Business

‘I lost hope in farming’: Extreme weather devastates South Korean watermelon farmer

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2 months ago

August 2, 2023

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I lost hope in farming': Extreme weather devastates South Korean watermelon farmer

Kwon Gye-soon has been farming for more than a quarter of a century but she is not hopeful she can get back on her feet this time after climate change-driven flooding in July devastated her watermelon farm and her damaged crop now rots in extreme heat.

Torrential rains swept across South Korea’s farmlands in the central region last month, leaving more than 40 dead or missing, and large swaths of fields under water, including Kwon’s 4,960 square-meters of greenhouses in the city of Nonsan.

South Korean President Yoon Suk Yeol has warned extreme weather should be expected as the norm because of climate change, but extensive damage to property and farmland and human casualties for a second year, has cast doubt on the country’s readiness.

Kwon, 66, was almost ready to ship her watermelons to market when days of heavy rains hit the area about 200 kilometres south of Seoul in mid-July, destroying the bank of a nearby river, which flooded, devastating her crop.

“These watermelons were like my own children. They were supposed to be sent to market in 10 days, but they are rotting in the fields,” Kwon said in the sweltering heat this week, showing the fruit rotting at her greenhouse farm.

“I don’t know what to do for the next year farming. It is so hard and sad,” she said.

Neighbouring properties also suffered similar damage from the river bank collapse on July 16. In Nonsan alone, more than 1,690 farms over about 1,057 hectares, the equivalent to more than 1,400 soccer pitches, were damaged by heavy downpours at the peak of the monsoon season, city government records showed.

The government designated Nonsan and 12 other areas hit by heavy rains as special disaster zones on July 19 to support recovery work and provide financial aid. Yoon repeated the promise of speedy recovery and compensation this week.

But since the end of July, a severe heat wave has slowed recovery efforts and preparation for next year’s farm work.
Kwon, who has been farming for 25 years, said it was the first time extreme weather conditions had caused such severe damage since she began growing watermelons 10 years ago.

“I was worried about heavy rain. But after the heavy rain, then the weather is extremely hot now. I’m exhausted. I lost hope in farming,” she said.

Farmers called for stronger preparations for global warming and asked the government to build more facilities to prevent damage from extreme climate changes.

Neighbouring farmer Lee Gun-ho, 60, who cultivates lettuce and strawberries, says farming is always tricky when it comes to weather but more extreme conditions are occurring more frequently and unexpectedly.

“When I started farming, there was no sudden and unexpected downpours,” Lee said. “However, it’s getting warmer and sudden heavy rains are pouring a lot more. It’s out of individual abilities,” he said.

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Business

Nepra approves Rs3.28 per unit increase in power tariff

Published

1 day ago

September 23, 2023

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Nepra approves Rs3.28 per unit increase in power tariff

The National Electric Power Regulatory Authority (Nepra) has approved Rs3.28 per unit increase in power tariff on the account of fuel cost adjustment for fourth quarter of fiscal year 2022-23.

The regulatory body has sent his decision to the federal government for final approval. The increase in electricity prices will come into effect immediately after it is approved by the government.

The distribution companies (Discos) would recover Rs159 billion from consumers during the period of six months (October 2023 to March 2024).

The revised rate will be applicable on all customers.

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Business

Inflation goes up as people feel effects of fuel price hikes

Published

1 day ago

September 23, 2023

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Inflation goes up as people feel effects of fuel price hikes

Food and fuel prices continue fuelling inflation in Pakistan as the Sensitive Price Indicator (SPI) for the week ended September 21 witnessed a 0.93 per increase amid the complete government failure to check the rates.

Read more: Food prices owing to weaker rupee, supply shortages will push Pakistan inflation: ADB

The latest data released by the Pakistan Bureau of Statistics (PBS) shows that chicken price had jumped by 8.49pc followed by petrol 8.51pc, diesel 5.54pc garlic 5.19pc and onion 3.02pc.

At the same time, the year-on-year increase in SPI stood at 38.66pc when compared with the corresponding week of last year.

Read more: More food inflation as fuel price hikes increase production, transportation costs

The rising inflation in Pakistan urgently needs government intervention and a study of how different governments are dealing with the challenge. Tax on cut on food items is one of methods.

Read more: Fighting the food inflation: From net-zero VAT to supermarkets seeking price cuts

Earlier this week, the Asian Development Bank (ADB) had warned that average inflation in Pakistan will soar to 29.2 per cent caused by supply shortages, continued currency depreciation, import restrictions, and fiscal stimulus for post-pandemic recovery.

Meanwhile, the rising food prices shouldn’t be a surprise given that the regular fuel price hikes are increasing the production and transportation costs.

The main reason behind the persistent inflation in Pakistan is devaluation as the rupee had dropped to the record against the US dollar – a trend that is being reversed somewhat amid a crackdown on blacking marketers on hoarders.

However, the exchange rate is still too high, requiring further correction, as the people have also been hit hard for power and gas tariffs as the conditions set by the International Monetary Fund (IMF).

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Business

Power tariff hikes: The more you devalue rupee, the more capacity charges you pay

Published

6 days ago

September 19, 2023

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Power tariff hikes: The more you devalue rupee, the more capacity charges you pay

Devaluation – a process that started under former finance minister Miftah Ismail in late 2017 and late 2018 but gained momentum under the PTI government – is the root cause of inflation shouldn’t be a contested statement as it has made imports even more expensive for Pakistan.

And that’s countries like Pakistan are the worst affected due the rising commodities prices in global market as weaker currencies mean the overall impact is much deeper for them than the rest.

Read more: Rupee collapse is the reason behind all ills Pakistan is facing

This argument was endorsed by none other a high-ranking government official – Power Division Secretary Rashid Langrial who said on Monday that the capacity [charges] payment had doubled after the dollar exchange rate increased from Rs100 to Rs300, thus resulting in skyrocketing electricity tariffs for consumers.

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