Month: January 2024

Oil prices fall after surprise US storage build

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Oil price

Global benchmark Brent crude oil futures fell 0.3% to $77.38 barrel. US WTI crude futures fell 10 cents to $72.14 barrel NEW YORK: Oil prices fell on Wednesday after a surprise jump in US crude stockpiles raised worries about demand in the largest oil market. Global benchmark Brent crude oil futures fell 21 cents, or 0.3 percent, to $77.38 a barrel. U.S. West Texas Intermediate crude futures fell 10 cents to $72.14 a barrel. Early in the session, both contracts had risen by more than a dollar before the U.S.…

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Water woes to stay even after dam construction

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Bhasha-Dam

ISLAMABAD: Pakistan’s water woes are unlikely to be over even after construction of Diamer Bhasha Dam (DBD) in 2030 as till that time water requirements of agriculture would have increased further due to traditional ways of farming. Background interviews with the water sector experts and officials suggest that the government needs to divert financial resources for development of water reservoirs, in addition to existing projects. Information gathered by Business Recorder revealed that the government authorized 35 per cent of funds out of the total allocation of Rs 90 billion in…

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CM adds another fleet of 80 buses in city, including 30 hybrid and 50 electric buses.

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Private-vehicles

KARACHI (Jan 10): Caretaker Sindh Chief Minister, Justice (retd) Maqbool Baqar, added another 80 buses to the Peoples Bus Service fleet in a simple ceremony, the new buses include 30 hybrid and 50 electric vehicles. With the addition of 80 new buses, the city’s fleet now comprises 300 buses, including 18 Pink Buses. This he said while speaking at the inauguration ceremony of adding a fleet of 80 buses, including 30 hybrid and 50 Electric buses in the Intra-city Peoples Bus Service at Mazar-e-Quiad. Those who were present on the…

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Nestlé inaugurates 2.6 megawatt solar power plant at its Sheikhupura Factory

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renewable-energy

Nestlé announced its commitment to reduce its emissions by 20% (versus a 2018 baseline) by 2025| Nestlé, as part of its PKR 2 billion investment in renewable energy in Pakistan, inaugurated a 2.6 megawatt solar power plant at its Sheikhupura Factory. The solar power plant, completed with an investment of PKR 500 million, aims to reduce 1,857 tCO2e of greenhouse gas emissions per year. The inauguration is part of Nestlé Pakistan’s PKR 2 billion investments into renewable energy, that include two biomass boilers and additional solar power plants at its…

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Pakistan asks UAE for $2bn deposit rollover

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state-bank

ISLAMABAD: Pakistan has been negotiating with the Kingdom of Saudi Arabia (KSA) for the provision of an additional $1 billion Saudi Oil Facility (SOF) on deferred payment for the ongoing calendar year 2024. Islamabad has also made a request to the United Arab Emirates (UAE) for the rollover of $2 billion deposits to avert depletion in foreign exchange reserves (FER) held by the State Bank of Pakistan just before the holding of the general elections on February 8. These two developments have come to the surface when the IMF Executive…

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