Month: February 2024

Descon, IFC sign MoU

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Descon-IFC

LAHORE: Descon, a leading engineering and construction company in Pakistan, and the International Finance Corporation (IFC) have signed a memorandum of understanding (MoU) to address the significant postharvest losses of wheat, rice, and maize in the country. The MoU, signed under Descon’s Agri Business Line, aims to reduce the annual postharvest losses of essential grains in Pakistan, which amount to around $2 billion, according to a statement issued on Friday. These losses contribute to food insecurity, affecting 36.8 percent of the population. “We are excited about the potential impact of…

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Discos to charge Rs4.567/unit extra in February

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power-e-unit

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) granted approval on Friday for the state-run power distribution companies (Discos) to levy an extra Rs 4.567 per unit on the bills of power customers for February 2024. The additional charges were sanctioned by the regulator in light of fuel charges adjustment (FCA) of December 2023. This decision is expected to impose a financial burden of approximately Rs 33.88 billion on consumers, with the potential to rise to nearly Rs 40 billion when the 18 per cent General Sales Tax (GST) is…

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Nepra too concerned about rising tariff?

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Nepra-KE-1

ISLAMABAD: National Electric Power Regulatory Authority (NEPRA) acknowledged that amid the historically highest inflation in the country, the extraordinary increase in the price of electricity has badly disrupted life of an ordinary man. The Power Regulator in its State of Industry (SIR) 2023 report explained the reasons for the power sector’s dismal performance during the year, starting from government’s action to depreciate the Rupee, take and pay and underutilization of efficient capacity. Pakistan’s total installed capacity stood at 45,885 MW in 2023. According to the report, over the years, Pakistan…

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Elections 2024: Parties race to woo key youth voters

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Elections-2024

Voters age 18-35 make up 45% of total electorate of nearly 130m Streets are festooned with fluttering party flags, posters, banners and life-size portraits of candidates across Karachi in the run-up to the February 8 crucial national vote to elect a new government for a five-year term. Through social media and election rallies, political parties are busy in last-ditch efforts to woo the voters. And this time, their main target is the young voters who make up 45% of the nearly 130 million strong electorate. Aside from other election-related promises,…

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PM gives green light for PARCO MD hiring

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Parco-board

Summary sent to cabinet for formal approval of MD’s appointment ISLAMABAD: Caretaker Prime Minister Anwaarul Haq Kakar has given the green light to appoint Irteza Qureshi as the new regular managing director of Pak Arab Refinery Limited (Parco). He is currently working as the deputy managing director (DMD). According to sources, eight potential candidates had been shortlisted during the first phase for the slot of Parco MD. Two candidates were from the Engro Group, one from contractor company Schlumberger, two from Parco, one from K-Electric and one from Sui Southern…

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