Oil consumption witnessed a year-on-year drop of 11 per cent in December and 19pc in 1HFY23 as demand for diesel, petrol and furnace oil remained depressed amid higher prices and plunging auto sales due to an overall economic slowdown. Oil sales dipped to 1.34 million tonnes in December 2022 from 1.507m tonnes in the same month last year. This is the lowest monthly sales number since the first
Dubai’s financial regulator said on Tuesday it upheld a $135.6 million fine on collapsed private equity firm Abraaj Group’s founder and former CEO Arif Naqvi “for his serious failings” in respect of the company. Dubai-based Abraaj was the largest buyout fund in the Middle East and North Africa until it collapsed in 2018 after investors raised concerns about the management of its $1 billion heal
Another textile maker joined on Tuesday the steadily growing list of industrial units that’ve either scaled back or suspended operations citing unfavourable economic conditions. Crescent Fibres Ltd is curtailing production by up to 50 per cent owing to “widespread demand destruction,” it told shareholders on Tuesday. Earlier, Suraj Textile Mills Ltd announced it was bringing down its product
The Economic Coordination Committee (ECC) of the cabinet has allowed additional sugar exports of 150,000 tonnes and approved immediate disbursement of Rs60 billion to the state-run Pakistan State Oil (PSO) to address its liquidity challenges and ensure a smooth supply chain. In a meeting presided over by Finance Minister Ishaq Dar on Tuesday, the committee also decided to discontinue the subsi
Pakistan records over 4.6 million bales of cotton production during the calendar year 2022 against more than 7.3m bales produced during the previous year, a massive shortfall of 37.23 per cent. Market observers put heavy monsoon rains and river floods, which washed away standing crops, particularly in the cotton belts of Sindh and Punjab, as the main reason behind the decline in cotton yield.