Business
Government may announce major reduction in petrol, diesel prices this week – SUCH TV
Petroleum prices are expected to witness a notable reduction across Pakistan starting October 16, for the next fortnightly review.
According to official sources, petrol prices may be slashed by Rs6.10 per litre, bringing the new price down to Rs262.58 from the current Rs268.68 per litre.
Similarly, the price of high-speed diesel is expected to decline by Rs1 per litre, reaching Rs275.84 from Rs276.81 per litre.
The price of kerosene oil may drop by Rs2.75 per litre, while light diesel oil could become cheaper by Rs1.64 per litre.
Sources said the initial price calculations have been prepared based on recent trends in the international oil market, where global crude prices have seen a downward trajectory.
The Oil and Gas Regulatory Authority (OGRA) is expected to forward its detailed price summary to the Petroleum Division tomorrow.
Following a review, the Petroleum Division and the Ministry of Finance will send their recommendations to the prime minister, who will give final approval for the revised petroleum prices.
The new fuel prices will take effect from October 16, sources confirmed.
On October 1, the federal government announced new petrol prices and diesel prices for the next fortnight.
According to a notification issued by the Ministry of Finance, the petrol price was raised by Rs4.07 per litre.
Similarly, the price of high-speed diesel was jacked up by Rs4.04 per litre.
Emer MoreauBusiness reporter
Getty ImagesRoyal Mail has been fined £21m after almost a quarter of first-class post arrived late, Ofcom has announced.
It is the third-largest fine the communications watchdog has ever issued and follows its investigation after Royal Mail missed its targets for both first and second-class post in 2024/25.
Ian Strawhorne, director of enforcement at Ofcom, said: “Millions of important letters are arriving late, and people aren’t getting what they pay for when they buy a stamp.”
Royal Mail said it will “continue to work hard to deliver further sustained improvements to our quality of service”.
It delivered 77% of First Class mail and 92.5% of Second Class mail on time in the 2024/25 financial year, which was short of its 93% and 98.5% targets.
This is the third time it has been fined over delivery delays in recent years, with penalities of £5.6m in November 2023 and £10.5m in December 2024.
Ofcom said the fine would have been £30m, but it had reduced it by 30% to reflect Royal Mail’s admission of its failings.
The regulator warned fines were “likely to continue” unless the company urgently delivers “a credible improvement plan”.
‘Empty promises’
Ofcom said Royal Mail published an improvement plan for last year, aimed at delivering 85% of first-class post on time and 97% of second-class post, but “this has not materialised”.
Mr Strawhorne said: “Royal Mail must rebuild consumers’ confidence as a matter of urgency. And that means making actual significant improvements, not more empty promises.”
Ofcom’s investigation found the company “breached its obligations by failing to provide an acceptable level of service without justification”.
It said the actions taken by Royal Mail to try and reach its targets were “insufficient and ineffective”.
The fine, Ofcom said, reflected the “harm suffered by customers” as a result of Royal Mail’s poor service.
Citizens Advice said the postal service’s track record was “woeful” but that the fines may not push the company to do better.
“When these failures are just an ordinary part of doing business, Ofcom’s fine risks becoming another operating cost, doing little to encourage the company to improve its service,” Tom MacInnes, director of policy at Citizens Advice, said.
“Missed post has real life consequences, with people left waiting for urgent medical appointment letters, legal documents and benefit decisions.”
Second-class scrapped on Saturdays
Under the universal service obligation (USO), Royal Mail is required by law to deliver letters six days a week and parcels five days a week to every address in the UK.
Since July, some areas only receive second-class letters every other weekday and not on Saturday, a change proposed by Ofcom earlier this year.
Responding to Ofcom, a Royal Mail spokesperson said: “We acknowledge the decision made by Ofcom today and we will continue to work hard to deliver further sustained improvements to our quality of service.”
The spokesperson said that the reduction of second-class deliveries in some areas enabled the company to “drive a step change in quality of service”.
Royal Mail has also made changes in recruitment and training and has provided more support in delivery offices, the spokesperson added.
The fine will be paid to the Treasury.
Royal Mail was bought by Czech billionaire Daniel Kretinsky for more than £5bn last year. It posted a profit in September, following three years of losses.
Gurugram: Cricketer KL Rahul has taken delivery of the all-new MG M9, a Carnival-sized premium electric MPV. It is available in a 3-row seating configuration, with the capacity to accommodate up to 7 passengers. Available in a single variant, the MG M9 is priced at Rs 69.90 lakh (ex-showroom). While it comes in 3 colours – Pearl Lustre White, Metal Black and Concrete Grey,KL Rahul opted for the black colour.
MG M9 Features
The M9 features presidential seats in the middle row with 16-way adjustment, 8 massage settings, heating and ventilation, delivering enhanced convenience and comfort. Equipped with a Yacht-style dual sunroof, the MG M9 invites natural light into the cabin. It also gets 64-colour ambient lighting, which allows occupants to curate the perfect mood during night drives.
It gets a 13- speaker sound system (including subwoofer and amplifier), a 12.3-inch infotainment screen, a 7-inch driver’s display, and extensive comfort features for the middle and rear passengers. It also gets a level-2 ADAS, 360-degree camera, 7 airbags, a digital IRVM, 3 disc brakes, a TPMS and an electronic parking brake with auto hold. It comes with 5-star EURO NCAP and ANCAP safety ratings.
MG M9 Exterior
On the exterior, it gets a bold trapezoidal mesh grille, split LED headlights and connected DRLs, a waterfall-style integrated LED taillight, 19-inch ContiSealTM (self-sealing) tyres, heated ORVMs that ensure clear visibility in varying weather conditions, and more.
MG M9 Battery Pack And Range
Equipped with a 90-kWh NMC battery, it delivers a claimed range of 548km and charges from 30% to 80% in just 30 minutes. It can be charged from 0-100 percent in about 10 hours with an 11 kW AC charger. From a 160 kW fast charger, it can be charged fully in 90 minutes. The electric motor delivers 245 PS power and an impressive 350 NM torque.
Business
$300 million deal: In a first, France’s CMA CGM eyes India for LNG-powered container ships; six vessels ordered – The Times of India
CMA CGM, the French shipping giant and world’s third-largest container carrier, has identified India as a potential hub for constructing small, LNG-powered container vessels. This development follows chairman and CEO Rodolphe Saade’s signing of a letter of intent with Cochin Shipyard for six vessels, valued at approximately $300 million, as reported by Economic Times. This marks a historic moment as the first container ship order from a global mainline operator in India.Saade shared his impressions of Prime Minister Narendra Modi, saying, “What was impressive is… I had the feeling I was talking to a business leader and not a Prime Minister because we spoke business… he said, ‘You need to do more.'”The agreement represents a significant achievement for Indian shipbuilders aiming to establish themselves globally, supported by a Rs 69,725-crore government package approved in September to enhance industry capabilities and compete with established shipbuilding nations. Each vessel will accommodate 1,700 TEUs and utilise LNG propulsion, aligning with CMA CGM’s commitment to shipping decarbonisation.Currently ranked 16th globally with less than 1% market share, India’s shipbuilding industry aims to secure a position among the top 10 by 2030 and top five by 2047. Saade indicated that while their larger vessels are primarily built in China and South Korea, India presents an opportunity for smaller vessel construction.This development follows CMA CGM’s recent decision to register four container ships under the Indian flag, fulfilling a commitment made to Modi during his February 12 visit to their Marseille headquarters. Saade confirmed that the newly ordered vessels would also carry Indian registration.The initiative gained momentum following Modi’s and President Emmanuel Macron’s involvement. Saade explained that Modi’s challenge to invest in India, coupled with collaborative efforts between the government, shipyard and CMA CGM, led to this significant vessel order.
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