Category: News & Announcement

There are no two ways about it: Engro had a great year in 2019. Revenue was up 32%, which is no mean feat for one of Pakistan’s largest conglomerates, and profits were up 30%. While the company has eight active business lines, it was abundantly clear that the star for this year was the energy subsidiary, driven by massive increases in both revenue and profitability as the coal-fired power plants in Thar came online. Consolidated revenue grew by 32%, from Rs171.6 billion to Rs225.9 billion over the course of 2019.…

Read More

Oil crashed the most in 29 years as Saudi Arabia and Russia vowed to pump more in a battle for market share just as the coronavirus spurs the first decline in demand since 2009. Futures slumped by about 25% in New York and London Monday as Moscow and Riyadh began an all-out price war after the collapse of talks between members of the OPEC+ alliance last week. Saudi Arabia slashed its official crude pricing and is threatening record output. Russia’s largest producer, meanwhile, said it will ramp up production next month. What’s more, all of…

Read More

According to Renew Economy, German has set higher daily or weekly records in the past, but February of 2020 set the record for an entire month. “Of the total 45.12TWh generated by Germany’s power sector, 27.63TWh, or 61.2%, was generated from renewable electricity sources. Throughout the month, Germany’s renewable energy sector regularly provided around 60% or above of the country’s electricity production – including over a dozen days around or above 70%,” RE writes. Wind turbines were by far the largest contributor to all that renewable energy, generating a record 20.80 TWh, or…

Read More

Saudi Arabia plans to boost oil output next month to well above 10 million barrels a day, as the kingdom responds aggressively to the collapse of its OPEC+ alliance with Russia. At the same time, Saudi Arabia has privately told some market participants it could raise production much higher if needed, even going to a record 12 million barrels a day, according to people familiar with the conversations, who asked not to be named to protect commercial relations. With demand ravaged by the coronavirus outbreak, opening the taps would throw…

Read More

New York (CNN Business)Airline passenger traffic is plunging around the world because of coronavirus. That means tens of thousands of airline workers will probably soon be out of work, at least temporarily.Airlines are already adjusting its staffing by asking employees to take vacation at reduced pay or unpaid leaves of absence. Sofar, airlines’ job cuts have not been permanent. But some companies have frozen hiring, which could hurt airlines’ abilities to fill jobs they need filled once the crisis passes.”Every airline will have to look at doing something like this,” said airline…

Read More