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October 20, 2018 12:00 AM OPEC struggles to boost oil output

LONDON: OPEC is struggling to add barrels to the market after agreeing in June to increase output, an internal document seen by Reuters showed, as an increase in Saudi Arabia was offset by declines in Iran, Venezuela and Angola. The Organization of the Petroleum Exporting Countries and allies agreed in June to boost supply as U.S. President Donald Trump 1

September 2, 2018 12:00 AM Fitch cuts Italy’s debt outlook

MILAN: Fitch Ratings on Friday cut Italy´s sovereign debt outlook to ´negative´, citing expectations that the new coalition government´s fiscal loosening would leave the country´s high levels of debt more exposed to potential shocks. The ´new and untested nature´ of the country´s populist government, which has been in office since June and is made up of the anti-establishment 5

July 20, 2018 12:00 AM FBR launches tax evasion probe against stationery industry

KARACHI: Tax authorities have launched a tax evasion probe against the stationery businesses manufacturing books and pencils by scrutinising their returns after the government restored zero-rating facility for multibillion rupees industry from July 1, officials said on Thursday. The officials said strong lobby of stationery industry convinced the government 29

July 19, 2018 12:00 AM LSM growth clocks in at 2.76 percent in May

KARACHI: Large scale manufacturing (LSM) grew 2.76 percent in May as compared to the corresponding month a year earlier as retail sector thrived on growing consumer demand, while construction boom kept fuelling steel production, official data showed on Wednesday. Pakistan Bureau of Statistics (PBS) data showed that food, beverages and tobacco production 5

July 18, 2018 12:00 AM Iraqi police use batons to disperse protesters outside Zubair oilfield

BASRA: Iraqi police wielded batons and rubber hoses to disperse about 250 protesters gathered at the main entrance to the Zubair oilfield near Basra on Tuesday as unrest across southern cities over poor basic services gathered pace. Since demonstrations began nine days ago, protesters have attacked government buildings, branches of political parties 5

July 17, 2018 12:00 AM BIPL commissions isomerisation plant

KARACHI: Byco Petroleum Pakistan has notified the bourse that its subsidiary Byco Isomerisation Pakistan Private Limited (BIPL) has commissioned the country’s largest isomerisation plant, taking its total premium motor gasoline production capacity to 1.25 million tons/annum. “Byco has employed a superior technology with exceptionally higher capacity 2

July 8, 2018 12:00 AM Iranian oil minister calls Trump’s order to OPEC insulting

LONDON: Iran´s oil minister on Saturday accused U.S. President Donald Trump of insulting OPEC by ordering it to increase production and reduce prices, adding that Iranian output and exports had not changed as a result of U.S. pressure. Trump on Wednesday accused the Organization of the Petroleum Exporting Countries of driving fuel prices higher, and urged 5

July 6, 2018 12:00 AM FBR imposes 2pc duty on cotton imports

KARACHI: The Federal Board of Revenue (FBR) on Thursday imposed two percent customs duty on imports of cotton and yarn to encourage use of the local crop and save foreign exchange reserves. The FBR, in a statement, said the additional customs duty of two percent will be effective from July 15. The FBR imposed the duty on all the imports, except various 3

July 1, 2018 12:00 AM Trump says Saudi agreed to raise oil output by 2 million barrels

WASHINGTON/RIYADH: US President Donald Trump said in a tweet on Saturday that Saudi Arabia´s King Salman had agreed to his request to increase oil production "maybe up to 2,000,000 barrels" to offset a decline in supplies from Iran and Venezuela. Trump tweeted: "Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil 10

June 29, 2018 12:00 AM Iran says Saudi plan to boost oil output ridicules OPEC

LONDON: Iran criticised Saudi Arabia´s plan to raise oil output and pressure from the United States on Riyadh do so, saying this was in breach of OPEC´s decision last week and belittled the producer group. OPEC and a group of non-OPEC countries agreed on Saturday that they would return to 100 percent compliance with previously agreed oil output cuts, after 6