LONDON/NEW YORK, August 5(ABC): Global oil prices dropped on Thursday to their lowest levels since before Russia’s February invasion of Ukraine as traders fretted over the possibility of an economic recession later this year that could torpedo energy demand. Benchmark Brent crude futures dropped more than 3% to $93.81 a barrel after touching a mid-session low of $93.20, the lowest …

ISLAMABAD, August 4(ABC): Bamboo is an effective carbon sink being promoted by China as a unique solution to climate change. Adopting and implementing Chinese strategies in Pakistan are easier than following western and European solutions, says a senior official from Pakistan’s Ministry of Climate Change. While talking to China Economic Net he said, “China has successfully worked on its forestation …

ISLAMABAD, August 3 (ABC): Complete transformation of the energy sector shifting from fossil fuel to clean energy, mainly solar, will achieve miracles in the country, Gwadar Pro reported on Wednesday quoting an article by Dr. Mehmood Ul Hassan Khan, Director Center for South Asia & International Studies (CSAIS). It says, the rapidly changing nature of socio-economic partnerships, conflicting realities of geopolitics …

BEIJING, August 4(ABC): “Pakistan has huge potential to become self-sufficient in the tea sector. If we plant tea on an additional 2,000 hectares of land offered by the government and invested by private companies, we can meet 95% of our national demand”, said Dr Abdul Waheed, Director of National Tea and High Value Crop Research Institute, PARC. “In collaboration with …

WEB DESK, August 4(ABC): Pakistani farmer Sajid Ali wades glumly through his flooded cotton field after days of torrential monsoon rains let up, surveying the irreversible damage. “My crop is almost totally destroyed, all six acres of it. There is no hope left, because even now the fields are covered in four feet of water,” he said from Masoo Burburi, …

KARACHI, August 4(ABC): The State Bank of Pakistan (SBP) on Wednesday said it has started a crackdown on exchange companies (ECs) in the light of findings from ongoing inspections and mystery shopping. In a statement, the central bank stated that due to recent volatility in the exchange rate and the difference between the interbank rate and the rate offered by …

HONG KONG, August 4(ABC): Asian markets on Thursday tracked a Wall Street rally fuelled by healthy economic and earnings data, while there was some relief that Nancy Pelosi’s Taiwan trip did not elicit a harsher response from China despite grave warnings from Beijing. Oil managed to clock up some gains following another sell-off that came on the back of fresh …

WEB DESK, August 4(ABC): Oil prices rose on Thursday as supply concerns triggered a rebound from multi-month lows plumbed in the previous session after U.S. data signalled weak fuel demand. Brent crude futures rose 42 cents, or 0.4%, at $97.20 a barrel by 0250 GMT, while West Texas Intermediate (WTI) crude futures was last up 49 cents, a 0.5% gain, …

SINGAPORE, August 4(ABC): Dubai-based trader Coral Energy has become the top fuel oil supplier to Pakistan in recent months after winning a slew of import tenders floated by state-run Pakistan State Oil (PSO), data compiled showed. Coral Energy won tenders to sell eight fuel oil cargoes to PSO during April-August, said a spokesman for Pakistan’s energy ministry, as the country’s …

KARACHI, August 4(ABC): Gold fell sharply on Wednesday as some investors unwound safe-haven positions as the precious commodity surrendered hefty gains to trade below Rs150,000 per tola as a rupee rally and crude oil drop triggered heavy profit-taking in the precious metal. Gold slides beneath key technical levels around Rs145,000 per tola accelerated the decline as investors liquidated some long …