Islamabad, Oct 16: Govt Readies Stricter Power Purchase Agreements for 18 IPPs Notices are due next week. The federal government is finalizing four new alternatives to convert 18 Independent Power Producers (IPPs) from a “take or pay” approach to a “take and pay” model. The potential contract modifications have been communicated to these IPPs, according to Business Recorder. The 4,267 MW total capacity of these IPPs has been suspended by the Central Power Purchasing Agency (CPPA). In an effort to address Pakistan’s ongoing electricity sector problem, a few IPPs have indicated that they might be open to amending their contracts.…
Author: Mawadat Fatima
Islamabad, Oct 16: Pakistan Shaheens Captain Bold Statement on India The skipper of Pakistan Shaheens, Muhammad Haris, has revealed something shocking regarding his team’s October 19th ACC Men’s T20 Emerging Teams Asia Cup match versus India A. According to Haris, talking about their impending game against their bitter rivals is not allowed in the team’s locker room. The captain clarified that the suspension was put in place to keep players from experiencing extra pressure leading up to the much-awaited game. “It is not appropriate to discuss India in the changing room. We don’t want to add needless stress to players’…
Islamabad, Oct 16: Pakistani Bond Market Sees First Inflow in 5 Years Amid Stable Rupee and High Yields Pakistani Bond Market A significant reversal from four years of $1.4 billion outflows was recorded by the State Bank of Pakistan on Monday, when it revealed net foreign inflows into treasury bills of $875 million in 2024. International interest has been piqued by the country’s treasury bills, which currently provide yields between 16 and 17 percent. According to a statement from a wealth manager in Karachi, “investors see Pakistan as having a stable currency and high rates that are attracting them to…
Islamabad, Oct 16: A consortium has acquired an 83.96 percent stake in Calcorp Limited (PSX: CASH), the company informed the main bourse on Wednesday. As per the stock filing, “Optimus Limited notified the Company on October 15, 2024, that a group of three individuals, specifically Mr. Asif Ali Sheikh, Mr. Muhammad Hanif, and Mr. Kashif Mumtaz, executed a Share Purchase Agreement for the sale of Optimus Limited’s entire shareholding in the Company on October 15, 2024.” It further stated that the investment consisted of 9,020,473 shares, or 83.96 percent of the company’s outstanding share capital. The filing went on to…
Islamabad, Oct 16: Australia Ashes 2025 Schedule Announced with Surprise Inclusion The five-test series that will take place in Australia next summer will feature a surprising addition of a Day-Night Test, according to Cricket Australia’s schedule for the 2025–2026 Ashes series against England. For the first time in 43 years, Perth will host the Ashes opening series from November 21–25, 2025; the English team has never played a Test match at this location. The second Test will take place in Brisbane from December 4–8, using a pink ball under lights. From December 17–21, the action will move to Adelaide, and…
Islamabad, Oct 16: Pakistan Asian Open Taekwondo Championship Team Wins 9 Medals, Dominates Event With the acquisition of two medals on the opening day of competition, the Pakistani contingent at the 6th Asian Taekwondo Open Championships enjoyed a positive start to the competition. Pakistan Asian Open Taekwondo Championship Maleeha Ali’s team’s bronze in the women’s division, Ikhtshamul Haq won Pakistan’s first silver medal in the (-87 kg) category. Ikhtsham lost to Malaysia’s Zubair MS in the final, scoring 5-7 and 7-12, just missing out on the gold. After defeating Azhar Salim of Indonesia in the semifinals with decisive scores of 13-10…
Islamabad, Oct 16: Shariah-Compliant Earned Wage Access Neem Launches New Solution for Salaried Class In Pakistan, where economic hardships frequently force the salaried class—especially the frontline workforce—into debt cycles, Neem has launched Neem Paymenow, an earned wage access (EWA) solution compliant with Shariah that aims to give salaried workers in the country financial relief and encourage economic empowerment. According to Neem, Paymenow has a specialized technology and enablement team that can interface with any payroll system, from intricate HRMS platforms with APIs to straightforward Excel files. As for the benefits for the employer, those are the most relevant ones: The…
Islamabad, Oct 16: Russian Prime Minister Mikhail Mishustin came to this place on Tuesday to attend the Shanghai Cooperation Organization’s (SCO) twenty-third Council of Heads of Government (CHG) meeting. At Nur Khan Airbase, Federal Minister of Defense Khawaja Muhammad Asif cordially welcomed the illustrious guest. The international dignitaries received bouquets from children dressed in traditional garb. The significance of the occasion and the friendly ties between the two countries were highlighted by the red carpet that was rolled out to greet the visitors. Pakistan is holding the rotating chair of the SCO CHG, the second highest forum within the organization,…
Islamabad, Oct 16: Diesel Price Hike Sees Rs5 Increase, Petrol Stays Unchanged For the next two weeks, the federal government has raised Diesel Price Hike while maintaining the same price for gasoline. While the cost of high-speed diesel has increased by Rs. 5 per liter to Rs. 251.29, the price of gasoline will stay at Rs. 247.03 per liter. The revised rates will take effect on October 16. The Finance Ministry issued a brief statement in which it stated that the Oil & Gas Regulatory Authority (OGRA) had altered the rates in response to fluctuations in the worldwide market. The…
Islamabad, Oct 16: The world’s total public debt is set to exceed $100 trillion this year for the first time and may grow more quickly than forecast as political sentiment favors higher spending and slow growth amplifies borrowing needs and costs, the International Monetary Fund (IMF) said on Tuesday. The IMF’s latest Fiscal Monitor report showed global public debt will reach 93 per cent of global gross domestic product by the end of 2024 and approach 100pc by 2030. That would exceed its 99pc peak during COVID-19. It would also be up 10 percentage points from 2019, before the pandemic exploded government spending.…
