Month: July 2021

PBF alarmed over rising cost of dollar

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Vice President of Pakistan Businesses Forum (PBF) Ahmad Jawad has called upon the economic managers to intervene as once again the cost of one dollar is now equal to Rs162 despite remittances being good, the Current Account has been in surplus or close to it, and foreign exchange reserves are also at a record high. “With devaluation, there is inflation. When there is inflation, your disposable income vanishes, which affects consumption behaviour and purchasing power.” Talking at a presser, Jawad said we must understand that depreciation of rupee means a…

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KATI chief terms hike in LPG price unacceptable

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Korangi Association of Trade and Industry (KATI) President Saleem-uz-Zaman has termed the increase in the price of Liquefied Petroleum Gas (LPG) as unacceptable. He said that industries could not afford the frequent increase in LPG price. A further hike will also increase the cost of production. He said that the government is increasing the prices for industrial units frequently. Saleem said that natural gas was already becoming extinct in the country. At the affirmation of the government, the industrialists shifted to expensive alternative sources including LPG and RLNG but the…

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Electric car sales charge ahead in Europe

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Electric cars — key to reducing emissions and meeting climate change goals — have boosted their market share in Europe, data showed on Friday, as the region prepares to abandon petrol and diesel. Battery electric vehicles more than doubled their share of new car sales in Europe in the second quarter, according to the European Automobile Manufacturers’ Association (ACEA) which groups together major car firms. All-electric vehicles accounted for 7.5 per cent of new car sales in Europe in the three months from April through June, against 3.5pc during that…

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Asian spot prices for LNG rise

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Asian spot prices for liquefied natural gas (LNG) jumped this week to a more than six-month high, as warm temperatures drove up demand for the fuel used in electricity generation, industry sources said. The average LNG price for September delivery into Northeast Asia LNG-AS was estimated at about $14.45 per metric million British thermal units (mmbtu), up $1.15 from the previous week, and the highest since mid-January, the sources said. Temperatures in Tokyo, Seoul and Beijing — among the top consumers of LNG — are expected to stay above average…

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Efforts intensified for resumption of work on Dasu dam project

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Amid intensified efforts by Pakistan to get the work restarted on the Dasu hydropower project, Water and Power Development Authority (Wapda) Chairman retired Lt Gen Muzammil Hussain called on Chinese Ambassador Nong Rong here on Friday and discussed the matters relating to construction of the dam. “The matters relating to construction of Dasu hydropower project in the context of July 14 incident were discussed in detail,” said an official announcement released after the meeting held on the day Pakistan sent the bodies of nine engineers to China and Foreign Minister…

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