The oil industry has expressed concerns about its exclusion from an official working group tasked with developing a roadmap for deregulating the downstream oil sector. In a letter to the Petroleum Division and Ogra, the Oil Companies Advisory Council (OCAC) — an association of over three dozen oil companies and refineries — has said it had requested the government in November last to include ma
Japan’s prime minister on Monday urged Washington to dispel concerns that a decision by Joe Biden to block Nippon Steel’s takeover of US Steel could impact future investments. The US president’s announcement last week cited a strategic need to protect domestic industry, a move that drew sharp criticism from both companies and Tokyo. A US government panel had failed to reach consensus on whet
Pakistan’s trade deficit with the Middle East increased 3.86 per cent to $5.514 billion in the first five months of 2024-25 from $5.309bn due to the rise in petroleum imports. According to data compiled by the State Bank of Pakistan, the widening trade gap would concern policymakers mainly because of the rising arrival of petroleum products from the region. Petroleum consumption has risen in
The private sector borrowed a record Rs1.9 trillion from banks during the first half of FY25, registering a surge of 265 per cent from the same period last fiscal year. The latest data released by the State Bank of Pakistan (SBP) on Monday indicated that banks have been extending advances to the private sector despite existing risks posed by sluggish economic growth and political uncertainty.
The US Defence Department said on Monday it has added Chinese tech giants including gaming and social media leader Tencent Holdings and battery maker CATL to a list of firms it says work with China’s military. The list also included chip maker Changxin Memory Technologies, Quectel Wireless, drone maker Autel Robotics, and China’s largest shipping company COSCO Shipping Holdings, according to a