Month: April 2020

ISLAMABAD-Petroleum Division (Ministry of Energy) has extended its unfailing support to government of Pakistan in the fight to curb COVID-19 pandemic in country. The SNGPL (Sui Northern Gas Pipeline Limited Co.) has allocated Rs38 million for relief activities across the country. The Board of Company has directed the company to deposit Rs19 million in Prime Minister’s Relief Fund for Pandemic and committed Rs 19 million to NDMA for procurement of medical supplies. OGDCL, Oil and Gas Development Company Limited has already deposited the amount of Rs 53 million in Prime…

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The State Bank of Pakistan (SBP) has proposed that it will be responsible for only price stability and has sought to abolish the dual objective of controlling inflation and supporting economic growth – a policy shift that former central bankers argue does not suit Pakistan. The central bank has moved the proposal as part of amendments to the SBP Act of 1956 but the term “price stability” has been kept vague to avoid full responsibility, said sources in the Ministry of Finance. They said the draft forwarded by the central…

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This is the first time any of the standing committees of the Federation of Pakistan Chambers of Commerce & Industry met digitally through the video conferencing system. Convener of the committee Naeem Qureshi chaired the meeting. “We may simply create another environmental catastrophe that will further aggravate the COVID-19 health emergency if in case the medical waste of the coronavirus +ve patients is not disposed of scientifically as per the WHO guidelines for the purpose,” said senior environmentalist Saquib Ejaz Hussain while participating in the meeting. He emphasized that whatever…

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According to the World Intellectual Property Organization (WIPO) data, China’s Huawei Technologies, the world’s biggest maker of telecoms equipment, has become the top corporate patent filer for the third consecutive year. Hence, in a first, China knocks U.S. from top spot in global patent race. WIPO, which oversees a system for countries to share recognition of patents, said 58,990 applications were filed from China last year, beating out the United States which filed 57,840. According to WIPO’s Head, Francis Gurry, China’s success was “down to a very deliberate strategy on…

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It is expected that this historic intervention when concluded will see crude oil prices rebound by at least $15 per barrel in the short term ABUJA, Nigeria, April 10, 2020/ — Nigeria has joined other OPEC+ counterparts in a historic curtailment of crude oil production to rebalance and stabilize the global oil markets. Nigeria is participating in the pursuit of our commitment to the framework of the Declaration of Cooperation entered on 10th December 2016 and further endorsed in subsequent meetings as well as the Charter of Cooperation signed in…

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