Gold Rate in Pakistan today on, 1 Aug 2022

Gold Rate in UAE for, 18 September 2023

Karachi: Gold rate in Pakistan today in the local market on (1 Aug 2022) changed as the precious metal closed the day at Rs 158900 per tola and Rs 136200 per 10 grams. Every city follows the Karachi Sarafa Bazar Association for the gold rate. Today’s gold rate for different cities includes Lahore, Islamabad, Karachi, Peshawar, and Multan, among … Read more

Lenovo Legion Y700 Ultimate Edition unveiled

Lenovo Legion Y700 Ultimate Edition

Lenovo has announced the Legion Y700 Ultimate Edition tablet in China. The tablet has a color-changing glass back and a Snapdragon 870 processor. It costs 3,699 Yuan (about $549) and is currently on sale in China for about $489. In China, Lenovo has announced the 8-inch Legion Y700 Ultimate Edition tablet. The new Android tablet … Read more

BenQ EX240N gaming monitor launched; sports 165Hz refresh rate

  • BenQ’s EX240N gaming monitor provides 1080p video quality and a 165Hz refresh rate.
  • It features two 2.5W speakers and supports AMD FreeSync Premium as well.
  • Another option is the EX240, which costs $240 and has a 10-centimeter adjustable stand.

The 4ms reaction time and MOBIUZ VA panel gaming monitor from BenQ, the EX240N, have been announced. The new gaming monitor provides 1080p video quality and a 165Hz refresh rate. It features two 2.5W speakers and supports AMD FreeSync Premium as well.

A 23.8-inch display with a maximum brightness of 250 nits is included on the EX240N. The gaming monitor offers a 3000:1 contrast ratio and an NTSC color space coverage of 72%.

Gamers will love its extremely low latency, 1ms MPRT reaction time, and 165Hz refresh rate. A chunk of the game monitor’s 40W power usage can be attributed to its dual speaker setup.

If you use the 3.5mm jack to attach it to a pair of headphones, this can be considerably reduced.

Additionally, the game display has DisplayPort 1.2 and HDMI 2.0 ports. The new BenQ gaming monitor is compatible with current game consoles, but it can only achieve its maximum refresh rate when connected to a PC through DisplayPort.

Although BenQ has not yet disclosed release and availability information, the monitor might cost roughly $200 at retail.

The EX240N includes the FPS mode, AMD FreeSync Premium, and Motion Blur Reduction. Another option is the EX240, which costs $240 and has a 10 centimeter adjustable stand.

Additionally, the EX240 has a second HDMI port and swivel capabilities.

BenQ claims that the EX240N’s delicate and realistic colors are intended to convey an immersive gaming experience. It will provide the best quality that gamers expect.

Other notable features of the new BenQ gaming monitor include its quick response time and absence of tearing. The BenQ EX240N gaming monitor comes with a 3-year limited warranty.

 

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Samsung Galaxy Z Flip 5G price in Pakistan & features

Samsung Galaxy Z Flip 5G price in Pakistan

Samsung Galaxy Z Flip 5G photos that appeared official, surfaced last week. Except than the chipset, the Galaxy Z Flip 5G won’t include any significant modifications.

This was supported by Max Weinbach of XDA, who said that the main distinction between the 4G and 5G versions of the Galaxy Z Flip is the SoC; the former had the recently revealed Snapdragon 855+ while the latter will have the Snapdragon 865+.

While Weinbach claims the 5G model will also pack two 12MP cameras on the outside, there’s a chance Samsung might be cropping the secondary 12MP sensor to 10MP, citing publicly available information, TENAA claims the Galaxy Z Flip 5G will pack a dual camera setup on the outside consisting of one 12MP and one 10MP unit as opposed to the 12MP+12MP combo on its 4G counterpart.

Samsung Galaxy Z Flip 5G price in Pakistan

The Samsung Galaxy Z Flip 5G expected price in Pakistan is ₨ 250,000.

Samsung Galaxy Z Flip 5G Specifications:

General

  • Model
    Samsung Galaxy Z Flip 5G

Design

  • Type
    Bar
  • Dimensions
    Unfolded: 167.9 x 73.6 x 7.2 mm Folded: 87.4 x 73.6 x 17.3 mm
  • Weight
    183 Grams
  • Waterproof
    No

Display

  • Display Type
    Foldable Dynamic AMOLED
  • Size
    6.7 inches
  • Resolution
    1080 x 2636 pixels
  • Display Colors
    16M
  • Pixel Density
    425 PPI (pixels per inch)
  • Touch Screen
    Capacitive touchscreen
  • Features
    Cover display: 1.1″, Super AMOLED, 112 x 300 pixels

Hardware

  • CPU
    Octa-core (1×3.09 GHz Kryo 585 + 3×2.40 GHz Kryo 585 + 4×1.80 GHz Kryo 585)
  • GPU
    Adreno 650
  • RAM (Memory)
    8 GB
  • Internal Storage
    256 GB
  • Memory Card Slot
    No
  • Sensors
    Fingerprint (side-mounted), accelerometer, gyro, proximity, compass, barometer

Software

  • Operating System
    Android 10.0 + One UI 2
  • User Interface
    Yes

Camera

  • Rear Camera
    12 MP + 12 MP
  • Image
    2160p
  • Video
    4K@30/60fps, 1080p@60/240fps, 720p@960fps, HDR10+
  • Flash
    LED flash, HDR, panorama
  • Front Camera
    10 MP (wide)

Network

  • SIM
    Nano SIM
  • Dual SIM
    Nano-SIM, eSIM

Connectivity

  • Wi-fi
    Wi-Fi 802.11 a/b/g/n/ac/6, dual-band, Wi-Fi Direct, hotspot
  • USB
    3.1, Type-C 1.0 reversible connector, USB On-The-Go
  • GPS
    Yes, with A-GPS, GLONASS, GALILEO, BDS
  • NFC
    Yes
  • Wireless Charging
    Yes
  • Headphone Jack
    No

Battery

  • Capacity
    Li-Po 3300 mAh + Fast battery charging 15W + Wireless charging
  • Placement
    Non-removable

Media

  • Video Playback
    Yes
  • Video Out
    Yes
  • FM Radio
    No
  • Ring Tones
    Yes
  • Loudspeaker
    Yes
  • Handsfree
    Yes

Data

  • 4G LTE
    LTE
  • 5G NR Bands
    SA/NSA/Sub6
  • Speed
    HSPA 42.2/5.76 Mbps, LTE-A (6CA) Cat20 2000/200 Mbps, 5G

 

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Redmi Note 11 SE price in Pakistan & features

Redmi Note 11 SE price in Pakistan

The Redmi Note-11 series, which includes the Note 11T 5G and Redmi Note 11 Pro+ 5G and other respectable smartphones, is highly popular in Pakistan.

It appears that the company will soon introduce a new Note-11 series smartphone. According to a tip, the next smartphone will be the Redmi Note 10S rebranded as the Redmi Note 11 SE.

Additionally, it is asserted that the identical smartphone, which has already been discovered on numerous certification websites as the Poco M5s, will make its debut in select territories under that name.

It is expected that the Note 11 SE will have the same specifications as the 10S, which implies that it will have a 6.43-inch AMOLED screen with a Full HD+ resolution and a typical 60Hz refresh rate.

It might be equipped with an 8GB RAM and 128GB storage device, along with a MediaTek Helio G95 processor.

On the back of the Redmi Note 11 SE, there may be a quad-camera arrangement with a 64-megapixel primary camera, an 8-megapixel ultrawide camera, and two 2-megapixel sensors for depth and macro photography.

A battery with a capacity of 5000mAh and 33W rapid charging will power the smartphone. On the software front, it might ship with MIUI 13, which is based on Android 12.

Redmi Note 11 SE price in Pakistan

The Redmi Note 11 SE expected price in Pakistan is ₨ 32,999.

Redmi Note 11 SE Specifications:

Network
2G Band GSM 850 / 900 / 1800 / 1900 MHz
3G Band HSDPA 850 / 900 / 1900 / 2100 MHz
4G Band LTE Band 1, 2, 3, 4, 5, 7, 8. 12-14, 17, 20: 800, Band 28: 700, Band 31: 450, Band 71: 600 MHz
5G Band 5G FR1: 450 MHz – 6 GHz , 5G FR2: 24.25 GHz – 52.6 GHz
DISPLAY
Type IPS LCD Display Capacitive Touchscreen, 16M Colors, Multitouch
Display Size 6.5 inches
Resolution 1080 x 2400 Pixels
CAMERA
Back Camera 48MP + 8MP + 2MP
Front Camera 8MP (Selfie Camera)
Camera Features Dual-LED dual-tone Flash, HDR, Panorama
BODY
Dimensions 161.81 x 75.34 x 8.92 mm thickness
Weight 190 g
SIM Dual SIM (Nano-SIM, dual stand-by)
Color Shadow Black and Space Blue color
PLATFORM
OS Android 11 or MIUI 12
CPU Octa-core Processor
Chipset MediaTek Dimensity 700 SoC
GPU Mali-G77 MC9
MEMORY
RAM 4/8 GB
Internal 128 GB microSDXC
Card slot microSDXC (dedicated slot)
BATTERY
Capacity Non-Removable Li-Po 5000mAh battery, faster 120W charging | 100% charge in 20 minutes on the SE
CONNECTIVITY
WLAN Wi-Fi 802.11 a/b/g/n/ac/6, Wi-Fi Direct, dual-band, hotspot
Bluetooth 5.2, A2DP, LE
Radio FM Radio: No, USB: microUSB 2.0 Type C, Music, Alert MP3, Ringtones, Vibration, Polyphonic, Infrared Port
NFC Yes
OTG No
Loudspeaker Yes, with stereo speakers
3.5mm Jack No
GPS Yes, with A-GPS, GLONASS, BDS, GALILEO, QZSS
MORE FEATURES
Browser HTML5
Sensors Fingerprint(Side-mounted), accelerometer, gyroscope, proximity, compass
Messaging SMS, MMS, Email, IM
Games Yes, Built-in and Downloadable.
Protection Corning Gorilla Glass Victus
Models Redmi Note 11 SE

 

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Huawei Mate Xs 2 price in Pakistan & features

Huawei Mate Xs 2 price in Pakistan

In May, Huawei unveiled the new foldable Mate Xs 2, and we were there to report with our firsthand observations.

Mate Xs 2 comes in three colors. The rear of the phone has a leathery finish, but because it folds outward, the color was more of an afterthought.

The Huawei ecosystem is getting more and more feature-rich, and this phone has Petal Search, Petal Maps, and AppGallery as well as app suggestions that can be downloaded right to the home screen.

The cameras on the Huawei Mate Xs 2 are really promising. Despite the fact that the entire display is exposed due to its folding design, there is no doubt about its amazing appearance and functional advantages.

Huawei Mate Xs 2 price in Pakistan

The Huawei Mate Xs 2 expected price in Pakistan is ₨ 429,999.

Huawei Mate Xs 2 Specifications:

Build OS Android 12 OS
UI EMUI 12
Dimensions N/A
Weight 255 g
SIM Dual Sim, Dual Standby (Nano-SIM)
Colors Black, Violet
Frequency 2G Band SIM1: GSM 850 / 900 / 1800 / 1900
SIM2: GSM 850 / 900 / 1800 / 1900
3G Band HSDPA 800 / 850 / 900 / 1700(AWS) / 1900 / 2100
4G Band LTE band 1(2100), 2(1900), 3(1800), 4(1700/2100), 5(850), 6(900), 7(2600), 8(900), 9(1800), 12(700), 17(700), 18(800), 19(800), 20(800), 26(850), 34(2000), 38(2600), 39(1900), 40(2300)
Processor CPU Octa Core
Chipset Qualcomm’s Snapdragon 888 4G
GPU Adreno 660
Display Technology OLED Capacitive Touchscreen, Multitouch
Size 7.8 Inches
Resolution 2200 x 2480 Pixels (~425 PPI)
Protection Corning Gorilla Galss (unspecified version)
Extra Features 120Hz refresh rate, Folded cover display: 6.5 inches
Memory Built-in 512GB Built-in, 8GB RAM
Card (Nano Memory), (supports up to 256GB) (uses SIM 2)
Camera Main Triple Camera: 50 MP + 13 MP (ultrawide lens) 8 MP (telephoto lens), 3x optical zoom, LED Flash
Features Geo-tagging, Phase detection, Panorama, HDR, Video
Front Same as main camera
Connectivity WLAN Wi-Fi 802.11 a/b/g/n/ac/ax, dual-band, Wi-Fi Direct, hotspot
Bluetooth v5.1 with A2DP, LE, apt-XHD
GPS Yes + dual-band A-GPS support, GLONASS, BDS, GALILEO, QZSS
Radio FM Radio
USB 3.1, Type-C 1.0 reversible connector
NFC Yes
Infrared Yes
Data GPRS, Edge, 3G (HSPA 42.2/5.76 Mbps), 4G (LTE-A Cat21 1400/200 Mbps)
Features Sensors Accelerometer, Barometer, Compass, Fingerprint (side mounted), Gyro, Proximity
Audio 3.5mm Audio Jack, 32-bit/384kHz audio, MP3/eAAC+/WAV/Flac player, DivX/XviD/MP4/H.265/WMV player, Speaker Phone
Browser HTML5
Messaging SMS(threaded view), MMS, Email, Push Mail, IM
Games Built-in + Downloadable
Torch Yes
Extra Document viewer, Photo/video editor
Battery Capacity (Li-Po Non removable), 4600 mAh
– Fast charging 66W

Price

Price in Rs: Coming Soon    (Expected Rs: 429,999)   Price in USD: $NA

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Rupee anticipated to stabilize at 240 opposed to US dollar

Rupee anticipated to stabilize
  • Rupee rebounded 57 paisa or 0.24 percent against the dollar on Friday to settle at 239.37.
  • The local currency has lost around 60 rupees over the past four months.
  • The estimated current account deficit for the quarter of July to September is only $235 million.

Traders are optimistic that the rupee would likely hold its current level of 240 against the dollar in the upcoming week due to an improvement in dollar inflows from exporters and remitters as well as a reduction in the political unrest the country had been experiencing.

After a two-week losing skid against the dollar, the battered rupee rebounded 57 paisa or 0.24 percent on Friday to settle at 239.37, bringing its decline for 2022 to 35 percent. This week, it lost almost 5% of its value.

Since February, the State Bank of Pakistan’s foreign exchange holdings have decreased by $7.811 billion, or about six weeks’ worth of imports, to $8.575 billion in July.

If there is a balance between inflows and outflows, we expect the rupee to stabilize at 240 levels in the coming sessions. Remittances and export revenues may provide support for the rupee, according to a foreign exchange broker.

The local currency has lost around 60 rupees over the past four months. Along with the Turkish Lira and the Sri Lankan rupee, the rupee has emerged as the currency with the lowest performance.

In order to prevent the balance of payments crisis from uncontrollably spreading to other areas of the economy, including the closure of manufacturing facilities, out-of-control inflation, and a breakdown in law and order, Tresmark said in a research note.

“We believe that the worst of the currency movement is over for this week. We also think the IMF permission will be granted within the next two weeks (before August 24 stated), but the government will need to come up with a Plan B if we don’t get any verbal assurances in the next week, it said.

The rupee is anticipated to stabilize. However, it is still necessary to analyze the rupee’s rapid depreciation in order to estimate a target. According to Tresmark, there are very slim chances for a recovery if the devaluation was purposeful or the result of an IMF policy decision in the past.

“However, there will be a gradual rebound of the local currency if the weakness was corrected to account for the unusual outflows in the previous month. If the latter, then making a deliberate attempt to lower prices should also be made because it will give hope to a terrible situation.

Imports have been restricted by the State Bank of Pakistan, and these efforts will start to pay off this quarter. It stated that the estimated current account deficit for the quarter of July to September is only $235 million.

Since Imran Khan, the former prime minister, won by-elections in the Punjab province, Pakistan has been engulfed in political turmoil.

Getting the home in shape “seems to be a window offered by all stakeholders before an inevitable resumption of political wrangling,” it continued.

 

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Guatemalan corruption at one of ‘worst’ levels, says ombudsman

Guatemalan corruption
  • Corruption in Guatemala is at unprecedented levels, says the country’s ombudsman.
  • Jordan Rodas claims institutions have been “co-opted”.
  • He accuses the government of persecuting former officials and independent judges.

Corruption in Guatemala is at unprecedented levels under an “authoritarian” government that punishes prosecutors and judges investigating organized crime, the country’s ombudsman told AFP in an interview.

“We’re going through one of the worst moments” with respect to corruption, said Jordan Rodas, the Central American nation’s top defender of human rights, whose five-year term in office is due to end in mid-August.

Before he leaves, Rodas has decided to lift the lid on the state of Guatemala under its last two presidents, Jimmy Morales (2016-20) and the incumbent Alejandro Giammattei.

“We are under an authoritarian regime. We have a masquerade of democracy but (it’s) very fragile,” said Rodas, who claims Guatemala’s institutions have been “co-opted.”

His accusations come after police on Friday arrested journalist Jose Ruben Zamora and raided the offices of the newspaper he founded after it accused key political figures of corruption.

In June, the Inter-American Commission on Human Rights (IACHR) added Guatemala to a list of countries committing serious human rights violations that includes Cuba, Venezuela and Nicaragua.

The IACHR accused Guatemala of “progressively weakening democratic institutionality” and “irregularities in the process of electing magistrates,” amongst other undemocratic processes.

Earlier this year, the United States designed Giammattei and Attorney General Consuelo Porras as corrupt actors.

On Saturday, journalists protested outside the courts in the center of Guatemala City against Zamora’s detention.

Rodas, 53, took office in August 2017 and within a week was already in conflict with the government.

He managed to prevent Morales from expelling the International Commission Against Impunity in Guatemala (CICIG), a United Nations entity working in conjunction with Guatemala’s public prosecutor on corruption cases.

The CICIG accused Morales of electoral corruption, alongside business allies previously considered untouchable.

But while Morales lost his judicial battle with Rojas, he refused to renew the CICIG mission in 2019 and the corruption investigations ground to a halt.

Rojas said his relationship with the government was “tense, oppressive, harassing.”

The state has got the upper hand since the CICIG left, says Rojas, by co-opting institutions and eroding the separation of political and economic powers.

He accuses the government of a “well-defined strategy” of persecuting former CICIG officials and those from Guatemala’s Special Prosecutor Against Corruption (FECI), as well as independent judges.

Several people involved in investigating corruption have gone into exile out of fear, including former attorney general Thelma Aldana and Juan Francisco Sandoval, the former FECI chief.

Sandoval, considered by the United States as a champion of the anti-corruption fight, was sacked in July 2021 by Porras.

Rojas says the international community “could do more” to fight corruption in Guatemala, including hitting more people with sanctions, including businessmen who “feed this perverse strategy”.

Last week, Washington sanctioned another 16 Guatemalans, including the current FECI chief Rafael Curruchiche, appointed by Porras.

 

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Lebanese face long ‘insulting’ queues to buy bread

bankrupt Lebanon
  • Lebanon’s bread crisis has led to chronic shortage of the staple of the Lebanese diet.
  • Price of subsidised bread has gone up, although by less than if there were no subsidy.
  • The government and bakeries have traded blame over who is to blame for the crisis.

In bankrupt Lebanon, Khalil Mansour has to queue for hours every day just to buy bread for his family and some days he can’t afford any.

In a country which once boasted the nickname “Switzerland of the Middle East” for its thriving banking sector before financial crisis hit in 2019, the chronic shortage of the staple of the Lebanese diet has been hard to take.

Lebanon defaulted on its national debt in 2020 and its currency has lost around 90 percent of its black market value.

The World Bank has branded the financial crisis one of the worst since the 19th century while the United Nations now considers four out five Lebanese to be living under the poverty line.

Faced with demands from international creditors for painful reforms in return for the release of new aid, the embattled government has been forced to end subsidies on most essential goods — although not so far on wheat.

The price of subsidised bread has gone up, although by less than if there were no subsidy, but bakeries have started rationing the staple.

A bag of flat Arabic pitta-like bread now officially sells for 13,000 Lebanese pounds (43 US cents). On the black market it costs more than 30,000.

“Last week I went without bread for three days because I cannot afford to pay 30,000,” said Mansour, 48.

For Mansour and most Lebanese, buying bread means standing for hours in long queues outside bakeries and sometimes, when their turn comes, the bakeries have run out of bread.

“Today I queued for three hours, yesterday two-and-a-half. What next?” Mansour said on Friday outside a Beirut bakery.

“I have to feed my family. What else can I do?” asked Mansour, who earns the equivalent of $50 a month working in a pastry shop.

‘Wild West’

Most bakeries limit the sale of bread to one or two bags per customer, and each bag contains six flatbreads.

Subsidised bread is often bought in large quantities and sold again on the black market by unscrupulous dealers.

“The queues have become worse over the past two weeks,” said bakery owner Mohammed Mehdi. “We are facing huge shortages.”

The 49-year-old said the bakery business had become like the “Wild West”. “Some customers come armed with guns and knives,” he complained.

Lebanese media carry frequent reports of fights breaking out at bakeries, and even shots fired by customers demanding more bread.

In Taalbaya, in eastern Lebanon, a customer stormed a bakery on Tuesday furious he could not buy more bread, one report said.

The client shoved an employee then ransacked the bakery, forcing the army to intervene, it added.

“What is happening is an insult… and it is even more difficult than the petrol shortage” that gripped Lebanon last year, Mehdi said.

‘Incitement’

Lebanon imports 80 percent of its wheat from war-torn Ukraine, according to industry figures.

But the country’s capacity to store wheat took a heavy blow when a deadly blast at Beirut port in August 2020 severely damaged the country’s main grain silos.

The government and bakeries have traded blame for the bread shortage.

Bakeries accuse cash-strapped authorities of failing to provide enough subsidised flour.

The economy ministry denies the claim and has accused bakeries of hoarding subsidised flour to use in unsubsidised products such as sweets.

Authorities also claim that the presence in Lebanon of more than one million refugees from war-torn Syria is partly to blame for Lebanon’s economic collapse.

Some Lebanese have even gone as far as accusing Syrian refugees of buying subsidised bread to sell on the black market, fuelling resentment against the refugees and demands for them to go home.

There have been reports of some bakeries imposing separate queues for Lebanese and Syrians.

This has prompted the UN refugee agency to voice its concern.

“Lebanon is witnessing an increase in tensions and incitement between different communities, leading to localised violence in the streets, including against refugees,” the UNHCR warned on Friday.

 

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Elon Musk countersues Twitter; details kept confidential

Elon Musk countersues Twitter
  • Elon Musk countersued Twitter in a Delaware court on Friday.
  • Musk accused Twitter of lying about the number of spam and bot accounts.
  • The case has not yet been made public.

The dispute between Tesla CEO and the social networking company, he agreed to acquire heated up on Friday when Elon Musk countersued Twitter. However, the case has not yet been made public.

It was unclear why Musk, a billionaire and the head of SpaceX, sought the court to keep the specifics of his countersuit private given that he has recently been outspoken in his criticism of Twitter on social media and in public appearances.

Twitter and Musk announced on April 25, 2022, that Musk will pay $44 billion to acquire Twitter and take it private. A market drop that followed Musk’s $44 billion transaction led to a decrease in tech equities, including Tesla and Twitter.

Musk accused Twitter of lying about the number of spam and bot accounts on its network shortly after they agreed to the transaction and denied him access to details about how these accounts were handled. Twitter filed a lawsuit against Musk in the Delaware Court of Chancery to compel him to complete the purchase after Musk publicly declared his intention to cancel it earlier this month.

Musk’s legal team filed a confidential countersuit on Friday in a Delaware court, so a copy was not immediately made public, but it might be in the near future with important information deleted.

Chancellor Kathaleen St. J. McCormick, the judge overseeing the case, issued an order on Thursday night that established a timeline and stipulated that the five-day trial will begin on October 17.

 

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Oil companies enjoy record profits as gas prices soar

Oil companies enjoy record profits
  • ExxonMobil, Chevron, and Shell reported combined earnings of $46 billion for the second quarter.
  • Gas prices surpassed the national average of more than $5 per gallon.
  • Oil industry analyst Andy Lipow: “Higher energy prices are here to stay”.

The second quarter saw record earnings for major Western oil firms and gas prices that had surpassed the national average of more than $5 per gallon.

According to earnings reports from the three firms, ExxonMobil, Chevron, and Shell reported combined earnings of $46 billion for the second quarter. Exxon claimed earnings of $17.9 billion, while Chevron stated that it made $11.6 billion.

When the price of supplies is taken into account, the London-based Shell reported earnings of $16.7 billion. Its adjusted earnings for the quarter, which do not include one-time costs or certain price changes, were $11.5 billion.

The stock prices of ExxonMobil and Chevron are currently a few dollars below their year-to-date highs as a result of the corporations’ commitments to expand stock buybacks and reduce debt in order to reward shareholders.

Amid challenges brought on by the ongoing conflict in Ukraine, the corporations claim they intend to use their revenues to expand their energy sources.

Chevron CEO Mike Wirth said in a statement that “we more than doubled investment compared to the previous year to grow both traditional and emerging energy business lines.” Chevron is expanding its energy supply in order to help the world’s markets overcome their issues.

The companies’ financial success has turned into a political hot potato. President Joe Biden issued a warning last month even before the second quarter financial data were released: “We’re going to make sure everyone knows Exxon’s profits… Exxon made more money than God this year.”

An increasing number of progressive lawmakers are advocating for a corporate windfall profit tax, similar to the one that was just passed in the UK.

 

These initiatives, however, are not likely to receive widespread approval. The Inflation Reduction Act, which is presently being discussed in Congress, asks for augmenting fossil fuel supplies while also including tax incentives for renewable energy investments.

U.S. Sen. Joe Manchin (D-W.Va.), the bill’s chief proponent, said in a statement this week that “the greater danger of geopolitical uncertainty necessitates that we redirect our focus to expanding U.S. energy output and returning decent paying energy and manufacturing jobs back to America.” “While this may seem like plain logic, the Administration’s present answer is to advance more expensive rules that lead to lower U.S. output while puzzlingly encouraging other countries to pump more oil,” the statement reads.

According to oil industry analyst Andy Lipow, it’s important to put the rising profits that oil corporations are reporting in perspective.

They continue to earn less than Apple or Google, he told NBC News. Lipow compared the price of an Apple iPhone to a gas price display and stated, “No one is moaning about $1,300 iPhones, but the difference is, you don’t see the price of an Apple iPhone on a corner store with 12-inch numbers.

And he added that Americans should anticipate the current situation, which includes high oil company profits and rising gas costs, to continue.

He declared, “Higher energy prices are here to stay. “Gasoline prices are falling down, and we may even see the national retail average fall to $4 gallon in October, but we’re not going back to $3 or $2.50 or even less, as we would have been in a pandemic when demand was down 20% or 30%. These businesses will continue to be very profitable.

 

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Import bill dropped by 35% to $5 billion: Finance Minister

Import bill dropped
  • Pakistan’s import bill fell by 35% in July.
  • The finance minister blamed the country’s large-scale payments as the cause of the rupee’s wild decline.
  • Miftah Ismail also criticized the PTI government’s performance in the energy sector.

According to Finance Minister Miftah Ismail, Pakistan’s import bill was only $5 billion in July as opposed to $7.7 billion the month prior, a fall of 35%.

The finance minister declared during a press conference in Islamabad that the government is committed to lowering the country’s current account deficit.

The minister stated that in order to change Pakistan’s current account deficit into a surplus, the government will endeavor to increase exports in the long run.

The Economic Coordination Committee (ECC) has approved lifting the import restriction on luxury goods, according to the finance minister, but the prime minister and cabinet have not yet granted their assent.

He also said that the import restrictions on fully assembled (CBU) cars, mobile phones, and household appliances would continue.

The minister hoped that in the upcoming weeks, the pressure on the rupee would lessen.

He continued by saying that the rupee’s intrinsic value is much higher than its market price. He mostly cited the government’s recent large-scale payments as the cause of the rupee’s wild decline.

The former administration was also condemned by the finance minister and blamed for the unstable economic position in the nation.

The minister said that the country’s debt increased from Rs. 25,000 billion to above Rs. 44,000 billion under the Pakistan Tehreek-e-Insaf administration.

He noted that the tax-to-GDP ratio actually decreased under PTI’s leadership, refuting the previous administration’s egregious failure to raise it.

The minister also questioned the PTI’s performance in the energy industry, claiming that circular debt increased significantly during its rule.

 

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Government accepts higher dealer margin on MS, HSD

Government accepts higher dealer margin
  • The government has approved raising the dealers’ margin on motor spirit and high-speed diesel.
  • The current margins were set in place in December 2021.
  • Pakistan Petroleum Dealers Association (PPDA) requested an immediate modification.

The federal cabinet on Saturday approved raising the dealers’ margin on the motor spirit (MS) and high-speed diesel (HSD) to Rs. 7 per litre.

According to sources, the Ministry of Petroleum approved the rise in dealers’ commissions on the sale of petroleum products by disseminating a summary.

On Thursday, the Economic Coordination Committee (ECC) set the dealers’ profit margin for MS and HSD at Rs. 7.00 per litre.

The Petroleum Division provided a summary of the changes made to dealers’ and OMCs’ margins for petroleum products.

According to the information provided, the current margins were set in place in December 2021, and the Pakistan Petroleum Dealers Association has requested an immediate modification of those margins in light of inflation, wage increases for tariff employees, and increases in energy costs.

The suggestion to set the dealer margin at Rs. 7 per litre was adopted by the committee following the debate.

According to the Petroleum Division’s suggestion, and in accordance with the agreement with the dealers, the rise in the projected dealer margins might be taken into account in the next selling price as of August 1, 2022.

PPDA eventually agreed to margins of Rs. 7 per litre for both MS and HSD, though only after protracted talks, and only on the condition that the revised margins would take effect in August 2022.

 

 

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