Month: January 2023

World Needs $4.5 Trillion Investment In Clean Energy Tech By 2030

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As the world enters a new industrial age, where technology manufacturing for clean energy will lead the way, total investments in clean energy technologies and infrastructure have to top $4.5 trillion in 2030 under the net-zero emissions by 2050 scenario, the International Energy Agency (IEA) said in a new report this week. The unprecedented scale of required investment will need industrial strategies from the countries to mobilize those investments across all regions, technologies, and supply chains. The task is enormous, and risks are also greater due to the heavily concentrated…

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Levy on diesel hiked to Rs35/litre under IMF target

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In order to keep the POL [petrol, oil, lubricants] prices unchanged for the next fortnight, the government jacked up petroleum development levy (PDL) on high-speed diesel (HSD) by Rs2.50 per litre and increased it from Rs32.50 to Rs35 per litre with effect from January 16, 2023. Under the IMF [International Monetary Fund] agreement, the government seeks Rs855 billion through petroleum development levy in the current fiscal year, 2022-23. The government wants to maximise the PDL collection up to Rs50 per litre on all POL products, but so far it has…

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Barrick Gold sets 2028 as target for first production from Reko Diq

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On Sunday, Barrick Gold Corporation Chief Executive Officer Mark Bristow announced the establishment of a project office in Quetta at a ceremony conducted at the Chief Minister’s secretariat. As part of a three-day project review that started in Quetta, Bristow, accompanied by senior Barrick executives, met with Balochistan chief minister Abdul Quddus Bizenjo and other provincial leaders to brief them on the extensive social and economic development opportunities that would be generated by the mine, which is expected to have a life of at least 40 years.  The meeting was…

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National Bank of Pakistan awarded Global Diversity, Equity, and Inclusion Benchmarks (GDEIB) Awards in Four categories

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National Bank of Pakistan (NBP) has been recognized at the Global Diversity, Equity and Inclusion Benchmarks (GDEIB) Awards 2023. The Bank won a total of four awards in categories of Recruitment; Work-life Integration, Flexibility & Benefits; DEI Learning & Development and Community, Government Relations & Philanthropy. NBP won the “Best Practice” award in the category of Flexibility and Benefits, whereas “Progressive” award in the other three categories. The recognition reiterates National Bank of Pakistan’s constant commitment towards promoting a culture of work and life balance, learning, and development and of…

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Dam fund at Rs16.35bn, work ‘hit by floods

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The Supreme Court was infor­med on Thursday that various factors, including recent floods and Covid-19, delayed the construction of the Mohmand and Diamer-Bhasha dams for at least nine months to a year. In addition to the natural disasters, development funds have also not been released by the government to help ameliorate the equity injections on part of Wapda for the construction of the dams. Headed by Chief Justice of Pakistan (CJP) Umar Ata Bandial, a five-judge bench was told that the dam fund created in 2018 by then chief justice…

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