Category: Highlights

ISLAMABAD: The federal government has stepped up efforts for the transfer of K-Electric shares to Shanghai Electric Power of China but differences have not been resolved over the appointment of an arbitrator that will deal with the issue of receivables and payables. An application seeking the national security certificate for the transfer of 66.4% K-Electric shares to Shanghai Electric Power was submitted to the Privatisation Commission in November 2016. Subsequently, stakeholder meetings were held at different forums. The Cabinet Committee on Privatisation, when it met in March 2018, agreed that…

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ISLAMABAD: The federal government on Monday removed Secretary Power Division, Omar Rasul. According to an official notification, Ali Raza Bhutta, a BS-22 officer of Pakistan Administrative Service, presently posted as Secretary Poverty Alleviation and Social Safety Division, has been transferred and posted as Secretary Power Division. The sources said, last week, a disgruntled Secretary Power Division Rasul left the Ministry in the middle of a pre-PAC meeting and did not return till Monday . The sources said Rasul had submitted in writing to the Establishment Division that he cannot continue…

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OPEC revised down by another 400,000 bpd its forecast for global oil demand this year, expecting consumption to shrink by 9.5 million bpd over 2019, cutting forecasts for the second month in a row as risks with the pandemic and economic activity remains skewed to the downside.   In its Monthly Oil Market Report (MOMR) published on Monday, OPEC said that it expects global oil demand to average 90.2 million bpd this year, down by 9.5 million bpd compared to 2019. In last month’s report, OPEC expected the world’s oil demand to drop…

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KARACHI: Advisor to PM on Finance Dr Abdul Hafeez Sheikh had an interactive session with foreign investors at OICCI on September 12th, during which he gave a comprehensive overview of the challenges faced by the economy in the past two years and how the GOP has successfully managed to stabilize the economy which is now on a recovery path. Dr Hafeez Shaikh added that the growth trend in some industries like cement, automobile and fertilizer and rapid growth noticed at PSX are very encouraging and should give confidence to investors. The…

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Saudi Arabia’s oil giant Aramco reclaimed the spot of the world’s most valuable company after a relatively steady performance in Riyadh so far this month, while shares in Apple plunged amid a wider sell-off in tech stocks in New York. According to estimates from Bloomberg, Aramco – which became the world’s largest listed firm by market capitalization with its listing in December 2019 – has regained the top spot that Apple has held since July 2020 when U.S. equities and tech stocks in particular rallied on U.S. economic stimulus. At…

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