Category: Shortcode

Oil edges up as investors eye Mideast developments

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Oil-prices

SINGAPORE, Jan 15 (Reuters) – Oil prices edged up on Monday as traders watched for supply disruption risks in the Middle East following strikes by U.S. and British forces to stop Houthi militia in Yemen from attacking ships in the Red Sea. Brent crude futures were up 13 cents, or 0.2%, to $78.42 a barrel by 0405 GMT after settling 1.1% higher on Friday. U.S. West Texas Intermediate crude was at $72.73 a barrel, up 5 cents, or 0.1%, following a near 1% gain in the previous session. The benchmarks…

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Private sector’s participation: Privatisation ministry, Power Div lock horns over Discos’ operations

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Power-generation

ISLAMABAD: Ministry of Privatisation and Power Division have reportedly locked horns on proposed plan of private sector participation in operation of Discos through long-term concessions leading to their eventual privatisation, well informed sources in Privatisation Commission told Business Recorder. Power Division, sources said, has prepared a new proposal for the Cabinet Committee on Energy (CCoE) with respect to Discos’ fate, after withdrawal of plan regarding handing over them to provinces. The sources said, Privatisation Ministry has examined the summary and offered following comments in terms of Rule 8 of Rules of…

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Gohar Ejaz at FPCCI10,000 Acres Industrial Zone Announced for Karachi

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President-FPCCI

Karachi Atif Ikram Sheikh, President FPCCI, has apprised that Dr. Gohar Ejaz, Federal Caretaker Minister for Commerce & Industries, has announced a new industrial zone of a whopping 10,000 acres for Karachi; which will be aligned with international standards during his maiden visit to FPPCI – the apex body of trade and industry of Pakistan. He added that the minister has also offered his full support in taking top economists on board as advisers of FPCCI to formulate its policy recommendations. Mr. Atif Ikram Sheikh also maintained that FPCCI has…

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INDUSTRIES AT VERGE OF CLOSURECaretaker setup made highest hike of 191 percent in Industrial Gas tariff: President KCCI

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gas-supply

KARACHI: President Karachi Chamber of Commerce and Industry (KCCI) Iftikhar Ahmed Sheikh has said that the caretaker setup has surpassed the elected Governments in terms of raising industrial gas tariff which has been raised by 118 percent since August 2023 from Rs1100 per MMBtu to Rs 2400 per MMBtu whereas further 40 percent addition of RLNG cost has taken gas tariff to a whopping and historically highest level of Rs 3200 per MMBtu which indicates an overall hike of 191 percent.In a statement issued, President KCCI informed that Since October…

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9-cent tariff: Govt yet to cross several bridges?

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Power-generation

ISLAMABAD: The government is yet to cross several bridges including the challenge of convincing the International Monetary Fund (IMF) before it can slash industrial tariff to cents 9/kWh, which would require further burdening all category of consumers, including vulnerable domestic consumers, well-informed sources told Business Recorder. According to the press release issued by the IMF dated 11 January 2024 after its Executive Board completed the First Review of the Stand-By Arrangement (SBA) for Pakistan, the program is focused on implementation of FY 24 budget to facilitate Pakistan’s needed fiscal adjustment, and…

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