Category: News & Announcement

The Balochistan government has decided to make two recently established mineral exploration companies autonomous. Presiding over a meeting on Wednesday, Chief Minister Jam Kamal Khan Alyani reviewed the affairs of mineral companies, inclu­ding the Balochistan Mineral Explo­ration Company and Balochistan Mineral Resources Company. The meeting decided to provide legal protection to these companies for making mineral projects under public-private partnership…

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ISLAMABAD: Following seemingly good deals with Independent Power Producers (IPPs) under the umbrella of top intelligence agency, the government has decided to reduce rate of Return on Equity (RoE) of government IPPs by 41 per cent to 10 percent from existing 17 per cent in rupee terms, indicating savings of billions of rupees per annum, well informed sources told Business…

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A suspicious package was “neutralized” by law enforcement agents at the construction site of a pipeline in Texas, Reuters reported, noting that there was no immediate information provided as to the contents of the package. A drilling crew working on the pipeline discovered the package yesterday and halted work before calling the authorities. A bomb squad neutralized the suspicious object.…

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Iraq has asked OPEC to be exempted from oil export cuts in the first quarter of 2021, the oil minister of OPEC’s second-largest producer and the least compliant member of the pact, said on Wednesday. According to remarks of Iraqi Oil Minister Ihsan Abdul Jabba to local media, as reported by Reuters, Iraq has raised the issue with OPEC at…

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Venezuela once considered one of Latin America’s prosperous countries has plunged into the abyss. Years of economic mismanagement, cronyism and corruption have sparked a monumental economic collapse which saw the oil rich country become one of the poorest in South America. There are emerging signs that Venezuela is on the verge of becoming a failed state. Oil plays a dominant…

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KARACHI: To promote research in the field of Accounting and Finance, the Institute of Chartered Accountants of Pakistan (ICAP) and Institute of Business Administration laid the foundation of ICAP-IBA Research Unit (IIRU). The two institutes expressed their intention to promote research and development in Pakistan by attracting and retaining outstanding scholars having research interest in the areas relevant to the…

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For two months, the oil market has been incredibly boring. Brent futures have not moved more than $1 per barrel in either direction over a single day for seven consecutive weeks. The OPEC+ cuts have stabilized the physical market, and money managers have placed bets on options that pay off with lower volatility. According to the Wall Street Journal, so-called…

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Tesla’s Gigafactory in Nevada was a target of attempted and thwarted cyberattack, Elon Musk said, describing the attempt as “a serious attack.” Musk confirmed there was an attempted cyberattack, in reply to an article tweeted by Teslarati, which described how a Russian national had contacted an unnamed Russian-speaking, non-US citizen working at Tesla’s Gigafactory Nevada, offering to pay him US$1…

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China’s electricity consumption hit a record this month after rising steadily since the start of summer, the People’s Daily reported, noting that the trend suggested a robust recovery in economic activity in Asia’s second-largest economy. Electricity consumption in the manufacturing sector has specifically posted a marked recovery since July, reversing a negative consumption trend from the first half of the…

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The oil price collapse and deferred drilling campaigns have shrunk the available supply of drilling rigs in the North Sea to the point where operators now face a supply crunch for semisubmersible rigs for next year’s drilling campaigns off the UK, offshore rig brokerage and advisory Bassoe Offshore said in a recent analysis. The price crash and the capital expenditure (capex) cuts…

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