TOKYO: Oil prices were lower on Monday as rising coronavirus infections in India and other countries prompted concerns that stronger measures to contain the pandemic will hit economic activity, along with demand for commodities such as crude. Brent crude was down 23 cents, or 0.3%, at $66.54 a barrel by 0426 GMT, after rising 6% last week. US oil was…
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“Gas is over,” proclaimed European Investment Bank chief Werner Hoyer at the beginning of this year as he stated the bank’s vision to end the unabated use of fossil fuels. European officials have since called on the World Bank to phase out lending for gas projects globally, and to end support for coal and oil. US President Joe Biden, meanwhile,…
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Last week when auto sales data was released, everyone jumped with joy. Why shouldn’t they? Sales figures for March 2021 increased 27% month-on-month, and since year-on-year comparison really isn’t fair due to the lockdown in 2020, everyone saw this as a delightful development for a sector that has various industries associated with its recovery. Figures for the nine-month period –…
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International Monetary Fund (IMF) programme is not in a strait jacket, so stated Resident Representative of the IMF in Islamabad Teresa Daban Sanchez, but evolves as the situation on the ground changes, recalibrated in Fund speak, with particular reference to the previously agreed timing of the implementation. A change of personnel or ministers “does not affect our role and commitment…
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A World Bank report throws shade on the results of a new study that says LNG as a fuel offers significant GHG reduction benefits, as orders for LNG-fuelled ships surge. Two studies released on the same day express widely different opinions of the environmental benefits of LNG as a marine fuel, clouding an already murky decarbonisation picture for shipowners. One…
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After initially excluding it from the list of attendees, the US has invited Pakistan to President Joe Biden’s Climate Change Conference, Geo.tv reported on Monday. Following Pakistan’s initial exclusion from the summit, Prime Minister Imran Khan had responded by saying he was “puzzled at the cacophony”. “[Pakistani] government’s environmental policies are driven solely by our commitment to our future generations of a…
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According to the notification to the PSX, the company booked a profit of Rs. 5.74 billion, increasing by a massive 907 percent or 9.07x compared with Rs. 570.76 million profit earned in Q1 2020. The earnings were above the market expectations due to better DAP trading margins and lower finance costs. According to a report by Foundation Securities, the increase…
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Prime Minister Imran Khan Monday said the whole Muslim world’s collective voice and threat for trade boycott could put a stop to blasphemy as protest demonstrations would damage nothing but Pakistan’s booming economy. Will expulsion of the French ambassador and cutting ties with them will stop this (blasphemy)? Is there any guarantee that no one will do it again? I…
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Federal Minister for Information and Broadcasting, Chaudhry Fawad Hussain on Sunday categorically stated that no talks would be made with lawbreakers and defunct organizations challenging the writ of the state. The workers of TLP had been involved in attacking Nawan Kot police station and abducting police personnel, he said talking to a private television channel. The defunct organization could not…
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LAHORE: The dispute between the state-owned gas companies and sponsors of the two proposed private LNG terminals — Tabeer and Energas — over pipeline capacity allocations for the projects will likely linger for a much longer period than anticipated by the investors. While the investors are looking for firm commitments from Sui Sothern Gas Company (SSGC) and Sui Northern Gas…
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