SAN FRANCISCO: Google has entered into an agreement to purchase electricity from small nuclear reactors developed by Kairos Power, aiming to power its growing artificial intelligence (AI) operations. This move follows similar initiatives, including Microsoft’s recent plans to source energy from the Three Mile Island nuclear facility. The deal marks a significant step in Google’s strategy to secure clean, reliable…
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ISLAMABAD: The Central Power Purchasing Agency-Guaranteed (CPPA-G) has requested a three-year extension on the exemption from the applicability of International Financial Reporting Standards (IFRS) 9, until June 30, 2027, to prevent expected credit losses due to unresolved receivables in the power sector. In a response to the Securities and Exchange Commission of Pakistan’s (SECP) letter, CPPA-G highlighted the risks of…
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ISLAMABAD: Pakistan and China signed 14 agreements on Monday, including a significant currency swap agreement, aimed at boosting cooperation across various sectors such as security, education, agriculture, and technology. The signing ceremony, witnessed by Prime Minister Shehbaz Sharif and Chinese Premier Li Qiang, took place at the Prime Minister’s House. A key highlight was the virtual inauguration of Gwadar International…
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MULTAN: Pakistan has secured $10 million in climate funding from the International Centre for Integrated Mountain Development (ICIMOD) to bolster its efforts against climate change. The funds will support the ‘SAFER’ initiative over the next 3.5 years, aimed at mitigating climate impacts on vulnerable communities. Romina Khursheed Alam, Coordinator to the Prime Minister on Climate Change, announced the approval by…
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ISLAMABAD: The 23rd meeting of the Council of Heads of Government (CHG) of the Shanghai Cooperation Organisation (SCO) commences today (Tuesday) in Islamabad. The two-day summit is being held under tight security, with businesses and roads in the capital and neighboring Rawalpindi closed for safety reasons. Prime Minister Shehbaz Sharif will chair the summit, marking Pakistan’s rotating chairmanship of the…
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ISLAMABAD: The Asian Development Bank (ADB) has appointed Xiaoqin Fan as its new Country Director for Pakistan, according to an official statement. Fan, a national of New Zealand with 30 years of professional experience, will lead ADB’s operations in Pakistan, overseeing the implementation of the Country Partnership Strategy (CPS), which focuses on growth, resilience, and competitiveness. She will also manage…
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MOSCOW: Russia, the current chair of BRICS, has urged its partners to develop an alternative to the International Monetary Fund (IMF) as part of efforts to counter Western political influence. Russian Finance Minister Anton Siluanov, at a BRICS finance meeting ahead of the upcoming summit, argued that the global financial system is dominated by Western nations and does not serve…
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