John Hurley, USA’s Alternative Executive Director to the Asian Development Bank (ADB) has reassured that the bank’s support to Pakistan’s reform agendas would speed up as soon as the ongoing International Monetary Fund (IMF) Review was completed. Hurley, who is on his first official visit to Pakistan, was welcomed by Federal Minister for Economic Affairs Omar Ayub Khan on Tuesday.…
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The recently approved “Phase-III Thar Coal Mine Expansion Project” may face challenges in attracting investment due to unresolved issues of the sponsors of ongoing CPEC Phase-1 projects. Till the resolution of outstanding issues, the government will find it difficult to create forward linkages for the use of coal beyond power sector, sources said. It may be noted that in October,…
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A USA-based technology company and a Pakistani industrial group have entered into a formal partnership to start for the first-time manufacturing of supercapacitor energy storage systems in Pakistan to promote usage of renewable electricity. A ceremony was held here at a hotel for the signing of a joint venture (JV) agreement between Ghani Global Holdings Limited (GGL) and Kilowatt Labs…
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Pakistan Petroleum Limited (PPL) received Corporate Philanthropy Award by Pakistan Centre for Philanthropy (PCP) for being the largest corporate giver in terms of volume of donations during 2019-20, a statement said on Tuesday. PCP adjudged the winner based on their research-based annual philanthropy survey, awarding PPL during a Corporate Philanthropy Awards event organized by PCP in Islamabad. The event was…
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Engro Polymer & Chemicals (EPCL) has become the first affiliate member from Pakistan to join the World Economic Forum’s (WEF) Global Plastic Action Partnership (GPAP), as part of its sustainability efforts to promote circular economy and contribute to achieving zero plastics waste, it said on Tuesday. By leveraging the GPAP platform, EPCL will be able to forge national and international…
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K-Electric (KE) implemented a ‘Black Start’ capability for the first time in their generation fleet at the Korangi Power Complex (KPC), which is expected to generate 247 MW of electricity for Karachi and curb unexpected black outs, a statement said on Tuesday. The facility augments KE’s ability to secure power supply against unexpected large-scale outages, allowing power plants to go…
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Karandaaz Pakistan, funded by UK’s Foreign, Commonwealth & Development Office (FCDO), announced its plans to fund six green transitional projects as part of its annual innovation challenge, a statement said on Tuesday. With support from FCDO, Karandaaz, this year, invited innovative projects seeking financing to implement plastic waste management and efficient water management solutions. After due diligence, Karandaaz selected Suftech…
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Keeping in view the threats of climate change, Pakistani entrepreneurs are taking initiatives to reduce the impact of changing weather patterns on the country. Two businessmen have come up with the idea of weather data analytics and forecasts with the help of artificial intelligence and computer algorithms to increase the accuracy of predictions to 95%. Warning of a 2.5-degree-Celsius rise…
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Share prices of the independent power producers (IPPs) soared on Tuesday after the government approved the disbursement of Rs135 billion as part of the tariff renegotiation process aimed at reducing the circular debt. The approval for the final tranche of payments consisting of 60 per cent of the total outstanding dues follows the disbursement of the first instalment amounting to Rs90bn to…
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The price of compressed natural gas (CNG) has further gone up by Rs6.89 per litre in Punjab and Rs10.30 per kg in other provinces following an increase in sales tax by the Federal Board of Revenue (FBR), stakeholders said on Tuesday. In the first week of October, CNG price in Sindh was raised by Rs15 per kg, followed by an…
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