There are doomsday visions of supply chains – already under pressure due to the pandemic – collapsing altogether, businesses forced into bankruptcy, mass unemployment. Jörg Hoffmann, the head of IG Metall, a union that represents 1.2 million workers in the chemical, metal processing and food production, has warned of “a recession deeper than any of the recessions we have known…
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The Ministry of Communication is reportedly in a very awkward position with respect to the payment of over Rs50 billion liabilities of various companies, collected by Pakistan Post Office Department (PPOD) as the Finance Ministry is not ready to release the amount, well-informed sources told Business Recorder. Recently, the Power Division wrote a letter to the secretary Ministry of Communication,…
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The fasting’ residents of Rawalpindi city are facing severe weather without electricity. The heat-stricken residents are not only facing unscheduled loadshedding but also braved water crisis as well making their ‘fast’ very difficult on Saturday. On the other hand, gas crisis is continuously worsening in all areas, particularly during sehri and iftari. Fasting families are facing difficulties in buying sehri…
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Sui Southern Gas Company (SSGC) has said that some of its esteemed customers have complained of receiving low gas pressure in the holy month of Ramazan especially during pre Sehri and Iftaar hours. It is important to mention that customers who are generally located at the tail end of Company’s distribution lines are facing low pressure issues due to sudden…
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According to the Sui Southern Gas Company (SSGC), the shortage of gas is due to a sudden increase in its use for cooking purposes in millions of homes and commercial places across the city at the time of Sehri and Iftar. The worst hit areas are Gulshan-e-Iqbal, Gulistan-e-Jauhar, Defense Housing Authority (DHA), PECHS, Sindhi Muslim Cooperative Housing Society, Nazimabad, North…
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August 13th, 2021 – a day before the nation’s 74th Independence Day – a jubilant Governor State Bank of Pakistan, Dr Reza Baqir, hurriedly called a meeting with Islamabad’s economic correspondents corps just an hour before boarding a plane to Karachi. The Governor shared the ‘great news’ that Pakistan’s gross official foreign exchange reserves would for the first time hit the…
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Surely, it’s a little late for the ministry of energy to address the issue of fuel shortage in some power plants in time to ensure uninterrupted power supply during Ramazan. Already, there are reports of unscheduled load shedding throughout the country, which means it didn’t take long for the government’s claims to the contrary to ring very hollow. And directing…
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The United States Congress voted overwhelmingly on Thursday to suspend normal trade relations with Russia and ban the importation of Russian oil, ratcheting up the US response to Russia’s invasion of Ukraine amid reports of atrocities by Russian forces. The measures now go to President Joe Biden to be signed into law. Action by the House of Representatives came quickly…
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In 1973, after the Yom Kippur war between Israel and a coalition of Arab countries, Middle Eastern oil producers declared an embargo on oil exports to the United States as punishment for its support of Israel. What followed was an energy crisis of epic proportions. According to Daniel Yergin, the current energy crisis could be worse. In the 1970s oil crisis, the…
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Japan plans to release 15 million barrels of oil from its petroleum reserves, including from the national oil reserves, as part of the International Energy Agency’s joint release, sources at the Ministry of Economy, Trade and Industry told S&P Global Commodity Insights April 7. Register Now It was still not clear about the timing and duration of the additional oil…
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