Category: News & Announcement

ISLAMABAD: National Electric Power Regulatory Authority (Nepra) has accused the Power Division of controlling Distribution Companies (Discos), which use it as a shield, which leads to competition and opening of the sector. The regulator, in its State of Industry Report 2019, released Friday, has said that the power sector is under extreme financial pressure due to high cost of electricity supply and poor performance of distribution sector. Coupled to the higher costs are shrinking energy sales, which has resulted in higher cost for the end-consumers; further damping energy usage. “Distribution…

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Islamabad: GE (NYSE:GE) has announced the appointment of Masroor Mahmud as its CEO for Pakistan. He is mandated with driving the company’s growth in the country and aligning business strategy across all GE sectors with the government’s vision for development. In addition, Masroor will focus on enhancing talent development, ensuring risk management, and building a strong GE brand, through long-term, strategic partnerships. A GE veteran of 14 years, Masroor has held several leadership roles in finance, commercial, and operations, working across the Middle East, Africa, Europe and the U.S. He began…

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The Commodity Futures Trading Commission has warned that as the expiry date for the June West Texas Intermediate contract approaches, the chances of extra price volatility have increased. The regulator told brokers, exchanges, and clearing houses that “they are expected to prepare for the possibility that certain contracts may continue to experience extreme market volatility, low liquidity and possibly negative pricing.” Last month, when the May WTI contract expired, a frantic selloff among traders triggered a price slump deep into negative territory, with the benchmark at one point reaching -$38…

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Falling prices for oil and natural gas during the novel coronavirus pandemic have prompted the closure of nearly a quarter of land-based US rigs in the United States, excluding Alaska, the Energy Information Administration (EIA) said in a report on Thursday WASHINGTON (UrduPoint News / Sputnik – 14th May, 2020) Falling prices for oil and natural gas during the novel coronavirus pandemic have prompted the closure of nearly a quarter of land-based US rigs in the United States, excluding Alaska, the Energy Information Administration (EIA) said in a report on…

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Former prime minister and Pakistan Muslim League-Nawaz (PML-N) Vice President Shahid Khaqan Abbasi on Thursday appeared before the National Accountability Bureau (NAB)’s investigation team in connection with the Liquefied Natural Gas (LNG) scam. Abbasi appeared before the NAB’s combined investigation team (CIT) at its Rawalpindi bureau. The CIT handed over Abbasi a questionnaire, which contains questions regarding evidence collected by the NAB for filing of supplementary reference against him. The questionnaire includes questions about transactions of billion of rupees in to his account. The transactions allegedly took place during the…

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