Day: October 26, 2024

Germany and India Strengthen Defence and Green Energy Ties

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Germany-India

New Delhi: German Chancellor Olaf Scholz, in talks with Indian Prime Minister Narendra Modi, expressed Germany’s aim to deepen defence collaboration and enhance military ties with India. Traditionally distant in defence, Germany is now positioning itself as a partner in India’s effort to diversify from its historical reliance on Russian arms, aligning with broader Western efforts to counter China’s regional influence. Scholz emphasized a need for increased cooperation and, along with several German ministers, highlighted Germany’s strategic interest in India’s vast market as a balance to China. German company Thyssenkrupp…

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OGDCL Reports Rs41 Billion Quarterly Profit Amid Operational Challenges

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ISLAMABAD: Oil and Gas Development Company Ltd (OGDCL) posted a solid quarterly profit of Rs41 billion, despite citing an estimated Rs15 billion reduction in potential profit due to decisions from public-sector entities Mari Petroleum Company Ltd (MPCL), Sui Northern Gas Pipelines Ltd (SNGPL), and Uch Power Ltd. The board of directors, convening on Friday, reported net sales of Rs106.01 billion with earnings per share (EPS) of Rs9.54 for the quarter ending September 30. The company noted a Rs9.5 billion tax expense on MPCL’s bonus shares and a Rs5.23 billion financial…

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*Karachi Residents Face Rs3.04 Tariff Hike in December for July’s Fuel Cost Adjustment

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NEPRA-KE

ISLAMABAD: Despite strong opposition from Karachi’s business, trade, and political sectors, the National Electric Power Regulatory Authority (NEPRA) has approved a fuel cost adjustment (FCA) of Rs3.04 per unit for K-Electric customers for electricity consumed in July. This increase will be reflected in December bills, replacing the Rs3.17 FCA charged for June consumption currently reflected in October bills. Earlier, NEPRA approved a Rs2.59 FCA for May and Rs3.17 for June, charged in October and November, respectively. K-Electric had requested a Rs3.09 FCA for July; NEPRA’s final decision adjusted this slightly…

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PSO’s 48th AGM Highlights Strong Growth, Innovation, and Shift Toward Renewable Energy

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State-Oil

Karachi, October 24, 2024: Pakistan State Oil (PSO), Pakistan’s leading energy company, held its 48th Annual General Meeting (AGM) in Karachi, led by Chairman Mr. Asif Baigmohamed. Managing Director & CEO Syed Taha, board members, and senior management attended the session. PSO reported robust financial performance for FY24, with a gross revenue of PKR 3.8 trillion and a profit after tax of PKR 15.9 billion, resulting in an earnings per share of PKR 33.79. A dividend of PKR 10 per share, marking a 100% payout for FY23-24, was declared. The…

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New Study Highlights Severe Air Pollution Crisis in Karachi, Urging Immediate Action

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Air-Pollution

Karachi: Rising air pollution in Karachi is creating severe respiratory health risks, particularly for men, the elderly, and those with existing lung conditions, reveals a recent study by Aga Khan University, published in Atmospheric Pollution Research. The study focused on urban populations in Pakistan and found alarmingly high levels of PM2.5 particles in Karachi’s air. These microscopic particles, easily inhaled, are linked to respiratory problems. Dangerous concentrations of PM2.5 and other pollutants like sulfate, ammonium, nitrate, and black carbon were detected across the city, particularly at busy sites like Korangi…

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