Year: 2024

COP29 Draft Rejected as Negotiators Struggle to Finalize Climate Finance Deal

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COP-29-2

BAKU: Negotiators at the COP29 UN climate summit are racing against time to secure a breakthrough trillion-dollar deal to assist poorer nations in combating global warming after both developed and developing nations rejected an initial draft proposal. The summit, originally scheduled to conclude on Friday, is expected to extend into overtime as the Azerbaijani hosts scramble to revise the contentious draft. The primary goal of COP29 is to establish a new funding framework to succeed the $100 billion annual pledge by wealthy nations, focusing on emissions reductions and climate adaptation.…

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China Challenges Pakistan’s Energy Claims: Phasing Out Gas and FO Plants Could Save $3 Billion Annually

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furnace-oil

ISLAMABAD: China has disputed Prime Minister Shehbaz Sharif’s assertion that converting imported coal power plants to local coal could save $1.2 billion annually. Instead, Chinese officials have recommended prioritizing the phasing out of gas and furnace oil (FO) power plants, projecting savings of $3 billion per year. These insights were shared during the 3rd Belt and Road Energy Ministerial Conference held in Qingdao on October 23-24, 2024. Pakistan’s Minister for Power, Sardar Awais Ahmad Khan Leghari, represented the country, attending the opening ceremony, a parallel forum, and four bilateral meetings,…

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Cristiano Ronaldo and MrBeast team up for groundbreaking YouTube collaboration

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Cristiano Ronaldo and MrBeast team up

The announcement follows a leaked image on November 17 that hinted at the partnership. Ronaldo shared a preview on his official YouTube channel, revealing the video titled I Meet MrBeast To Break The Internet will premiere on November 21 at 6 AM PT / 9 AM EST. While fans are excited, the collaboration has drawn mixed reactions due to ongoing controversies involving MrBeast, including allegations of workplace misconduct. Despite these challenges, MrBeast remains the platform’s top creator, consistently pulling millions of views within hours of uploads. Ronaldo, a football legend…

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Bitcoin breaks $96,000 for first time on optimism over Trump crypto plans

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bitcoin

Bitcoin’s march toward $100,000 made further ground on Thursday as investors bet a friendlier US regulatory approach to cryptocurrencies under President-elect Donald Trump will unleash a boom era for the asset class. Bitcoin prices topped $96,000 for the first time in Asia trade, touching a high just above $96,898. The cryptocurrency’s price has more than doubled this year and is up about 40 per cent in the two weeks since Trump was voted in as the next US president and a slew of pro-crypto lawmakers were elected to Congress. “While it’s now firmly into overbought territory, it is…

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Nepra: Consumers Lose Rs 60 Billion Benefit Due to NJHPP Shutdown, Kanupp Debt Re-Profiling

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NEPRA-KE

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) revealed that a projected financial benefit of Rs 60 billion could not be passed on to consumers of Discos and K-Electric (KE) during the first quarter of FY 2024-25. The shortfall stemmed from the closure of the 969 MW Neelum Jhelum Hydropower Project (NJHPP) and debt re-profiling of the Karachi Nuclear Power Plant-2 (Kanupp), both of which hindered the availability of cost-effective electricity. During a public hearing on quarterly tariff adjustment (QTA) for the period, Nepra officials highlighted that the under-recovery of…

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