Latest News from Business Recorder
Business Recorder
an hour ago
- Business
- Business Recorder
Nepra's decisions on KE tariffs: Power Div. flags potential consumers harm, urges revision
ISLAMABAD: The Power Division on Wednesday announced plans to file reviews of the National Electric Power Regulatory Authority's recent decisions regarding K-Electric tariffs, warning that parts of the rulings could have negative consequences for consumers if not revised. Power Minister Sardar Awais Khan Leghari took to X (formerly Twitter) to express concerns about Nepra's decisions announced during the last few days that have drawn strong reactions from the ministry. The minister's remarks came at a time when Nepra, which by law is the power sector regulator, feels helpless in implementing its directions issued to Power Division and its affiliated organizations. NEPRA approves K-Electric's MYT for supply segment Last month, during a public hearing on IEECO's Multi-Year Tariff petition , Member (Tech) Rafique Ahmad Shaikh, asked Power Division to get rid of Chief Executive Officer (CEO), for poor performance. Similar positions were seen in other Discos and NTDC, which irritated the Authority during public hearings. 'The Ministry has serious concerns regarding Nepra's multiple determinations related to K-Electric's licenses for generation, transmission, distribution, and supply. These decisions also impact the investment plan for the upcoming multi-year tariff period,' said the Power Minister. Leghari emphasized that the rulings have significant long-term implications for consumer tariffs and the Federal Government's subsidy framework under the uniform tariff regime. 'The ministry is preparing to seek a review of the recent determinations concerning transmission, distribution, and supply. Additionally, the reconsideration of an earlier generation tariff decision — submitted back in December 2024—still awaits Nepra's attention. This delay poses serious financial risks for the power sector and its associated subsidies,' he added. The minister further cautioned that unresolved issues within Nepra's rulings could negatively affect consumers and the broader regulatory environment, potentially deterring private sector investment in the distribution sector. According to a power sector expert, Nepra's annual recovery loss allowance of Rs 40 billion granted to K-Electric—totaling over Rs 320 billion across seven years. Another insider sarcastically stated that 'Minister seems super happy on Nepra's determinations'. Another expert stated that real challenge is rampant power theft and non-recovery of electricity bills in the country. On the governance side, however, the proposed bill to classify electricity theft as a criminal offense was recently rejected by lawmakers. As a result, Discos are left with no option but to recover their legitimate business costs from paying consumers — a practice observed across the country. Power Division wants to review Nepra's recent tariff determinations for K-Electric, consumers across Pakistan, including those in Karachi, already burdened with the PHL surcharge due to the continued non-recovery of dues from other government-owned Discos. The Nepra's determinations on KE Multi-Year Tariff petitions are actually removing such disparities currently present in Pakistan's power sector. Also, unlike KE previous multiyear tariff for 2017-23, there is a periodic review mechanism built in the tariff for the period 2023-30. Copyright Business Recorder, 2025
Business Recorder
an hour ago
- Business
- Business Recorder
Local cotton: Pakistan govt working to abolish 18% GST, says minister
ISLAMABAD: Minister for National Food Security Rana Tanveer Hussain said on Wednesday that the government is actively working to abolish the 18 per cent general sales tax (GST) on locally-produced cotton, including lint and cottonseed, to support farmers and boost domestic cotton production. The minister made these remarks during a meeting with a delegation from the Pakistan Business Forum (PBF), led by Chief Organiser Chaudhry Ahmad Jawad. Hussain said the government is also addressing pending cotton cess liabilities in the textile sector to ensure the Central Cotton Committee (CCC) remains financially stable. 'We are considering limiting tax-free imports of yarn and fabric under the Export Facilitation Scheme (EFS) to encourage local cotton consumption,' he added. PBF urges govt to take urgent measures to save cotton He stated that the government aims to produce 10 million cotton bales this year and is committed to offering relief to farmers in the next budget. The meeting discussed in detail the upcoming federal budget and advocate for targeted relief for the agricultural sector. The PBF delegation included Senior Vice President Amna Awan, Chairman South Punjab Talat Suhail, Chairman KP Ashfaq Paracha, and Deputy Secretary General Zafar Iqbal. PBF Chief Organiser Chaudhry Ahmad Jawad urged the government to eliminate the GST on local cotton and lower customs duties on imported machinery for the cotton ginning sector. 'Sustainable economic growth is not possible without strong support for agriculture,' he emphasised. Jawad also called for the implementation of new seed varieties developed by the Pakistan Agricultural Research Council (PARC) at the district level. 'Farmers are unaware of the latest research being carried out in Islamabad. It needs to be transferred to the grassroots through local agriculture departments,' he said. The government must take concrete steps to reduce the cost of cultivation. Fertiliser prices should also be brought down by offering tax relief, added Jawad. Copyright Business Recorder, 2025
Business Recorder
an hour ago
- Sport
- Business Recorder
Smith to open for England in ODI series opener against West Indies
LONDON: Jamie Smith will open the batting for England in Thursday's ODI against West Indies at Edgbaston, captain Harry Brook confirmed on Wednesday ahead of the three-match series. 'He's got the strength to do so – the technique to be able to face the swinging ball,' said Brook, who takes charge of his first match since replacing Jos Buttler as captain. Smith, who will open alongside Ben Duckett, batted at three during England's disappointing Champions Trophy campaign, averaging a meagre eight with a top score of 15. He comes in at seven for the Test team. 'Baz (head coach Brendon McCullum] and I have this desire that he could be an unbelievable white-ball opener,' Brook said. 'I am not saying he has cemented his spot but he is going to get a good crack. He is such an immense player and can play the moving ball, as we have seen in Test cricket. There is no reason he can't bang it as an opener.' Former captain Buttler and all-rounders Jacob Bethell and Will Jacks are all in the side after returning from the Indian Premier League (IPL) while Joe Root is slated to come in at three with Brook at four. Pace bowlers Jofra Archer, Mark Wood and Gus Atkinson are all missing because of injuries but Brydon Carse has recovered from a toe issue and will be joined by Saqib Mahmood and Jamie Overton in the pace attack. Smith back at three as England rejig batting order for Australia clash England were de-throned as ODI world champions and then suffered a dire Champions Trophy within the space of nine months and Brook said it was time to begin a new chapter. 'Hopefully we can bring a lot of energy, competitiveness and lot of fun out there,' Brook said. 'We want to engage the crowd as much as we can and try to get some wins under our belt. I know lads have sometimes said that we don't care about winning but that's not true. Everybody hates losing.' England are ranked eighth in the ODI standings with West Indies ninth and with only the top eight, excluding hosts South Africa and Zimbabwe, earning automatic qualification for the 2027 World Cup, there is plenty at stake in the series. The second match takes place in Cardiff on Sunday with the third at the Oval on Tuesday.
Business Recorder
an hour ago
- Business
- Business Recorder
US court ruling on tariffs lifts dollar, dragging Indian rupee lower
MUMBAI: The Indian rupee is set to open weaker on Thursday, weighed by the dollar's strength after a U.S. court blocked President Donald Trump's tariffs. The 1-month non-deliverable forward indicated the local currency would open in the 85.48-85.52 range, compared to a close of 85.36 in the previous session. 'When you think about it, it's a bit counterintuitive that Asia is lower on the back of the U.S. court blocking tariffs,' a currency trader at a Mumbai-based bank said. 'However, that's been the pattern — tariffs imply weaker U.S. growth and a softer dollar.' The trader expects the rupee to find support in the 85.50–85.60 zone, and reckons that the opening decline in the rupee will not sustain. Indian rupee to open nearly flat, holds upper hand as dollar remains vulnerable The dollar index climbed past the 100 level, Asian currencies were down between 0.1% and 0.6%, and U.S. equity futures rallied after a U.S. court blocked Trump from imposing tariffs, saying the U.S. Constitution provides Congress exclusive authority to regulate commerce. The Trump administration filed a notice of appeal and questioned the authority of the court. Trump's tariff plans on U.S. trading partners had drawn warnings from economists about the potential for higher inflation and uncertainty, which had weighed on the dollar. The U.S. court ruling blocking the tariffs brought relief to the dollar, at least for now. 'The question is what's next. First, we think tariffs will likely still be in force during the appeals process, with the Trump administration likely to take the appeals process all the way up to the Supreme Court,' MUFG Bank said in a note. The immediate reaction of the dollar strengthening and Asian currencies weakening may not last considering that the tariffs are likely to stay and with the legal uncertainty potentially crimping US growth and investment plans, it said.
Business Recorder
an hour ago
- Climate
- Business Recorder
Mud and rock bury Swiss village after glacier collapse, one person missing
GENEVA: A huge chunk of a glacier in the Swiss Alps broke off on Wednesday, causing a deluge of ice, mud and rock that buried most of a mountain village that had been evacuated due to the risk of a rockslide, authorities said. One person is currently missing, officials said. Drone footage broadcast by Swiss national broadcaster SRF showed a vast plain of mud and soil completely covering part of the southwestern village of Blatten, the river running through it and the wooded sides of the surrounding valley. 'We've lost our village,' Matthias Bellwald, the mayor of Blatten told a press conference after the slide. 'The village is under rubble. We will rebuild.' Stephane Ganzer, an official in the canton of Valais where Blatten is located, told Swiss media that about 90% of the village was covered by the landslide. 'An unbelievable amount of material thundered down into the valley,' said Matthias Ebener, a spokesperson for local authorities. One person was missing, Ebener said. Officials gave no further details on the person during the press conference. Officials said millions of cubic metres of rock and soil have tumbled down since Blatten was first evacuated this month when part of the mountain behind the glacier began to crumble, sparking warnings it could bring the ice mass down with it. A video shared widely on social media showed the dramatic moment when the glacier partially collapsed, creating a huge cloud that covered part of the mountain as rock and debris came cascading down towards the village. Experts consulted by Reuters said it was difficult to assess the extent to which rising temperatures spurred by climate change had triggered the collapse because of the role the crumbling mountainside had played. Christian Huggel, a professor of environment and climate at the University of Zurich, said while various factors were at play in Blatten, it was known that local permafrost had been affected by warmer temperatures in the Alps. The loss of permafrost can negatively affect the stability of the mountain rock which is why climate change had likely played a part in the deluge, Huggel said. The extent of the damage to Blatten had no precedent in the Swiss Alps in the current or previous century, he added. The rubble of shattered wooden buildings could be seen on the flanks of the huge mass of earth in the drone footage. At least four killed and 17 trapped in China landslides: state media Buildings and infrastructure in Blatten, whose roughly 300 inhabitants were evacuated on May 19 after geologists identified the risk of an imminent avalanche of rock and ice from above, were battered by the rockslide, officials said. SRF said houses were destroyed in the village nestled in the Loetschental valley in southern Switzerland. Swiss President Karin Keller-Sutter expressed her solidarity with the local population as emergency services warned people the area was hazardous and urged them to stay away, closing off the main road into the valley. 'It's terrible to lose your home,' Keller-Sutter said on X.
