Bitcoin’s march toward $100,000 made further ground on Thursday as investors bet a friendlier US regulatory approach to cryptocurrencies under President-elect Donald Trump will unleash a boom era for the asset class. Bitcoin prices topped $96,000 for the first time in Asia trade, touching a high just above $96,898. The cryptocurrency’s price has more than doubled this year and is up about 40 per cent in…
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ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) revealed that a projected financial benefit of Rs 60 billion could not be passed on to consumers of Discos and K-Electric (KE) during the first quarter of FY 2024-25. The shortfall stemmed from the closure of the 969 MW Neelum Jhelum Hydropower Project (NJHPP) and debt re-profiling of the Karachi Nuclear Power…
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ISLAMABAD: The Joint Working Group (JWG) on CASA-1000 is meeting representatives from the World Bank, international financial institutions (IFIs), and donors on November 21-22, 2024, in Istanbul, Turkiye. The discussions aim to address critical issues hindering the completion of the CASA-1000 power transmission system, sources informed Business Recorder. Project OverviewInitiated in 2006 and formalized through agreements in 2008, CASA-1000 facilitates…
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KARACHI: Pakistan has introduced a groundbreaking framework to operationalize carbon markets, emphasizing its commitment to global climate goals and sustainable development. The newly finalized Carbon Market Policy was launched during the high-profile event ‘Launch of Pakistan’s Carbon Market Policy & Panel on Coordinated Access to Net Zero Development Financing Through Paris-Aligned Carbon Markets’ at COP29 in Baku. Cabinet approval is…
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ISLAMABAD: Pakistan’s state-run Power Distribution Companies (Discos) have achieved notable progress in the first quarter (July-September) of fiscal year 2024-25, slashing losses by Rs69 billion and boosting bill recovery rates to 91%, up from 84% in the same period last year. The Power Division reported that the growth of circular debt slowed significantly, rising by just Rs11 billion between July…
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ISLAMABAD: The government is considering reducing the buyback tariff for electricity generated by rooftop solar panels to Rs7.5-11 per unit, down from the current rate of over Rs21 per unit. This adjustment, prompted by a significant decline in solar panel prices, aims to align with the evolving energy landscape. Under the proposed changes, six units of rooftop solar electricity would…
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ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) has forecasted a Rs1.6 per unit reduction in the national average power tariff for the upcoming months due to quarterly adjustments. This decrease comes as the Rs1.74 per unit quarterly adjustment (QTA) from the March-July period expires. During a public hearing led by Nepra Chairman Waseem Mukhtar, officials clarified that Discos (power…
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ISLAMABAD: The government has launched a New Energy Vehicle (NEV) policy aiming to transition 30% of all new vehicles in Pakistan to electric by 2030. The policy, announced by Industries and Production Minister Rana Tanveer Hussain, includes subsidies, tax breaks, and financing incentives to promote electric vehicles (EVs) and hydrogen-powered transport. Key measures include subsidies of Rs50,000 for electric motorcycles…
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ISLAMABAD: Pakistan’s petroleum sector witnessed remarkable growth during the first four months of FY25, driven by a 30.98% surge in crude oil imports, resulting in increased production by local refineries and a significant rise in exports. According to preliminary estimates, this growth in production and exports is expected to positively contribute to the country’s economic progress in the ongoing fiscal…
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NEW YORK: US natural gas futures slid about 2% on Tuesday on forecasts for mild weather and less heating demand over the next two weeks than previously expected. Front-month gas futures for December delivery on the New York Mercantile Exchange fell 4.3 cents, or 1.5%, to $2.930 per million British thermal units (mmBtu) at 7:53 a.m. EST (1253 GMT). Analysts…
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