Category: Highlights

Sitara-e-Imtiaz, the highest civilian award, has been announced for the team comprising officers from the military whose efforts made the country proud internationally and saved the nation from a penalty of $1.2 billion. As per details, Brig Rana Arfan Shakeel Ramay, Lt Col Farooq Shahbaz, and International Dispute Unit Head Ahmed Irfan Aslam worked hard in gathering information from Swiss, Lebanese, and Dubai banks regarding the corruption of Turkish power rental company, Karkey. The officials also collected documents from Panama and the British Virgin Islands, which proved useful in winning…

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The Narowal Energy Limited_ a wholly-owned subsidiary of The Hub Power Company Limited (Hubco) under the 2002 Power Policy and the Committee for Negotiations with Independent Power Producers- constituted by the Federal Government has executed a Memorandum of Understanding (MoU). HUBCO informed that under the terms of the MoU the ROE/ROEDC rate shall be changed from current 15pc in US$ to 17pc in PKR with no future US$ indexation. The US$ equity shall be converted to PKR using an exchange rate PKR/US$ of 148. Whereas, Late Payment Surcharge (LPS) will…

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BERLIN: German utility group RWE launched a bumper share issue to back its expansion into renewable energy, with part of the proceeds to pay for its $480 million purchase of wind turbine maker Nordex’s project development pipeline. The capital increase, representing an increase of 10% in RWE’s equity, will be placed with institutional investors via an accelerated bookbuilding process, RWE said in a statement issued after the Frankfurt market close. The bookrunner on the deal said investors had put in enough orders to sell the entire offering at 32.55 euros…

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ISLAMABAD: The government has collected about 43 per cent higher petroleum levy on oil products during the fiscal year ending on June 30, 2020 as compared to the previous year despite 13pc to 20pc reduction in local production and 25pc drop in import of major products. The data released by the finance ministry has reported Rs294 billion collection through petroleum levy on oil products during fiscal year 2019-20 when compared to Rs206bn in fiscal year 2018-19. Also, the government is estimated to have collected almost 31pc higher revenue on key…

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A team comprising officers from the Pakistan Army whose efforts made the country proud internationally and saved the nation from a penalty of $1.2 billion has been awarded Sitara-i-Imtiaz. The cabinet secretariat on Friday released the names of 184 Pakistani and foreign nationals who will be conferred civil awards for showing excellence and courage in their respective fields. According to details, Brig Rana Arfan Shakeel Ramay, Lt Col Farooq Shahbaz and Ahmed Irfan Aslam worked hard in gathering information from Swiss, Lebanese, and Dubai banks regarding the corruption of Turkish…

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