Month: February 2022

Pakistan commits IMF to slap taxes worth Rs160bn on salaried class

Admin

Under the now-resumed International Monetary Fund (IMF) programme, Pakistan has committed to draft Personal Income Tax (PIT) legislation till the end of the ongoing month (February 2022) for slapping approximately Rs160 billion tax on the salaried class by jacking up tax rates and reducing the number of slabs, The News reported. This PIT will be announced in the budget for 2022-23 and will become effective from July 1, 2022. According to a staff report released by the Fund on Friday, the government has committed with the IMF that parliamentary approval will be…

Read More

Huge investment on the way as PM finalises deals with Chinese firms

Admin

Prime Minister Imran Khan on Friday held meetings with a number of representatives of major Chinese companies, paving the way for billions of dollars worth of Chinese investment into the country. The prime minister arrived in Beijing on Thursday to attend the opening ceremony of the Winter Olympics and meet the Chinese leadership. As per the official handout, China Machinery Engineering Corporation (CMEC), a subsidiary of Sinomach, will set up Pakistan-China Agricultural Science and Technology Transferring Centre on government-to-government aid basis. It said that the Centre will offer agricultural mechanisation…

Read More

Analysis: Russian gas crisis stokes Europe’s appetite for Russian coal

Admin

 Russian coal merchants are proving to be the winners as European buyers, nervous a feared Russian invasion of Ukraine could lead to disrupted gas supplies, stock up on the dirtiest fossil fuel. Despite Europe’s ambitions to reduce carbon emissions to net zero by the middle of the century, which means weaning itself off all fossil fuels, but especially coal, the continent has been switching to coal from gas since the middle of last year. Even before the current risk invasion and possible Western sanctions on Russia could choke off gas…

Read More

How to store excess wind power underwater

Admin

With 17 new wind farm projects planned for Scotland, the UK’s offshore wind power capacity is set to more than double. But what happens when the wind is blowing, the turbines are cranking out electricity and there’s no demand for it? It’s already a problem. In 2020, enough electricity to supply more than one million homes was wasted due to a lack of storage, according to a report by KPMG that was commissioned by the power company Drax. But one firm, which won a 2022 Best of Innovation award at the CES…

Read More

OPEC+ backs another modest oil output hike

Admin

The 23-nation OPEC+ group said in a statement that it will increase production by 400,000 barrels per day in March, the same amount as in previous months. The group, which includes the 13 members of the Saudi-led Organization of the Petroleum Exporting Countries (OPEC) and their 10 allies, including Russia, has resisted US pressure to further boost production to tame prices. OPEC+ said in its statement following a ministerial videoconference that the decision was made “in view of current oil market fundamentals and the consensus on the outlook”. The alliance´s…

Read More