gas prices to protect household consumers with only fixed charges re-adjusted in the domestic sector to recover the asset costs", according to a statement issued by the Finance Ministry after the ECC meeting. It added that the ECC allowed the price of gas for bulk consumers, power plants operating on natural gas and industry to be increased by an average value of around 10%. However, where the ECC did not change gas prices for residential consumers it significantly increased the fixed charges on the residential consumers by 50%. For the protected category of domestic consumers the fixed charges were increased by Rs200 to Rs600. In the non-protected category, for monthly consumption of up to 1.5 hm3, the fixed charges were increased from Rs1,000 to Rs1,500. Likewise, the fixed charges for consumption of over 2 hm3 were increased from Rs2,000 to Rs3,000. The prices were changed to meet a condition of the International Monetary Fund to biannually adjust the gas prices. The Oil & Gas Regulatory Authority last month determined the Estimated Revenue Requirements (ERR) for FY 2025-26 for both SNGPL and SSGCL. According to the determinations, SNGPL requires revenues of Rs534.5 billion and SSGCL requires revenues of Rs354.2 billion to sail through the FY 2025-26 respectively. The cumulative revenue requirements of both the Sui companies are Rs888.6 billion for the FY 2025-26. The law mandates the federal government to ensure that the consumer gas sale prices should not be less than the revenue requirement determined by the Authority. At the current notified consumer gas sale prices effective February 01, 2025 the estimated revenues of both Sui companies by end FY 2025-26 are Rs847.714 billion. The ECC approved to increase the gas prices for bulk consumers by 9% to Rs3160 per mmbtu. It jacked up the rates for power plants by 17% to Rs1230 and 7% for the industrial gas connections to Rs2300 per mmbtu. Some of the members of the ECC criticized giving guaranteed 24% return on assets to Sui companies, which discourage efforts to improve efficiency by reducing line losses. Sugar Import The ECC could not take a decision on a proposal of up to 500,000 sugar imports to meet the local shortage in future, caused by the export of 765,000 metric tons sugar by the government of Prime Minister Shehbaz Sharif. The ECC was told that inclusive of all taxes and duties, the imported sugar would cost Rs245 per kg, which is even higher than Rs190 local price. A member of the ECC said that the government has to give Rs85 per kg subsidy, which would require Rs42.5 billion supplementary grant in the next fiscal year. However, during the meeting the Secretary Finance said that he would neither provide subsidies nor he would seek the permission of the IMF for allowing such subsidies or waive off the taxes and duties at the import stage. Without duty and taxes, the import price at the port is Rs153 per kg. Deputy Prime Minister Ishaq Dar led committee has determined the need for the import of 750,000 metric tons of sugar due to anticipated shortages in the month of October and onwards. The ECC members urged to free the sugar market and maintain only strategic reserves of about 500,000 metric tons. An official handout of the Finance Ministry stated that the ECC considered a proposal brought on by the Ministry of National Food Security and Research for import of sugar to stabilize the sugar prices. The ECC approved the proposal of the Ministry for constitution of a 10-member steering committee led by Federal Minister for MNFSR and including Federal Minister for Commerce, SAPM to Ministry of Foreign Affairs, Secretary Finance Division, Chairman FBR and others to come back to the ECC with their recommendations on the matter, it added. Banks' subsidies The Finance Ministry stated that the ECC also discussed a summary by the Finance Division regarding changes in the home remittances incentive schemes. It said that the ECC tasked the State Bank of Pakistan and the Finance Division to propose and present a proper plan by 31st July to ECC, ensuring impact analysis and a roadmap for a properly-managed transition. The ECC was informed that the banks have demanded Rs200 billion claims on account of subsidies under the Pakistan Remittances Initiatives. The Finance Ministry has already discontinued the subsidy for the next fiscal year. The central bank representative told the ECC that the SBP cannot give any subsidy due to restrictions imposed by the IMF. Some of the members of the ECC objected to giving up to Rs6 per dollar subsidy, which was not benefiting the remitters and instead the money was going in the pockets of the commercial banks and the exchange companies. They urged instead to facilitate the manufacturing sector. Other decisions The ECC approved another Rs15.8 billion supplementary grant for the Ministry of Defence to cover the shortfall in admissible pay and allowances, in employees-related and non-employees related expenditures and clear the outstanding dues as part of the PM's Package for the martyrs of the recent Pak-India war. It approved another Rs5.5 billion supplementary grant for Strategic Plans Divisions as rupee cover for Pakistan Space & Upper Atmosphere Research Commission (SUPARCO) during CFY 2024-25. The Cabinet body also considered a summary by the Finance Division for the launch of a risk coverage scheme for small farmers and under-served areas, and accorded in-principle approval to the proposal with instructions for further fine-tuning and incorporating in it additional safeguards before its planned launch on 14th August 2025. The ECC was told that the scheme would likely bring 750,000 new agricultural borrowers into the formal financial system and generate an incremental credit portfolio of Rs300 billion during its disbursement tenure of 3 years from FY 26 to FY 28. The budgetary requirement for meeting risk coverage and operational cost of the banks is estimated to be Rs37.5 billion, spread over five years.
Business Recorder
13 hours ago
- Business
- Business Recorder
Ministries oppose gas price increase
ISLAMABAD: The gas price increase has been opposed in its current form by several line ministries, citing concerns that it will disproportionately impact the industrial sector, lead to higher electricity prices, and result in cross-subsidization of the fertiliser industry at the expense of other industries. The concerns raised by ministries representing various sectors have also been made part of the summary which came under consideration of the Economic Coordination Committee (ECC) of the Cabinet. The Power Division stated that the proposed hike in gas rates for the power sector—from Rs 1,050/mmBtu to Rs 1,313/mmBtu—will increase electricity generation costs for thermal plants using domestic gas by approximately Rs 10 billion in FY 2025–26. This increase is expected to result in higher Fuel Cost Adjustments (FCA), ultimately passed on to consumers, raising electricity tariffs by around Rs 0.10 per unit. Pakistan now gas-surplus amid demand collapse, says Motiwala The Power Division further noted that rising generation costs could make electricity less affordable for all consumer categories. This may reduce the overall sales of Discos, with a knock-on effect on capacity payments in the power sector. Additionally, the price hike would reduce the merit order ranking of gas-based power plants, pushing them below imported fuel plants such as those using coal. This shift could result in an estimated foreign exchange exposure of around $140 million due to increased coal imports. The Division cautioned that such a change in the energy mix must be carefully considered due to its implications for energy affordability, the balance of payments, and broader macroeconomic stability. In a scenario where imported fuel-based plants replace gas plants, the Sui gas companies could face estimated revenue losses of Rs 39 billion, depending on global fuel price trends. The Power Division also addressed a reported Rs 41 billion revenue shortfall claimed by SNGPL, attributed to RLNG diversion. However, it emphasized that the cost of RLNG diversion is already covered under Gas Supply Agreements (GSAs) with government power plants and reimbursed through CPPA-G via NPD payments. Therefore, it recommended that only genuinely unrecovered amounts, if any, be allowed in SNGPL's accounts. The Ministry of Industries and Production (MoI&P) expressed concern that increasing gas prices for the general industry—from Rs 2,150 to Rs 2,350/mmBtu—will escalate the cost of doing business, hinder industrial growth, and damage export competitiveness. The Ministry warned this would further disadvantage Pakistani industries compared to regional competitors. MoI&P highlighted that the new National Tariff Policy 2025–30 aims to reduce Customs duties on finished goods and decrease input costs for locally manufactured products. These objectives would be undermined if the cost of industrial inputs like gas continues to rise. The Ministry recommended that the Petroleum Division reconsider its decision and refrain from increasing gas prices for the general industry. The Finance Ministry also raised objections, noting that while gas prices for the fertiliser sector have been kept unchanged, the process industry will face a Rs 200/mmBtu increase. It argued this effectively results in the process industry cross-subsidising the fertiliser sector. The Petroleum Division was urged to consider full cost recovery from the fertiliser sector to alleviate the subsidy burden on the rest of the industry. Furthermore, the Finance Ministry criticized the current practice of recovering Unaccounted-for Gas (UFG) losses through consumer pricing, which it said discourages utilities from improving operational efficiency. It recommended that the Petroleum Division brief the ECC on planned UFG reduction measures and their financial implications. The ministry also requested the Petroleum Division to inform the ECC whether lifting the moratorium on new gas connections could help address surplus RLNG issues and the curtailment of indigenous gas production. Copyright Business Recorder, 2025
Yahoo
a day ago
- Business
- Yahoo
SUI Rebounds From Key Support as Nasdaq-Listed Lion Group Eyes Treasury Purchase
Sui (SUI) SUI is trading at $2.6481, down 2.03% in the past 24 hours, after rebounding from the $2.58–$2.60 support range during the June 26–27 session, according to CoinDesk Research's technical analysis model. The bounce followed a steep intraday decline from $2.70 to $2.58 but was supported by renewed volume and improved sentiment tied to institutional interest. A key development came via Lion Group Holding Ltd. (LGHL), which on June 26 announced its intention to acquire SUI tokens as part of a broader $600 million crypto treasury strategy. In a press release, the Singapore-based Nasdaq-listed firm confirmed a $2 million acquisition of HYPE tokens at an average price of $37.30, marking the first strategic purchase under this program. The company also said it intends to use future proceeds from its convertible debenture facility to purchase SOLand SUI. CEO Wilson Wang described HYPE as a "foundational execution-first asset" and said LGHL views it as core infrastructure for the future of capital markets. The firm plans to use at least 75% of the net proceeds from each closing of its convertible facility for token acquisitions, including SUI, and the rest for broader crypto operations and working capital. Lion Group operates a multi-asset trading platform offering services such as total return swaps (TRS), contracts-for-difference (CFDs), OTC stock options, and brokerage for securities and futures. The firm emphasized its growing commitment to layer-1 blockchain ecosystems and said it will continue updating the market on further treasury reserve developments. This announcement follows heightened activity in the SUI ecosystem, including strong buying at the $2.60 level and a late-session V-shaped recovery on elevated volume, which helped push the token toward its current price. Analysts remain cautious, noting resistance around $2.66, but short-term sentiment appears to have improved. Technical Analysis Highlights SUI traded within a 24-hour range of $2.58 to $2.70, showing a 4.5% decline from peak to trough. A temporary bottom formed at $2.58 during the 21:00 UTC session on June 26, followed by accumulation signs. Multiple rejection wicks emerged near $2.66, confirming short-term resistance during the 09:00–11:00 UTC window on June 27. A minor bullish reversal pattern appeared from 07:51 to 08:24 UTC on June 27, with a 0.9% recovery from $2.61 to $2.63. A sequence of higher lows developed from 01:00 to 08:00 UTC on June 27, signaling gradual shift in momentum. Volume spiked 18% above the 24-hour average during the recovery phase starting 08:00 UTC on June 27, reinforcing support at $2.60. Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
Business Insider
2 days ago
- Business
- Business Insider
MevX 2.0 Redefines the Memecoin Trading Platform Experience
Hanoi, Viet Nam, June 26th, 2025, Chainwire MevX, the leading memecoin trading platform, has officially launched MevX 2.0, a major interface and experience upgrade built to help users move faster, smarter, and more efficiently across the ever-evolving meme coin ecosystem. This release marks a significant milestone in MevX's roadmap, enhancing how traders interact with tools that were previously reserved for advanced bot operators and institutional setups. While the core of MevX remains unchanged—sniper presets, multi-wallet control, cross-chain automation—MevX 2.0 brings these tools into a smoother, more cohesive layout. From its newly optimized dashboard to redesigned trading panels, this update turns MevX into the most accessible meme coin trading bot for both experienced snipers and ambitious newcomers. Designed for the Way Memecoins Move in 2025 Since the beginning of 2025, meme coin markets have matured, but speed still reigns. New launches appear on Solana, Base, Avalanche, and other chains by the hour. Wallets move fast, and alpha is increasingly social. Traders today need more than speed—they need clarity, precision, and integrated intelligence. MevX 2.0 was designed specifically for this world With its streamlined UI, traders now have instant access to chain selection, sniper setup, wallet monitoring, and order execution from a unified panel. Sniper presets can be configured faster. Cross-chain swaps require fewer clicks. And liquidity alerts appear without ever needing to refresh. Whether sniping early tokens or tracking deployer wallets, MevX 2.0 ensures you're operating like a pro, with a tool that adapts to the pace of memecoins. A Smart System Behind Every Click MevX isn't just a frontend refresh—it's a thoughtful re-architecture of how tools are accessed and chained together. The updated wallet manager allows seamless toggling between multiple addresses, each with custom roles—whether used for copying influencer wallets, testing new strategies, or tracking high-PnL accounts. Sniper mode presets are now stored and managed globally, making it easier to deploy across wallets and chains. New order visuals give users direct visibility into gas usage, slippage, execution delay, and more. Wallet watchlists are deeply integrated into the alert center, with triggers across any supported chain. These enhancements, while subtle, combine to remove the edge that traders used to lose when jumping between bots or platforms. MevX brings the execution path into one place, ensuring every trade starts with context and ends with control. Cross-Chain by Default, Not by Detour With memecoin trading now stretching across Solana, Ethereum, BNB Chain, Base, Avalanche, and Sui, cross-chain operability is no longer a feature—it's a necessity. MevX 2.0 brings all supported chains into a single dashboard. You can swap between them with a click. Wallets stay synced, sniper logic remains intact, and liquidity scanners instantly adjust to the active network. Users don't have to manually adjust RPCs or re-enter configs—everything lives in the same MevX environment. It's cross-chain, without cross-pain. Supporting the Trader's Entire Workflow The team behind MevX notes that 2.0 was born not out of new feature requests, but out of how people were using the platform. Traders weren't just sniping—they were managing risk, tracking wallet networks, flipping strategies mid-launch, and coordinating with groups. MevX 2.0 simplifies this broader workflow. It's not just about entering trades faster—it's about reducing the cognitive overhead of managing a fast-paced, multi-chain trading life. And in doing so, MevX strengthens its position as the go-to memecoin sniper bot and meme coin trading platform for the modern trader. Availability MevX 2.0 is now live for all users. There is no migration required—just a refreshed experience when logging in via Chrome extension or web interface. The update is compatible across all supported chains and wallets and requires no contract re-approval or new permissions. To test the new experience, MevX also offers a full-featured demo mode that lets users explore the sniper bot logic, interface flow, and wallet tracking tools without needing to connect their own wallet. About MevX MevX is a fully integrated memecoin sniper bot and analytics platform focused on speed, usability, and strategic automation. It combines the power of a custom-built sniper engine with real-time wallet tracking, cross-chain analytics, and multi-wallet coordination. Built by traders, for traders, MevX serves thousands of users across Solana, Ethereum, Base, Avalanche, Sui, and more. Contact David
Economic Times
4 days ago
- Business
- Economic Times
Bitcoin reclaims $106K as crypto market soars — Ethereum, Solana, XRP, and Cardano rally big on Middle East ceasefire hopes: Is this the start of the next crypto bull run?
Bitcoin price jumps above $106k after US President Donald Trump announced a surprise ceasefire between Iran and Israel, easing global tensions and restoring investor confidence. The crypto market saw bulls stepping in strong, with Bitcoin trading at $105,077.64—up 3.56%—and Ethereum, Solana, Sui, and others rallying up to 13%. Analysts say this risk-on sentiment could grow stronger if the US Fed signals rate cuts. Traders now watch Jerome Powell's speech closely for hints. With Bitcoin's range between $99,705 and $106,116 in 24 hours, the crypto momentum is back—and altcoins are right behind it in this market rebound. Tired of too many ads? Remove Ads What's the price of Bitcoin today? How is Ethereum and other major altcoins performing? Tired of too many ads? Remove Ads XRP : Up 8.3% , buoyed by renewed interest from retail buyers. : Up , buoyed by renewed interest from retail buyers. Solana (SOL) : Jumped 7.9% , regaining bullish sentiment among DeFi enthusiasts. : Jumped , regaining bullish sentiment among DeFi enthusiasts. Cardano (ADA): Gained nearly 5.2%, mirroring the broader altcoin surge. What's fueling the crypto rally today? Ceasefire Optimism: Markets are reacting to news of a possible ceasefire between Iran and Israel, which has led to a global relief rally. As risk aversion fades, traders are rotating back into volatile assets like cryptocurrencies. Market Sentiment Shift: The brief pause in Middle East tensions helped reduce gold and oil premiums while reviving enthusiasm for speculative trades — especially in digital assets. Institutional Moves: Bitcoin miners and major funds have begun repositioning their strategies, reportedly looking into AI-powered energy optimization and data center investments — signaling long-term confidence in crypto infrastructure. How big is the crypto market right now? Total crypto market cap : Approximately $3.32 trillion : Approximately 24-hour trading volume : Around $156.2 billion : Around Bitcoin dominance : ~ 63.5% : ~ Ethereum's market share: ~8.8% Is the crypto bull run here to stay? Why did Bitcoin surge after Trump's ceasefire deal? Is the Federal Reserve's next move influencing crypto prices? Tired of too many ads? Remove Ads Sui (SUI) rose by 12.63% Solana (SOL) climbed 7.84% Ripple (XRP) gained 6.85% Cardano (ADA) increased 6.78% Hyperliquid (HYPE) was up 4.42% Binance Coin (BNB) added 3.12% What's the sentiment in the broader crypto market? Which cryptocurrencies are trending today? Solana (SOL) Ethereum (ETH) Movement (MOVE) Sei (SEI) BUILDon (B) Caila (CA) Can Bitcoin stay above $106,000 or is another dip coming? FAQs: Bitcoin is back in the spotlight, crossing $106,000 again after a geopolitical shift gave bulls a reason to step in. The leading cryptocurrency saw a sharp rebound after US President Donald Trump announced a ceasefire agreement between Iran and Israel. This surprise move calmed global market jitters, especially concerns around oil supply disruptions, and gave crypto investors renewed confidence to pile back into risk 24 hours, Bitcoin jumped back above the $106K mark, reversing earlier losses where it had briefly dipped below $100,000 for the first time in 45 days. This rally wasn't just about Bitcoin—Ethereum, Solana, Sui, and several other altcoins joined the party with gains ranging from 6% to over 13%.As of now, Bitcoin is trading around, up by nearly. The leading cryptocurrency touched an intraday high of, with its daily low hovering near. This marks a sharp recovery following last week's geopolitical tensions that had dragged crypto prices (ETH) is also enjoying strong upside momentum, currently priced at $2,410.64, up 6.5% over the past day. The second-largest crypto by market cap hit a high of $2,430.13, rebounding impressively from its intraday low of $2, latest rally appears to be driven by a mix of geopolitical developments and renewed investor risk appetite:These numbers reflect a strong bounce from the weekend lows, showing that investor confidence is quickly today's momentum is certainly encouraging, analysts warn of potential volatility ahead. The ceasefire between Iran and Israel remains tenuous, and any escalation could send markets into another upcoming U.S. economic data and Federal Reserve commentary could influence the crypto market's next move. Traders are watching inflation indicators and interest rate updates closely, as any surprises there could either fuel or flatten the current rally appears closely tied to a sudden shift in global sentiment. President Trump's announcement of a ceasefire between Iran and Israel cooled down fears of military escalation in the Middle East, which had been weighing on investor confidence across global markets. Edul Patel, CEO and co-founder of Mudrex, explained that this development helped restore geopolitical stability and reduced the immediate threat of oil disruptions—a key risk to Patel, this triggered renewed interest in risk assets like cryptocurrencies. Bitcoin's price climbed 3.56% and was last seen trading at $105,077.64, with a strong 24-hour trading volume of $64.85 billion. In the past day alone, the price has fluctuated between $99,705.75 and $106,116.86, keeping traders on high and traders are watching closely. While the ceasefire brought in short-term bullish energy, all eyes are now on the upcoming speech by US Federal Reserve Chair Jerome Powell. Market watchers expect any dovish tone—especially hints of possible rate cuts—could push Bitcoin beyond its current resistance level of $107,700, according to Mudrex's Edul strong support forming near $103,200, suggesting that even if Bitcoin cools off slightly, it may remain on firm ground unless new global shocks Tether (USDT), the leading stablecoin pegged to the US dollar, saw a slight uptick, trading at $1, up 0.04%.According to Vikram Subburaj, CEO of Giottus Crypto Platform, the crypto market has switched back into a risk-on mode. With traditional equity markets bouncing and gold prices slipping, it's clear that investors are feeling a bit more optimistic. Subburaj pointed out that Bitcoin is back in its previous consolidation zone above $105,000, suggesting that this level may now act as a launchpad for future gains—provided there are no surprises from the Fed or new geopolitical addition to the major players, a few coins are catching traders' eyes on CoinMarketCap's trending list this Tuesday morning. These include:These names have gained momentum either due to strong price action, developer activity, or community engagement. Traders often watch these trending coins for short-term trading opportunities or emerging the big question now. While Bitcoin has recovered impressively, profit-booking at higher levels has already started. Still, strong volume and bullish sentiment suggest the move has legs. Much will depend on macroeconomic signals from the US Federal Reserve and any unexpected global developments. If Powell's speech later today indicates easing ahead, crypto bulls may get the fuel they need to push Bitcoin above the $107,700 if he sounds cautious or hawkish, expect a short-term pullback, possibly testing support near $103, sharp rise above $106,000 signals a powerful comeback for the crypto market, fueled by easing geopolitical fears and renewed risk appetite. With Ethereum and altcoins tagging along, the market is showing strength—but the Fed's next move could decide whether this rally continues or cools down. Either way, traders have plenty to watch, from trending coins to central bank jumped after Trump's ceasefire news boosted global market confidence and crypto a dovish signal from Powell could push Bitcoin above its $107,700 resistance level.
