Author: Admin

President Zardari seeks to resolve ‘outstanding issues’ with Shanghai Electric after K-Electric deal collapse

Admin
Zardari-Asif

SHANGHAI: President Asif Ali Zardari has invited the Shanghai Electric Power Company to reinvest in Pakistan, assuring that any “outstanding issues” will be resolved amicably and in a spirit of mutual cooperation. The outreach follows Shanghai Electric’s decision to terminate its long-pending offer to acquire a majority stake in K-Electric, citing unfavorable changes in Pakistan’s business environment and the seller’s failure to meet closing conditions.The President’s assurance came during a meeting with Shanghai Electric Chairman Wu Lei in Shanghai, where he also encouraged the company to explore further investments in…

Read More

Petrol price steady as diesel costs rise by Rs2.78

Admin
Petrol-price

ISLAMABAD: The federal government has increased the price of high-speed diesel (HSD) by Rs2.78 per litre for the next fortnight, while keeping the price of petrol unchanged. A notification from the Finance Division announced the new HSD rate is Rs272.77 per litre, with petrol remaining at Rs264.61 per litre.The decision means that while middle- and lower-middle-income groups using smaller vehicles will be unaffected, the cost of goods for the general public is expected to rise. The transport and agricultural sectors rely heavily on HSD, with price hikes typically leading to…

Read More

Hyderabad Electric Supply fined Rs100m for repeat offense

Admin

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) has imposed a Rs100 million fine on the Hyderabad Electric Supply Company (Hesco) for continuing excessive loadshedding on commercial grounds, violating regulations.This latest penalty follows a Rs50 million fine levied in April 2024 for the same offense: loadshedding based on Aggregate Technical and Commercial (ATC) losses, despite a lack of power generation shortfall. Hesco had previously failed to pay the initial fine or halt the practice, choosing instead to appeal the decision.After issuing a show-cause notice and holding legal proceedings, Nepra determined…

Read More

FPCCI President Atif Ikram Sheikh Condemns State Bank’s Decision to Maintain Policy Interest Rate at 11%

Admin
FPCCI-Project

Karachi: Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), has strongly condemned the State Bank of Pakistan’s recent decision to keep the policy interest rate at 11%, calling it “incomprehensible” given the current economic landscape. Sheikh expressed deep concern about the detrimental effects this stubborn stance will have on the business environment and the broader economy. Sheikh urged the central bank to reduce the policy rate to 6-7%, aligning it with prevailing inflation rates and economic realities to stimulate growth. He pointed out…

Read More

Sindh, fed govt to work together to evolve a climate action plan, to improve Sukkur Barrage capacity

Admin
CM-Sindh

• Sindh govt restores natural waterways through engineering solution • River Indus fragile bunds to be strengthened with Japanese assistance KARACHI (Sept 15): Sindh Chief Minister Syed Murad Ali Shah and Federal Minister for Climate Change and Environmental Coordination, Dr. Musadik Malik, discussed launching a 300-day Climate Action Plan ahead of the upcoming monsoon, improving Sukkura Barrage capacity, reinforcing fragile embankments of the River Indus, and restoring old waterways to prevent loss of lives and property during riverine and flash floods.The meeting, held at CM House on Monday, was attended…

Read More