Author: Admin

Germany’s Electric Car Sales Drop 27.4% in 2024 Amid Auto Industry Crisis

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Electric-Car

BERLIN: Sales of new battery-powered vehicles in Germany fell sharply by 27.4% in 2024, highlighting significant challenges for the nation’s auto industry, according to official data released Monday. Germany’s KBA federal transport authority reported that only 380,609 electric vehicles (EVs) were registered out of 2.8 million new vehicles sold, marking a 13.5% market share. Overall vehicle sales in Europe’s largest car market declined by 1% compared to the previous year. EY analyst Constantin Gall called 2024 a “lost year for electro-mobility,” attributing the decline to the termination of government EV…

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PPL Asia Secures $6 Million Settlement from Iraq’s Midland Oil Company

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New-PPL

KARACHI: PPL Asia E&P BV, a wholly-owned subsidiary of Pakistan Petroleum Limited (PPL), has successfully received a $6 million settlement from Iraq’s Midland Oil Company (MdOC), concluding the Exploration, Development, and Production Service Contract (EDPSC) for Block-8 in Iraq. In a notice to the Pakistan Stock Exchange (PSX) on Monday, PPL stated, “We are pleased to notify that PPL Asia E&P BV (PPLA) has received the amount of $6 million on January 3, 2025, in relation to the closeout of the above-referred EDPSC.” The settlement agreement, finalized and signed in…

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Amended E&P Policy to Be Notified Today, Aims to Attract $5 Billion Investment

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oil and gas

ISLAMABAD: The government is set to notify the amended Exploration and Production (E&P) Policy 2012 today, enabling E&P companies to sell 35% of gas from future discoveries to the private sector through competitive auctions. This policy aims to attract $5 billion in investments to Pakistan’s oil and gas sector. According to the implementation framework approved by ECNEC on November 25, 2024, private sector purchases will be capped at 100 mmcfd for the current year. A senior official confirmed that the Law Division has cleared the draft notification, and the Directorate…

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Pakistan Reaffirms IMF Commitment: Gas Supply to Captive Power Plants to CeaseFinance Minister Addresses Senate Panel on Economic Reforms

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Gwadar-power

ISLAMABAD: Finance Minister Mohammad Aurangzeb has reiterated Pakistan’s commitment to the International Monetary Fund (IMF) by affirming the discontinuation of gas supply to captive power plants (CPPs), a promise made under the 2021 IMF agreement but left unimplemented by the previous government. During a heated Senate panel session, the finance minister emphasized that failing to honor the 2021 commitment had eroded the trust of the IMF. He assured that the current government would implement the IMF program without compromise, prioritizing macroeconomic stability over short-term growth ambitions. “The IMF program will…

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Canada’s PM Justin Trudeau announces resignation

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Justin Trudeau announces resignation

What we covered here • Canadian Prime Minister Justin Trudeau announced Monday he intends to step down as the country’s prime minister, leaving office once a new ruling party leader is chosen. • Canada’s parliament will be suspended until March 24 while a new leader is chosen, he said. • Trudeau, leader of the Liberal Party for 11 years and prime minister for nine, was facing a mounting set of crises, from Donald Trump’s tariff threats to the resignation of key allies and disastrous opinion polls.

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