The Pakistan Meteorological Department on Thursday predicted rain and thunder in Karachi from tomorrow in a second spell of downpour this season. The department’s director, Sardar Sarfaraz, said the spell would last a day or two and would be preceded by dusty winds. “Initially we had said that the second spell would start from July 15 but then the situation…
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China became the first major economy to grow since the start of the coronavirus pandemic, recording an unexpectedly strong 3.2 per cent expansion in the latest quarter after anti-virus lockdowns were lifted and factories and stores reopened. Growth reported on Thursday for the three months ending in June was a dramatic improvement over the previous quarter’s 6.8pc contraction — China’s…
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The Aviation Division on Thursday said that the credentials of almost all Pakistani pilots working for foreign airlines have been confirmed, as the government continues to manage the fallout from a scandal over aviator licences. Airlines in 10 countries had demanded proof of valid flying licences for their Pakistani pilots after it emerged about a third of Pakistan International Airlines…
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ISLAMABAD: Prime Minister Imran Khan decided during a meeting of the Cabinet Committee on Energy (CCoE) Thursday to defer a move to hike up the electricity tariff in Karachi. In the CCoE meeting chaired by PM Imran here in Islamabad, it was decided not to go ahead with the Economic Coordination Committee’s (ECC) proposed move to jack up the power…
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National Accountability Bureau Chairman Justice (retd) Javed Iqbal has ordered an inquiry against power supply company K-Electric over excessive billing and loadshedding, according to a statement issued by the anti-graft body on Thursday. “The chairman has taken notice of media reports and public protests against overbilling and prolonged power outages in the metropolis,” read the statement. The accountability watchdog said…
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China may have amassed a debt pile of as much as $42 billion in renewable energy subsides that have still gone unpaid to solar and wind power capacity developers, Bloomberg reports, citing a BOCI Research analyst, Tony Fei. “Without structural change to address the issue, the subsidy receivables in the whole industry would continue to grow and drag companies’ balance…
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At the end of August, Islamic Republic of Iran (IRIN) Foreign Minister Mohammad Zarif visited Beijing for what appeared to be a routine visit. However, soon after the visit, it was reported in the media that the People’s Republic of China (PRC) had agreed to invest a vast sum of $400 billion in Iran. This would be the biggest investment…
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The wire transfer was just one of millions that ricochet through the global financial system every day. Starting at the Zurich branch of a Russian state bank, $800 million zipped through Citigroup Inc. in New York before landing in a small bank in Lebanon. The payment came from Russian oil giant Rosneft PJSC –- a loan to the cash-strapped government of the…
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The Pakistani government does not seem willing to shift its spending priorities despite the burgeoning COVID-19 challenges. Pakistan has emerged as one of the countries with the fastest rate of coronavirus infections in recent weeks, according to the World Health Organization (WHO). The country reported its first coronavirus case on February 26 and is now among the top 15 most-affected countries.…
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ISLAMABAD: Provincial governments on Wednesday partially rejected the federal government’s much-talked about draft Indicative Generation Capacity Expansion Plan (IGCEP) 2047 initially for ten years (2030) to be reviewed each year, saying that projects of their interests have not been incorporated or ignored. This was the crux of a heavily attended hearing held in Nepra presided over by Chairman National Electric…
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