Business

KE warns of additional load shedding due to technical fault in national grid

Published

1 year ago

Farwa

KE says loan-management a temporary measure.
Says it is working on providing alternate supply.
NTDC teams already active in restoration, it adds.

K-Electric on Monday stated that it was receiving “limited” supply “due to a temporary fault” in the 500 kV NKI-Jamshoro circuit of the national grid and warned of an hour-long “load management” in “some areas exempt” from loadshedding.

KE Spokesperson Imran Rana notified about the fault in a post on X, formerly known as Twitter.

– Due to this, shortfall between demand and supply is expected to temporarily increase.
– To bridge the gap and maintain system stability, load management of one hour may be undertaken in some areas exempt from load-shed.
(2/3)
— Imran Rana, Spokesperson, K-Electric (@imranrana21) October 16, 2023

“National Transmission and Despatch Company (NTDC) maintenance teams are already active in restoration. KE remains in close contact with the authorities,” said Rana.

He added that because of the shortfall “demand and supply is expected to temporarily increase”.

“To bridge the gap and maintain system stability, load management of one hour may be undertaken in some areas exempt from load-shed,” said the spokesperson.

He added that it was a “temporary measure” and the utility supplier was working on providing “alternate supply”.

“We regret the inconvenience and request our customers for their cooperation,” said Karachi’s sole electricity distributor.

Business

February 7, 2025: The value of the Pakistani Rupee (PKR) in relation to the US dollar is unchanged.

Published

11 hours ago

Farwa

KARACHI: The open market exchange rate between the US dollar and the Pakistani rupee (PKR) was Rs279.4 on February 07, 2025, with a selling rate of Rs281.1. The interbank exchange rate between the US dollar and the Pakistani rupee is Rs 278.45, according to Interbank.

There was no movement in the US dollar (USD) from the previous closure of Rs278.

Business

The NORINCO Group is invited by CM Sindh to explore opportunities.

Published

1 day ago

Farwa

Chinese companies have been invited by Sindh Chief Minister Syed Murad Ali Shah to visit Karachi and other regions of Sindh Province in order to observe the quickly growing businesses and investigate prospects in fields like clean energy, infrastructure development, and public transit projects.

Speaking in Beijing to a delegation headed by the chairman of NORINCO International Co., Ltd., he stated that all facilities required would be provided by the governments of Sindh Province and Pakistan.

With assistance from NORINCO International, the Sindh Chief Minister stated that the Provincial Government will firmly urge North Vehicle and BeiBen to think about setting up a Vehicle Assembly Plant in the Dhabeji Special Economic Zone.

Business

A deal with Pakistan to fight financial crimes has been approved by the Saudi cabinet.

Published

1 day ago

Farwa

In order to strengthen collaboration in the fight against money laundering, terrorist financing, and associated crimes, the Saudi Press Agency announced this week that the Saudi cabinet, led by Crown Prince Mohammed bin Salman, had approved a memorandum of understanding (MoU) with Pakistan’s Financial Monitoring Unit (FMU).

Due to its severe money laundering and terrorism funding issues in recent years, Pakistan was added to the Financial Action Task Force’s (FATF) grey list in June 2018.

The nation was taken off the gray list in October 2022 after enacting extensive measures to fortify its financial system.

The FMU is Pakistan’s financial intelligence unit, created under the Anti-Money Laundering Act of 2010 and tasked with collaborating with foreign partners and evaluating reports of suspicious transactions.

According to the SPA, “the cabinet approved a memorandum of understanding regarding cooperation in exchanging investigations related to money laundering, terrorist financing, and related crimes between the Financial Monitoring Unit in the Islamic Republic of Pakistan and the General Department of Financial Investigation at the Presidency of State Security in the Kingdom of Saudi Arabia.”

The MoU is an indication of Saudi Arabia and Pakistan’s growing strategic partnership. A significant Pakistani diaspora resides in the Kingdom, and numerous Pakistani businesses have established a presence there.

Saudi Arabia has been a key supporter of Pakistan’s economy, bolstering its reserves with substantial deposits in the State Bank of Pakistan and offering deferred oil payment facilities.