The former British colony of Guyana, a nation whose economy was hit hard by the pandemic, has emerged as the world’s hottest offshore drilling location. Since 2015 global energy major ExxonMobil as well as its partners Hess Corporation and CNOOC have made a slew of quality oil discoveries in the offshore Stabroek Block which have delivered resources in excess of…
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The government is likely to extend contract of Managing Director, Private Power & Infrastructure Board (PPIB), Shah Jahan Mirza, for three months or till the appointment of his successor, well-informed sources told Business Recorder. A summary for extension in services of Mirza for three months has already landed with the Establishment Division, which will be presented to the Cabinet, after…
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Stagnant German growth in the second quarter has led analysts across the board to predict a recession as the outlook becomes clouded by the threat of a halt to Russian gas supplies. But it is not only growth that is sputtering at 0pc between April and June — Germany’s entire economic model is being called into question by experts. “The…
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The Fuel prices in the country were likely to go up before August owing IMF’s condition to increase levy, the sources said on Friday. They said that dealers ‘margin was another factor to increase fuel prices again. They said that the levy on petrol might go up by Rs5 per litre while the Diesel levy was likely to be increased…
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Sui Northern Gas Pipelines Limited (SNGPL) managing director has stated that the global energy crisis has impacted the gas utility as well as the entire country. “The challenges faced are complex including the depletion of local gas reserves, RLNG (re-gasified liquefied natural gas) spot cargoes and massive domestic demand,” Ali J Hamdani said. The MD stated this in his message…
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Every sector is under the Radar and it is leading to complete disaster, due to an economic crisis the telecom industry would go from a net profit of $188 million in 2021 to a loss of $287 million by the end of the calendar year 2022 and 2023. Telecom companies declare ‘Digital Emergency’. There was a sense that the telecom…
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Govt set to reduce the rate of petrol by Rs 3 per litre, Rs 10 per litre increase in diesel price from August 1 Oil refineries have warned the government to go on strike due to capping dollar prices at Rs 225 in the revision of oil prices for the next fortnight effective from August 1, 2022. Sources said that…
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Chairman National Electric Power Regulatory Authority (Nepra) Tauseef H Farooqi has assured the All Pakistan Textile Industry (APTMA) of reviewing wheeling charges against cheaper power generation facilities to be set up by the industry under Competitive Trading Bilateral Contract Market (CTBCM) scheme. “Both the industry and Nepra representatives should sit together and calculate judicious wheeling charges to make them acceptable…
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Retailers riled up over fixed sales tax Simultaneously, all Pakistan Anjuman Tajran and Traders Action Committee took to the streets in Islamabad demanding removal of Federal Finance Minister Miftah Ismail for implementing the sales tax in bills, dubbing it “cruel.” Protests by small traders have erupted in AJK, Peshawar, Lahore and many parts of country. Hasnain Khurshid, Sarhad Chamber of…
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