Month: June 2020

As if the economic fallout from the novel coronavirus pandemic weren’t enough, a series of trade battles have redoubled the United States’ economic woes in recent weeks. Like everywhere else around the globe, the U.S. has seen a severe downturn in nearly every economic sector and soaring rates of unemployment as the country shut down in the face of COVID-19. But just when the nation has been reopening and it looked like the country’s economy was slowly beginning its long road to recovery, new politically driven troubles have arisen. This…

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ISLAMABAD: Despite lacking the required facilities, Pakistan has finally adopted the international safety standard regulations to ensure that the vehicles being manufactured/assembled in the country meet the global standard. According to documents available with this scribe, Pakistan has ratified the United Nations treaty on “Adoption of Harmonized Technical Nations Regulations for Wheeled Vehicles, Equipment and Parts which can be fitted and/or used on Wheeled Vehicles and the Conditions for Reciprocal Recognition of Approvals Granted on the Basis of these UN Regulations, adopted at Geneva on 20 March 1958”. The agreement was…

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The US is to join with other major powers including China, India and the EU in formulating plans for a global green recovery from the coronavirus crisis, in the only major international summit on the climate emergency this year. The idea of a green recovery to prevent a dangerous rebound in greenhouse gas emissions to above pre-Covid-19 levels has been gathering steam, but few governments have yet committed to plans. If they fail to do so in the next few months, the economic recovery from the Covid-19 crisis risks locking in high carbon…

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India’s crude oil production fell 7.1% in May 2020 compared to May 2019 on the back of low demand due to the Covid-19 pandemic. Domestic production of crude has, however, been falling every year since FY 2012. Annual crude oil production has fallen at a compounded annual rate of 2.1% since to 32,169.3 thousand Metric Tonnes (TMT) in FY 2020 from 38,089.7 TMT in FY 2012. This has led to a steady climb in the proportion of imports in domestic crude oil consumption from 81.8% in 2012 to 87.6% in 2020. Why…

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The pandemic has presented an unprecedented challenge to the global economy. But to restaurants and bars the threat is nothing short of existential. A recent survey released by Yelp queried some 24,000 establishments that had shuttered during the coronavirus lockdown. Shockingly, it found that more than half—a full 53%—will be shuttered permanently. Things were looking a touch more promising in early June, when most states across the country began a measured reopen of restaurants and bars. But an alarming surge in new cases prompted large states like Texas and Florida to reassess.…

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