“Oil Is Now Front And Center Of Conflict In Libya”

Libyan oil production has been hampered by conflicts stemming from civil war that erupted in the wake of Arab Spring movements JUN 27, 2018 (BE2C2): Libya’s National Oil Corp. said it rejected a move by the Libyan National Army to move on exports from the Gulf of Sirte. The move followed militant raids on oil […]

End Of The Road For Expat Drivers, With Emergence Of ‘New Normal’ In Saudi Arabia

JUN 26, 2018 (BE2C2): The recruitment of foreign drivers in Saudi Arabia will decrease by 50 percent over the next 10 years due to the new law allowing women to drive, according to some experts. The ban was lifted on June 24 — the world’s only ban on women driving. It’s part of a series […]

Renowned Pak Economist Dr Shahid Hassan Honored With Special Russian Award

JUN 25, 2018: Russia has honored renowned Pakistani economist Dr Shahid Hassan with a special award in recognition of his contribution towards betterment of friendly relations between the two countries. Russian Foreign Minister Sergey Lavrov conferred the award on Dr Hassan on behalf of his government in a ceremony hosted by the Association of Pakistani […]

Act Now Or Cry Later, FBR Chief Warns Businesses As Tax Amnesty Deadline Nears

JUN 24, 2018 (BE2C2): The head of Federal Board of Revenue (FBR) on Saturday warned business community that the government has collected virtually the entire data related to hidden and undeclared assets held inside and outside the country, therefore the tax amnesty scheme gives them an opportunity to whiten such assets on paying tax at […]

Tax Amnesty Scheme Gets Overwhelming Response, Says FBR

Global tax laws were being changed and soon it would become difficult for Pakistanis to hide their assets overseas: FBR Chairman JUN 23, 2018 (BE2C2 Report): Tax Amnesty Scheme was receiving encouraging results and its success would help resolving the current account deficit and balance of payment issues. This was stated by spokesman for Federal […]

Trillions of Dollars in Investments Needed in Oil, Says OPEC

The required global oil sector investment in OPEC’s World Oil Outlook is estimated to be $10.5 trillion JUN 22. 2018: Given the pace of global economic development, oil demand is strong, but major investments are needed to keep up, the president of OPEC said Friday. Ministers from the Organization of Petroleum Exporting Countries wrap up […]

Govt. Adopts Combined Regulation To Fight Money Laundering, Terror Financing

Financial institutions are required to identify the ultimate beneficial owner, who is a natural person, of all legal persons and legal arrangements before offering their services to them JUN 22, 2018: The government on Wednesday adopted new regulations to fight money laundering and terror financing and to comply with Financial Action Task Force’s (FATF) guidelines, […]

PIA Selects All-Women Crew for ‘Difficult’ Flight to Gilgit, Made a Smooth Take-Off, Flight And Landing

“My daughter flew with this Captain and was full of praise for the smooth take-off, flight and landing” JUN 21, 2018 (Updated): Social media on Thursday hit a new chatter level in Pakistan with a picture of two female pilots, Captain Maryam Masood and First Officer Shumaila Mazhar, taken before the duo flew the national […]

Adding Dollars And Sense To Narratives On Pak Economy’s Fundamentals

IRSHAD SALIM (JUN 21, 2018): Three major concurring events over the past several months in a cause-and-effect relationship are simultaneously touching the economic fundamentals of the country: A) Sharp increase in import bills; B) Slowdown in overseas Pakistanis remittances; and C) Payback of loans and interest payments to IMF. Pakistan relies heavily on imported fuel […]

GE Mulls Joining $200B Saudi Solar Initiative, Build Gas Turbines in Kingdom

JUN 18, 2018 (BE2C2 Report): General Electric, the giant American engineering conglomerate, is considering to join the $200-billion solar energy initiative announced by Crown Prince Mohammed bin Salman on his two-week visit to the US in March. The Public Investment Fund and the SoftBank Vision Fund are partnering on an ambitious Saudi plan to make […]

Why Outages Still Occur After 5 Yrs, Billions On New Plants & $900M on Transmission Lines

JUN 17, 2018 (BE2C2 Report – updated): Nearly $900 million (Rs94 billion) has been spent over the past five years to complete transmission line projects in an attempt to improve the poor transmission and distribution network that could not bear all electricity load including additional load created by power generation projects completed in all four […]

With Highest Livestock To Human Ratio in Asia, Nepal Turns Waste Into Wealth

“One man’s trash is another man’s treasure”. Climate Investment Funds (CIF) and World Bank are supporting Nepal’s efforts to break down barriers to private sector participation in low-carbon development. JUN 17, 2018 (BE2C2 Report): With one of the highest ratios of livestock to humans in Asia, Nepal has virtually limitless potential for biogas development. The […]

US Restaurant Chain in Hijab Row Orders Diversity Training

JUN 15, 2018: A California restaurant chain accused of kicking out customers because they were Muslim is to offer free drinks for the end of Ramadan and undergo diversity training, campaigners said. The Urth Caffe branch in Laguna Beach was sued by seven women who alleged they were removed in April 2016 because they were […]

Abraaj Facing BCCI Scenario, Files For Provisional Liquidation in Cayman Islands

JUN 14, 2018 — Abraaj, the Middle East’s biggest private equity firm which made its mark investing in high risk regions including Iran and Pakistan, has filed a petition in the Cayman Islands, asking the court to appoint PwC as provisional liquidators for the embattled company. “The appointment of provisional liquidators imposes a moratorium on […]

World Bank Funding $125M For Morocco’s 800MW Solar (PV, CSP Combination) Project

Solar Projects Are Providing Opportunities for Women in Morocco JUN 14, 2018 — The World Bank announced on Monday that it had approved $125 million in additional financing for the development and construction of the Noor-Midelt I and II solar power plants in Morocco, a combination solar concentrated solar power (CSP) and Photovoltaic (PV) project […]

Tired of Unemployment, Kashmiri Women Decide to Open Their Online Business

JUN 13, 2018 — The campaign for self-determination in Indian-administered Kashmir broke out into major violence in 1989. More than 90,000 people are estimated to have died and 20,000 to have disappeared in the disputed Himalayan region. That has pushed their families into poverty. Today, Kashmir lies in the bottom third of Indian states on […]

2 Million Olive Plants To Be Distributed in Punjab in Next 5 Years

JUN 13, 2018 — A plan has been prepared to increase olive production and make Pakistan one of top ten Olive-producing countries. The spokesman of Punjab Agriculture Department said, this project will help in ending the Olive imports. He said the department has decided to convert Chakwal valley into an Olive valley by promoting the […]

Fourth Rupee Devaluation In One Year Shows Economic Risk Before July 25 Polls

The devaluation shows signs of vulnerability in Pakistan’s $300 billion economy; widening trade deficit, alarmingly low foreign exchange reserves, hike in oil prices, could further aggravate country’s macroeconomic fundamentals JUN 12, 2018 — Rupee slumped 3.8 percent against the dollar on Monday before slightly recovering in what appeared to be the fourth currency devaluation in […]

China’s New Anti-Corruption “Super Agency” For “Clean” Belt and Road Initiative

IRSHAD SALIM (Updated) — China’s National People’s Congress on Tuesday wrapped up a historic legislative session in March that voted to amend the constitution, scrap presidential term limits and grant President Xi Jinping a mandate to rule indefinitely– his new term ends in 2023. The two-week annual session also paved the way for Xi to […]

Food Wasted in Saudi Arabia (SR49Bn) Exceeds VAT Proceeds It Estimates to Collect This Year

JUN 11, 2018 — The Saudi Kingdom has launched a national program to crack down on food waste after shocking figures estimated the cost of wastage at $13.3 billion (SR49 billion) a year . The yearly squandering of food amounts to a third of the country’s food production, and nearly 36 percent of its 2018 […]