Author: Admin

Saudi Aramco Q3 Profit Falls 15% Amid Lower Oil Prices, Dividend Remains Steady

Admin
Saudi-Aramco

DUBAI: Saudi Aramco reported a 15.4% decline in third-quarter profit, with net income at $27.6 billion, impacted by lower crude prices and reduced refining margins. Despite the profit dip, the oil giant maintained its substantial dividend at $31.1 billion for the quarter, including $10.8 billion in performance-linked payouts. This third-quarter performance surpassed analysts’ estimates, including Citi’s projection of $26.3 billion. Aramco’s dividend policy combines performance-linked payouts with a base dividend, ensuring steady returns even when earnings fluctuate. The Saudi government, directly holding 81.5% of Aramco, relies on these dividends, along…

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Petroleum Sector, Imported Vehicles Lead Customs Duty Collection in 2023-24

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Petroleum-Sector

ISLAMABAD: The petroleum sector and imported vehicles were the leading contributors to customs duty revenue in 2023-24, according to a report by the Federal Board of Revenue (FBR). Customs duty collection showed a strong recovery, growing by 18.5% to reach Rs 1,104.1 billion, up from Rs 931.7 billion in the previous fiscal year. This revenue contributed approximately 12% of total FBR collections. The petroleum, oil, and lubricants (POL) sector led with a 29.1% share of total customs duties, marking a 14.1% increase. Imported vehicles followed with an 11.0% share and…

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CCP Calls for DISCO Privatization or PPPs Amid Financial, Operational Woes

Admin
power-subsidy

ISLAMABAD: The Competition Commission of Pakistan (CCP) has recommended that Pakistan’s power distribution companies (DISCOs) be privatized or transitioned to public-private partnerships (PPPs) to address critical inefficiencies. In its latest report, “State of Competition in the Key Markets in Pakistan: Power Sector,” the CCP highlights significant challenges facing DISCOs, including high distribution losses, revenue leakages, low bill recovery, electricity theft, and supply constraints. The report suggests that privatization or PPPs could mitigate these issues, as the amended NEPRA Act now removes the exclusivity clause, opening the regulatory framework for competitive…

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COP29 Kicks Off Amid Warning: 2024 Likely to be Hottest Year on Record, Says EU Monitor

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Hottest-Year

PARIS: On the eve of the critical UN climate summit COP29 in Azerbaijan, the European Union’s climate monitoring agency, Copernicus, has warned that 2024 is “virtually certain” to set a new record as the hottest year in history, with global temperatures surpassing 1.5°C above pre-industrial levels. October, marked by extreme weather events like Spain’s devastating floods and Hurricane Milton in the U.S., recorded the second-hottest temperatures ever for that month. This trend signals what Copernicus calls a “new milestone” that should prompt intensified climate action at COP29, where global leaders…

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Sindh Agriculture Dept asked to provide details of Rs 600m subsidy for solar-powered tube wells

Admin
Solar-System

Karachi The Public Accounts Committee (PAC) of the Sindh Assembly has sought complete records from the provincial government’s Agriculture Department showing details of the beneficiary farmers in the province who received a total subsidy of Rs 600 million to install solar-powered tube wells and water pumps to boost farming activities in the province.The PAC met on Friday with its Chairman, Nisar Ahmed Khuhro, in the committee room of the Sindh Assembly building to consider the financial accounts of the Sindh Agriculture Department from 2019 to 2021.The Director-General Audit Sindh objected…

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