SAUDI Arabia is moving closer to a potential deal to acquire a minority stake in the Reko Diq gold and copper mining project, Bloomberg reported on Thursday, citing people with knowledge of the matter. Manara Minerals Investment Company, backed by the Saudi sovereign wealth fund, plans to invest at least $1 billion in the Reko Diq project, controlled by the Canadian mining …

ISLAMABAD: The country’s textile and clothing exports suffered a slowdown last month, reversing the trend of double-digit growth observed over the previous three consecutive months and indicating a decline in orders from international buyers. The sector’s exports showed a paltry growth of 3.29 per cent to $1.299 billion in March over $1.257bn recorded in the same month last year, according …

ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday directed the authorities to expedite the pace of privatisation and outsourcing of the power distribution companies (Discos) during a high-level meeting regarding the power sector. Presiding over the meeting, the prime minister emphasised the need to seek assistance from private sector experts and globally accepted models to improve the management affairs of the …

ISLAMABAD: Amid increasing fuel prices and the oil industry’s complaints over the rising influx of smuggled oil products, the government has expedited the process of deregulating petroleum pro­duct prices to shift the brunt of public cri­ticism to oil marketing companies (OMCs). In a directive, the petroleum division has asked the Oil and Gas Regulatory Authority (Ogra) “to share a presentation …

Pakistan hopes to agree the contours of a new International Monetary Fund (IMF) loan in May, Finance Minister Muhammad Aurangzeb told Reuters, and has kicked off talks with ratings agencies to lay the groundwork for a return to international debt markets. Pakistan’s current $3 billion arrangement with the Fund runs out in late April and the government is seeking a longer and bigger …

Reuters photographer Mohammed Salem won the prestigious 2024 World Press Photo (WPP) of the Year award on Thursday for his image of a Palestinian woman cradling the body of her five-year-old niece in the Gaza Strip. The picture was taken on October 17 at Nasser Hospital in Khan Younis in southern Gaza, where families were searching for relatives killed during the …

Iran could review its “nuclear doctrine” following Israeli threats, a senior Iranian Revolutionary Guards (IRGC) commander said on Thursday, raising concerns about Tehran’s nuclear programme which it has always said was strictly for peaceful purposes. Israel has said it will retaliate against Iran’s April 13 missile and drone attack, which Tehran says was carried out in response to a suspected Israeli strike on …

RAWALPINDI: Pakistani airlines, including PIA, are awaiting the restoration of facilities at Du­bai airport, and PIA will promptly resume its air operations once the situation improves, the flag carrier’s spokesperson said on Thursday. The torrential rains in the Uni­ted Arab Emirates over the past three days have flooded runways, severely affecting flight operations at Dubai International Airport. The PIA spokesperson said that …

WASHINGTON: Fossil vertebrae unearthed in a lignite mine are the remains of one of the largest snakes that ever lived, a monster estimated at up to 49 feet (15 metres) in length — longer than a T. rex — that prowled the swamps of India around 47 million years ago. Scientists said on Thursday they have recovered 27 vertebrae from …

DUBAI: Dubai, a city in the desert proud of its futuristic gloss, was on Thursday busy clearing its waterclogged roads and drying out flooded homes two days after a record storm saw a year’s rain fall in a day. Dubai International Airport, a major travel hub, struggled to clear a backlog of flights and many roads were still flooded in the aftermath of …