Category: News & Announcement

Venezuela once considered one of Latin America’s prosperous countries has plunged into the abyss. Years of economic mismanagement, cronyism and corruption have sparked a monumental economic collapse which saw the oil rich country become one of the poorest in South America. There are emerging signs that Venezuela is on the verge of becoming a failed state. Oil plays a dominant role in Venezuela being responsible for almost all export income and a significant proportion of gross domestic product. The oil rich Latin American country’s once mighty petroleum industry, which long…

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ICAP signs MoU with IBA on launch of ICAP-IBA Research Unit KARACHI: To promote research in the field of Accounting and Finance, the Institute of Chartered Accountants of Pakistan (ICAP) and Institute of Business Administration laid the foundation of ICAP-IBA Research Unit (IIRU). The two institutes expressed their intention to promote research and development in Pakistan by attracting and retaining outstanding scholars having research interest in the areas relevant to the profession, including finance, accounting, auditing, corporate governance and taxation. ICAP and IBA sponsors of the IIRU will provide the…

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For two months, the oil market has been incredibly boring. Brent futures have not moved more than $1 per barrel in either direction over a single day for seven consecutive weeks. The OPEC+ cuts have stabilized the physical market, and money managers have placed bets on options that pay off with lower volatility. According to the Wall Street Journal, so-called “strangles” have suppressed implied volatility. Implied volatility has declined from a peak of 345 percent on April 21 (when oil prices went negative) to just under 30 percent by late…

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Tesla’s Gigafactory in Nevada was a target of attempted and thwarted cyberattack, Elon Musk said, describing the attempt as “a serious attack.” Musk confirmed there was an attempted cyberattack, in reply to an article tweeted by Teslarati, which described how a Russian national had contacted an unnamed Russian-speaking, non-US citizen working at Tesla’s Gigafactory Nevada, offering to pay him US$1 million to insert malware in Tesla’s network, extract data, and demand ransomware. After meeting with the Russian national who had offered the money, Tesla’s employee reported the planned cyberattack to…

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China’s electricity consumption hit a record this month after rising steadily since the start of summer, the People’s Daily reported, noting that the trend suggested a robust recovery in economic activity in Asia’s second-largest economy. Electricity consumption in the manufacturing sector has specifically posted a marked recovery since July, reversing a negative consumption trend from the first half of the year. In even better news, electricity consumption in the consumer goods production sector rose by as much as 46.1 percent during the second quarter of the year, signaling expectations of…

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