New York (CNN Business)It’s one of the largest industries in the world, with $5.7 trillion in revenue. It is responsible for an estimated 319 million jobs, or roughly one in 10 people working on the planet. And no sector is more at risk from the novel coronavirus.The travel industry has already taken a huge hit due to travel restrictions and…
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The new coronavirus Covid-19 will end up being the final curtain on China’s nearly 30 year role as the world’s leading manufacturer. “Using China as a hub…that model died this week, I think,” says Vladimir Signorelli, head of Bretton Woods Research, a macro investment research firm. China’s economy is getting hit much harder by the coronavirus outbreak than markets currently…
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The energy sector poses one of the biggest challenges the country faces today. It stands out as the biggest drain on both the national exchequer and the public purse. The inability of successive governments to turn around the power sector on a sustainable basis has, in fact, become a source of national disgrace. The circular debt continues to build on.…
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s China’s coronavirus epidemic continues to expand and more countries are affected, the slowdown in global oil and gas consumption this year will hit suppliers who will see average prices fall below previous expectations, according to Rystad Energy’s revised forecasts. Brent crude oil prices, which Rystad Energy earlier expected to average nearly $60 per barrel in 2020, are now forecast…
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ISLAMABAD: The government on Sunday jacked up the petroleum levy on POL products for pocketing at least additional Rs4 to Rs5 billion through consumption of two major products petrol and diesel, reported. The petroleum levy on diesel has been increased by Rs7.05 to Rs25.05 per litre. If the government did not increase the PL (petroleum levy) on diesel, diesel would…
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ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) has asked the prime minister to declare a national power emergency and take drastic steps for scaling down about Rs1.93 trillion circular debt which, according to the regulator, is significantly higher than reported by the power division. In a recent presentation to the prime minister, the regulator reported that circular debt had…
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ISLAMABAD: The indications from Saudi Arabia so far received suggest that it would not install a world class state-of-art and deep conversion refinery and petrochemical complex in Gwadar Port as there is no system available to evacuate the petroleum products. However, Saudi Aramco has hinted at setting up the refinery with petrochemical complex at Hub, or at Somiani – coastal…
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Dubai and Abu Dhabi made what could be the world’s largest natural gas discovery since 2005 as the two biggest sheikhdoms in the United Arab Emirates aim to push the country to energy self sufficiency. The Jebel Ali reservoir located between the two emirates has 80 trillion cubic feet of gas resources, according to tweets by Sheikh Mohammed bin Zayed…
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