A consortium comprising textile companies has withdrawn its public announcement of intention (PAI) to acquire a majority stake i.e. 68.89% of Engro Powergen Qadirpur Limited (EPQL), a subsidiary of Engro Energy Limited. The development was shared by Arif Habib Limited (AHL), manager to the offer, in a notice to the Pakistan Stock Exchange (PSX) on Friday. “This is with reference to…
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SINGAPORE: Asian spot liquefied natural gas (LNG) prices rose this week to their highest level of the year so far, tracking gains in European gas and amid colder temperatures in both regions. The average LNG price for January delivery into northeast Asia rose to $14.60 per million British thermal units (mmBtu), industry sources estimated. “This week’s further escalations between Russia…
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Karachi: The concerned Karachi-based businessmen and industrialists have earnestly appealed to the Chief of Army Staff to assume ownership of the provincial capital just for six months to resolve its basic civic issues, as the business fraternity in turn will help Pakistan retire its massive foreign debts.Noted businessman and former chairman of the Association of Builders and Developers, Hanif Gohar,…
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KARACHI: Experts have warned that Pakistan’s reliance on fossil fuel-based electricity generation, particularly coal, could jeopardize its exports to European Union (EU) countries as new carbon taxation measures take effect. The warning came during an event co-hosted by the Policy Research Institute for Equitable Development (PRIED) and the Institute for Climate and Sustainable Cities (ICSC), which explored the socio-economic and…
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ISLAMABAD: The International Monetary Fund (IMF) has rejected the government’s proposal to impose a 1-2% sales tax on petroleum products, including petrol, high-speed diesel (HSD), kerosene oil, and light diesel oil (LDO), instead calling for an 18% sales tax. An 18% sales tax would increase petrol prices by Rs45 per litre, a politically sensitive move the government is hesitant to…
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THAR: Recognizing the transformative power of education, the Thar Block-1 Integrated Energy Project has launched a school donation campaign to uplift educational standards in one of Pakistan’s most underprivileged regions. The initiative provided crucial support to 17 schools across communities such as Bhave, Wervai, Tilwayo, Shahmir Vikyo, and Kharyo Ghulam Shah, benefiting 1,221 students. Donations included comprehensive educational kits with…
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ISLAMABAD: The federal government has appointed Rear Admiral (Retd) Syed Moazzam Ilyas as the Chairman of the Port Qasim Authority (PQA). Ilyas has been appointed on a three-year contract under the MP-1 Scale, adhering to relevant rules and regulations. In other administrative developments, Khurram Agha, Secretary Interior, has been granted a three-month extension as Secretary Narcotics Control Division, effective from…
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BAKU: Negotiators at the COP29 UN climate summit are racing against time to secure a breakthrough trillion-dollar deal to assist poorer nations in combating global warming after both developed and developing nations rejected an initial draft proposal. The summit, originally scheduled to conclude on Friday, is expected to extend into overtime as the Azerbaijani hosts scramble to revise the contentious…
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ISLAMABAD: China has disputed Prime Minister Shehbaz Sharif’s assertion that converting imported coal power plants to local coal could save $1.2 billion annually. Instead, Chinese officials have recommended prioritizing the phasing out of gas and furnace oil (FO) power plants, projecting savings of $3 billion per year. These insights were shared during the 3rd Belt and Road Energy Ministerial Conference…
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