Lahore: 22 Sept— An increase of Rs 2.07 per unit in tariffs for Electricity Distribution Companies (Discos) of August 2021 has been sought by Central Power Purchasing Agency-Guaranteed (CPPA-G)under monthly FCA mechanism.CCPA-G data says that total cost of energy was Rs 103 billion. CPPA-G also sought previous adjustment/supplemental charges of Rs 3.283 billion against use of power of 7.48 GWh.According to CPPA-G total energy generated recorded at 15,679.72 GWh, at a basket price of Rs 6.4653 per unit.The sale to IPPs was reduced by 15.82 GWh, the price of which was Rs 279 million while the reduction in transmission losses was recorded at 476.63 GWh, cost of which is Re 0.20 per unit.National Electric Power Regulatory Authority (Nepra) w...

September 22, 2021 at 11:03 am | Economic Affairs

September 22,2021New York (Press Release)Foreign Minister Makhdoom Shah Mahmood Qureshi met Foreign Minister Augusto Santos Silva of Portugal in New York on the margins of the 76th session of the United Nations General Assembly. Views were exchanged on bilateral, regional and international developments as well as on cooperation between the two countries at the UN. The Foreign Minister underscored Pakistan’s desire to further strengthen its engagement with Portugal, especially in economic and trade spheres. The Foreign Minister expressed satisfaction at the Parliamentary Friendship Groups that have been established in the respective Parliaments and called for the need to fully activate them for enhanced cooperation and people-to-...

September 22, 2021 at 10:01 am | Economic Affairs

September 22,2021Vienna (Press Release)Pakistan and Nigeria held a bilateral meeting yesterday on the sidelines of the 65th General Conference of the International Atomic Energy Agency (IAEA), currently taking place in Vienna. Pakistan’s delegation was led by Chairman of the Pakistan Atomic Energy Commission (PAEC) Muhammad Naeem. The Nigerian side was led by Ambassador Suleiman Dauda Umar, Nigeria’s Permanent Representative in Vienna. Pakistan’s Permanent Representative to International Organizations in Vienna, Ambassador Aftab Ahmad Khokher, also participated in the meeting. Pakistan and Nigeria have ongoing collaboration within the framework of an MoU on nuclear regulatory functions and many Nigerian experts have undergon...

September 22, 2021 at 9:59 am | Economic Affairs

September 22,2021Vienna (Press Release)Pakistan and Azerbaijan held a bilateral meeting yesterday on the sidelines of the 65th General Conference of the International Atomic Energy Agency (IAEA), currently taking place in Vienna. While the Pakistan delegation was led by Chairman of the Pakistan Atomic Energy Commission (PAEC) Mr. Muhammad Naeem, the Azerbaijani side was led by Deputy Minister Mr. Faig Taghi-Zada.Pakistan’s Permanent Representative to International Organizations in Vienna, Ambassador Aftab Ahmad Khokher, also participated in the meeting. Pakistan and Azerbaijan have ongoing collaboration under the IAEA auspices whereby Pakistani varieties of cotton, developed through nuclear techniques to be disease and weather resi...

September 22, 2021 at 9:56 am | Economic Affairs

Islamabad : 22 Sep.—: Pakistan has been found top among 10 countries in the world where internet freedom has been on the decline and raised concerns over the rules proposed by the country that could further damage cyber liberty, an international freedom advocacy group and research organisation says.Expressing concerns over the proposed regulation in the country, its latest report, “Freedom on the Net 2021: The Global Drive to Control Big Tech”, the Washington-based Freedom House came up with details of cyber freedom in different countries around the world and ranked Pakistan seventh among “abusers of internet freedom”.The report also found Pakistan among 24 countries which have initiated measures governing how platforms treat con...

September 22, 2021 at 9:48 am | Economic Affairs

September 22,2021Vienna (Press Release)Pakistan and Belarus held a bilateral meeting yesterday on the sidelines of the 65th General Conference of the International Atomic Energy Agency (IAEA), currently taking place in Vienna. Chairman of the Pakistan Atomic Energy Commission (PAEC) Mr. Muhammad Naeem led the Pakistani delegation. The Belarus side was led by Belarusian Minister for Energy Mr. Victor Karankevich. Pakistan’s Permanent Representative to International Organizations in Vienna, Ambassador Aftab Ahmad Khokher, also participated in the meeting. The objective of the meeting was to explore possibilites of collaboration between the two countries in the peaceful uses of nuclear energy in the areas of health, agriculture and in...

September 22, 2021 at 9:43 am | Economic Affairs

September 21, 2021New York ( Press Release)U.S. Special Representative for Afghanistan Reconciliation Ambassador Zalmay Khalilzad called on Foreign Minister Shah Mahmood Qureshi in New York today. They discussed the latest developments in Afghanistan and the continued need for an inclusive political settlement in Afghanistan. The Foreign Minister reiterated Pakistan’s support for a broad based and stable government in Afghanistan, which can be a credible development and security partner for the international community. He expressed concern about the deteriorating humanitarian situation in Afghanistan and hoped that international community would support the Afghan people in order to prevent further instability in the region. The For...

September 22, 2021 at 9:40 am | Economic Affairs

AgenciesPARIS, 22 Sep : OECD warned of an “uneven” global economic recovery as it lowered its 2021 growth forecasts for the world and the United States while raising the outlook for Europe.The world economy has bounced back this year on the back of stimulus measures, the rollout of effective Covid vaccines and the resumption of many economic activities, the Organisation for Economic Co-operation and Development (OECD) said.But the Paris-based organisation voiced concerns about lower vaccination rates in poorer countries.“The recovery remains very uneven, with strikingly different outcomes across countries,” the OECD said in its interim economic outlook.Global gross domestic product has surpassed its pre-pandemic level following las...

September 22, 2021 at 9:37 am | Economic Affairs

MANILA: 22 Sep.— Asian Development Bank lowered its 2021 economic growth outlook for developing Asia, amid continuing concerns over the coronavirus disease (COVID-19) pandemic.However, ADB said recovery was underway in "developing Asia", referring to the bank's 46 members, including China and India, but growth was revised down to 7.2% from 7.3% projected in its Asian Development Outlook (ADO) report released in April.The bloc's combined economy was projected to expand 5.4% next year, compared with the April forecast of 5.3%."Asia and the Pacific's recovery from the COVID-19 pandemic continues, although the path remains precarious amid renewed outbreaks, new virus variants, and an uneven vaccine rollout," ADB Chief Economist Yasuyuki Sawa...

September 22, 2021 at 9:33 am | Economic Affairs

Islamabad, the September 21st, 2021: +Press Release) The Speaker National Assembly Mr. Asad Qaiser underlined the need for strengthening tobacco regulatory and taxation regime to ensure decent profitability for the farmers as well as progressive increase in government’s revenue from tobacco industry. He stated that information asymmetries, regulatory capture and inefficient taxation regime has stoked fears about collapse of tobacco market for the poor farmers, exorbitant profits for tobacco industry without commensurate increase in government’s revenue from cigarettes industry, and rampant tobacco consumption in Pakistan. It was also outlined that upward revision of taxes levied on cigarettes was the only route to discourage smoking an...

September 21, 2021 at 11:10 pm | Economic Affairs

September 21, 2021New York ( Press Release) Secretary-General of the Organization of Islamic Cooperation (OIC), Dr. Yousef A. Al-Othaimeen, met with His Excellency President of the Cooperative Republic of Guyana, Mr. Mohamed Irfaan Ali, on Monday, 20 September 2021, on the sidelines of the meetings of the 76th session of the United Nations General Assembly. The two sides discussed aspects of enhancing cooperation between the OIC and the Republic of Guyana, an OIC Member State, and activating its role within the framework of joint Islamic action. The meeting discussed ways to support Guyana in many fields within the context of Islamic solidarity.

September 21, 2021 at 11:07 pm | Economic Affairs

EA ReportIslamabad, Sept. 21–National Command and Operation Centre (NCOC) has decided to ease coronavirus restrictions in six districts of Khyber Pakhtunkhwa and Punjab from Wednesday following the improved coronavirus situation in the areas.Minister for Planning, Development, and Special Initiatives Asad Umar decided to ease the strict Covid-19 restrictions in Lahore, Multan, Faisalabad, Sargodha, Gujrat, and Bannu from September 22 during NCOC meeting.Last week, the NCOC had relaxed restrictions in Rawalpindi, Gujranwala, Sheikhupura, Sialkot, Khushab, Mianwali, Bhakkar, Khanewal, Bahawalpur, Rahim Yar Khan, Peshawar, Swabi, Malakand, Swat, Haripur, Abbottabad, Mansehra and Dera Ismail Khan and Islamabad.Meanwhile, Pakistan reported on...

September 21, 2021 at 11:04 pm | Economic Affairs

September 21,2021Islamabad (Press Release) Japan continues to support anti-polio drive in Pakistan.The third nationwide anti-polio campaign of 2021 is underway. Over 40 million children under five years of age will be vaccinated during the campaign. In Pakistan, only one case of wild poliovirus has been reported so far this year, while 75 cases were reported in the same period last year. H.E. MATSUDA Kuninori, Ambassador of Japan, highly appreciated the drastic decrease in the number of reported wild polio cases in Pakistan as a result of the sincere and united efforts of the government and people of Pakistan. He also expressed his respect for all the polio workers who are engaged in the door-to-door vaccination amid the COVID-19 pan...

September 21, 2021 at 11:00 pm | Economic Affairs

September 21, 2021Vienna (Press Release)Chairman Pakistan Atomic Energy Commission (PAEC) Mr. Muhammad Naeem addressed the annual General Conference of the International Atomic Energy Agency (IAEA), presently underway in Vienna. He said that Pakistan strongly supported the Agency’s role in promoting the peaceful uses of nuclear technology in accordance with its motto "Atom for Peace and Development". He highlighted the contribution of nuclear technologies to Pakistan’s socio-economic development. He said that Pakistan was forging ahead to expand the share of nuclear power in the national energy mix not only to meet its growing energy needs but also to mitigate the impact of of climate change as nuclear was a carbon free and relia...

September 21, 2021 at 2:42 pm | Economic Affairs

Agencies 21 Sep 2021Copper prices were trading near a one-month low Tuesday following a debt crisis at China developer Evergrande Group spurred a sell-off across markets and stoked worries over global demand.Global stock markets grappled with contagion fears, sparked by troubles at ChinaThree-month copper on the London Metal Exchange edged up 0.3% to $9,063 a tonne by 0337 GMT, but was hovering near its lowest level since Aug. 20 hit in the previous session of $8,975 a tonne. The contract lost 4.8% so far this month.Evergrande as growing risks the property giant could default on its massive debt pile prompted investors to flee riskier assets.Chinese markets are closed for a holiday and will reopen on Wednesday.FundamentalsThe global world ...

September 21, 2021 at 2:39 pm | Economic Affairs

September 21, 2021Rawalpindi (ISPR)His Excellency Mr Andreas Papastavrou, Greek Ambassador to Pakistan called on General Qamar Javed Bajwa, Chief of Army Staff here at GHQ today.During the meeting matters of mutual interest, regional security situation especially current situation in Afghanistan and cooperation in various fields were discussed. COAS said that Pakistan remains committed to cooperate with its international partners for peace in the region and ensuring a stable and prosperous future for Afghan people. COAS reiterated that Pakistan is safe for all sorts of international tourism, sports & business activities and we encourage healthy bilateral exchanges in all areas of common interest.The visiting dignitary appreciated Pakis...

September 21, 2021 at 1:38 pm | Economic Affairs

EA Report KARACHI: sep. 21— Pakistan's largest city and Sindh's provincial capital Karachi has emerged 59th among 60 peers in The Safe Cities Index 2021 as one of the least safe major cities in the world as it was ranked, report compiled by The Economist Intelligence Unit points out.Safe Cities Index (SCI) 2021 report ranks 60 cities across 76 indicators covering digital, health, infrastructure, personal and environmental security.Pakistan’s financial hub Karachi attained an overall score of 39.7 out of 100 on the SCI2021 index, with only Yangon, the capital city of Myanmar, which is facing political turmoil scoring less than Karachi with 39.5 points.Denmark capital Copenhagen was placed first as the safest city in the world with a sco...

September 21, 2021 at 1:17 pm | Economic Affairs

Agencies 21 Sep : Oil prices have been pushed up Tuesday following US supply tightness signals, ending days of losses as global markets remain haunted by the potential impact on China's economy of a crisis at heavily indebted property group China Evergrande.Brent crude climbed up 63 cents or 0.9% to $74.55 a barrel by 0340 GMT, after fallen of Monday, by almost 2%. The contract for West Texas Intermediate (WTI) that expires later on Tuesday, was up 69 cents or 1% at $70.98 after dropping 2.3% in the previous session.Global utilities are switching to fuel oil due to rising gas and coal prices, and lingering outages from the Gulf of Mexico after Hurricane Ada that imply less supply is available, ANZ analysts said."While slowing Chinese econo...

September 21, 2021 at 1:14 pm | Economic Affairs

Islamabad, September 21, 2021 (Press Release) The United States and Pakistan reaffirmed their commitment to work together to address climate change through the creation of the U.S.-Pakistan Climate and Environment Working Group. Addressing the Working Group on September 20, U.S. Chargé d’affaires Angela P. Aggeler hailed over 50 years of U.S.-Pakistan partnership and cooperation on energy and the environment, which has facilitated more than $900 million in new investments in renewable energy, supported programs in water and climate-smart agriculture, and spurred the installation of air quality monitors across the country. Chargé d’affaires Aggeler lauded the efforts Pakistan has made in climate adaptation and land use through init...

September 21, 2021 at 1:13 pm | Economic Affairs

Agencies Dollar stood tall, yuan under pressure for growing Evergrande risksAgencies21 Sep— The safe-haven dollar and yen stood tall against offshore yuan that wallowed near an almost one-month low Tuesday while investors sought shelter from a potential China Evergrande default.New Zealand dollar also sank after the central bank's assistant governor poured cold water on bets for a 50 basis point rate hike next month.Yuan stood at 6.4805 per dollar after weakening as far as 6.4879 Monday for the first time since Aug. 23. Mainland markets are shut for holidays until Wednesday."It feels like the market was waiting on something from the Chinese authorities over the weekend to calm the markets and ringfence the contagion worries from a loomin...

September 21, 2021 at 1:07 pm | Economic Affairs