Category: Recent Post

ISTANBUL: President Recep Tayyip Erdogan on Friday said Turkey had made a historic discovery of gas in the Black Sea, but would still speed up contentious exploration in the Mediterranean that has pitted it against Greece and the EU. Turkey hopes the discovery can help wean it off imported energy, including from Russia, which comes at a high cost at a time when the local currency is weakening and the economy is more fragile because of the coronavirus. Erdogan said the 320-billion-cubic-metre deep sea find was made at a site…

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KARACHI: Leading sma­rt­phone manufacturer Sam­sung is considering setting up an assembly plant in the country, said Minister for Industries and Productions Hammad Azhar on Friday. “Smartphone production in Pakistan is multiplying following the Device Identification, Registration and Blocking System (DIRBS) implementation and Mobile [Device Manufacturing] Policy launched recently,” Azhar tweeted on the microblogging website. He said that Samsung Pakistan appreciated the government’s policies and is actively considering setting up a smartphone assembly plant in the country. “Met with Samsung Pakistan managing director and chief executive officer. They appreciated both policies and are…

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1st International Virtual Conference on Pakistan Hydropower Sector to be held on August 25th to discuss more opportunities to produce cheap and clean energy from the hydro sector as the country is producing 9000MW from the hydro sector. The Energy Update in collaboration with Private Power Board Infrastructure (PPIB) and Pakhtunkhwa Electric Development Organization (PEDO) in support with Sustainable Development Policy Institute (SDPI) is organizing the conference to be participated by energy experts from within and outside the country through a digital platform. Chief of the organizing committee of the…

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KARACHI: Without exports no country has ever developed, just like no country has developed without generating other countries’ interest in its economy through foreign investment, remarked Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh. Speaking at a webinar titled “Stabilising the economy through realistic reforms”, organised by the Karachi Council of Foreign Relations, Shaikh said because of the policy initiated by the current government to reduce imports and increase exports Pakistan had been able to bring down the current account deficit from $20 billion to only…

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LONDON: Oil prices fell on Thursday on demand concerns driven by cautious views from OPEC+ producers and the US Federal Reserve regarding economic recovery from the coronavirus pandemic. Brent crude LCOc1 was down $0.48, or 1%, at $44.89 a barrel at 0933 GMT and US West Texas Intermediate (WTI) CLc1 fell $0.34, or 0.8%, at $42.59 a barrel. “The surge in Covid-19 infections over the summer has muted the recovery and anyone still believing in a V-shaped recovery needs to do some reassessment,” said Hussein Sayed, Chief Market Strategist at…

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