Month: January 2022

Oil hits over 7-year high on political risks, supply crunch

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Oil prices extended gains to their highest levels in over seven years on Friday as ongoing global political turmoil fanned concerns over tight supply. The benchmark contracts are on track for their sixth straight weekly rise, the longest run of gains since October. Brent futures rose $1.25, or 1.4%, to $90.59 a barrel by 11:09 am ET (1609 GMT), having hit their highest level since October 2014 at $91.70. U.S. West Texas Intermediate (WTI) crude futures gained $1.05, or 1.2%, to $87.66 a barrel after hitting an over seven-year high…

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Planning Commission Wants to Ban NHA From New Projects

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Due to delay in execution, slow progress on projects, and cost overrun, the Planning Commission has recommended barring the National Highway Authority (NHA) from submitting new projects and has directed it to bring its business plan as its throw forward has reached Rs. 907 billion. The current pace of approving new projects of the National Highway Authority is not sustainable, and the ongoing or new schemes cannot be completed on time with the available funding, an official source told ProPakistani. The Transport and Communication section of the Planning Commission has…

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NCOC Announces Decision on Restrictions in Schools

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The National Command and Operation Center (NCOC) met earlier today with the Federal Planning Minister, Asad Umar, in the chair. The meeting assessed the overall Coronavirus situation in the country and expressed serious concerns over it. In a bid to contain the spread of the virus, the NCOC has decided to extend the restrictions on the educational sector. Now, these restrictions will remain in place till 15 February 2022 and will be reviewed before the last day. Earlier on 19 January, the NCOC had initially imposed these restrictions which took…

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Oil hits 7-year high of $90/bbl

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NEW YORK: Oil touched $90 a barrel for the first time in seven years on Wednesday, supported by tight supply and rising political tensions in Europe and the Middle East that raised concerns about further disruption in an already-tight market, Reuters reported. Brent crude rose $1.67, or 1.9 percent, to $89.87, after hitting $90.02, the first time the global benchmark has broken that level since October 2014. US West Texas Intermediate (WTI) crude was up $1.69, or 2 percent, to $87.28. U.S. President Joe Biden said on Tuesday he would…

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NTDC head office to be shifted to Islamabad

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The Head Office of the National Transmission and Despatch Company (NTDC) will be shifted to Islamabad from Lahore in phases. According to a decision taken by the public sector power transmission utility, the Liaison Office of Managing Director, NTDC, will be shifted to Islamabad by April 30, 2022. In the second phase, the offices of Deputy Managing Director, Asset Development & Management and Deputy Managing Director, Planning & Engineering along with offices of General Manager (Assets Management), North, General Manager (Project Development), North and General Manager (Technical) having strengths of…

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