Month: July 2020

Islamabad: Oil and Gas Regulatory Authority (Ogra) has rejected a demand of gas utilities to increase gas prices and reduced prices up to 6 per cent for the consumers. According to decision released by the regulator, prescribed gas  price of SNGPL has been reduced by 6 per cent and SSGCL 2 per cent. Oil and Gas Regulatory Authority (OGRA), under Section 8(1) of OGRA Ordinance, 2002, vide its decision dated July 13, 2020 & July 14, 2020, has determined the revenue requirement of gas companies i.e., Sui Northern Gas Pipeline Company…

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LONDON: Oil prices dropped on Monday on big spikes in Covid-19 infections over the weekend in the United States and elsewhere while traders await an OPEC technical meeting expected to recommend an easing of supply cuts. Brent crude fell 65 cents, or 1.5%, to $42.59 a barrel by 08.48 GMT, though prices have been hovering around $42 for a couple of weeks. US crude was down 75 cents, or 1.9%, at $39.80. “Pricing pressures are locked in a holding pattern and will remain so until the coronavirus pandemic is brought…

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Singapore’s economy plunged into recession last quarter as an extended lockdown shuttered businesses and decimated retail spending, a sign of the pain the pandemic is wreaking across export-reliant Asian nations. Gross domestic product declined an annualized 41.2% from the previous three months, the Ministry of Trade and Industry said in a statement Tuesday, the biggest quarterly contraction on record and worse than the Bloomberg survey median of a 35.9% drop. Compared with a year earlier, GDP fell 12.6% in the second quarter, versus a survey median of -10.5%. The deep slump shows…

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Google CEO Sundar Pichai announced a $10 billion investment in India on Monday at the Google for India virtual live-stream event. The event focused on contributing to accelerate India’s digital economy with this investment over the next five to seven years. “Today, I’m excited to announce the Google for India Digitization Fund. Through this effort, we will invest ₹75,000 crores, or approximately $10 billion, into India over the next 5-7 years. We’ll do this through a mix of equity investments, partnerships, and operational, infrastructure and ecosystem investments. This is a…

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The federal government has proposed to give more administrative, financial and punitive powers to the China-Pakistan Economic Corridor (CPEC) Authority A draft prepared by the government in this regard also lays out the role of the prime minister in the authority’s affairs. Planning Commission Deputy Chairman Dr Jehanzeb Khan on Monday held the first meeting of all government stakeholders to review the proposed CPEC Authority Bill 2020.

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