Category: News & Announcement

The government is expected to unveil a £250m investment in UK cycle lanes to encourage commuters to ride to work instead of using public transport, as part of the effort to prevent a resurgence of coronavirus. Grant Shapps, the transport secretary, is expected to make the funding announcement during his appearance at the Downing Street coronavirus briefing on Saturday. There are also plans to fast-track trials of the use of e-scooters on British roads, according to the Press Association. Currently, electric scooters – which can travel at up to 15.5mph…

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The power sector inquiry report has proven to be a great equalizer: in that it has agitated IPP sponsors across the board. Projects from 1994 and 2002 policy have been criticized as have been CPEC IPPs. The issue is sensitive and is subject to negotiation with the stakeholders. The flak, however, falls on regulators and decision makers in power at the time these projects were approved. IPPs like any commercial decision makers pounced upon the opportunity to make good returns within legit means. The adverse outcome is twofold. One is…

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ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet may be presented  with a proposal of oil hedging on Wednesday and decide to empower the committee led by Secretary Finance to finalize one of the two proposed call options. Other members of the committee include secretary petroleum, secretary law and secretary planning as well as Managing Director Pakistan State Oil (PSO) to be tasked to finalize the call options with the selected bank. A similar proposal was also discussed during 2009 but was not considered viable and was shelved, sources in Ministry of Finance said. Call option one…

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DUBAI/LONDON: Saudi Arabia will voluntarily deepen oil output cuts from June as low oil prices are causing huge pain to the kingdom’s budget and global demand remains weak due to lockdowns to contain the coronavirus pandemic. The announcement by the kingdom to add 1 million barrels per day (bpd) – equal to 1% of global supply – to the previously announced cuts follows last week’s phone conversation between U.S. President Donald Trump and Saudi Arabia’s King Salman. Trump had worked last month to persuade Saudi Arabia, fellow OPEC members and…

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The petrol price decision for May 2020 was once again taken for a ride by critics on both extremes. There is that one side, which would not settle for anything less than an immediate price relief, without any currency, time, or taxation considerations or even making room for cost of crude oil refining. On the other extreme are those ruing the missed opportunity to beef up the tax kitty, citing regional prices and equating with dollar rates. One must not forget that petroleum prices have a considerable bearing on inflation,…

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