Day: August 10, 2021

Oil prices fell by almost 3 per cent on Monday, extending last week’s steep losses on the back of a rising US dollar and concerns that new coronavirus-related restrictions in Asia, especially China, could slow a global recovery in fuel demand. A United Nations panel’s dire warning on climate change also added to the gloomy mood after fires in Greece have razed homes and forests and parts of Europe suffered deadly floods last month. Brent crude futures fell by $1.87, or 2.6 per cent, to $68.83 a barrel by 1330…

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Businesses in Pakistan operate with the same short-term mentally as the governments in the country do. They stop long-term investment at the first sign of crisis akin to governments curtailing development funds for public appeasement. The result is that most of the enterprises concentrating on short-term gains have failed to grow up to their potential. A few entrepreneurs who continued their investment in periods of stress have become more resilient to crises that occur so frequently in our country. Successful entrepreneurs realise that the majority of our population is young,…

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On a consolidated basis, Lucky Cement Limited reported a profit after tax of Rs 28.23 billion of which Rs 5.37 billion is attributable to non-controlling interest for the year ended June 30, 2021. This translates into earnings per share (EPS) of Rs 70.69/ share as compared to Rs 18.96/ share reported last year. Further, on a consolidated basis, the Company achieved gross turnover of Rs 267.73 billion which is 64 percent higher as compared to last year’s turnover of Rs 162.87 billion. During the year under review, the Company’s consolidated…

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Natural gas prices were also falling in the United States as the week got underway. Henry Hub gained throughout last week, hitting some of its highest seasonal levels in years as a prolonged heat wave approached the eastern half of the country. The prompt month surged past $4 during the week. It closed lower on Monday after a cooler shift in forecasts.  Oil also continued to underperform Monday, dipping below $70/bbl. A sizable portion of LNG contracts across the world are tied to the price of crude. Concerns over the…

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Asia’s spot LNG prices soared to new summer highs this week supported by strong regional demand and surging gas prices in European gas hubs, with tight fundamentals meaning there is little prospect of prices easing from current levels. The past week saw spot LNG delivered to Northeast Asia crossing $16/MMBtu for the first time during the Northern Hemisphere summer in eight years. The S&P Global Platts JKM was assessed at $16.155/MMBtu on Aug. 5 for September delivery cargoes, compared to around $3.2/MMBtu at this time last year, and around $4.2/MMBtu…

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