The tariff regime of public utilities has completely unnerved the people of Pakistan and despite a stupendous increase in utility bills, it appears that further increases are expected. If such a thing happens then the majority of the people will completely lose their ability to pay. The situation is critical as IMF is breathing down the neck and is insisting…
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The Pakistan Hosiery Manufacturers and Exporters Association has welcomed the cut in power tariff for small and medium enterprises and the omitting of peak-hour charges to encourage manufacturing. They added that the three-year relief package will boost the exports and enhance the competitiveness of the local industry. Zonal chairman of PHMA, Faisal Mehboob Sheikh, and its chief coordinator, Adil Butt,…
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Last week was devastating for Venezuela, its people and nearly collapsed oil industry. Oil production since the start of 2020 has fallen catastrophically to multi-decade lows, the extremely fragile economy continues to contract and poorly maintained infrastructure keeps failing. Washington is turning the screws on Maduro’s regime, imposing ever tighter sanctions aimed at isolating Caracas from economically crucial global energy…
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China plans to further increase oil and gas exploration and accelerate the construction of more oil and gas storage infrastructure, state news agency Xinhua reported on Tuesday. Last week, China’s Communist Party adopted the principles of the five-year development plan 2021-2025. China will also aim to build more oil and gas pipelines, according to its authorities. China has been looking…
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A 386,000-barrel-per-day (bpd) cut in Saudi Arabia’s crude oil shipments kept total seaborne exports of the OPEC+ group stable in October compared to September, although Russia boosted its seaborne exports by nearly 300,000 bpd, data from IHS Markit showed on Tuesday. Total OPEC+ crude oil exports by sea averaged 22.5 million bpd in October, slightly up from 22.37 million bpd…
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Islamabad Electric Supply Company (IESCO) on Tuesday issued a power suspension programme for Wednesday for various areas of its region due to necessary maintenance and routine development work. According to IESCO spokesman, the power supply of different feeders and grid stations would remain suspended for the period from 09:00 AM to 05:00 PM Padial, Gagan, Mahota Feeders, from 09:00 AM…
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LONDON: Oil prices extended their rally on US election day with a 3pc gain as financial markets staged a broad recovery, but concerns over surging coronavirus cases around the world capped further gains. Brent crude futures rose $1.13, or 2.9pc to $40.10 a barrel at 1138 GMT on Tuesday, while US West Texas Intermediate (WTI) crude futures were up $1.13, or…
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ISLAMABAD: Prime Minister Imran Khan on Tuesday unveiled a major power bill relief package for industries with extra incentives for small and medium businesses, doing away with peak-hours charging and slashing the tariff on additional electricity consumed. The premier announced the package accompanied by members of his economic team after a meeting of the federal cabinet. Under the package, all…
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KARACHI: Lockdown-hurt business community sees positive impact of electricity tariff discounts announced by the government for trade and industry on revving up the economy, their representatives said on Tuesday. Anjum Nisar, president of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) said electricity cost will help in overcoming inflation and spurring economic growth. “FPCCI has long been striving…
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Ah, Big Oil. The term is technically used to describe the world’s seven largest publicly traded oil and gas companies, including BP, Shell, and ExxonMobil. But the term is also used pejoratively, to describe influential lobby groups, particularly in the US political system. These groups often have a blatant disregard for the environment, and for the laws that protect our planet. However,…
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