ISLAMABAD: The federal government on Thursday worked out the impact of losses of pandemic COVID-19 virus on some sectors of the national economy and shared the initial assessment that total losses stood at the whopping figure of Rs 2.5 trillion, reported The News. Official estimates first time shared with a selected group of reporters in the aftermath of the outbreak of…
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LONDON: Crude oil futures jumped 10% on Thursday after US President Donald Trump said he expected Saudi Arabia and Russia to reach a deal soon to end their price war. Brent crude futures rose more than 11% in early trade. By 1132 GMT, Brent was up 10.75%, or $2.66, to $27.40, while US West Texas Intermediate (WTI) crude futures rose 10.09%,…
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The “restrictions” imposed in the country will continue for two weeks more — April 1 to 14 — to curb the spread of coronavirus, Federal Minister for Planning and Development Asad Umar said Wednesday. The decision to extend the period of the restrictions was taken in a meeting of the National Coordination Committee (NCC). “The meetings of the NCC will…
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When the US Congress passed a US$2-trillion economic-stimulus plan on 27 March, $25 billion in economic aid for passenger airlines was just a small piece of it. But for environmentalists and their allies in Washington DC, it was a setback. The airline industry is reeling from travel bans and government lockdowns designed to contain the new coronavirus: more than 1.1…
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China started processing in March applications from its companies to waive import tariffs on U.S. energy goods as part of the Sino-U.S. Phase 1 trade deal and they have since bought liquefied natural gas (LNG) and liquefied petroleum gas (LPG) from the United States. The world’s largest crude importer is boosting U.S. energy imports at a time when the world…
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U.S. shale driller Whiting Petroleum Corp. filed for bankruptcy protection on Wednesday, becoming the first sizable fracking company to succumb to the crash in oil prices. Whiting’s bankruptcy filing comes as many U.S. oil drillers face pressure to meet hefty debt obligations they took out from banks and bondholders to make America into the world’s largest oil and gas producer,…
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K-Electric, (KE), the main provider of electric power in Karachi, has appointed Imran Rana as their Director Communications, w.e.f. 24 March 2020. Imran will look after all aspects of internal and external communications in his new role. He brings 17+ years of diverse experience in leading the brand communications, media management, social media marketing, public relations, lobbying and image marketing…
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NEW DELHI: Two Indian refiners declared force majeure on crude purchases from the Middle East on Friday after fuel demand plummeted due to a nationwide lockdown to stem the spread of coronavirus and the companies’ tanks are full, sources said. Prime Minister Narendra Modi has asked India’s 1.3 billion people to stay indoors for three weeks in the world’s biggest lockdown, shutting down Asia’s…
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Highways are empty. Planes are grounded. Factories are dark. The unprecedented collapse in oil demand has sent crude crashing to 18-year lows.Supply, on the other hand, remains largely resilient amid a price war between Saudi Arabia and Russia. US producers don’t want to be the first to blink by turning off production.That could mean a supply glut so epic that the world will soon run out…
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BEIJING, PEOPLE’S REPUBLIC OF CHINA (31 March 2020)— The Asian Development Bank (ADB) and China Gas Holdings Ltd. (CGH) today signed a $20 million private sector loan agreement to support natural gas and liquefied petroleum gas (LPG) deliveries to households, hospitals, industry, and services crucial to the ongoing response to the novel coronavirus (COVID-19) and the post-pandemic recovery in Wuhan…
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