Joe Biden has won the race to become the next US president, defeating Donald Trump following a cliff-hanger vote count after Tuesday’s election. The BBC projects that Mr Biden has won the key battleground of Pennsylvania, propelling him over the 270 electoral college vote threshold required to clinch the White House. The Trump campaign has indicated their candidate does not…
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ISLAMABAD: Pakistan may return $2 billion Saudi Arabian loan and is looking for various options to secure more lending aimed at retaining gross official foreign exchange reserves at their current level of over $12 billion, Ministry of Finance sources told The Express Tribune. The second tranche of $1 billion of Saudi loan is maturing next month and there is likelihood…
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The Turkish president, Recep Tayyip Erdoğan, has removed the governor of the country’s central bank from his post after the lira currency hit record lows, having lost 30% of its value since the start of the year. The decision to replace Murat Uysal as governor was made by presidential decree and announced in the country’s official gazette early on Saturday. It…
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The United States exported crude oil, petroleum products, and natural gas to Mexico worth nearly US$34 billion in 2019, just shy of the record-high value of energy exports in 2018, the U.S. Energy Information Administration (EIA) said on Wednesday. According to data from the latest annual Standard International Trade Classification (SITC) from the U.S. Census Bureau, the U.S. imported energy…
Read MoreThe sales of petroleum oil products in Pakistan hit two-year high level of 1.7 million tons in October with high speed diesel (HSD) leading the rally from the front. The overall sales increased 11% to 1.7 million tons in October compared to 1.52 million tons in September. The growth in the sales may be attributed to revival of economic activities…
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Although the Texas upstream oil and gas industry remained in contraction in the third quarter, signs have emerged in employment and rig counts that the sector may have already seen the worst of the downturn and could be headed to recovery, the Texas Alliance of Energy Producers said in its latest Texas Petro Index (TPI) this week. The exploration and production activity…
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ISLAMABAD: The federal government on Wednesday formed yet another committee to settle Rs1.6 trillion circular debt after the Petroleum Division warned that power and gas supplies across the country may be disrupted due to near bankruptcy situation of companies. The Economic Coordination Committee (ECC) of the cabinet, which decided to constitute the committee, also allowed the reduction of Rs1.5 billion…
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ISLAMABAD: The industrial package with discount in power tariff by 25-50 percent announced here on Tuesday by Prime Minister Imran Khan will be financed from the Covid-19 Fund. The electric power tariff on incremental consumption of electricity by large scale manufacturing industry has been reduced by 25 percent and 50 percent for medium enterprises (SMEs) from November 1, 2020. More…
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In its latest analysis of air traffic, the union said that domestic demand decreased in September by 43.3% compared to the previous year, an improvement from a 50.7% decline in August compared to 2019, capacity decreased by 33.3% and load factor decreased by 12.4 percentage points to 69.9%. In turn, IATA Director General and CEO Alexander de Juniac said that…
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LONDON: Oil prices extended their rally on US election day with a 3pc gain as financial markets staged a broad recovery, but concerns over surging coronavirus cases around the world capped further gains. Brent crude futures rose $1.13, or 2.9pc to $40.10 a barrel at 1138 GMT on Tuesday, while US West Texas Intermediate (WTI) crude futures were up $1.13, or…
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