Day: May 31, 2022

Oil And Equities On The Rise As China Eases COVID Restrictions

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While US cash markets are closed today, the rest of the world – as well as US futures – are busy levitating amid renewed optimism that China has finally managed to contain its latest Covid breakdown after Beijing said the outbreak is now under control and the country eased more virus curbs. The upside momentum was also boosted by the best week on Wall Street since November 2020, which was catalyzed by speculation that the Fed will pause its hiking plans in September (and then proceed to ease once the…

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Russia Plans New Bond Scheme To Skirt Sanctions

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Russia’s finance chief said Moscow is planning a new system for making foreign bond payments similar to the rubles-for-gas scheme in an effort to prevent a historic sovereign default after Washington ended a key sanctions exemption that raised Russia’s chances of defaulting on its debt. Anton Siluanov, Russia’s finance minister, was cited by Vedomosti on May 30 as saying that the new system that is in the works would basically mirror the one in place that lets foreign buyers of Russian natural gas settle the transactions without falling afoul of…

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Case against appointment of NTDC chief: NAB initiates action

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National Accountability Bureau (NAB) has initiated action in a case against appointment of Chairman Board of National Transmission and Despatch Company (NTDC) Naveed Ismail, well informed sources told Business Recorder. NAB Karachi, sources said, has written a letter to Power Division in connection with a complaint being processed by the Bureau, requesting to provide a copy of Naveed Ismail’s personal file along with all documents pertaining to his appointment as Chairman of the company. In addition to his personal file, Power Division has been requested to provide details of advance metering…

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Minister for energy monitors NESPAK working

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Khurram Dastgir Khan, Federal Minister for Energy, visited NESPAK House, Lahore, on Monday to have an overview of the working of the company. Dr. Tahir Masood, Managing Director NESPAK, welcomed the Minister and gave him a detailed corporate presentation highlighting the objectives of the creation of NESPAK, its scope of services and achievements. The basic objectives of NESPAK’s creation were achievement of self-reliance in Engineering Consultancy, development of indigenous human resources and minimizing dependence on foreign consultants as well as creation of employment opportunities for professionals. During the presentation, the…

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Legal rows delay cheaper gas supply

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Several legal disputes in the exploration and production (E&P) sector of Pakistan have caused delay in injecting 250 million cubic feet per day (mmcfd) of cheaper gas into the national network, industry officials say. Currently, there are around 62 cases between various companies and the government. The litigation in energy sector has also discouraged the inflow of new investment as the previous governments received a poor response from the E&P companies to the bids invited for the award of exploration licences. Even the Pakistan Tehreek-e-Insaf (PTI) government, which stepped down…

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