Latest news with #Shell
Hans India
18 minutes ago
- Politics
- Hans India
Jagan is the mastermind, says Manickam Tagore
Vijayawada: All India Congress Committee in-charge for Andhra Pradesh Manickam Tagore has alleged that former Chief Minister Y S Jagan Mohan Reddy was the real mastermind of the liquor scam during YSRCP rule in the state. He alleged that Jagan's liquor mafia devastated one crore of poor families in the state. In a post on social media platform X on Sunday, he said that trusted liquor brands were replaced with low-grade, harmful ones for Rs 3,200 crore in bribes. Reacting to the arrest of YSRCP MP P V Midhun Reddy, Manickam Tagore stated that the MP is just a pawn. He wrote that the real masterminds were 'Mr and Mrs Jagan'. 'This wasn't a scam by accident. It was a well-planned, top-down operation by Jagan's scientific corruption. Liquor brands were handpicked. The distribution network was fixed. Kickbacks were pre-negotiated. Dummy firms were created. Policy was rewritten to legalise the loot,' he wrote. According to him, Jagan's party leaders coordinated with handpicked liquor suppliers, established, trusted liquor brands were removed from shelves, their own lesser-known brands owned by benamis took their place, and these brands were sold at inflated prices via state retail. The MP alleged that the profit margin was artificially jacked up. 'Commissions were routed through fake invoices and service contracts. Shell companies were floated in Hyderabad, Bengaluru, and Visakhapatnam to launder the money,' he said. He alleged that even transportation and warehousing contracts were awarded to proxy firms. These were shown as logistics expenses — in reality, they were channels to drain public money, he said. The Congress leader alleged that the ecosystem was created to benefit 3 groups - Mr and Mrs Jagan, few ministers and friendly contractors. 'SIT findings say at least Rs 3,200 crore was diverted between 2020-2024. A portion of this was pumped into the 2024 election campaign. Distributed across constituencies as cash and liquor freebies and used for vote buying and booth management,' he said. According to him, several of the fake liquor brands had no manufacturing infrastructure. They borrowed licences, operated out of shady bottling units, and paid lakhs per day in bribes to stay in the system. 'Midhun Reddy's name is on record — not just as a participant, but as a chief operator. He helped coordinate between the excise department and political offices. He managed shell companies used to hide the inflow of bribes,' he said.
Express Tribune
3 hours ago
- Business
- Express Tribune
Why global giants pulling out
Listen to article The announcement in July 2025 that Microsoft had closed its local office in Pakistan after 25 years sent ripples through a country already struggling to attract foreign investment. The tech giant, which had established its Pakistani presence in the early 2000s and had since played a vital role in licensing, software partnerships, and capacity building, quietly wound down operations and laid off its remaining staff. While Microsoft stated the move was part of a broader global restructuring towards artificial intelligence and regional consolidation, the local business community viewed the decision as a reflection of Pakistan's deteriorating appeal for international firms. But Microsoft's exit is not an isolated case. It is part of a broader trend involving more than two dozen multinational companies (MNCs) that have either exited or substantially scaled down operations in Pakistan over the last three years. These include some of the world's most recognised names across sectors – Shell, Procter & Gamble, Lotte, Siemens Energy, Unilever's Lipton division, and Reckitt Benckiser's health portfolio among them. This steady outflow represents a serious challenge to Pakistan's economic narrative and its efforts to attract and retain foreign direct investment. These multinationals were more than just sources of foreign capital – they introduced global standards in corporate governance, technology, and management. Their presence helped modernise local industries and provided the Pakistani workforce with valuable exposure to international business practices, enhancing skills and integrating local talent into global professional networks. In fact, many executives currently serving in the C-suites and boards of local companies began their professional development within these global firms, where they gained the skills, training, and exposure that prepared them for leadership roles. So, this exodus represents not only a loss of investment but also a setback to institutional learning and workforce development. One of the major contributing factors behind this trend has been the persistent depreciation of the Pakistani rupee, which has lost over 50% of its value since 2021. For foreign companies reporting earnings in their home currencies, the sharp devaluation has rendered local operations financially unviable. Equally critical are the severe restrictions on profit repatriation. Due to Pakistan's chronic balance-of-payments crisis, the State Bank of Pakistan (SBP) imposed strict capital controls that prevented companies from sending profits abroad. At its peak in 2023, over $1 billion in blocked dividends were awaiting clearance, forcing some companies to absorb mounting currency losses on their balance sheets. This fiscal fragility is compounded by an unpredictable policy environment. Political instability, frequent changes in taxation policy, arbitrary regulatory enforcement, and minimal stakeholder engagement have all undermined business confidence. Foreign investors have frequently cited the absence of a consistent economic direction and the growing influence of non-elected institutions in economic decision-making as major deterrents. In some cases, companies reported being blindsided by retrospective tax demands or abrupt changes in import rules, disrupting years of business planning and operations. The government's decision to implement sweeping import restrictions in 2022-2024 in an effort to conserve foreign exchange reserves proved especially damaging. These restrictions severely impacted firms dependent on imported raw materials and machinery. Entire production lines were halted for weeks or even months, with companies unable to procure the necessary inputs. Local assemblers in the automobile sector and multinational consumer goods manufacturers were among the hardest hit. The inability to meet market demand, maintain brand standards, or even retain employment levels pushed many companies to re-evaluate their long-term presence in Pakistan. The consumer market, once considered a growth engine for MNCs in Pakistan, has also weakened. Persistent inflation, which remained above 25% for much of 2023, eroded household purchasing power. The middle class, which had fuelled expansion in sectors like fast-moving consumer goods, health, and retail, saw their consumption shrink dramatically. As a result, demand for higher-end or branded products collapsed, leaving many multinational portfolios unable to meet volume targets necessary for sustainable operations. Further compounding the problem are operational inefficiencies tied to infrastructure and energy. Despite increased electricity generation capacity, power distribution remains unreliable and expensive. Load shedding, inconsistent gas supply, and high industrial tariffs have significantly raised the cost of doing business. Many manufacturing operations have had to rely on backup power generation, adding further to their expenses and reducing competitiveness compared to regional peers. Externally, shifts in global investment flows have not favoured Pakistan. In the aftermath of the Covid-19 pandemic, multinational corporations have increasingly turned to markets offering more regulatory certainty, proximity to supply chains, and lower operational risk. Countries like Vietnam, India, Bangladesh, and Mexico have benefited from this realignment. Pakistan, in contrast, continues to grapple with geopolitical risks, compliance issues with international financial institutions, and governance concerns. The perception of being a volatile and high-risk jurisdiction has driven many boardrooms to favour exit over perseverance. As stated by the SBP, the cumulative effect of these exits is significant. Foreign direct investment fell to a mere $1.2 billion in FY2023, the lowest in over a decade. The country not only loses capital inflow, jobs, and technology transfer, but also suffers a reputational blow. It becomes harder to attract new investors when existing players are heading for the exit. The departure of long-term multinationals like Shell and Siemens, who had operated in Pakistan for decades, sends a particularly discouraging signal to potential entrants. The growing exodus of MNCs from Pakistan casts a long shadow over the government's initiatives to promote the country's image as an attractive destination for foreign investment. Chief among these is the establishment of the Special Investment Facilitation Council (SIFC), launched with the aim of streamlining approvals, accelerating project timelines, and showcasing Pakistan as an investment-ready destination. While the SIFC has been positioned as a one-window solution to attract foreign capital in sectors such as agriculture, energy, and IT, the sustained flight of established global firms sends a contradictory message to the international business community. The perception that existing investors are being neglected or obstructed undercuts the credibility of new investment outreach. Restoring Pakistan's credibility as an investment destination requires urgent and targeted reforms. A stable macroeconomic framework, unambiguous profit repatriation policies, and transparent regulatory mechanisms are essential. Structural reforms in taxation, energy pricing, and trade policy must be implemented to lower the cost of doing business. Beyond economics, the state must ensure political and legal stability to reassure global investors that their capital will be protected and allowed to grow. THE WRITER IS A FINANCIAL MARKET ENTHUSIAST AND IS ASSOCIATED WITH PAKISTAN'S STOCKS, COMMODITIES AND EMERGING TECHNOLOGY
Arab News
7 hours ago
- Automotive
- Arab News
Al-Jomaih & Shell renews partnership with Yelo
Al-Jomaih and Shell Lubricating Oil Company has announced the renewal of its strategic partnership with Al-Wefaq Transportation Solutions, or Yelo, one of Saudi Arabia's top vehicle rental companies. The renewed agreement will ensure the continued supply of Shell's premium lubricants to support Yelo's rapidly growing fleet operations across the Kingdom. The agreement, signed in Riyadh, aligns with the goals of Saudi Vision 2030, which emphasizes innovation, sustainability, and sectoral growth in the Kingdom's transportation and mobility industry. This agreement reflects a shared commitment to the highest service standards, operational efficiency and fleet optimization. It also supports the performance of Yelo, which operates a fleet of more than 33,000 vehicles through a network of 90 car rental branches. Yelo relies on advanced, high-performance lubrication solutions to maintain vehicle quality, reduce downtime and enhance resale value, all core to the company's customer promise and growth strategy. Saher Hashem, CEO of Al-Jomaih and Shell Lubricating Oil Company, expressed his delight in extending the collaboration with Yelo, affirming that the company is a model of innovation and reliability in the mobility sector. He said: 'This renewal reinforces the strength of our relationship and reflects our shared focus on sustainability, outstanding performance, and delivering long-term value through Shell's leading lubrication technologies.' Hamad Al-Humaid, CEO of Al-Wefaq Transportation Solutions, emphasized the importance of reliable partnerships in delivering an exceptional customer experience and maintaining fleet efficiency and performance quality. He said: 'Our partnership with Al-Jomaih and Shell Lubricating Oil Company has consistently proven valuable in optimizing operational efficiency, reducing maintenance costs, and ensuring our vehicles are always in top condition.' Shell lubricants play an important role in supporting our ambitious growth and commitment to excellence, and we look forward to building on this strong foundation.'
New Straits Times
19 hours ago
- Business
- New Straits Times
Five enterprises named state winners of Shell LiveWire Malaysia 2025
KUALA LUMPUR: Shell has recognised five enterprises as state winners in the Peninsular Malaysia edition of its Shell LiveWire Malaysia programme. This year's winners are Earnest Grower Sdn Bhd, Lorry System Sdn Bhd, Mensilin Green Energy Sdn Bhd, Midwest Composites Sdn Bhd and Rebooz Technology Sdn Bhd. Shell said the participants began their journey with an intensive bootcamp aimed at strengthening their entrepreneurial capabilities. Ten promising finalists were shortlisted for the final pitching round, where they presented compelling business plans and demonstrated strong potential for innovation and growth. Each of the five winning enterprises received a RM10,000 startup grant from Shell, along with a year-long business coaching programme to support their strategic development and business expansion. The winners also gain access to the global LiveWire network, an international community of entrepreneurs where they can exchange ideas, share experiences and potentially be shortlisted for the prestigious Shell Global Top Ten Innovators Awards. Shell general manager of business operations for Kuala Lumpur Syed Hussain Taha said witnessing the passion and determination of local talents has reinforced his belief in the positive impact of the initiative. He said it enables individuals to build sustainable businesses that not only drive their own growth, but also benefit communities and create valuable employment opportunities. "I personally encourage all budding entrepreneurs to take part in this programme, which offers the guidance, tools, and support needed to turn dreams into reality," he added. Shell LiveWire is Shell's flagship programme for enterprise development, designed to boost local economies worldwide by encouraging entrepreneurship and nurturing emerging business leaders. Launched in Sabah in 2015, followed by Sarawak in 2016 and Peninsular Malaysia in 2022, the programme aims to inspire young entrepreneurs to develop innovative, practical business solutions that address current socio-economic challenges.
Libya Review
a day ago
- Business
- Libya Review
Libya Attracts 40 Global Firms in New Oil Round
A recent report by U.S.-based energy platform highlights Libya's growing strategic importance in Western efforts to diversify energy sources and reduce reliance on Russian supplies, amid intensifying geopolitical competition with Moscow and Beijing in North Africa. Despite ongoing political and security instability, the report notes that major Western energy companies—including Shell and BP—are re-establishing their presence in Libya's energy sector, seeking to secure long-term access to its rich oil and gas reserves. Libya's Ambitious Oil Production Targets The renewed Western interest coincides with ambitious production goals set by the National Oil Corporation (NOC) of Libya. The NOC aims to increase national crude output to 1.6 million barrels per day by 2026. Achieving this target will require investments of $3 to $4 billion, according to previous statements by the Acting Minister of Oil in the Government of National Unity. Shell and BP are at the forefront of Britain's energy diversification strategy, serving as key players in the search for alternative supplies to sanctioned Russian oil and gas since the onset of the Ukraine war in 2022. The report mentions that both firms have recently resumed operations in Libya, alongside other European giants such as Italy's Eni and France's TotalEnergies. This movement is framed as part of a broader Western energy pivot aimed at undermining Russia's ability to fund its war through energy revenues. High International Interest in Libya's Exploration Round OilPrice also pointed to a new oil licensing round launched by Libya's NOC in March, offering 22 onshore and offshore exploration blocks. The round has attracted interest from at least 40 international companies, including Spain's Repsol and U.S.-based ConocoPhillips. The blocks cover key basins such as Murzuq, Ghadames, and Sirte, in addition to offshore areas in the Mediterranean—underscoring the vast geographical scope of Libya's hydrocarbon potential. Security Services and Energy Infrastructure Protection The report also highlights the willingness of international companies to invest in securing their operations on the ground. This includes deploying specialized security teams and building supporting infrastructure, in accordance with international legal frameworks. In some cases, the level of protection offered may rival that provided to foreign embassies in conflict zones. As global powers continue to shift their energy strategies, Libya is poised to become a critical hub in Western energy realignment—if stability can be sustained. Tags: gaslibyanocoilOilPrice
