Business

QUETTA: Local joint venture company called the National Resources Private Limited (NRL) has presented a comprehensive proposal with all necessary documents to the Balo­chistan Mineral Exploration Company (BMEC) on unsolicited basis to develop the Tanjeel reserves first and then the vast Reko Diq copper-cum-gold reserves. Officials of the Mines and Mineral Development, Balochistan, confirmed on Sunday that BMEC — a …

Pakistan’s sovereignty ultimately depends on achieving financial freedom and self-reliance. We should not let near-term economic challenges cloud our long-term thinking and direction towards this goal. One key step towards achieving this goal is the creation of the Pakistan Sovereign Wealth Fund (PSWF). A sovereign wealth fund will provide Pakistan with a mechanism to preserve and grow the nation’s wealth. …

KARACHI: Adviser to Prime Minister on Comm­erce and Investment Abdul Razak Dawood has said that Pakistan’s exports to China have increased by 31 per cent over the past nine months. In a series of tweets on Sunday, Mr Dawood shared details of the achievement. “The Second Phase of Pakistan-China FTA (FTA-II) became operational on 1st January 2020. MOC is glad …

ISLAMABAD: While blaming the Sindh’s higher losses and climate change conditions for recent dip in river flows, the Indus River System Authority (Irsa) on Sunday increased water supply to the province and asked the Pakistan Peoples Party leadership to refrain from politicising a technical matter. “As of today the share of Sindh, with immediate effect, has been increased from 66,000 …

Bitcoin rallied from a three-month low on Monday in a volatile session that saw investors initially selling and then buying cryptocurrencies in the wake of Tesla boss Elon Musk’s tweets about the carmaker’s bitcoin holdings. In his latest tweet, Musk said “Tesla has not sold any bitcoin”. That seeming clarification came after weekend tweets hinted that Tesla was considering or …

ISLAMABAD: The quantum of smuggled goods into the country decreased during the first 10 months of the current fiscal year from a year ago as data reported by the Pakistan Customs showed higher regular imports of these commodities. Formal imports of six smuggling-prone items — green tea, black tea, tyres, textile products, electronic goods and palm oil — increased by …

KARACHI: The government’s borrowing for budgetary support sharply declined by 42 per cent in the first 10 months of the current fiscal year, indicating a trend that may result in lower fiscal deficit for the year. The State Bank’s latest data shows the government borrowed Rs676 billion during July-April period of 2020-21 compared to Rs1,171bn in the same period last …

KARACHI: Conflicting claims relating to Eidul Fitr sales amid the Covid-19 lockdown from May 8-16 have emerged, with some traders claiming good sales compared to last year while others presented a picture of doom and gloom. In 2020, when the pandemic made its way to Pakistan in February, traders in Karachi and in some other cities were allowed business activities …

MUMBAI: Cairn Energy has sued India’s flagship carrier Air India to enforce a $1.2 billion arbitration aw­ard that it won in a tax dispute against India, according to a US District Court filing reviewed by Reuters. The move ratchets up pressure on India’s government to pay the sum of $1.2 billion plus interest and costs that the British firm Cairn …

YANGON: If you need cash in Myanmar, you have to get up early. Queues start forming outside banks at 4am, where the first 15 or 30 customers are given a plastic token that will allow them to enter the bank when it opens at 9:30am and withdraw cash, according to more than a dozen people who spoke to Reuters. If …