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…
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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…
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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…
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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…
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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…
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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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