Connect with us

Business

Ogra for avoiding speculation on POL prices

Published

on

Ogra for avoiding speculation on POL prices

Oil and Gas Regulatory Authority (Ogra) on Monday underlined the need for avoiding speculations regarding the prices of petroleum products (POL) as these were primarily dependent on international market trends and the Rupee-dollar exchange rates.

“Petroleum product prices in our country are primarily dependent on international market prices and the exchange rate of the dollar.

In recent times, we have witnessed a surge in international petroleum prices, while the Dollar-to-Rupee exchange rate has shown improvement,” Ogra spokesman Imran Ghaznavi said in a press statement.

He said it was essential to highlight that there was still one week remaining before the announcement of new prices.

Advertisement

Therefore, any speculation about price increases or decreases during this period potentially disrupt the smooth functioning of the oil supply chain.

Business

Star Entertainment says Hard Rock-led group weighs bid, shares surge

Star Entertainment says Hard Rock-led group weighs bid, shares surge

Published

on

By

Star Entertainment says Hard Rock-led group weighs bid, shares surge

Star Entertainment (SGR.AX), opens new tab said on Monday a consortium led by Florida-based Hard Rock Hotels & Casinos is considering a bid for the cash-strapped Australian firm, sending its shares 20% higher.

A potential takeover by entertainment giant Hard Rock would provide a much-needed financial lifeline to Star, which has been plagued by a regulatory inquiry into its flagship Sydney casino operation and an executive exodus.

Star, which had a market value of A$1.29 billion ($863.66 million) as of Monday’s close, said it has been approached by a consortium of investors which includes Hard Rock Hotels & Resorts (Pacific).

The company said it understands Hard Rock Hotels is a local partner of Hard Rock.

Advertisement

Earlier in the day, Star said it had received “inbound interest from a number of external parties” but flagged none of them had yet resulted in “substantive discussions”.

Continue Reading

Business

Red Lobster seeks bankruptcy protection with $100 mln in financing commitments

Red Lobster seeks bankruptcy protection with $100 mln in financing commitments

Published

on

By

Red Lobster seeks bankruptcy protection with $100 mln in financing commitments

U.S.-based restaurant chain Red Lobster has filed for Chapter 11 bankruptcy protection in a Florida court after securing $100 million in financing commitments from its existing lenders, the company said on Sunday.

The company listed its assets and liabilities to be between $1 billion and $10 billion, according to a court filing.

Red Lobster said its restaurants will be open and operate as usual during the bankruptcy proceedings, and plans to reduce its locations as well as pursue a sale of substantially all its assets.

The restaurant chain also said it has entered into a “stalking horse” purchase agreement to sell its business to an entity formed and controlled by its existing term lenders.

Advertisement

“This restructuring is the best path forward for Red Lobster. It allows us to address several financial and operational challenges and emerge stronger and re-focused on our growth,” said Jonathan Tibus, CEO of Red Lobster.

Continue Reading

Business

BMW imported 8,000 vehicles into US with parts from banned Chinese supplier, Senate report says

BMW imported 8,000 vehicles into US with parts from banned Chinese supplier, Senate report says

Published

on

By

BMW imported 8,000 vehicles into US with parts from banned Chinese supplier, Senate report says

German automaker BMW (BMWG.DE), opens new tab imported at least 8,000 Mini Cooper vehicles into the United States with electronic components from a banned Chinese supplier, a U.S. Senate report released on Monday said.

A report by Senate Finance Committee Chairman Ron Wyden’s staff said BMW imported 8,000 Mini Coopers with parts from a Chinese supplier banned under a 2021 law and that BMW continued to import products with the banned parts until at least April.

BMW Group said in an email it had “taken steps to halt the importation of affected products.”

The company will be conducting a service action to replace the specific parts, adding it “has strict standards and policies regarding employment practices, human rights, and working conditions, which all our direct suppliers must follow.”

Advertisement

Congress in 2021 passed the Uyghur Forced Labor Prevention Act (UFLPA) law to strengthen enforcement of laws to prevent the import of goods from China’s Xinjiang region believed to have been produced with forced labor by members of the country’s Uyghur minority group. China denies the allegations.

“Automakers’ self-policing is clearly not doing the job,” Wyden said, urging the Customs and Border Protection agency to “take a number of specific steps to supercharge enforcement and crack down on companies that fuel the shameful use of forced labor in China.” Customs and Border Protection did not immediately comment.

The report found that Bourns Inc, a California-based auto supplier, had sourced components from Sichuan Jingweida Technology Group (JWD). That Chinese company was added to the UFLPA Entity List in December, which means its products are presumed to be made with forced labor. 

Advertisement
Continue Reading

Trending

Copyright © GLOBAL TIMES PAKISTAN