Pakistan Refinery Limited (PRL) is taking a significant step to enhance its refining capabilities through its Refinery Expansion & Upgrade Project (REUP). Senior management from PRL recently visited China to engage with Engineering, Procurement, and Construction (EPC) contractors and financial institutions. On November 16 last year, Pakistan Refinery Limited (PRL) signed an upgrade agreement with…
The Uprise Group has thrown its hat into the ring for the privatization bid for the national flag career, Pakistan International Airlines (PIA), spearheaded by Pakistani seasoned entrepreneur Tabassum Pardesi. Pardesi, renowned for her pioneering role in the aviation industry, now leads the Uprise Group. This conglomerate encompasses Uprise Markets, Uprise Africa, and Uprise Aviation….
The Competition Commission of Pakistan (CCP) has granted approval to the share acquisition in Unity Foods company of Pakistan by four acquirers, including a Singapore-based investment holding company. The approved transaction involves the acquisition of a 23.20% shareholding in M/s. Unity Foods Limited by the four acquirers. One of the acquirers is M/s. Wilmar Pakistan…
Pakistan has postponed the signing of the Implementation Agreement (IA) with local crude oil refineries for a further six months, citing disagreements with private refiners as a significant hurdle. The delay, primarily attributed to the country’s largest refinery, Pak-Arab Refinery Company (Parco), has exacerbated the situation. The decision to extend the signing deadline reflects ongoing…
The Supreme Court of Pakistan has conditionally allowed military courts to deliver their reserved judgments, subject to specific conditions. Chaired by Justice Aminuddin Khan, a six-member bench presided over a hearing on intra-court appeals regarding civilian trials in military courts. Justices Muhammad Ali Mazhar, Hasan Azhar Rizvi, Shahid Waheed, Musarrat Hilali, and Irfan Saadat Khan…
The International Monetary Fund (IMF) revealed today that it fell victim to a cyber incident, which was detected on February 16, 2024. Following the discovery of the breach, an investigation was promptly initiated, with the collaboration of independent cybersecurity experts, to assess the extent and nature of the breach. Subsequently, remedial measures were swiftly implemented….
The government has unveiled a major policy shift to directly aid farmers by offering fertilizer subsidies, bypassing traditional channels that often favor manufacturers over recipients. Federal Energy Minister Musadak Malik announced the decision Thursday, citing concerns that much of the support meant for farmers ends up with factory owners rather than those working the land….
The Securities and Exchange Commission of Pakistan (SECP) has announced a series of amendments to the Companies (Further Issue of Shares) Regulations, 2020, after extensive consultations with stakeholders and the public. The SECP revealed Thursday the adoption of revised regulations aimed at simplifying the process of right issuance, bolstering disclosures in offer documents, and adjusting…
Federal Minister for Privatization & Board of Investment Abdul Aleem Khan emphasized the urgent need for privatizing 15 to 20 institutions amid the current economic challenges, labeling loss-making entities as detrimental to the national economy. Khan, speaking outside Parliament on Thursday following his Senate vote, underscored that the persisting deficit of Pakistan International Airlines (PIA)…
The Maldives has entered into a defense pact with China, officials revealed on Tuesday, as the directive for Indian troops stationed in the strategically situated archipelago to depart looms. President Mohammed Muizzu, who took office last year with an anti-Indian stance, ordered the exit of Indian military personnel by May 10, 2024. In a diplomatic…
Pakistan’s Ministry of Energy has warned that without substantial investments in indigenous energy resources and energy efficiency measures, the nation could face a staggering annual expenditure of $60 billion on petroleum imports by 2044, a significant leap from the current $17.5 billion in FY2022-23. Pakistan has recently approved work on work on an 80-kilometer portion…
The Competition Commission of Pakistan (CCP) has given the green light to three mergers involving M/s Saudi Iron and Steel Company (Hadeed), which holds a stake in Pakistan’s steel market. The approval for mergers encompasses the restructuring of two entities across three stages of transactions. Hadeed, headquartered in Saudi Arabia, is a prominent producer of…
Miracle Saltworks Collective Inc. USA, a company specializing in the mining and crafting of Himalayan Salt, has announced to investment of $200 million in a collaboration with the Pakistan Mineral Development Corporation (PMDC) to capitalize on the rich mineral resources of the region. The announcement was made during a gathering where the Chairman Senate emphasized…
Global demand for liquefied natural gas (LNG) is projected to surge by over 50% by 2040, driven by increasing industrial coal-to-gas transition in China, along with elevated usage of LNG in South Asian and South-east Asian nations to bolster economic expansion, as per Shell’s LNG Outlook 2024. Trade in LNG hit 404 million tonnes in…
Pakistan State Oil (PSO), Inter State Gas Systems Pvt. Ltd (ISGS) and the military-owned Frontier Works Organization on Wednesday formed a consortium and signed a Memorandum of Understanding (MoU) for Machike-Thallian-Tarujabba White Oil Pipeline Project. The signing ceremony took place at the Special Investment Facilitation Council (SIFC) Secretariat, PM Office. Present at the event…
A woman’s daring rescue of ‘Fluffy’, an invasive alligator snapping turtle, from a local lake in Cumbria, northwest United Kingdom, has garnered attention for the unusual encounter. The alligator snapping turtle, reminiscent of a dinosaur, is native to Florida but found its way into the small English lake, as reported by The New York Post….
A 20-year-old Panamax bulk carrier, Star Bulk’s Star Iris, became the latest target of Houthi militants on Monday. The carrier, owned by NASDAQ-listed Star Bulk, was fired upon twice within a span of 20 minutes by missiles while passing through the Bab al Mandab strait in a southeast direction. AIS data obtained from MarineTraffic indicates…
The Government of Pakistan must guarantee the right to peaceful protest across the country, Amnesty International said Wednesday as the Baloch Long March protesters were forced to end their month-long sit-in protest in Islamabad following repeated harassment by the authorities. Hundreds of women in the Baloch Long March journeyed about a thousand miles from Turbat…
The state-run Oil & Gas Development Company Limited (OGDCL) on Monday declared the discovery of crude oil at the SONO-9 well, according to an official statement released on Monday. Sono-9 is noteworthy as the first well to be directly completed with an Electrical Submersible Pump (ESP) following thorough well logging and pressure testing. The company’s…
In the first major union contract battle of 2024, approximately 5,000 workers responsible for crafting popular beers like Bud Light are threatening to strike, this will create a beer shortage in the market in the coming months. They demand substantial wage increases, enhanced job security, and improvements to retirement and benefits. The workers, represented by…
Researchers assert that this innovative material can slash lithium consumption by up to 70 percent. Following its identification, the substance has already been employed to power a lightbulb, as per the BBC report. Utilizing AI and supercomputing, Microsoft researchers efficiently narrowed down a staggering 32 million potential inorganic materials to 18 promising candidates in less…
In a groundbreaking move, South Korea has enacted a “Dog Meat Ban,” prohibiting the slaughter and sale of dogs for meat, signaling a significant departure from the centuries-old tradition of consuming dog meat. Scheduled to be enforced by 2027, the legislation does not criminalize the act of consuming dog meat but specifically targets the dog…
An Israeli airstrike in southern Gaza on Sunday resulted in the death of two Palestinian journalists, as reported by the Associated Press. Among the victims was Hamza Dahdouh, an Al Jazeera journalist who had previously lost four close relatives in the ongoing conflict. Hamza Dahdouh, the son of veteran Al Jazeera correspondent Wael Dahdouh, was…
BYD surpassed Tesla to claim the title of the world’s largest electric car company in the final quarter of 2023, as per a stock exchange filing. The Chinese company achieved this milestone by selling a record-breaking number of cars last year, including 525,409 battery electric vehicles (BEVs) in the three months ending December 31. In…
China’s Shipbuilding Dominance to continue in 2024, as market observers and shipbuilders anticipate sustained leadership in the global shipbuilding market. It is expected to maintain the lead in the global market throughout 2024. Chinese shipyards have shown robust growth in new orders and output, outperforming foreign rivals in innovation, productivity, and supply chain advantages. In…