Power tariff curtailed by 29 paisas per unit

ISLAMABAD (Online): NEPRA has accorded approval for slashing the power tariff by paisas 29 per unit. Application with reference to Power Distribution Companies came up for hearing before NEPA Wednesday. NEPRA was told that 10 billion units electricity costing Rs 69 billion was generated and major chunk of electricity was produced through hydro resources. NEPRA ordered that diesel based electricity be not generated because this mode of electricity generation costs heavily. NEPRA approved decrease in electricity tariff by 29 paisas per unit. The newly downward revised tariff will be adjusted in the electricity bills for the month of October under fuel adjustment surcharge.

The reduction in tariff will come into force after the issuance of notification and will be applicable to all consumers except Karachi Electricity Company and the consumers using electricity up to 50 units per month.

Standard Chartered, Unilever ink MoU to collect payments from remote areas

karachi (Staff Reporter): Standard Chartered and Unilever Pakistan Limited signed an agreement for collections implementation where Virtual Accounts technology is used to collect payments from dealers in remote areas. Commenting on the system, Majid Aziz, Head of Transaction Banking said, “Standard Chartered, consistent with our brand promise of being here for good for our clients and our markets, offers banking solutions and products that greatly enhance our clients’ operational efficiency in line with the dynamics of Pakistan’s business environment. We combined state-of-the-art group technology – Virtual Accounts – with simple, widely available online payments mechanisms – RTGS and ATM transfers.

This allows funds to be transferred between banks and reach the beneficiary on the same day, with complete payer identification. We believe that this product offering to Unilever Pakistan will go a long way in helping further enhance their business operations and outreach to remote areas through efficient and secure cash management solutions.”

Asiya Zaidi, Corporate Finance Director, Unilever Pakistan Ltd, added, “Technology like Virtual Accounts gives flexibility not only to improve our cash flows but also to minimise our credit exposure. This is indeed a big leap forward in how businesses can manage their operations more effectively especially in volatile market situations.

SITE lauds corps commander

efforts for improving law & order

karachi (Staff Reporter):  Siraj Kassam Teli, patron-in-chief, M Zubair Motiwala, former chairman, and Younus M Bashir Chairman, SITE Association of Industry, have commended and appreciated the efforts of Corps Commander, Lt Gen Sajjad Ghani and Director General Rangers (Sindh) Rizwan Akhtar for improving law & order in Karachi. They also congratulated Lt Gen Rizwan Akhtar for his posting as the new DG, ISI. They said that during their posting here as Corps Commander and Director General Rangers (Sindh), they have done a tremendous job and they are pleased that they have made a historic difference in the lives of Karachities.

They appreciated their efforts generally for the province and particularly for the Karachities and most particularly they applauded their efforts to improve the law & order situation in SITE, which is the largest industrial estate in Pakistan.

As before their initiative, SITE was perhaps the place with the highest rate of crime in the city where industrialists were frightened and frustrated and their confidence was at the lowest ebb.

US Peshawar Consulate General signs $1m grant for KP energy development

peshawar(Staff Reporter): US Consul General in Peshawar Gabriel Escobar and General Manager Thermal of the Pakhtunkhwa Hydel Development Organisation Syed Zainullah Shah signed a $1,026,000 grant agreement, marking the first-ever US-Pakistan energy related partnership in Khyber Pakhtunkhwa. In a signing ceremony at the US Consulate in Peshawar, Consul General Escobar signed the grant on behalf of the US Trade and Development Agency (USTDA). It will enable the Pakhtunkhwa Energy Development Organisation to conduct a feasibility study on the technical, economic, and financial viability of a 400-435 megawatt gas turbine combined cycle plant in KP province. 

Speaking at the signing ceremony, Consul General Escobar said, “We hope the plant will eventually expand to produce double the initial capacity of 435 megawatts.  This USTDA grants is another example of our longstanding partnership with Pakistan and of the United States’ commitment to helping Pakistan resolve its energy issues.” Syed Zainullah Shah expressed appreciation for American support of Pakistan’s energy sector and for KP in particular.

The USTDA is an independent US government foreign assistance agency that is funded by the US Congress. The USTDA provides grant funding to overseas project sponsors for the planning of projects that support the development of modern infrastructure and an open trading system. The hallmark of USTDA development assistance is building partnerships between US companies and overseas project sponsors to bring proven private sector solutions to developmental challenges.

PIAF felicitates LCCI new body

LAHORE (APP): Pakistan Industrial and Traders Associations Front (PIAF) has felicitated the newly elected executive committee members of the Lahore Chamber of Commerce and Industry and hoped the newly body would utilize all their energies to come up to the expectations of the businessmen. In a joint statement on Wednesday, PIAF Chairman Malik Tahir Javed, Senior Vice Chairman Khamis Saeed Butt and Vice Chairman Amjad Ali Jawa also thanked the businessmen for reposing confidence in PIAF-Founders Alliance. They said that the country was facing internal and external challenges and only true representatives of the business community could help surmount these issues.

They said, the alliance had made an effort to bring forth very talented people to represent the business community at all forums and they had been tasked to prepare sector specific working papers to expedite economic activity in the country in general and in the city of Lahore in particular.

They will also continue to supplement all government efforts aimed at progress and prosperity, they said.