Day: March 14, 2026

The United ​States issued a 30-day waiver for countries to buy sanctioned Russian oil and petroleum products currently stranded at sea, in what Treasury Secretary Scott Bessent said ‌was a step to stabilise global energy markets roiled by the Iran war. Oil prices eased on Friday morning in Asia after the US waiver announcement, which, according to Russia’s presidential envoy Kirill Dmitriev, would affect 100 million barrels of Russian crude, equal to almost a day’s worth of global output. The move, the second significant rollback of Ukraine war-related US sanctions in just over…

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The International Energy Agency (IEA) said the closure of the Strait of Hormuz has triggered the largest disruption to global oil markets in history, with supply expected to fall by about eight million barrels per day in March, or around 8%. The agency’s member countries responded by agreeing to release a record 400 million barrels from strategic stockpiles to stabilise oil prices and compensate for the loss of Middle East output. Here is a list of some of the previous disruptions to oil supplies: The 1973-1974 Arab oil embargo The Arab oil embargo was triggered…

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ISLAMABAD: The Pakistan IT Industry Association (P@SHA) has highlighted the transformative potential of 5G technology, terming it a crucial catalyst needed to boost the country’s IT exports and digital economy exponentially. To streamline and expand the connectivity spectrum, the government earlier this week successfully conducted a 5G spectrum auction, which generated $507 million in foreign exchange. In a statement released on Friday, P@SHA, the apex representative body of the information technology (IT) and IT-enabled services (ITeS) sectors, emphasised that the transition to multi-gigabit 5G infrastructure was not merely an upgrade…

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ISLAMABAD: A discussion session on the role and future of the D-8 Organisation for Economic Cooperation was held at the National Library of Pakistan. The event, titled “Towards the D-8 Summit: The Relevance of the D-8 Organisation for Economic Cooperation Amid Global Challenges,” was organised by the Embassy of Indonesia in Islamabad in collaboration with the International Institute for Regional and International Studies, according to a release issued on Friday. The session brought together Indonesian students studying at the International Islamic University Islamabad and Pakistani students from Quaid-i-Azam University, National…

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ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has approved several new annuity products to strengthen retirement income security and support the development of Pakistan’s annuity market. The approved products include life-contingent annuities, deferred annuities, annuities with guaranteed payments and hybrid annuity structures combining guaranteed and lifetime income benefits. These products will help retirees convert their accumulated savings into a regular and predictable income stream after retirement, reducing financial uncertainty in later years. The decision follows consultations with stakeholders in the insurance sector and addresses a key gap in…

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NEW DELHI: India will hold off on signing a trade deal with the United States for several months, four Indian sources said, as fresh investigations by President Donald Trump’s administration into what it calls excess industrial capacity among trading partners add new friction after an early understanding last month. New Delhi had initially expected to sign an interim deal in March, followed by a full deal later, after Trump agreed in early February to cut punishing US tariffs on Indian imports in return for commitments including halting Russian oil imports,…

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KARACHI: Pakistan’s agricultural exports are currently battling a “triple threat”: the collapse of Middle Eastern shipping lines, the sudden imposition of massive war surcharges, and a prolonged trade cut-off with Afghanistan, leaving exporters with few viable routes for perishable goods. In a conversation with The Express Tribune, All Pakistan Fruit & Vegetable Exporters, Importers & Merchants Association (PFVA) Patron-in-Chief Waheed Ahmed expressed concerns about the challenges now facing Pakistan’s agricultural exports. According to Ahmed, exports of potato, kinnow and other items in the category are confronting the simultaneous collapse of…

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Gold and silver prices declined in both international and local markets on Saturday. In the international bullion market, the price of gold per ounce fell by $87, reaching $5,018. In the local market, gold prices also recorded a notable decline. The price of gold per tola dropped by Rs8,700 to Rs524,562. Similarly, the price of 10 grams of gold decreased by Rs7,459, settling at Rs449,727. Silver prices also moved lower in the local market. The price of silver per tola fell by Rs310 to Rs8,541. Meanwhile, the price of 10…

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ISLAMABAD: Pakistan has sought the International Monetary Fund (IMF)’s consent to retire Rs1.5 trillion worth of gas sector circular debt within three years by using income proceeds of major public sector gas companies, nearly Rs400 billion LNG savings and funds collected from users of petroleum products. The plan was discussed in depth during the recently inconclusive talks under the third review of the $7 billion bailout package. The IMF has not yet given its final word on the status of the plan, according to sources. The government is aiming to…

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