Initially sparked by supply chain disruptions associated with the Covid-19 pandemic, a worldwide shortage of microchips has intensified in recent months, largely due to a new round of lockdowns in Southeast Asia. Given the impact on strategically important sectors like automotive, efforts are underway to prevent similar issues in the future. Microchips – also known as superconductors – are the…
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Asia-Pacific spot LNG prices hit a fresh record high Oct. 6, with the JKM benchmark surpassing $50/MMBtu for the first time ever as the gas price crisis in Europe grows more severe, increasing global competition for LNG cargoes. Surging European gas prices were exerting significant upward pressure on Asia-Pacific LNG cargo prices as trading houses and portfolio groups raised their…
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Stocks on Wednesday extended losses led by cement as record world coal prices are seen denting the sector’s profitability big time, dealers said. After losing 293 points or 0.7 percent the KSE-100 Shares Index closed at 44,373 points at Pakistan Stock Exchange (PSX). Topline Securities in a post market note said equities continued to decline as benchmark index settled down…
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A surge in Asian spot LNG prices to record highs ahead of the peak northern hemisphere winter demand season has sparked questions on where the price ceiling for the fuel is. But the answer may depend entirely on European gas hub prices, industry participants said. The front half-month ANEA price, the Argus assessment for spot LNG deliveries to northeast Asia,…
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Freight rates to ship liquefied natural gas (LNG) rose to multi-month highs this week as a surge in demand for the super-chlled fuel has increased the need for vessels to move supplies, multiple trade and shipping sources said. The daily charter rate for a tri-fuel diesel-electric (TFDE) vessel that can carry 160,000 cubic metres of LNG to Pacific basin ports…
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SBP takes measures to curb undesirable foreign currency outflow State Bank of Pakistan has introduced following regulatory measures: Persons travelling to Afghanistan will be allowed to carry only USD1,000/- per person per visit Maximum annual limit of USD6,000. Exchange companies will be required to conduct biometric verification for all foreign currency sale transactions equivalent to USD500/- and above and outward…
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In an ambitious turn, Pakistan and China have agreed to develop the Karachi coast, possibly shifting away from Gwadar as the center stage of the Belt and Road project in Pakistan, following ongoing problems at the southwestern province of Balochistan. A memorandum of understanding was signed for the Karachi Coastal Comprehensive Development Zone project during the recently held 10th Joint Cooperation…
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ISTANBUL, 6 October 2021: A ‘Naming Ceremony’ was organized at SANMAR Shipyards, Istanbul today to commemorate cooperation between SANMAR Shipyards, Turkey and Port Qasim Authority (PQA), Pakistan. Under an agreement, PQA has bought 4 ASD LNG Compatible Tugs and 2 Pilot Boats from SANMAR Shipyards. This project is yet another manifestation of the growing ties between Pakistan and Turkey in…
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Bulk consumers of electricity will have the option to buy electricity on a competitive basis from any power producer of their choice from July 2022 onwards, said Tabish Gauhar, who recently stepped down as Special Assistant to the Prime Minister (SAPM) on Power and Petroleum. Addressing the members of CFA Society Pakistan on Wednesday, Mr Gauhar said the first phase…
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