Europe felt the chill of soaring energy prices on Monday, with France saying it could not foot all of the extra costs for consumers, while Britain faces a rising risk of recession. The European Union and Britain are battling to mitigate the shock of what some politicians have dubbed an “energy war” with Russia, which has slashed gas exports to…
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Major Gulf stock markets tracked global equities higher on Monday as risk appetite picked up and investors hoped rising oil prices would continue pumping more dollars into the region. Oil prices were higher for a third consecutive trading day as Iran’s nuclear deal with the West appeared to hit obstacles and an embargo on Russian oil shipments loomed, stoking supply-side…
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Saudi authorities have arrested a man who claimed to have travelled to the Muslim holy city of Mecca to perform an umrah pilgrimage on behalf of Queen Elizabeth The man, a Yemeni national, published a video clip of himself on social media on Monday at the Grand Mosque in Mecca, Islam’s holiest site, where non-Muslims are forbidden. In the clip,…
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WWEA expresses solidarity with the flood victims in Pakistan. The country has been hit by the so far worst single climate disaster. Following extremely heavy monsoon rains, a third of the country is currently under water and more than 30 million people have been directly affected by the floods, many of them lost their homes. WWEA calls on governments and…
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Owners said more than 500 trucks have been left stranded on the roads of the two provinces and the provincial governments have not taken any step to rescue them. The oil supply in the country will be badly affected, if they are not rescued in two days, they warned. All Pakistan Oil Tanker Association Chairman Mir Shams Shahwani said heavy…
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Oil Marketing Companies (OMCs) have concerns over terms of references (ToRs) to be developed by the Oil and Gas Regulatory Authority (OGRA) with the specified timeline regarding the deregulation of petroleum products, The News learnt on Monday. The deregulation of prices would provide OMCs the liberty to fix prices of petroleum products based on their cost of local procurement /…
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The Economic Coordination Committee (ECC) is likely to approve arrangements between Pakistan LNG Limited (PLL) and Pakistan GasPort Consortium Limited (PGPCL) to utilise the excess capacity of an LNG terminal. LNG operators have been urging the government to allow the utilisation of idle capacity of terminals as under-utilisation places a burden of multibillion-rupees on consumers on account of capacity charges.…
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The National Electric Power Regulatory Authority (Nepra) on Monday notified Rs4.34 per unit additional fuel cost adjustment (FCA) for ex-Wapda Distribution Companies (Discos) for electricity consumed in July to provide Rs69 billion additional funds to cash-starved entities in September’s bills. The regulator “has reviewed and assessed an increase of Rs4.34 per kWh in the applicable tariff for Discos on account…
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The Asia-Pacific Group (APG) on Money Laundering has rated Pakistan’s level of effectiveness as ‘low’ on 10 out of 11 international goals on anti-money laundering and combating the financing of terror (AML/CFT), even though the country is now compliant on 38 out of 40 technical recommendations. The Sydney-based regional affiliate of the Financial Action Task Force (FATF) released an update,…
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