Month: July 2023

Chinese vice premier due in Pakistan on 10th anniversary of CPEC

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pak-china

ISLAMABAD — Chinese vice premier is expected to travel to Pakistan on Monday, July 31 to attend 10 years of  China-Pakistan Economic Corridor (CPEC) celebrations. Sources familiar with the development, on the condition of anonymity, told Pakistan Observer that Iron Brothers Islamabad, and Beijing are celebrating the 10th anniversary of the flagship project of the Belt and Road Initiative at the end of this month with renewed vigor and anticipation.China, having invested close to $30 billion in energy and infrastructure projects over the past decade in the South Asian nation, is set…

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Wind and solar are propping up the Texas power grid amid a brutally long heat wave

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solar-panel

As Texas bakes under a sweltering heat dome this summer and people crank their air conditioners, the state’s energy demand has smashed records. But the power has stayed on and prices haven’t spiked tremendously. Thank wind and solar, energy experts say. “Renewables have been performing very well this summer, which is great,” Michael Webber, an energy expert and professor at the University of Texas at Austin, told CNN. “It’s operating so well at peak times.” As temperatures soared into the triple-digits on Wednesday, renewable energy was providing 30 to 40% of the…

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Economic challenges: timely actions needed

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economy

The coalition government of the Pakistan Democratic Movement (PDM) is approaching completion of its tenure in the next few days. While presenting their last budget for the current fiscal year (FY 2024), the fourth-time federal finance minister, Muhammad Ishaq Dar, stated that Pakistan’s GDP growth for the year is projected to be 3.5 percent. Furthermore, the budget 2023-24 allocates approximately Rs 1150 billion for Public Sector Development Program (PSDP). This includes Rs 80 billion for Prime Minister Initiatives, Rs 54.5 billion for aviation division, Rs 5.4 billion for defence and…

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