Day: August 6, 2025

Saudi Aramco Posts 22% Profit Decline Amid Lower Oil Prices

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Saudi-Aramco

RIYADH – Saudi Aramco reported a 22% drop in its second-quarter profit, totaling 85 billion riyals (\$22.67 billion), as lower crude and refined product prices continued to weigh on revenues. The state-owned oil giant, a key pillar of the Saudi economy and the world’s largest oil exporter, has now recorded profit declines for 10 consecutive quarters following record earnings in late 2022. “The decrease in revenue was mainly due to lower crude oil prices and lower refined and chemical product prices,” Aramco stated in its latest quarterly report. Aramco’s shares…

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Oil Prices Rebound from 5-Week Low Amid Trump’s Threats Over Russian Crude Trade

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Oil prices

TOKYO: Oil prices bounced back on Wednesday following a sharp dip, as market participants weighed potential supply disruptions triggered by U.S. President Donald Trump’s fresh threats of tariffs on India for its continued imports of Russian crude. Brent crude futures rose 29 cents, or 0.4%, to \$67.93 per barrel by 0119 GMT, while U.S. West Texas Intermediate (WTI) gained 28 cents, or 0.4%, reaching \$65.44 a barrel. Both benchmarks had plunged more than \$1 on Tuesday to hit their lowest levels in five weeks amid concerns of oversupply following OPEC+’s…

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Rs431bn Dispute: Power Division, SBP Clash Over Pending Payments to Chinese Power Projects

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Power-Division1

ISLAMABAD: A significant dispute has emerged between the Power Division and the State Bank of Pakistan (SBP) over the repatriation of Rs431 billion owed to Chinese coal-based power projects, raising concerns over investor confidence and payment transparency. The issue surfaced during a meeting of the Sub-Committee on Reforms, chaired by Minister for Petroleum and Natural Resources Ali Pervaiz Malik, where officials debated the delay in foreign currency payments due to Chinese Independent Power Producers (IPPs) such as Port Qasim and Sahiwal. While the Power Division claims that Rs431 billion remains…

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Pakistan Misses Three Key IMF Targets Despite Posting Record Primary Surplus

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New-IMF

ISLAMABAD: Pakistan has fallen short of three out of five major fiscal targets set by the International Monetary Fund (IMF) under the \$7 billion bailout programme, largely due to underperformance by the provinces and missed tax collection goals by the Federal Board of Revenue (FBR). According to the Ministry of Finance’s fiscal operations report, provincial governments collectively failed to generate the agreed Rs1.2 trillion cash surplus, falling short by Rs280 billion. Simultaneously, the FBR missed its overall revenue target of Rs12.3 trillion, collecting only Rs11.74 trillion, and failed to raise…

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Structural Shake-up in WAPDA Sparks Internal Controversy

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WAPDA-MoUs

ISLAMABAD: The incoming chairman of the Water and Power Development Authority (WAPDA) is expected to face a challenging start amid internal unrest sparked by controversial structural changes made by the acting management in recent weeks. Sources reveal that the acting chairman implemented several senior-level reorganisations—adding and removing key posts and advisers—just before the appointment of the new chairman. These decisions, allegedly taken without a proper quorum, were rushed through a hastily convened meeting and formalised the same day the Ministry of Water Resources held interviews for the new leadership. The…

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