Business
Services agreement linked between power division and IFC – SUCH TV
The Ministry of Energy (Power Division) has signed a Transaction Advisory Services Agreement (TASA) with the International Finance Corporation (IFC), a member of the World Bank Group.
Under this accord, the IFC will act as transaction advisor and conduct a comprehensive techno-commercial assessment for a service-provider model or public-private partnership framework to support the large-scale rollout of smart metering infrastructure for 10 million single-phase connections.
This initiative is intended to attract local and international investors to install, maintain, and operate the infrastructure, thereby advancing Pakistan’s digital transformation in the power sector.
Under the visionary leadership of Prime Minister Shehbaz Sharif, the Ministry has accelerated the digitization reform of the national power distribution network.
The reform seeks to replace legacy systems with modern infrastructure, thereby enhancing transparency, operational efficiency, and long-term financial viability.
Advanced Smart Metering Infrastructure (AMI) forms the cornerstone of this transformation. Smart meters provide real-time visibility of energy consumption, reduce theft through anomaly detection, improve billing accuracy and recovery rates, and eliminate manual errors by minimizing human intervention.
Through an international competitive bidding process, the Ministry has reduced the price of both single-phase and three-phase smart meters by 40 percent, delivering substantial savings to the national exchequer and, ultimately, to consumers.
All distribution companies have been directed to install smart meters for every new electricity connection, with no traditional meters to be issued to new applicants.
In addition, all existing three-phase consumer meters must be converted to smart meters by a defined deadline, ensuring that commercial and industrial consumers are fully integrated into the digital system within the specified timeframe.
It is unusual for a senior figure at the Bank to be so forthright on market movements.
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People walk past a Nike store in New York City, on April 2, 2025.
Kylie Cooper | Reuters
Nike announced a new round of layoffs Thursday affecting approximately 1,400 employees across the organization, mostly concentrated in its technology department.
In a note from COO Venkatesh Alagirisamy, the company said the layoffs were part of Nike’s broader “Win Now” turnaround strategy aiming to reshape its technology team, modernize its Air manufacturing, move some of its Converse Footwear operations and integrate its materials supply chain work into its footwear and apparel supply chain teams.
“Collectively, these changes will result in a reduction of approximately 1,400 roles in global operations, with the majority in technology,” Alagirisamy wrote. “These reductions are very hard for the teammates directly affected and for the teams around them, too.”
A Nike spokesperson said the layoffs are about better positioning the organization for the current pace of sports and accelerating its growth. The layoffs affect employees across North America, Asia and Europe and represent less than 2% of the company’s total global head count.
“This is not a new direction,” Alagirisamy wrote. “It is the next phase of the work already underway.”
Affected employees will be notified beginning Thursday, Nike added.
CEO Elliott Hill has been working to turn Nike around after years of slumping sales. While Hill has made some initial progress, it’s come with some bumps in the road.
Nike announced 775 job cuts in January, primarily at its U.S.-based distribution centers, due to the company’s work in accelerating its use of automation. At the time, the company said the cuts are part of Nike’s goal to return to “long-term, profitable growth.”
Those layoffs came on top of a round of cuts last summer that affected less than 1% of Nike’s corporate staff as part of the company’s efforts to realign the business.
In its third fiscal quarter earnings report last month, the retailer warned that sales will continue to fall for the rest of the year, primarily led by an anticipated 20% decline in China during the current quarter.
— CNBC’s Jessica Golden contributed to this report.
A key reason for the layoffs is Meta’s increased spending in other areas of the company, including AI, for which it will this year spend $135bn (£100bn). This is roughly equal to the amount it has spent on AI in the previous three years combined, according to a person who viewed the memo.
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