Business

MES AYNAK: The ancient Buddha statues sit in serene meditation in the caves carved into the russet cliffs of rural Afghanistan. Hundreds of meters below lies what is believed to be the world’s largest deposit of copper. Afghanistan’s Taliban rulers are pinning their hopes on Beijing to turn that rich vein into revenue to salvage the cash-starved country amid crippling …

This season, wheat procurement in Punjab, which starts next week, is going to be a novel experience for many reasons. For the first time in procurement history, four different rates of the commodity will be operating in the field. Crop size is uncertain, at least so far, and would force every buyer into a frantic jostling to meet its target …

ISLAMABAD: Amid rising oil prices, the government is expected to abolish customs duty on crude oil and high-speed diesel (HSD) imports to contain inflationary pressures. Informed government sources told Dawn that the finance and petroleum ministries, the Oil and Gas Regulatory Authority (Ogra), the Federal Board of Revenue (FBR), oil refineries and oil marketing companies were examining the proposal. Customs duty is …

TEHRAN: Iran on Saturday branded “illegal” a deal reached between Kuwait and Saudi Arabia to develop a disputed gas field in the Gulf, insisting on its right to also exploit it. The energy ministers of the Gulf Arab states signed an agreement on Monday to develop the Arash/Dorra gas field, according to an official Kuwaiti statement. The move comes with …

QUETTA: Balochistan Chief Minister Mir Abdul Qudoos Bizenjo, while defending a recently signed agreement on the Reko Diq copper and gold mining project with a Canadian company, has disclosed that a Saudi Arabian firm would set up a refinery in Gwadar to assess the quantity of minerals extracted from the site. “I have taken all political leaders, parties and public representatives into …

LAHORE: For quick disposal of solar net metering connection-related applications, we have allowed the respective power distribution companies (Discos) to approve applications seeking connection up to 25 kilowatts, National Electric Power Regulatory Authority (Nepra) Chairman Tausif H. Farooqi said on Saturday. Speaking to the media at the10th Solar Pakistan Exhibition at the Lahore Expo Centre, Mr Farooqi said that despite …

KARACHI: An ongoing political crisis at home is putting pressure on the external economic front, as foreign investment outflows from equity, treasury bills and Pakistan Investment Bonds (PIBs) have sharply increased during the ongoing month. Of the combined outflows of around $1.5bn during the ongoing fiscal year so far, as much as $400 million has flown out of the country …

GILGIT: After remaining closed for more than two and a half years, a key land border crossing between Pakistan and China at Khunjerab is being reopened for trade activities from April 1. Khunjerab Pass was closed in November 2019 to contain the transmission of the coronavirus between the two countries. The pass was temporarily opened in July and September 2020 …

KARACHI: Systems Ltd said on Friday its associate company Jugnu, a business-to-business e-commerce platform, has raised $22.5 million in Series A, which is the first round of financing undertaken for a new business after seed capital. The startup, which helps kiryana stores connect directly with large suppliers and manufacturers, raised the funding after entering a strategic alliance with Sary, a …

ISLAMABAD: For ensuring diesel availability in the harvesting season amid volatile international market, the government on Friday allowed an increase in premium charged to Pakistani importers by spot traders for three months i.e. April-June. The decision to this effect was taken at a hurriedly called special meeting of the Economic Coordination Committee (ECC) of the Cabinet presided over by Finance …