Month: January 2021

Stocks near three-year high in energy-led rally

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Stocks on Wednesday ended near three-year high as a surprise oil surge fired up energy sector that was later joined by cements on price hike hopes and banks because of strong earnings outlook, dealers said. Benchmark KSE-100 shares index hit a high of 1.13 percent or 502.99 points to close at 45,153.42 points at Pakistan Stock Exchange (PSX). Volumes increased to 664.538 million shares, from 582.367 million shares on Tuesday. KSE-30 gained 1.14 percent or 212.97 points to end at 18,921.67 points. Ovais Ahsan, chief executive officer at Optimus Capital…

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Under heavy guard, US Congress back to work after Trump supporters storm Capitol

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Hundreds of US President Donald Trump’s supporters stormed the US Capitol on Wednesday in a stunning bid to overturn his election defeat, battling police in the hallways and delaying the certification of Democratic President-elect Joe Biden’s victory for hours. In the gravest assault on the symbol of American democracy in more than 200 years, rioters forced their way past metal security barricades, broke windows and scaled walls to fight their way into the Capitol. Police said four people died during the chaos — one from gunshot wounds and three from…

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Chinese cities reportedly go dark as country faces shortage of coal, a major Australian export

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SINGAPORE — Several major Chinese cities have reportedly gone dark as authorities limit power usage, citing a shortage of coal. Analysts said prices of the commodity in the country have shot up due to the reported crunch. The reports also follow rising trade tensions between Beijing and Canberra, leading some analysts to tie the coal shortages and blackouts to the unofficial ban on Australian coal. Relations between the two nations soured last year after Australia supported an international inquiry into China’s handling of the coronavirus pandemic. Coal is just one…

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Exxon Discloses Value-Chain Emissions

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Under pressure from investors, Exxon has released an Energy and Carbon Summary that for the first time in the company’s history, makes public the amount of carbon dioxide emissions produced across its value chain—so-called Scope 3 emissions. In the document, Exxon reported that its Scope 3 emissions in the upstream segment last year amounted to 570 million tons of carbon dioxide equivalent and emissions from refining operations came in at 630 million tons of carbon dioxide equivalent. Emissions from petroleum product sales were the greatest, at 730 million tons of carbon dioxide…

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