Category: Latest News

KARACHI: Mayor Barrister Murtaza Wahab on Thursday inaugurated the Karachi Water & Sewerage Corporation’s (KWSC) first electric vehicle (EV) charging station, alongside the launch of new suction machines and the corporation’s first police station. He said the city administration, following the Pakistan Peoples Party’s manifesto, is advancing three major initiatives aimed at improving urban services and overall city management. Speaking at the ceremony held at KWSC Headquarters, Wahab said PPP Chairman Bilawal Bhutto Zardari has provided a clear vision for Karachi—one that prioritizes focused development, citizen engagement, and unity over…

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BELEM: Negotiations at the COP30 climate summit were abruptly disrupted on Thursday when a fire broke out inside the venue, forcing thousands of delegates to evacuate just as talks entered a critical phase. The incident came with less than 24 hours remaining for nearly 200 countries to reach a consensus on strengthening global climate commitments. Earlier in the day, UN Secretary-General António Guterres had urged negotiators to deliver a meaningful deal in Belem, praising growing calls for clarity on transitioning the world away from fossil fuels—a key point of contention…

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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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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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