Month: June 2022

Defence budget hiked by 6% to offset inflation impact

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The government on Friday increased the defence budget for the outgoing fiscal year by nearly 6% to over Rs1.45 trillion in a bid to meet the needs of the armed forces, including their enhanced salary requirements. The decision to increase the defence budget by another Rs80 billion was taken by the Economic Coordination Committee (ECC) of the Cabinet that in total approved Rs182 billion in supplementary grants. The ECC also approved slapping a 10% regulatory duty on the import of petrol from China to curb the misuse of bilateral free…

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Govt Asked To Exempt Industrial Zones From Power Loadshedding

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The business community has asked the government to exempt the industrial zones from electricity loadshedding, as the power crisis, all over the country, has worsened and the total shortfall has crossed the level of more than 6,500MW. Pakistan Industrial and Traders Associations Front senior vice chairman Nasir Hameed and vice chairman Javed Siddiqi, in a joint statement, said that all the major industrial cities of the country are facing electricity loadshedding due to which the production activities are badly suffering. He said that rural areas are also facing severe loadshedding…

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PIA, NFEH Team up to celebrate World Environment Day

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Rapid transformation of farmlands nearby cities into housing schemes poses serious environmental challenge’ Karachi The rapid transformation of the farmland nearby cities particularly that in the vicinity of Karachi into urban housing schemes has emerged as one of the biggest environmental challenges in Pakistan.The issue of fast shrinking farmlands nearby urban centres of the country was raised by the concerned speakers who spoke at a programme held at the PIA Model School on Sunday to mark the World Environment Day being observed every year on June 5. The programme was…

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Clarification on LONGi’s ‘debt record’, as referred to in 2Q 2022 Bloomberg NEF report

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LONGi Green Energy Technology Co., Ltd (hereinafter LONGi) has noted that BloombergNEF, a global third-party research provider, stated in its Q2 2022 Global PV Market Outlook that “the world’s largest module maker, LONGi, is […] off the list for Q2 2022 because it has a debt record from May 15, 2022.” The company feels it necessary to clarify the circumstances behind this perceived debt and is therefore issuing the following statement.The ‘debt record’ in question refers to a minor labour dispute between the company and an individual, which has now…

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The Giant Gas Reserve That Could Have Eased Today’s Crisis

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Argentina, home to the world’s second-largest shale gas deposit, cannot help gas-starved Europe, which is scrambling to obtain non-Russian natural gas after Russia’s invasion of Ukraine. In fact, Argentina cannot even help wean itself off its energy import dependence in the short term despite the huge resources at the Vaca Muerte shale. The development of Vaca Muerta has hit various snags over the past half-decade, from perennial economic crises to global oil and gas crises and domestic foreign exchange limitations. Moreover, Argentina has failed to advance pipeline projects to take…

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