Month: August 2020

LONDON: Oil prices fell on Thursday on demand concerns driven by cautious views from OPEC+ producers and the US Federal Reserve regarding economic recovery from the coronavirus pandemic. Brent crude LCOc1 was down $0.48, or 1%, at $44.89 a barrel at 0933 GMT and US West Texas Intermediate (WTI) CLc1 fell $0.34, or 0.8%, at $42.59 a barrel. “The surge in Covid-19 infections over the summer has muted the recovery and anyone still believing in a V-shaped recovery needs to do some reassessment,” said Hussein Sayed, Chief Market Strategist at…

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KARACHI: Mari Petroleum Company Limited’s profit surged 25% to Rs30.31 billion in the year ended June 30, 2020 due to notable depreciation of rupee against the US dollar, higher sales and surge in finance income. The oil and gas exploration firm had booked a profit of Rs24.32 billion in the preceding year ended June 30, 2019, the company said in a notification sent to the Pakistan Stock Exchange (PSX) on Thursday. Accordingly, earnings per share increased to Rs227.23 in the year under review compared to Rs182.36 in the previous year.…

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ISLAMABAD: The Water and Power Regulatory Authority (Wadpa) has sought about 150 per cent increase in its revenue requirement for the current fiscal year by raising bulk power tariff by about 30pc. In a tariff petition filed before the National Electric Power Regulatory Authority (Nepra), Wapda has demanded that its total annual revenue requirement for 2020-21 be increased to Rs177.5bn, up about Rs106bn from Rs71.35bn approved by the regulator in 2017-18. The authority said its operation and maintenance cost had increased by 40pc to Rs19.7bn while its depreciation cost increased…

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KARACHI: Welcoming the agreement between the government and independent power producers (IPPs) for lowering generation costs, President Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Mian Anjum Nisar on Thursday also called for forensic audit of these firms to save industries. He further sought impeachment of those who were responsible without any discrimination in the larger national interest. While urging for bringing down power and gas tariffs for domestic as well as export sectors at par with regional and neighbouring countries, he said industries in Pakistan pay around Rs24…

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ISLAMABAD: Leading political parties on Thurs­day vowed to ensure a conducive political environment and favourable public opinion for the progress and development of the China-Pakistan Economic Corri­dor (CPEC), besides shielding it from threats. The political parties at the conclusion of the Second Conference of the China-Pakistan Economic Corri­dor (CPEC) Political Parties Joint Consultation Mechan­ism (JCM), through a joint statement, denounced the “slander on and disturbance in CPEC development by external forces” and pledged to “shape and safeguard the enabling political environment and favourable public opinion for CPEC development”. The JCM…

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