September 2022 - Page 9 of 17 -

Pakistan’s current engagement with FATF and progress in AML/CFT domain, the Spokesperson stated the following:

September 14, 2022September 14, 2022 Admin

Pakistan’s current engagement with FATF and progress in AML/CFT domain, the Spokesperson stated the following: Pursuant to the authorization of Onsite Visit by FATF Plenary in June 2022, an FATF technical team recently visited Pakistan and held detailed discussions with relevant agencies. From our perspective, it was a smooth and successful visit. The focus of the visit was to validate…

China And Russia Move To Disrupt The Dollar’s Dominance In Oil Markets

September 14, 2022September 14, 2022 Admin

The long-mooted prospect of the end of the U.S. dollar’s hegemony in the global oil and gas markets took another step towards realisation last week with the announcement that Russian and Chinese hydrocarbons giants, Gazprom and China National Petroleum Corporation (CNPC) have agreed to switch payments for gas supplies to rubles (RUB) and renminbi (RMB) instead of dollars. In the…

Russia’s Energy Blackmail Is Backfiring

September 14, 2022September 14, 2022 Admin

In early September 2022, Russian President Vladimir Putin spelled out his intention to punish Europe for resisting Russia’s assault on the world order and supporting Ukraine louder and clearer than ever before. Speaking at the high session of an economic forum in Vladivostok, Russia, Putin asserted that the confrontation in Ukraine has reinforced Russia’s sovereignty, so in reality, it stands…

Oil Prices Inch Lower On Hot Inflation Data

September 14, 2022September 14, 2022 Admin

Despite the drop-off in European spot prices, the cost of natural gas remains prohibitively high, paving the way for global gas-to-oil switching in the power generation industry. Inflation is rearing its ugly head again, with U.S. consumer prices gaining 0.1% month-on-month in August, just when the analytical community and US Federal Reserve alike expected a month-on-month dip. This will only…

Ahsan elected new MAP president

September 14, 2022September 14, 2022 Admin

Muhammad Azfar Ahsan, founder and CEO of Nutshell Group, has been elected as new president of The Marketing Association of Pakistan (MAP), a statement said on Tuesday. Ahsan previously served the MAP in different capacities, including his recent role as a vice president. He has also served as a minister of State and chairman of the Board of Investment. He…

PRL to close today if diesel off-take remains slumped

September 14, 2022September 14, 2022 Admin

Pakistan Refinery Limited (PRL) on Tuesday warned of shutting down their operations today (Wednesday) if their high speed diesel (HSD) deadstock remains unpurchased by the local oil marketing companies (OMCs). Pakistan’s refineries are facing serious inventory storage issues owing to a slump in diesel demand as super floods have swamped the highways, slowing the movement of heavy traffic, which is…

Italy eyes €6b trade with Pakistan

September 14, 2022September 14, 2022 Admin

Italian Embassy Deputy Head of Mission Dr Roberto Neccia on Tuesday said that Italy and Pakistan should work to increase bilateral trade at least up to €5-6 billion per annum. Speaking to business community at the Islamabad Chamber of Commerce and Industry (ICCI), the ambassador stressed that both countries had the potential to achieve the trade target. Current trade of…

No DISCOs’ sell-off despite Rs500b losses

September 14, 2022September 14, 2022 Admin

The coalition government, on Tuesday, failed to take a clear policy stance on the privatisation of power distribution companies despite Rs536 billion being added to the circular debt in the previous fiscal year. For the second time in the past four months, the Cabinet Committee on Privatisation (CCOP) did not decide on a summary that had been resubmitted to hand…

Rocketing energy prices hit as Europe debates gas price cap

September 13, 2022September 13, 2022 Admin

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…

Gulf Markets Ride Righ on Upbeat Oil Prices

September 13, 2022September 13, 2022 Admin

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…