TOKYO/SINGAPORE: Oil prices eased on Tuesday as the top US diplomat renewed efforts to push for a ceasefire in the Middle East and as slowing demand growth in China, the world’s top oil importer, continued to weigh on the market. Brent crude futures for December delivery were down 60 cents, or 0.8%, at $73.69 a barrel at 0717 GMT. US…
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Lucky Cement, one of Pakistan’s largest cement manufacturers, completed and commissioned the 28.8MW captive wind power project at its Karachi plant. The company announced the development in its notice to the Pakistan Stock Exchange (PSX) on Tuesday. “We are pleased to announce the successful completion and commissioning of our 28.8 MW captive wind power project at the company’s Karachi plant,…
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Israel Hezbollah War Live Updates: The Israeli military issued an apology on Monday for a strike that mistakenly killed three Lebanese soldiers in southern Lebanon, explaining that it had not intended to target Lebanon’s military. According to the military, its forces believed they were aiming at a vehicle connected to the Hezbollah militant group. Hezbollah recently declared that it has…
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NEW DELHI: India is preparing to launch a coal exchange aimed at stabilizing coal prices and enhancing the fuel’s availability, according to Coal Minister G. Kishan Reddy. Speaking at an industry event on Monday, the minister revealed that discussions on establishing the exchange took place last week, though the exact launch date was not disclosed.
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DOHA: Qatar’s efforts to secure new liquefied natural gas (LNG) contracts with Japan and South Korea have hit obstacles as increased competition from the United States, the UAE, and Oman offers buyers more flexible contract terms. Qatar, once the dominant LNG supplier to these key Asian markets, faces resistance due to its insistence on restrictive destination clauses, while competitors provide…
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ISLAMABAD: Pakistan’s urban population is projected to soar to 99 million, or 40% of the total population, by 2030, intensifying existing challenges in urban infrastructure and services, according to Emma Fan, Country Director of the Asian Development Bank (ADB) for Pakistan. Speaking at the launch of the National Urban Assessment of Pakistan, Fan highlighted the growing strain on cities, especially…
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ISLAMABAD: The federal government’s ambitious plan to upgrade domestic refineries has hit a significant roadblock just days before the deadline for finalizing agreements. The issue arises from a sales tax exemption introduced in the 2024-25 national budget by the Federal Board of Revenue (FBR), causing uncertainty among investors. With $6 billion in investment at stake, the Petroleum Division is considering…
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ISLAMABAD: Independent Power Producers (IPPs) set to face scrutiny in the second phase of shifting from the “take or pay” to the “take and pay” model are expressing frustration over a two-week payment stoppage by the Central Power Purchasing Agency (CPPA-G). Sources informed Business Recorder that 18 IPPs under the 1994 and 2002 policies will soon receive notices for renegotiating…
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ISLAMABAD: Pakistan and Indonesia have strengthened their trade relations by signing business-to-business agreements and Memorandums of Understanding (MoUs) worth $10.7 million during the recent Trade Expo Indonesia. The deals, facilitated by the Special Investment Facilitation Council (SIFC), cover a wide range of sectors, including coconut products, gum, copal, cocoa, dried coconut, ginger, spices, consumer goods, and auto parts. The agreements…
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LONDON: The European Union’s five largest economies collectively spend €42 billion ($45.6 billion) each year subsidizing fossil-fuel-powered company cars, according to a recent study by Transport and Environment (T&E). The report urges a redirection of these funds toward electric vehicle (EV) subsidies to align with the EU’s green transition goals. Company cars account for about 60% of new vehicle sales…
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