Author: Admin

Oil Drops 5% as Middle East Tensions Ease

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russia-oil

HOUSTON: Oil prices plummeted by nearly 5% on Monday after Israel’s recent military action against Iran over the weekend spared oil and nuclear sites, maintaining energy supply stability. By 11:37 a.m. CDT (1637 GMT), Brent crude futures dropped $4.20, or 5.52%, to $71.83 a barrel, and U.S. West Texas Intermediate (WTI) crude slid $4.08, or 5.68%, to $67.70—a low unseen since early October. Phil Flynn, senior analyst at Price Futures Group, remarked, “This is a classic example of a headline-driven market. Geopolitical risks remain significant.” Despite last week’s 4% rally,…

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Grid-based battery energy storage solutions

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grid based battery storage

The rise in demand for electric vehicles (EVs) worldwide, driven by governments’ rebates to curb carbon emissions, has spurred advancements in battery technology. Significant research funding has gone into the EV battery to achieve the objectives of a high number of charge cycles, distance, and low weight and volume, with Chinese companies, CATL and BYD are leading the way. These developments and the economies of scale have resulted in a constant decline in the cost of storage batteries. Lately, falling international prices of raw materials have pushed the small battery manufacturers out, leaving a few major players,…

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Oil slides 5% after limited Israeli retaliatory attack on Iran

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oil price

Oil prices tumbled by around $4 a barrel on Monday after Israel’s retaliatory strike against Iran at the weekend bypassed oil and nuclear facilities and did not disrupt energy supplies. Brent futures were down $4.13, or 5.43%, at $71.92 a barrel at 1445 GMT, while WTI U.S. crude futures lost $4.04, or 5.63%, to $67.74. Both Brent and U.S. West Texas Intermediate crude futures hit their lowest since Oct. 1 at the open. The benchmarks gained 4% last week in volatile trade as markets priced in uncertainty over the looming…

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Foreign Service Personnel Briefed on Economy at FPCCI

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New-FPCCI

Foreign Service Personnel Briefed on Economy at FPCCI October 28, 2024 Karachi: Atif Ikram Sheikh, President FPCCI, has apprised that the apex body has briefed the group of personnel from Foreign Service of Pakistan (FSP) at its Head Office in Karachi – with the aim to orient them on macroeconomic issues & challenges; export promotion requirements of the business community; trade diplomacy and branding of a country’s export offerings on an international scale. Atif Ikram Sheikh elaborated that the FSP delegation was told that IT & IT-enabled Services; value-added agricultural…

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IPPs Seek PM’s Urgent Intervention Over Proposed Contract Termination

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Power-IPPS

ISLAMABAD: Ten Independent Power Producers (IPPs) operating under the 2002 Generation Policy have requested Prime Minister Shehbaz Sharif’s intervention over the government’s plan to terminate existing “Take or Pay” contracts in favor of a “Take and Pay” framework. This shift could lead to severe financial instability for the power producers, sources revealed. In a joint letter to the Prime Minister, the IPPs—comprising Pakgen Power, Nishat Power, Nishat Chunian, Sapphire, Hubco Narowal, Kohinoor Energy, Liberty FSD, Halmore, Laraib, and Orient Power—voiced concerns that scapegoating capacity payments as the primary driver behind…

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