Byco Petroleum reports a drop in nine-month gross profit to Rs 1.2bn

KARACHI: Byco Petroleum Pakistan Ltd. (BPPL) Monday reported financial results for the nine months ending March 31, 2020. The company recorded gross sales of Rs 192.1 billion, up from Rs 182.9 billion in the same period of the previous fiscal year, says a Press release.Gross profits fell to Rs 1.2 billion from Rs 3.0 billion a year earlier due to the negative impact of the exchange rate and an increase in inventory losses. The rise in KIBOR rates pushed finance costs higher. Due to these factors, the company reported a…

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40,000 COVID-19 tests a day capacity soon: NDMA chief

ISLAMABAD: Chairman National Disaster Management Authority (NDMA) Lt Gen Muhammad Afzal Monday said that Pakistan would soon attain the capacity to conduct 40,000 tests for the coronavirus per day.Talking to the media after receiving a consignment of 18 tonnes medical equipment from China arrived here through a special PIA flight, he said in the next few days the country’s laboratories would be able to conduct up to 40,000 COVID-19 tests daily.He said the National Disaster Risk Management Fund (NDRMF) has collaborated with the NDMA in procuring the medical equipment valuing…

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Organizations social corporate responsibility in Pakistan

In the process of Corporate Social Responsibility, businesses spend a certain portion of their profits (earnings) on the welfare of society. This creates a pleasant feeling within the society and people want to see these businesses not only flourishing but also its development and prosperity. Almost all the major institutions in Pakistan are in one way or another benefiting the welfare of the people and various segment of the society from these funds. Is the money being spent really helpful for the betterment of the eligible classes or is the…

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Oil prices skid on oversupply, storage concerns

LONDON: Oil prices fell on Monday on concerns about scarce storage capacity and global economic doldrums from the coronavirus pandemic. U.S. oil futures led losses, falling by more than $2 a barrel on fears that storage at Cushing, Oklahoma, could reach full capacity soon.U.S. West Texas Intermediate CLc1 June futures fell $2.86, or 16.88%, to $14.08 a barrel by 1100 GMT.Brent crude LCOc1 was down 83 cents, or 3.9%, at $20.61 a barrel. The June Brent contract expires on Thursday.Oil futures marked their third straight week of losses last week…

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IPPs: NEPRA forms experts’ body to prepare report

The National Electric Power Regulatory Authority (Nepra) has constituted a committee of experts to prepare its reply on the report on Independent Power Producers (IPPs) prepared by a nine-member committee. Nepra is examining the recently released final report by the committee for power sector audit, circular debt resolution and future roadmap .The report has never been shared with the Nepra Authority before despite a clear agreement on the onset with the convener of the committee,” said the regulator on Saturday. Nepra, which apparently is under criticism for not playing its…

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GasPort LNG terminal achieves ISO certifications

KARACHI: The Pakistan GasPort Consortium Limited (PGPCL), which owns and operates Pakistan’s single largest LNG storage and regasification terminal at Port Qasim, has received ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certifications. The certifications were issued by the Bureau Veritas Certification Holding SAS—UK Branch for PGPCL’s compliance to global standards for management system standards in LNG, transfer, storage, regasification and RLNG delivery and safety, says a press release. “As GasPort puts high priority in providing a safe and healthy work environment for its team members handling LNG operations, a compliance to…

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NBP donates Rs.20mn for ration distribution

KARACHI: National Bank of Pakistan (NBP) has donated a sum of Rs. 20 million for rations distribution in Karachi through the Karachi Relief Trust (KRT). It is one of the many initiatives that NBP plans to take as part of its corporate social responsibility, says a Press release.This CSR initiative is mainly for the poor and less privileged segment of society that have been most affected due to the current COVID-19 lockdown situation. NBP’s donation will help over 6,500 deserving daily wage workers, who have not been able to earn…

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Air Quality before and after national lockdown during Coronavirus disease (COVID-19) outbreak across Pakistan

Coronavirus outbreak has forced nations under lockdowns restricting or putting a halt on transportation, agricultural as well as industrial activities across the globe. These measures are taken in order to contain the pandemic and save lives. Many necessary services have been halted leading to increasing discomfort to the populations, loss of jobs and work leading to economic difficulties for communities are other harsh realities which we face today due to the global pandemic of Covid19. In Pakistan more than 9000 people have been infected and at least 192 have lost…

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Who’ll pay for the global recession?

The world is clearly heading on the steep downward slope towards recession because of the COVID-19 pandemic. The duration of this recession and, very possibly, global depression will be heavily dependent on the longevity of this crisis. Also crucial to this war will be human endurance, decisive government policy and geopolitical relationships. Financial and housing markets are collapsing, with retirement and sovereign funds worldwide losing trillions of dollars. This is consistent with findings in the study, ‘The Power of Bad: The Negativity Bias in Australian Consumer Sentiment Announcements on Stock…

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Germany plans to convert coal plants into renewable energy storage sites

Since German lignite fuels seven of the EU’s top ten pollutors, if the country is going to seriously reduce its emissions, it has to shut these polluters down—and fast. But given that coal fired plants provide roughly one third of Germany’s power, immediately closing them is not feasible. In addition, these coal plant complexes are a crucial part of regional economies in the lignite fields west of Cologne in the state of North-Rhine Westphalia and the Lusatian coal areas southeast of Berlin in Brandenburg and Saxony. With their operating days…

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