Author: Admin

ADB cuts Pakistan growth forecast to 3.7pc on higher energy costs

Admin
higher energy costs

ISLAMABAD: The Asian Development Bank (ADB) on Thursday cut its forecast for Pakistan’s economic growth to 3.7 per cent, citing higher energy costs and anticipated pressure on foreign remittances from Pakistanis abroad. In its Asian Development Outlook (ADO) July 2026, the Manila-based lender, however, lowered its growth forecast for developing Asia and the Pacific to 4.9pc for 2026 from 5.5pc in 2025, marking a 0.2-percentage-point reduction from its April projections. “Preliminary data show Pakistan’s economy growing by 3.7pc in FY2026 (ended 30 June 2026), supported by strong industry and services alongside modest…

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Pakistan joins IEF as Momentum Builds for Global Energy Security Dialogue

Admin
IEF

Riyadh, Saudi Arabia, 09 July 2026 — The International Energy Forum today welcomed Pakistan as an IEF Member Country, adding to recent membership growth and strengthening the Forum’s role as the global home of energy dialogue. Pakistan’s accession follows Benin and Sierra Leone’s entry into the Forum, reflecting growing momentum behind inclusive energy dialogue among producing, consuming and transit countries worldwide. IEF Secretary General Jassim Alshirawi said Pakistan’s participation would enrich the Forum’s dialogue at a time of heightened uncertainty in global energy markets. “We are very pleased to welcome Pakistan as an active…

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Crude rally deepens as US-Iran tensions shatter ceasefire hopes

Admin

Oil prices extended their gains on Thursday after US President Donald Trump declared the ceasefire with Iran over and ordered fresh strikes following attacks on ships in the Strait of Hormuz. Both benchmark contracts surged about 8%, with Brent crude climbing above $80 a barrel for the first time in two weeks, raising concerns over higher inflation and potential risks to global economic growth. US West Texas Intermediate crude futures were trading at $74.52 a barrel. Washington also revoked a temporary sanctions waiver for Iranian oil. However, equity markets mostly…

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US electricity output hits record high, tops 100,000 GWh for first time, EEI says

Admin

July 9 (Reuters) – U.S. electricity generation hit a record high ​last week as ‌an intense heatwave across much of the country boosted ​air-conditioning demand, according ​to data from the Edison ⁠Electric Institute. Power output ​reached 100,996 gigawatt-hours (GWh) in ​the week ended July 4, surpassing the previous record of ​99,445 GWh set ​in July 2022. Jumpstart your morning with the latest legal news delivered straight to your inbox from The Daily Docket newsletter. Sign up here. Over the past 52 ‌weeks, ⁠U.S. electricity generation totalled 4.35 million GWh, up 2.3% from…

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Bestway Group Announces Strategic Partnership with Geely Auto Group for Pakistan Islamabad, Pakistan

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Geely Auto Group

Bestway Group has announced that it has entered into a landmark strategic partnership with Geely Auto Group, one of China’s largest privately-owned, and among the world’s most innovative and rapidly growing, automotive manufacturers, for the distribution and assembly of Geely vehicles in Pakistan.Under the agreement, Bestway Group, through its subsidiary Bestway Automotive (Private) Limited, will operate as the sole authorised distributor of Geely Auto Group products in Pakistan, marking a significant milestone in the country’s evolving automotive landscape. Initially, a range of Geely vehicles will be introduced into the Pakistani…

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