Day: March 10, 2020

The Engro Corporation announced on Tuesday that it is closing all the company’s offices located in The Harbour Front building in Karachi after one of its employees tested positive for the novel coronavirus. In a statement issued today, Engro said that the employee who was diagnosed with COVID19 had come to the office on March 6 “for only a few hours”. The statement added that though the circumstances “do not warrant office closure and call for self-monitoring”, the decision to close the offices for the next three days was a…

Read More

International oil prices (Brent crude) fell to $50.52 per barrel in the end of February. The highest peak in recent times was $85 in the last months of 2019 — a godsend for the government and the people of Pakistan. In 2016-17, oil prices came down to this level which greatly benefitted the PML-N government. In the beginning of March, the Government of Pakistan (GoP) reduced both petrol and diesel prices by Rs5 per litre. However, the people are not happy as the full benefit has not been passed on…

Read More

The collapse of the OPEC+ alliance and Saudi Arabia’s subsequent decision over the weekend to launch an all-out price war in crude has upended markets and further roiled a world already strained by the coronavirus crisis. There will be lasting consequences. Oil prices plummeted 30% when futures trading opened Sunday night, a direct consequence of OPEC and Russia’s failed meeting on Friday. OPEC, led by Saudi Arabia, wanted to continue with its current production cuts and add an additional cut of 1.5 million barrels per day. Russia refused, causing a…

Read More

As the world watches an oil price war unfold between Russia, OPEC, and US shale, another major crisis is looming in the Middle East. Saudi Arabia is facing multiple existential threats as a renewed oil price slump threatens to not only hit the country’s revenues and economic diversification programs but also the already fragile position of Saudi Crown Prince Mohammed bin Salman. Last week, international media reported on the crackdown of two major power brokers inside the Saudi Royal Family. Former Crown Prince Mohammed bin Nayef and Prince Ahmed bin Abdelaziz Al…

Read More

The unchecked burning of solid waste, generated by industrial units, on the sides of Haripur-Taxila road near the Hattar Industrial Estate continues to expose the transporters, commuters and residents of a number of neighbouring localities to multiple health hazards. The rising environmental pollution in the area points to apathy of the authorities concerned and lack of any strategy to address the problem. The people using Hazara Motorway for reaching Hattar Industrial Estate are welcomed after taking exit route from Hattar interchange by stinky thick smoke and flames billowing from the…

Read More