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 firm Barrick Gold Cor
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 to data release
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 affair
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 on the ana
Pakistan Stock Exchange (PSX) on Wednesday continued its gradual movement towards south as investors opted for profit-booking after the market rose to its intra-day high above 70,700 points. As some investors were scared to invest at high levels, the market began the day on a negative note and the KSE-100 index dipped to the intra-day low of 70,037.28 points in the very first hour. Weak larg