Author: Admin

PM Shehbaz Chairs SCO Summit, Highlights Trade and Regional Cooperation

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Chairs-SCO

ISLAMABAD: Prime Minister Shehbaz Sharif is presiding over the highly anticipated 23rd summit of the Council of the Heads of Government (CHG) of the Shanghai Cooperation Organisation (SCO) at the Jinnah Convention Centre, Islamabad. The SCO includes China, India, Russia, Pakistan, Iran, and Central Asian nations, with 16 additional countries as observers or dialogue partners. Pakistan became a full member in 2017 under former PM Nawaz Sharif. In his opening remarks, PM Shehbaz emphasized trade, economic cooperation, and regional connectivity among member states. The summit will approve the SCO budget…

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Diesel Price Increases for the First Time in Three Months, Petrol Unchanged

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Diesel-Price

ISLAMABAD: The government has raised the price of high-speed diesel (HSD) by Rs5 per litre, marking the first increase in three months, while the petrol price remains unchanged for the next fortnight. According to an official announcement, the ex-depot price of diesel has been revised to Rs251.29 per litre, up from Rs246.29, while petrol stays at Rs247.03 per litre. In the retail market, diesel is being sold for Rs252 and petrol for around Rs248.50 per litre. The Oil and Gas Regulatory Authority (OGRA) calculated the revised prices based on global…

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Google Signs Nuclear Power Deal to Support AI Energy Demands

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Google-Signs

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 energy sources to support the expanding electricity needs of AI technologies. The first small modular reactors (SMRs) from Kairos are expected to be operational by the end of the decade,…

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CPPA-G Seeks Three-Year Extension on IFRS-9 Exemption to Avoid Credit Loss Risks

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power-gride

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 recognizing credit losses under IFRS-9 on debts owed by the government, citing adverse impacts on the creditworthiness of power companies and their working capital lenders. SECP has exempted the power…

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