Day: May 30, 2022

Why The West Shouldn’t Expect More Oil From Saudi Arabia

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In December 2016, OPEC, Russia, and several other non-OPEC producers sealed a historic deal. For the first time in 15 years, there would be oil production cuts. At the time, RBC’s Helima Croft said Saudi’s oil minister Khalid al-Falih had “something of Mario Draghi’s ‘whatever it takes’ moment.” Seven years on, OPEC and Russia are still controlling the market. But now, Saudi Arabia is saying there is nothing it can do about the oil market and prices. It has done all it could, according to its foreign minister, Prince Faisal…

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Russian oil embargo: EU mulls compromise to break deadlock

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Ambassadors from the 27 European Union member states will on Sunday examine a compromise that could enable them to break the deadlock on a sixth round of economic sanctions against Russia, including a landmark halt to Russian oil imports, EU sources told AFP. The latest round of proposed sanctions has been blocked by landlocked Hungary, which has no access to seafaring oil cargo ships and is dependent for 65 percent of its oil needs on Russian crude supplied via the Druzhba pipeline. Budapest has rejected as inadequate a proposal to…

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Discontinuation of special power tariff: Apparel textile sector warns govt of grave implications

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The country’s apparel textile sector on Sunday warned the federal government of ‘disastrous’ implications for the economy if it discontinued the special power tariff to the five export-oriented sectors, saying that the IMF should be told the concessional facilities are not a ‘subsidy.’ The IMF should be informed that the special tariffs and DLTL are not subsidies rather ‘crucial’ export-policy decisions to unburden the export sectors from cross-subsidy to compete with competing nations in the global market. “The IMF should be categorically communicated that special energy tariffs and other facility…

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SCCI chief rejects hike in POL products’ prices

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petrol

Business community here out rightly rejected the historic increase in prices of petroleum products, asking the government to revise its decision while keeping in view the fragile condition of business and industry and ailing economy of the country. The government’s decision would prove detrimental for the already feeble national economy, warned Hasnain Khurshid Ahmad, President Sarhad Chamber of Commerce and Industry, according to a statement issued here. The SCCI chief maintained the cost of industrial production would escalate after the whopping increase in prices of petroleum commodities that would bring…

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Potential sectors evading taxes: Finance Bill may introduce ‘windfall levy’

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The Finance Bill 2022 is expected to introduce a new concept of tax, ie, ‘Windfall Levy’ in the Income Tax Ordinance, 2001 for special taxation of the potential sectors making extraordinary profits, but not depositing the due amount of taxes. Sources told Business Recorder here on Saturday that the concept of the “Windfall Levy” does not exist in Pakistan. This is for the first time that such kind of “Windfall Levy” would be introduced in the income tax law. In this connection, the Federal Board of Revenue (FBR) may add a new…

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