Power Play: Government renegotiating deals to cut tariffs on September 8, 2024Pakistan is renegotiating contracts with independent power producers to rein in “unsustainable” electricity tariffs, the head of the power ministry said, as households and businesses buckle under soaring energy costs. Rising power tariffs have stirred social unrest and shuttered industries in the $350 billion economy, which has contracted twice in recent years as inflation hit […]
Turkiye’s Erdogan calls for Islamic alliance against Israel on September 8, 2024Turkish President Tayyip Erdogan said on Saturday Islamic countries should form an alliance against what he called “the growing threat of expansionism” from Israel. He made the comment after describing what Palestinian and Turkish officials said was the killing by Israeli troops of a Turkish-American woman taking part in a protest on Friday against settlement […]
China’s central bank pauses gold purchases for a fourth month in August on September 8, 2024China’s central bank held back on buying gold for its reserves for a fourth straight month in August, official data showed on Saturday. China’s gold holdings stood at 72.8 million fine troy ounces at the end of last month. The value of the gold reserves, however, rose to $182.98 billion compared with $176.64 billion at […]
Gas guzzlers out, EVs in: BYD Pakistan’s forecast on September 7, 2024Up to 50% of all vehicles bought in Pakistan by 2030 will be electrified in some form in line with global targets, BYD Pakistan, a partnership between China’s BYD and Pakistani car group Mega Motors, said. Warren Buffett-backed Chinese electric vehicle giant BYD last month announced its entry into Pakistan, making the South Asian nation […]
From Egypt to Pakistan, Coke and Pepsi boycott over Gaza lifts local sodas on September 5, 2024Coca-Cola and rival PepsiCo. spent hundreds of millions of dollars over decades building demand for their soft drinks in Muslim-majority countries including Egypt to Pakistan. Now, both face a challenge from local sodas in those countries due to consumer boycotts that target the globe-straddling brands as symbols of America, and by extension Israel, at a […]
Germany’s far-right AfD party poised to make big gains in eastern state elections on September 1, 2024Voters in two former East German states head to the polls on Sunday in elections that are expected to see the far-right AfD party make big gains and deal a blow to Chancellor Olaf Scholz’s government. If they win, it would be the first time a far-right party has the most seats in a German […]
China’s military to conduct armed patrols, live-fire exercises near Myanmar border on August 27, 2024China’s military said on Monday it had organised army units and joint air-ground police patrols near its border with Myanmar to maintain security and stability as fighting between Myanmar’s ruling junta and rebel forces escalates. The patrols will focus on areas around Ruili, Zhenkang and other frontline sections in China, the military said in a […]
China’s Sinopec posts 2.7% rise in first-half profit on August 26, 2024China’s Sinopec posted a 2.7% rise in net profit for the first half of the year, it said on Sunday, as rising oil prices boosted income. China Petroleum & Chemical Corp as Sinopec is officially known, reported on Sunday a net income of 37.1 billion yuan ($5.21 billion) for January to June, according to a […]
Sluggish internet causes anxiety, fears of business losses on August 25, 2024Gathered outside a restaurant in Pakistan’s Karachi this week, a group of delivery drivers were staring at their phones struggling with poor Internet connectivity and worrying about their income taking a hit. One delivery driver, Mohammad Tariq, said he and his colleagues “were struggling to start our shift because there is no Internet,” adding that […]
Oil climbs $2/barrel on August 25, 2024US light crude oil gained more than $2 a barrel on Friday after comments by US Federal Reserve Chair Jerome Powell indicated the central bank was preparing to cut interest rates. Brent crude futures rose by $1.88, or 2.43%, to $79.01 a barrel at 12:55 p.m. CDT (1755 GMT). US West Texas Intermediate (WTI) crude […]