Business

Comoros, Blue Carbon join forces for environmental initiatives

Published

6 months ago

December 2, 2023

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Comoros, Blue Carbon join forces for environmental initiatives

The US, EU and UK are pressuring Liberia, the Marshall Islands and Panama to increase oversight of ships carrying their flags to ensure they do not transport Russian oil sold above the price cap, a source who has seen the communications to the countries said on Friday.

The move marks another escalation in the West’s efforts to enforce the $60 price cap on seaborne shipments of Russian oil it imposed to punish Moscow for its war in Ukraine.

The cap, which aims to reduce Russia’s export revenues while maintaining flows of oil around the world, was imposed in late 2022 but has only recently been enforced.

The mechanism bans Western companies from providing maritime services such as transportation, insurance and finance that facilitate the trade of Russian oil sold above the cap.

Russia has increasingly had to turn to a so-called “ghost fleet” of aging tankers to ship oil and avoid the cap. That fleet is transporting oil to countries including China and India, much further away than Russia’s traditional customer base and adding greatly to shipping costs.

Panama, the Republic of the Marshall Islands, and Liberia have allowed some of those ships to carry their flags, according to Lloyd’s List Intelligence and oil analysts. The practice, known as “flag hopping,” allows some shell companies that have been set up to trade Russian oil to sail with ships under those flags and dodge sanctions.

Lloyd’s List Intelligence has said nearly 40% of the about 535 dark-fleet tankers have registered ownership via companies incorporated in the Marshall Islands.

The letters warn the three countries of increased circumvention of the G7’s price cap on Russian oil and of the high level of risk attached to vessels that do not carry Western insurance and other services and that are seeking other flags, the source said. The three countries themselves are not at risk of Russian sanctions.

Embassies in Washington for the three countries did not immediately respond to requests for comment.

The goal of the pressure is to not reduce the number of ships carrying Russian oil on the water, but to tighten compliance on the cap and to make it more expensive for Russia to move oil without using Western shipping services. It also seeks to give leverage to countries buying oil outside the price-cap coalition to get discounted oil from Russia.

Panama has traditionally been responsive to US requests to deal with illicit activity, the source added.

The group is asking Liberia and the Marshall Islands to increase awareness among those in the trade that its flag should not be used for tankers transporting oil priced above the cap.

The letters were signed by Lindsey Whyte, head of international finance at Britain’s Treasury, John Berrigan, head of the European Commission’s financial services unit, and Brian Nelson, the top terrorism financing official at the US Treasury, the source said.

Reuters has not seen the letters in question. The US Treasury, the British embassy in Washington and the Delegation of the EU to the US did not immediately respond to requests for comment.

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Business

Chinese firm aims to expand investments in Pakistan, shows interest in mining sector

Published

1 day ago

May 17, 2024

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Chinese firm aims to expand investments in Pakistan, shows interest in mining sector

A notable Chinese company has expressed keen interest in expanding its investment in Pakistan, in yet another sign of investor confidence boost in the leadership of Prime Minister Shehbaz Sharif.

A delegation from Chinese firm MCC Tongsin Resources led by its Chairman Wang Jaichen called on PM Shehbaz here on Friday.

The premier invited the Chinese company to invest in Pakistan’s mining sector and manufacturing of export goods.

Shehbaz assured the delegation that his government would extend all-out facilitation to the company from minerals exploration and processing to the export of goods.

The PM instructed the relevant federal ministers and officers to continue consultation with the Chinese firm, taking the Balochistan chief minister, provincial departments and stakeholders on board.

The delegates reposed trust in PM Shehbaz’s leadership, and expressed keen interest in enhancing their investment in Pakistan’s mining and minerals sectors.

The delegation briefed Prime Minister Shehbaz about the construction of a mineral park in Pakistan and their future investment plans.

The premier welcomed the Chinese firm and highlighted the priority steps by his government to promote foreign investment in Pakistan.

He said that being a time-tested friend, China supported Pakistan in every difficult hour for which the Pakistani nation was grateful to the leadership and people of China.

Federal ministers Ahad Khan Cheema, Dr Musaddik Malik, Rana Tanveer Hussain, Jam Kamal Khan and relevant senior officers attended the meeting.

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Business

Govt jacks up power price by Rs1.47 per unit

Published

1 day ago

May 17, 2024

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Govt jacks up power price by Rs1.47 per unit

The government on Friday increased the electricity tariff by Rs1.47 per unit.

According to Nepra sources, the collection from consumers will take place in August, September, and October.

The electricity companies had requested the funds as part of the third quarter adjustment for 2023-2024, seeking Rs 31.34 billion under capacity charges.

Sources said that Rs5.57 billion were requested for operation and maintenance costs, and Rs12.38 billion were requested for the transmission and distribution impact under monthly fuel cost adjustment.

Previously, Nepra had completed the hearing on the electricity companies’ request under the quarterly adjustment.

Nepra approved the Power Division’s request, allowing an increase of Rs 1.45 per unit in electricity prices.

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Business

Hong Kong allows China’s digital yuan to be used in local shops

Published

1 day ago

May 17, 2024

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Hong Kong allows China's digital yuan to be used in local shops

Hong Kong will allow mainland China’s pilot digital currency to be used in shops in the city, the head of its de facto central bank said on Friday, marking a step forward for Beijing’s efforts to internationalise the yuan amid rising geopolitical tensions.

The programme, backed by Beijing, will allow mainland Chinese and Hong Kong residents to open digital yuan wallets via a mobile app developed by China’s central bank and will permit them to make payments in retail shops and some online stores in Hong Kong and in mainland China.

Transactions using e-CNY, predominantly for domestic retail payments in China, hit 1.8 trillion yuan ($249.27 billion) as of end of June 2023, with 120 million digital wallets opened, according to the latest disclosure from China’s central bank.

Using the wallet, users can make payments at over 10 million merchants in 17 provinces and cities in the mainland.

Each wallet used in the city will be subject to a balance limit of 10,000 yuan, with single transactions and daily payments capped at 2,000 yuan and 5,000 yuan, respectively, officials from the Hong Kong Monetary Authority said.

Peer-to-peer transfers will not be allowed at the moment, according to the HKMA.

“By expanding the e-CNY pilot in Hong Kong .. users may now top up their wallets anytime, anywhere without having to open a mainland bank account, thereby facilitating merchant payments in the mainland by Hong Kong residents,” HKMA Chief Eddie Yue said.

Currently, users of other digital yuan wallets such as those operated by Ant Group and Tencent can make payments in the city.

Industrial and Commercial Bank of China, Bank of China Ltd, China Construction Bank Corp and Bank of Communications Co have been selected as e-CNY wallet operators.

The yuan’s use in global finance remains low, though it has shown steady increases.

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