The circular debt of Pakistan State Oil (PSO) has crossed the historic limit and the risk of default of PSO’s Letter of Credit (LC) for importing oil has arisen. According to the details, PSO s circular debt has reached Rs613 billion while gas and power companies have been defaulters of billions of rupees to PSO. PSO owes Rs388 billion to Sui…
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Pakistan’s government has ordered all malls and markets to close in the evenings as part of a new energy conservation plan Pakistan’s government has ordered all malls and markets to close by 8:30 pm among other measures in a new energy conservation plan as the country grapples with an economic crisis. The country’s foreign exchange reserve levels barely cover a…
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Russia’s invasion of Ukraine back in February triggered a major market crisis. Oil and gas prices soared to multi-decade highs; coal prices grew by nearly 70%, global wheat prices increased by over 60% while prices of metals exported by Russia, such as nickel, palladium, and aluminum all increased significantly. Meanwhile, the euro fell below parity with the dollar for the…
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In the European Union this winter, fears of rolling blackouts triggered by Russian energy export cuts amid Moscow’s war in Ukraine have subsided thanks to good luck, good weather, and quick action. A warm start to the heating season in October and November enabled the EU to slash natural gas consumption and store more fuel for the winter months. Meanwhile,…
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The Latin American country of Colombia is synonymous with violence, drug cartels and cocaine trafficking after decades of bloody multiparty low level asymmetric conflict. While cocaine, and the vast profits the narcotic generates, has long been recognized as a leading force behind the extreme bloodshed, the civil war is not limited to battling for control of lucrative coca cropping regions…
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Azad Jammu and Kashmir Minister for Energy and Water Resource, Chaudhry Arshad Hussain, performed the soft launching of the 3rd International Solar Clean Energy Conference-2023.The AJK Minister appreciated that the organizer of the upcoming conference, the Energy Update, had been constantly organizing conferences and exhibitions to promote indigenous and renewable sources of energy abundantly available in the country.He said the…
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K-Electric held its 112th Annual General Meeting (AGM) for FY22. The meeting was chaired by Moonis Alvi, Chief Executive Officer, KE who was authorized to chair this meeting by the Chairman of the Board, Mark Skelton. The Chairman and the KE Board members were in attendance on virtual mode, while KE leadership was present in person. The KE’s operational performance…
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The year 2022 remained very tough and challenging for the country’s economy on many fronts, as the consistent depreciation of the rupee continued to deepen the economic crisis, suggesting the government to consult with the business community to find a direction towards better economic solutions. FPCCI former president and BMP Chairman Mian Anjum Nisar observed that at the end of…
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The power sector circular debt has crossed the Rs 2.5 trillion mark and is growing. None of the political parties that came to power in the last decade or so have had any idea how to solve this problem. Every few years the government of the day kept on clearing the circular debt payments by parking the liabilities elsewhere. Finance…
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Coal mine accidents have unfortunately become more frequent in our country. Adding to the already alarming death toll in the country’s mining industry, two more miners died and another was injured in a coal mine gas blast in the Karez Honosam area of Orakzai on Saturday. According to data compiled by IndustriALL Global Union, unsafe mining in Pakistan claimed the…
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