Day: December 8, 2022

UK condemned by its own climate advisers for greenlighting first new coal mine in three decades

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Scientists, environmentalists and even the UK government’s own climate advisers have strongly criticized its decision to approve a plan to open the country’s first new coal mine in three decades, a little more than a year after the nation tried to convince the world to ditch the filthy fossil fuel at the COP26 climate talks in Glasgow. Michael Gove, the UK housing and communities secretary, on Wednesday approved the plan to open the Whitehaven coal mine in Cumbria, a county in northwestern England that is home to the World Heritage-listed Lake District.…

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Oil Markets Are Bearish But Downside Is Limited

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WTI and Brent crude oil prices fell for a third straight session on Tuesday, with the U.S. benchmark now at its lowest level in a year. Front-month Nymex crude for January delivery closed the day -3.5% to $74.25/bbl, its lowest in nearly a year, while February Brent crude finished -4% to $79.35/bbl, its weakest close since January 3. It’s now clear that the broader market selloff and worries about more aggressive monetary tightening by the Federal Reserve have overshadowed any positive effect from the new price cap on Russian oil sales.  Oil…

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Gas crisis raises monthly expenses

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Hours of electricity shutdowns in the summer and hours of gas load shedding in the winters, such is life for the residents of the country’s most populated city – who are irked by the additional costs they are having to bear to cook food or keep warm ever since the mercury dropped. The residents of Karachi, much like the rest of the country, cannot light up their stoves or heaters this winter for extended periods of time due to the ongoing gas crisis, which forces them to rely on either…

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Steel Sector: LCCI Urges Environment Dept to Stop Action Against Furnaces

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The Lahore Chamber of Commerce and Industry (LCCI) has urged the Environment Department to immediately stop coercive measures against furnaces installed in the steel sector until standardised scrubbers are finalised. President of LCCI Kashif Anwar while speaking to a delegation of the All Pakistan Small Steel Re-Rolling Association said that it is encouraging to know that the SIDB is planning to provide loan of up to Rs10 million to five sectors for the installation of scrubbers. Before taking action against any business, Kashif Anwar said, the process to determine the…

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Ombudsman asks PD, Discos to resolve complaints Immediately

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Federal Ombudsman Ejaz Ahmad Qureshi has directed Power Division and Distribution Companies (Discos) to resolve complaints of citizens immediately. On Wednesday, a meeting was presided over by the Federal Ombudsman which was attended by senior Officers of WMS, Secretary Power Division Rashid Mahmood Langrial, Chief Executives of IESCO, LESCO and PESCO. The meeting was informed that during the year 2022 more than 56,000 complaints were registered by the citizens against power sector companies. Federal Ombudsman directed the Secretary Power Division to review the performance of those companies and to address…

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