Browsing: Business

Pakistan has requested Saudi Arabia to urgently provide $3 billion in cash after its foreign exchange reserves fell to a critically low level. During his maiden visit to the country, the country’s army chief is expected to play a role in bagging the bailout. The Express Tribune reported that Pakistan Finance Minister Ishaq Dar made the request to Saudi ambassador Nawaf bin Said Al-Malki. On the second consecutive day, the finance minister met with foreign diplomats in an effort to secure their financial support and influence the International Monetary Fund (IMF) to release its $1.2 billion tranche. Dar’s request for…

In order to achieve its goal of nearly tripling the country’s clean-power capacity by 2030, the Indian government, under Prime Minister Narendra Modi, has unveiled a Rs 2.44 lakh crore ($29.6 billion) plan to build transmission lines for renewable generation in the country. According to a statement from the Ministry of Power, through the project, solar plants in the sun-drenched deserts of Rajasthan and Gujarat, as well as wind farms in Tamil Nadu, will be connected to the national power grid. By the end of the decade, India’s inter-regional transmission capacity will increase from 112 gigawatts to 150 gigawatts. The…

Since last week, Iran has stopped signing any deals to import tea and basmati rice from India. The reason for this sudden stoppage has not been clarified by Iranian buyers, but Indian exporters believe it is due to strong anti-hijab protests across the country which have closed shops, hotels, and markets. The trade believes Iranian importers are delaying purchases because New Delhi and Tehran are negotiating a rupee trade settlement. According to exporters, the development will have an impact on exports of these commodities, particularly tea, since Iran imports around 30-35 million kg of orthodox tea and about 1.5 million…

As the first of a new fleet of long-range stealth nuclear bombers for the United States Air Force, Northrop Grumman Corp unveiled its next-generation B-21 Raider jet. In Palmdale, California, the B-21 was unveiled during a dramatic ceremony at Northrop’s Plant 42, allowing the public to see the new aircraft for the first time. Using long-range and mid-air refueling capabilities, the B-21 has a similar flying wing shape as its predecessor, the B-2, and can carry conventional as well as nuclear weapons. A 2010 estimate estimated the aircraft would cost approximately $550 million each, or $750 million today in inflation-adjusted…

According to an official from the Indian Oil Ministry, the country will continue to purchase Russian crude oil even after the embargo and price cap are implemented on December 5. India has consistently stated its intention to purchase whatever crude oil makes the most financial sense for the import-heavy nation. According to an Indian Oil Ministry official cited by Attaqa, the sanctions placed on Russian oil won’t apply to India, since they will use non-Western services to transport crude oil into the country. The Russian government has promised to stop shipments to any country using the price cap. India, however,…

The EU agreed with the G7 to cap Russian oil prices to deprive the Kremlin of funds for its Ukraine war, as Putin said strikes on Ukraine’s infrastructure were “inevitable”. With an EU embargo on Russian crude oil from Monday, the $60 per barrel price cap, previously agreed on a political level with the United States and the G7 group of wealthy democracies, will come into effect. Russian crude shipments to the EU will be prohibited by the embargo, which accounts for two thirds of imports and could deprive Russia’s war chest of billions of dollars. Poland refused to back…

On Thursday, Ford Motor Co announced that it was recalling 634,000 sport utility vehicles (SUVs) worldwide over the possibility that their fuel injectors may be cracked and that owners should have their cars inspected. A recall has been issued by America’s No. 2 automaker by sales for models of the 2020-2023 model year Bronco Sport and Escape SUVs equipped with 3-cylinder, 1.5-liter engines. Many of these vehicles were also recalled in April due to the possibility of an oil separator housing cracking and causing an oil leak. It has been reported that vehicles that have already been repaired under the…

In the wake of Tesla Inc.’s rapid selloff, most Wall Street analysts’ price targets have become obsolete. Tesla shares must rally 80% to reach the median analyst target price, the second-biggest gap on the Nasdaq 100 Index behind Baidu Inc. Elon Musk’s company’s stock has dropped 52% this year to $167.87, while analysts have a median 12-month target price of $302. A 0.5% gain on Tuesday would end a four-day streak of declines for the stock. As a result of Musk’s shift in focus including turning around Twitter Inc. and China’s return to Covid Zero curbs, Tesla has been facing…

There will be a Pacific-Rim summit taking place in the capital of Thailand this week that will focus on competition between great powers in Asia, inflation, food and energy shortages. Two closed-door sessions will be held Friday and Saturday between the leaders of the 21 member countries of the Asia-Pacific Economic Cooperation Forum. Some will attend this third face-to-face meeting in two weeks, though Vice President Kamala Harris instead of President Joe Biden is representing the U.S. in Bangkok. APEC promotes regional economic integration as its official mission. During the summit, most business is conducted in side meetings, such as…

In a landmark report released by Masdar and Abu Dhabi Sustainability Week (ADSW) on the sidelines of the UN Climate Change Conference (COP27) in 2022, the continent could capture as much as ten percent of the global green hydrogen market, creating 3.7 million jobs and adding as much as US$120 billion to the continent’s GDP. Using Africa’s abundant solar and wind resources, 30 to 60 million tonnes of green hydrogen (mtpa) can be produced by 2050, approximately 5 to 10% of global demand, according to the report “Africa’s Green Energy Revolution: Hydrogen’s role in unlocking Africa’s untapped renewables,” prepared with…