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OPEC+ weighs fresh production cuts to rein in weak prices

VIENNA: There are growing signs that major oil producers led by Saudi Arabia and Russia are considering slashing production further when they meet on Sunday in a bid to prop up prices. The 13-member Organization of the Petroleum Exporting Countries

Pakistan outlines process for barter trade with Afghanistan, Iran and Russia

Pakistan has passed a special order to allow barter trade with Afghanistan, Iran and Russia for certain goods, including petroleum and natural gas, the Ministry of Commerce said on Friday. Left with barely enough foreign exchange reserves to cover one

Oil prices rise after US debt deal, all eyes on OPEC meeting

LONDON: Oil prices rose on Friday after a US debt ceiling deal averted a default in the world’s biggest oil consumer, while attention turned to a meeting of OPEC ministers and their allies at the weekend. Brent crude futures rose

Saudi Arabia may cut Arab Light crude prices for Asia to 20-month low

SINGAPORE: Top oil exporter Saudi Arabia may further slash the official selling prices (OSPs) for all crude grades to Asia in July, a Reuters poll showed, despite the looming OPEC+ meeting that could leave the door open to further output

Saudi diesel imports from Russia, exports to Singapore hit records

SINGAPORE: Leading crude exporter Saudi Arabia is maximising refining profits by importing unprecedented amounts of cheap Russian diesel and in turn shipping record volumes to Singapore, where the fuel can achieve higher margins, shiptracking data shows. Russia has had to

China’s first homegrown passenger jet makes maiden commercial flight

BEIJING: China’s first domestically produced passenger jet made its maiden commercial flight on Sunday, a milestone event in the nation’s decades-long effort to compete with Western rivals in the air. Beijing hopes the C919 commercial jetliner will challenge foreign models

Pakistan ranked cheapest country in terms of living conditions

ISLAMABAD: Pakistan has been declared the cheapest country in the world in terms of living conditions. The World Statistics Organization has released a list of the cheapest countries in the world to live in, with which Pakistan is at the

China agrees to give Pakistan more time for debt repayments

ISLAMABAD: China has agreed to give Pakistan more time to repay the debt. According to Finance Ministry sources, Pakistan has completed all payment arrangements till June due to which the country is not at risk of default. Sources in the

Nvidia close to becoming first trillion-dollar chip firm after stellar forecast

Nvidia Corp (NVDA.O) soared about 26% on Thursday taking it closer to a market value of $1 trillion after its stellar revenue forecast showed that Wall Street has yet to price in the game-changing potential of AI. The surge added

Several union employees protest against inflation in Belgium

BRUSSELS: The European country Belgium has been hit by global inflation, and hundreds of union employees participated in a protest march in Belgium. According to international media, demonstrators in Brussels protested against poor working conditions, rising energy prices, and rising

Global economy may not improve for a long time: UN

GENEVA: The United Nations has expressed concern in a report that the global economy will not improve for a long time. According to the details, a report of the United Nations has come out in which it has been said

Pakistan beats Sri Lanka in inflation race

ISLAMABAD: The list of the most expensive countries in the world has been released, in which Pakistan has surpassed Sri Lanka, the default country. A list of countries around the world related to food inflation has been released by the

IMF asks Pakistan for $8 Bn in fresh loans to support debt repayments

ISLAMABAD: The International Monetary Fund (IMF) is reported to have asked Pakistan to arrange $8 billion in fresh loans to support external debt repayments over the next seven months in order to successfully complete the long-stalled ninth review bailout package.

iPhone maker Foxconn buys huge site in India tech hub

BENGALURU: Taiwanese electronics giant Foxconn has bought a huge tract of land on the outskirts of Indian tech hub Bengaluru, the key Apple supplier said in a filing Tuesday as it looks to diversify production away from China. Also known

Gulf markets end mixed on economic concerns

Stock markets in the Gulf ended mixed on Monday as traders fretted over global and local economic developments and a string of weak corporate earnings weighed on sentiment. In Abu Dhabi, the index eased 0.2%, hit by a 2.4% slide

Pakistan and Afghanistan agree to remove trade barriers

ISLAMABAD: Pakistan and Afghanistan have discussed ways and means to remove barriers to increase bilateral trade. A high-level formal discussion regarding bilateral trade between Pakistan and Afghanistan was jointly presided over by the federal minister of commerce, Syed Naveed Qamar,

Chinese delegation to visit Gilgit-Baltistan on May 15 to import cherries

BEIJING: A 15-member Chinese delegation will travel to the picturesque Gilgit-Baltistan region to explore options for buying and importing cherries from Pakistan, Commercial Counselor, Pakistan Embassy, Beijing, Ghulam Qadir said on Sunday. The Chinese buyers hailing from Xinjiang, Zhejiang and

Germany to give 120 million euros to Pakistan to combat climate change

BERLIN: Germany has pledged 120 million euros to Pakistan to combat the effects of climate change. On the occasion of the Petersberg Climate Dialogue in Berlin, Federal Minister of Climate Change, Senator Sherry Rehman, held a bilateral meeting with a

IMF says Saudi economy edging closer to reducing dependence on oil

DUBAI: Government-led reforms and the growth of private investment in new sectors will help support non-oil economic growth in Saudi Arabia amid an expected sharp slowdown in overall growth this year, a senior IMF official said. The Saudi economy grew

Most Gulf markets fall as Fed seen hiking

Most major stock markets in the Gulf fell in early trade on Monday, dragged lower by expectations the Federal Reserve will increase interest rates, although the Qatari index bucked the trend. The Fed is predicted to raise rates by another

JPMorgan buys First Republic Bank’s assets after govt auction

JPMorgan Chase & Co (JPM.N) said on Monday it will buy most of First Republic Bank (FRC.N) after U.S. regulators seized the troubled bank over the weekend, marking the third major U.S. lender to fail in two months. As part

Unemployment in Pakistan will reach 9% next year: Report

LONDON: The Economist Intelligence Unit has expressed fear that the unemployment rate in Pakistan will increase further next year. According to the Economist Intelligence Unit report, unemployment rose to 6.9 percent this year and will rise to 9.9 percent next

Ambassador Munir Akram launches SDG investor map for Pakistan

UNITED NATIONS: Ambassador Munir Akram launched SDG Investor Map at the Pakistan session during SDG Investment Fair 2023. The Map is a dynamic impact intelligence tool that identifies a range of market-specific investment opportunities in Pakistan for SDG-aligned capital deployment.

Pakistan’s textile exports drop 22.6% in March 2023 amid forex concerns

ISLAMABAD: Pakistan’s textile sector has recorded a significant decline in exports, falling by 22.6% in March 2023 compared to the same month the previous year, according to data released by the Pakistan Bureau of Statistics (PBS). The exports were valued

India, Russia in talks on free trade deal

NEW DELHI: India and Russia are discussing a free trade agreement, ministers said on Monday, a move that would further deepen bilateral commercial ties that have flourished since war broke out in Ukraine. India’s Foreign Minister S. Jaishankar told an

Saudi Arabia transfers another 4% of Aramco oil shares to wealth fund

RIYADH: Saudi Arabia has put a second four-percent chunk of shares of the Aramco energy giant, worth tens of billions of dollars, under the control of the country’s sovereign wealth fund, state media said Sunday. The move underscores Crown Prince

India’s forex reserves jump to 9-month high at $584.76bn

MUMBAI: India’s foreign exchange reserves jumped to $584.76 billion for the week ended April 7, the highest in nine months, the Reserve Bank of India’s (RBI) statistical supplement showed on Friday. That is an increase of $6.3 billion from the

IMF predicts interest rates to fall worldwide

The International Monetary Fund (IMF) said that high-interest rates in most of the world’s economies are unsustainable and once inflation is under control, interest rates will return to record lows. “Our analysis suggests that recent increases in real interest rates

Major Gulf markets mixed in early trade on odds of Fed rate hike

Most stock markets in the Gulf were mixed in early trade on Monday after US jobs data pointed to a tight labour market, firming up expectations that the US Federal Reserve will raise interest rates at its meeting next month.

Most stock markets in Gulf decline as economic worries persist

Most stock markets in the Gulf ended lower on Wednesday in line with global shares as signs that the economic outlook is weakening spurred caution. MSCI’s world equity index pulled further away from Tuesday’s almost seven-week highs, while Asia trade