Category: Popular News

July-March of FY2025: Significant cut in crude oil, gas extraction recorded

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Oil falls

ISLAMABAD: A significant decrease in domestic crude oil and natural gas extraction has been recorded during the first nine months (July-March) of the current fiscal year 2025, according to the recently released Pakistan Economic Survey 2024-25. The crude oil extraction dropped by 14.8 percent, while natural gas production declined by 6.8 percent on year to year basis. “With no significant new discoveries, the country relied heavily on Re-gasified LNG (RLNG), imports to meet domestic demand, especially for the power and industrial sectors,” the survey stated. From July to March in…

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Oil rises on optimism about US-China talks easing trade tensions

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Oil falls

LONDON: Oil prices climbed on Tuesday as investors awaited the outcome of U.S.-China trade talks and as Saudi Arabia’s crude supply to China is set to dip slightly. Brent crude futures rose 34 cents, or 0.5%, to $67.38 a barrel by 1045 GMT. U.S. West Texas Intermediate crude was up 33 cents, or 0.5%, at $65.62. On Monday, Brent had risen to $67.19, the highest since April 28, buoyed by the prospect of a U.S.-China trade deal. U.S.-China trade talks were set to continue for a second day in London…

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Rs17.6 Trillion Federal Budget 2025–26 to Be Unveiled Today

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Buget-25-26

ISLAMABAD: The federal government will unveil the Rs17.6 trillion Budget 2025–26 in the National Assembly today, with Finance Minister Senator Muhammad Aurangzeb set to present the financial plan and deliver his second budget speech. The Finance Bill 2024 will also be laid before the Senate, as mandated under Article 73 of the Constitution. According to official sources, the government anticipates gross federal revenues of Rs19.4 trillion, with the Federal Board of Revenue (FBR) tasked with collecting Rs14,130 billion in taxes. The target includes Rs6,450 billion in direct taxes, Rs4,900 billion…

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Development Banks Commit €3 Billion to Combat Ocean Plastic by 2030

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plastic-pollution

NICE, FRANCE: A coalition of major development banks has pledged at least €3 billion (\$3.4 billion) by 2030 to fight ocean plastic pollution, in what remains the world’s largest coordinated initiative to tackle the crisis. The announcement coincides with the launch of the second phase of the Clean Oceans Initiative (COI) at a UN conference in Nice. Led by the European Investment Bank (EIB) alongside French, German, Spanish, and Italian development banks and the European Bank for Reconstruction and Development (EBRD), the COI aims to stem the rising tide of…

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US-China Trade Talks Resume in London Amid Rare Earths Dispute

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US-China

LONDON: Senior US and Chinese officials convened in London on Monday in a bid to ease escalating trade tensions that now threaten to disrupt global supply chains, particularly over the export of rare earth minerals. The high-stakes dialogue, held at Lancaster House, marks a follow-up to last month’s preliminary trade agreement in Geneva, which temporarily cooled tensions between the two powers. However, US officials have since accused Beijing of stalling on its commitments—especially regarding the shipment of rare earths, critical for electric vehicles, semiconductors, and defense equipment. White House economic…

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