Author: Admin

K-E Seeks Two-Year Extension on IFRS 9 ECL Exemption Amid Persistent Circular Debt Pressures

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K-Electric

ISLAMABAD: K-Electric (KE) has requested the Securities and Exchange Commission of Pakistan (SECP) to extend its exemption from applying the Expected Credit Loss (ECL) model under International Financial Reporting Standard 9 (IFRS 9) for an additional two years. The utility argues that the core cause of circular debt accumulation—massive receivables from federal and provincial government entities—remains unchanged, according to sources in the SECP. The request was submitted through a joint letter signed by KE CEO Syed Moonis Abdullah Alvi and Company Secretary Rizwan Pesnani. The letter refers to SRO 1784(I)/2024,…

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ADB Approves $330m Financing to Strengthen Pakistan’s Power Transmission Network

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Asian-bank

The Asian Development Bank (ADB) has approved loans worth $330 million to support Pakistan’s Second Power Transmission Strengthening Project—an initiative aimed at expanding the national grid and ensuring the smooth evacuation of low-cost renewable and hydropower to major demand centres. In a statement issued on Thursday, ADB said the project will include the construction of a new 500-kilovolt transmission line stretching approximately 290 kilometres, along with upgrades to critical grid infrastructure serving Islamabad and Faisalabad. The improvements are expected to ease long-standing bottlenecks in Pakistan’s north–south power corridor and allow…

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PPL Clarifies: No Artificial Island, Only Infrastructure for Marshy-Area Drilling Near Sujawal

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PPL-logo

Pakistan Petroleum Limited (PPL) on Thursday issued a clarification stating that it is not reclaiming land from the sea to build an artificial island near Sujawal, as reported by Bloomberg. Instead, the state-owned company said it is developing essential infrastructure to enable safe drilling operations in an exceptionally challenging marshy terrain. In its statement, PPL termed the earlier media coverage “misleading,” explaining that the project’s technical scope had been misinterpreted. “The activities underway relate to enabling safe drilling operations in a challenging marshy environment, rather than the development of a…

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Fire Breaks Out at COP30 Climate Summit in Brazil, Delegates Evacuated

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Fire Breaks Out

A massive fire broke out at the COP30 climate summit venue in Belém, Brazil, forcing delegates to evacuate the premises. The blaze originated in the ‘Blue Zone’, which houses the plenary hall, negotiations, country pavilions, media centre, and offices for high-profile dignitaries. Firefighters responded swiftly, and the fire was brought under control, with no injuries or casualties reported. ¹ ² ³ The incident occurred on the penultimate day of the two-week conference, as ministers from around the world were engaged in tense negotiations over fossil fuels, climate finance, and trade…

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CM Murad wants work on infrastructure projects in Karachi expedited

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New-Project38

CM Sindh presides over Cabinet meeting; reviews 57-item agendaKARACHI (Nov 20): Sindh Chief Minister Syed Murad Ali Shah, while presiding over a cabinet meeting, approved $15 million Grant for the New JPMC Emergency Tower, the establishment of a community health company, the creation of a Sindh government cloud, the setup of 14 anti-narcotic courts, and a Centre for Excellence for countering violent extremism. The cabinet also adopted austerity measures, allowed the purchase of a heritage building for the IT Tower, and extended the validity of the screening test until June…

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