Author: Admin

Pakistan’s Urban Population to Reach 40% by 2030: ADB Report

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Urban-Population

ISLAMABAD: Pakistan’s urban population is projected to soar to 99 million, or 40% of the total population, by 2030, intensifying existing challenges in urban infrastructure and services, according to Emma Fan, Country Director of the Asian Development Bank (ADB) for Pakistan. Speaking at the launch of the National Urban Assessment of Pakistan, Fan highlighted the growing strain on cities, especially provincial capitals, which host a disproportionate share of the urban population. The ADB-backed projects, including PICIIP, KPCIP, and DREAMS, aim to improve urban service delivery, focusing on climate-resilient infrastructure and…

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Refinery Upgrade Plans Face Delays as Agreement Deadline Approaches

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FBR-Tex

ISLAMABAD: The federal government’s ambitious plan to upgrade domestic refineries has hit a significant roadblock just days before the deadline for finalizing agreements. The issue arises from a sales tax exemption introduced in the 2024-25 national budget by the Federal Board of Revenue (FBR), causing uncertainty among investors. With $6 billion in investment at stake, the Petroleum Division is considering requesting an extension from the Cabinet Committee on Energy (CCoE) to complete agreements with five local refineries. A crucial meeting between refinery representatives, petroleum and finance officials, and the FBR…

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IPPs Protest Over Non-Payment as Government Prepares for Second Phase of Power Purchase Agreement Renegotiations

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Power-sector

ISLAMABAD: Independent Power Producers (IPPs) set to face scrutiny in the second phase of shifting from the “take or pay” to the “take and pay” model are expressing frustration over a two-week payment stoppage by the Central Power Purchasing Agency (CPPA-G). Sources informed Business Recorder that 18 IPPs under the 1994 and 2002 policies will soon receive notices for renegotiating their Power Purchase Agreements (PPAs). One of the affected companies, Laraib Energy Limited, has formally requested CPPA-G to release Rs 2.390 billion to meet debt servicing obligations to foreign lenders…

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Pakistan and Indonesia Sign $10.7 Million Trade Agreements Across Multiple Sectors

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Pakistan-Indonesia

ISLAMABAD: Pakistan and Indonesia have strengthened their trade relations by signing business-to-business agreements and Memorandums of Understanding (MoUs) worth $10.7 million during the recent Trade Expo Indonesia. The deals, facilitated by the Special Investment Facilitation Council (SIFC), cover a wide range of sectors, including coconut products, gum, copal, cocoa, dried coconut, ginger, spices, consumer goods, and auto parts. The agreements reflect collaboration between private companies, business institutions, and government bodies from both countries, reinforcing their commitment to enhancing economic ties. Both nations, members of the Organisation of Islamic Cooperation (OIC),…

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EU Subsidies for Fossil-Fuel Cars Reach €42 Billion, Study Calls for Shift to EV Support

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electric-car

LONDON: The European Union’s five largest economies collectively spend €42 billion ($45.6 billion) each year subsidizing fossil-fuel-powered company cars, according to a recent study by Transport and Environment (T&E). The report urges a redirection of these funds toward electric vehicle (EV) subsidies to align with the EU’s green transition goals. Company cars account for about 60% of new vehicle sales across Europe. The study, conducted by Environmental Resources Management (ERM), highlights Italy as the largest contributor, spending €16 billion annually on subsidies for fossil-fuel company cars, followed by Germany with…

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