Saudi Arabia, Russia and six other key Opec+ members announced on Saturday a huge increase in crude production for July. They will produce an additional 411,000 barrels a day – the same target set for May and then June – according to a statement, which is more than three times greater than the group had previously planned. In recent years the 22-nation group had agreed to daily reductions of
Stakeholders have welcomed a new idea floated by Maritime Affairs Minister Junaid Anwar Chaudhry to set up a ‘maritime chamber of commerce and industry’ so that all players in this sector were brought on one platform. Speaking at the Pakistan Business Council Forum in Karachi on Saturday, the minister said the new chamber would promote the blue economy and enhance environmental sustainability a
US President Donald Trump’s announcement that he would double steel and aluminium import tariffs to 50 per cent from next week drew ire from the European Union Saturday in the latest salvo in his trade wars aimed at protecting domestic industries. The EU warned it was “prepared” to retaliate against the latest tariffs, adding the sudden move “undermines ongoing efforts to reach a negotiated sol
The Green Climate Fund (GCF) will assist Pakistan in enhancing its capacity for precision agriculture by establishing a centralised knowledge management system at the University of Agriculture in Faisalabad. This initiative aims to implement and promote precision agriculture practices that will contribute to climate resilience in Punjab and Gilgit-Baltistan. Under the project, a comprehensiv
Amid falling local production, the cotton import bill swelled by 114 per cent in the first 10 months of FY25 compared to the last year. From July to April, the cotton import bill soared to $2.545 billion, compared to $1.189bn during the same period last year. According to data released by the State Bank, the significantly low cotton production has become a burden on the economy, particularly af