ISLAMABAD: The Auditor General of Pakistan has alleged that the contract of Mohmand Hydropower Project to M/s CGGC-DESCON (JV) was awarded without adequate fair competition. The AGP, in its audit report of FY 2019-20, said that as clarification of PPRA “whenever a procuring agency is confronted with such a situation whereby the rate quoted by a single bidder cannot be…
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According to the IMF’s World Economic Output 2020 released recently, China has now overtaken the US to become the world’s largest economy. Yes, you read that right. The International Monetary Fund (IMF), using the more reliable and now widely accepted yardstick, called the Purchasing Power Parity (PPP), has determined China’s economy at $24.2 trillion compared to America’s $20.8 trillion. The…
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ISLAMABAD: The government has geared up the process on two projects for turning Thar coal into gas and diesel and in is contact with two Chinese companies — China Ghazuba and China Coal, Special Assistant on Coordination of Marketing & Development of Mineral Resources Shahzad Syed Qasim disclosed this to The News on Monday. “We want to initiate two projects;…
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ISLAMABAD: Prime Minister’s Special Assistant on Revenue Dr Waqar Masood has reportedly proposed that loans of Power Holding Limited (PHL) should be converted into the government’s capital investment instead of public debt, well informed sources in Finance Ministry told Business Recorder. Dr Waqar Masood was head of subsidy cell in the Finance Division prior to his elevation as SAPM on…
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The most pragmatic statement in this regard was probably given by the Russian President Vladimir Putin when he stated that whosoever would become a leader in AI would lead the world. This statement reflects that today states are driven towards this technology in a fear of being left out. This has generated a competition and arms race with a special…
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Liquefied natural gas (LNG) may be the only solution to the gas crisis in winter. However, it has not worked due to the monopoly of government companies on LNG import, marketing and distribution. Deregulation of any business sparks competition, better service delivery and a boom in relevant sectors. Owing to the monopoly of state-owned firms, competition is absent in Pakistan’s…
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ISLAMABAD: The Supreme Court has recently ordered the federal government to establish an electricity tribunal forthwith. The Appellate Tribunal for electricity sector has been provided in the Electricity Law 2015. It could not be implemented partly due to active and passive opposition from the National Electric Power Regulatory Authority (Nepra) itself. Such opposition was actually ill-placed for Nepra suffered due…
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Special Assistant to Prime Minister (SAPM) on Power Tabish Gauhar has revealed that Prime Minister Imran Khan will personally promise the International Monetary Fund (IMF) a time-bound road map for power sector reforms in return for a freeze on the tariff increase — in fact, lower flat rates for the industrial and SME sectors to spur economic activity and absorb surplus capacity.…
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Strong growth of the renewable power sector will be a key driver of energy transition in China, according to BP Energy Outlook 2020, which was released recently. The country is also expected to remain the world’s largest primary energy consumer despite slowing demand growth. BP forecast that energy demand growth in China will slow dramatically compared to past trends, and…
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Former president Benigno Aquino halted activities six years ago amid territorial disputes with China, which has claimed sovereignty over much of the South China Sea. A 2016 ruling by the Permanent Court of Arbitration has since dismissed these claims under UN conventions. Under Duterte’s leadership, the Philippines has aligned itself more closely with China since that ruling – despite support…
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