ISLAMABAD: The federal cabinet has deferred a decision to increase price of electricity for consumers of the K-Electric (KE) – the power utility that provides electricity to Karachi – and to put an additional burden of Rs73 billion on people of the metropolis who are already facing acute power outages. According to sources in the federal government, the cabinet meeting…
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Pakistan has passed two laws that could radically change how water is managed, but they leave many questions unanswered.Pakistan ranks fourth in the world in terms of annual groundwater abstraction — the amount of water taken from an underground source. This puts it in close competition with larger countries such as India, China and the United States. It is also…
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Panels of the OPEC+ groups begin their monthly meetings on Tuesday to discuss the state of oil market and how to proceed with the record production cuts, with analysts widely expecting that the group will ease the cuts by 2 million barrels per day as of August 1. The Joint Technical Committee (JTC) will hold a meeting on Tuesday, followed…
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OPEC+ will hold a committee meeting this week to assess the status of the oil market and decide on its next steps. For now, the group appears ready to begin unwinding the extraordinary production cuts, which could test the recent price rally. The historic cuts of 9.7 million barrels per day (mb/d) that OPEC+ implemented after the pandemic-related crash was…
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ISLAMABAD: Payment to Shazain Bugti of the Jamhoori Watan Party (JWP) has now taken a new turn as the Oil and Gas Development Company Limited (OGDCL) managing director has refused to grant approval to the issuance of cheques worth Rs770 million. According to sources, OGDCL’s General Manager Finance Muhammad Azim, in a letter dated July 6, had sought the approval OGDCL…
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Islamabad: Oil and Gas Regulatory Authority (Ogra) has rejected a demand of gas utilities to increase gas prices and reduced prices up to 6 per cent for the consumers. According to decision released by the regulator, prescribed gas price of SNGPL has been reduced by 6 per cent and SSGCL 2 per cent. Oil and Gas Regulatory Authority (OGRA), under Section…
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LONDON: Oil prices dropped on Monday on big spikes in Covid-19 infections over the weekend in the United States and elsewhere while traders await an OPEC technical meeting expected to recommend an easing of supply cuts. Brent crude fell 65 cents, or 1.5%, to $42.59 a barrel by 08.48 GMT, though prices have been hovering around $42 for a couple…
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Singapore’s economy plunged into recession last quarter as an extended lockdown shuttered businesses and decimated retail spending, a sign of the pain the pandemic is wreaking across export-reliant Asian nations. Gross domestic product declined an annualized 41.2% from the previous three months, the Ministry of Trade and Industry said in a statement Tuesday, the biggest quarterly contraction on record and…
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Google CEO Sundar Pichai announced a $10 billion investment in India on Monday at the Google for India virtual live-stream event. The event focused on contributing to accelerate India’s digital economy with this investment over the next five to seven years. “Today, I’m excited to announce the Google for India Digitization Fund. Through this effort, we will invest ₹75,000 crores,…
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The federal government has proposed to give more administrative, financial and punitive powers to the China-Pakistan Economic Corridor (CPEC) Authority A draft prepared by the government in this regard also lays out the role of the prime minister in the authority’s affairs. Planning Commission Deputy Chairman Dr Jehanzeb Khan on Monday held the first meeting of all government stakeholders to…
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