Pending approvals for the revised PC-1 project for the 2,160 MW Phase 1 hydropower project and unresolved security concerns are delaying the signing of additional $1 billion in financing agreements with the World Bank. Business Registrar The Ministry of Economic Affairs has urged the Ministry of Water Resources to expedite the submission and approval of … Read more
Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Atif Ikram Sheikh highlighted the growing trade relationship between Pakistan and the United States, noting that bilateral trade exceeded $7 billion in 2023 and reached $6.3 billion in the first 10 months of 2024. . He expressed optimism about doubling this volume in the coming … Read more
Elon Musk’s company, xAI, raised $6 billion in its latest funding round, bringing the total amount raised to $12 billion. The financing, which was disclosed in a US Securities and Exchange Commission filing, included 97 investors, including Andreessen Horowitz, BlackRock, Fidelity, Nvidia, AMD and Sequoia Capital, although individual contributions were not detailed. Reports indicate that … Read more
Chinese authorities have agreed to issue three trillion yuan ($411 billion) in special treasury bonds next year, which would be the highest ever, as Beijing steps up fiscal stimulus to revive the faltering economy, two sources said. The 2025 sovereign debt issuance plan would be a sharp increase from 1 trillion yuan this year, and … Read more
The Ministry of Energy issued an urgent appeal to release 400 billion rupees in support by the end of December to prevent a slide in circular debt management, a key goal agreed with the International Monetary Fund. News I mentioned. So far, the Finance Ministry has released only 82 billion rupees out of 1,229 billion … Read more
Foreign exchange reserves held by the State Bank of Pakistan (SBP) rose by $30.7 million (0.25% y-o-y) to $12.08 billion during the week ending December 13, 2024, according to data released by the State Bank of Pakistan on Thursday. The country’s total reserves also saw a slight increase of $31.8 million (0.19% year-on-year), reaching $16.63 … Read more
Islamabad: The Sahiwal Power Plant, equipped with 2 x 660 MW coal-fired supercritical steam generators operating at around 570°C, has the capacity to generate more than 9 billion kWh of electricity annually. Supercritical technology, which operates at higher temperatures and pressures compared to conventional coal-fired plants, increases efficiency, resulting in lower coal consumption and lower … Read more
The federal government’s development spending slowed to Rs115 billion in the first five months of the fiscal year due to fiscal constraints, far below the Rs376 billion allowed under the Public Sector Development Program (PSDP) for 2024-25. The Ministry of Planning authorized significant spending from July to November, but actual spending represented only 10% of … Read more
The Central Development Work Party (CDWP), headed by Planning, Development and Special Initiatives Minister Ahsan Iqbal, approved 15 development projects worth Rs422.704 billion during its meeting on Sunday. Of these projects, six projects worth Rs17.95 billion were directly approved, while nine projects worth a total of Rs404.754 billion were referred to the Executive Committee of … Read more
A Delaware judge has allowed Elon Musk and Tesla to begin legal challenges to reinstate the CEO’s $56 billion pay package, the largest in the company’s history. Counsel Kathleen McCormick of the Delaware Court of Chancery issued an order Friday, opening a 30-day window to appeal to the Delaware Supreme Court. The appeal challenges McCormick’s … Read more