Month: October 2023

Oil drops over 2 percent as diplomatic moves in Middle East ease supply concerns

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Petroleum-prices

NEW YORK: Oil prices fell over 2 percent on Monday as diplomatic efforts in the Middle East intensified in an attempt to contain the conflict between Israel and Hamas, easing investor concerns about potential supply disruptions. Brent crude futures were down $2.02, or 2.2 percent, at $90.14 a barrel as of 1655 GMT. U.S. West Texas Intermediate crude futures were down $2.19, or 2.5 percent, at $85.89 a barrel. European Union leaders will call for a “humanitarian pause” in the conflict this week so that aid can reach Palestinians in…

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‘Investors are getting facilities through SIFC’

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SIFC-sparks

LAHORE: Pakistan is providing foreign investment facilities in various sectors through Special Investment Facilitation Council (SIFC) and the Dutch companies must bring more investment here, Governor Punjab Muhammad Balighur Rehman said. “Pakistan is offering favorable business opportunities to international companies in various sectors,” the governor said during a meeting with the Honorary Consul for Netherlands Asma Hamid in Lahore, who called on him here at Governor House. In the meeting, matters of mutual interest, promotion of bilateral cooperation and the situation in Palestine were discussed. Speaking on this occasion, the…

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SITE PRESIDENT DEMANDS RESUMPTION OF SUBSIDY ON INCREMENTAL USE OF ELECTRICITY, END TO PHL

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site-association

KARACHI: President, SITE Association of Industry Muhammad Kamran Arbi has, in a press statement, drew attention of the government towards high industrial power tariff. He said that the high industrial power tariff is badly hampering industrial production and resulting in decline of exports. Quoting KE’s Annual Report 2023, he said that due to high power tariffs, economic slowdown and low demand, KE’s units sent out dropped by nearly 8%. The drop in energy consumption, due to low demand and high tariffs impacted industrial production leading to a deterioration of exports…

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Pedo earning billions of rupees for KP: adviser

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power-tariff

PESHAWAR: Khyber Pakhtunkhwa Caretaker Adviser for Planning & Development, Energy & Power and Minerals Development Dr Syed Sarfaraz Ali Shah has said Pakhtunkhwa Energy Development Organization (Pedo) is a major source of annual income worth billions of rupees. He said that under the supervision of Pedo, work is currently underway on 42 energy projects of transmission lines including hydro and solar power. The completion of these projects would prove to be a game changer for the stability and economic development of the province, he added. While presiding over a meeting…

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‘For-sale’ PIA hit by worst-ever fuel crisis

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pia-move

• Over 75 flights scheduled for Sunday cancelled as PSO cuts supply• Spokesperson claims operation ‘partially restored’ as four international flights depart late at night• Employees’ rep sees airline’s ‘destruction’ as part of ‘planned conspiracy’ RAWALPINDI: Once a profitable entity and the pride of a nation, the national flag carrier’s fortunes plummeted to an all-time low on Sunday, when its operations ground to a halt yet again, due to a lack of fuel. While Pakistan International Airlines (PIA), suffering losses to the tune of Rs750 billion, is no stranger to…

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