Day: June 3, 2025

Pakistan reaffirms commitment to economic cooperation under SCO: Aurangzeb

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SCO

Federal Minister for Finance and Revenue Muhammad Aurangzeb has reaffirmed Pakistan’s strong commitment to the Shanghai Cooperation Organisation’s (SCO) economic cooperation agenda, a statement from the Finance Division said on Tuesday. The minister virtually addressed the meeting of SCO Finance Ministers and Central Bank Governors held in Beijing, saying he was unable to attend due to the ongoing annual budget session in Pakistan. In his address, the finance minister reaffirmed Pakistan’s dedication to the vision and principles of the SCO. “He emphasised that the SCO is an essential platform for promoting regional…

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Budgetary disillusionment runs high

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Budgetary

Citizens and entrepreneurs deserve a better deal. Acknowledging deep structural flaws and the need for fundamental reforms, Finance Minister Muhammad Aurangzeb has pledged to make the upcoming budget a strategic document, one that provides clear direction to an otherwise rudderless economy. Mr Aurangzeb was reported to have remarked in Islamabad last week, “We are going to introduce bold measures; as the budget is not merely about revenue and expenditure, it must also provide direction, reflecting where the economy stands and where it is headed.” While the statement resonates with the…

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Pakistan, Azerbaijan explore deeper energy collaboration during minister’s Baku visit

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Baku visit

Petroleum Minister Ali Pervaiz Malik, SOCAR president discuss joint ventures, energy security, and investment opportunities Federal Minister for Petroleum Ali Pervaiz Malik held a meeting with the President of the State Oil Company of Azerbaijan Republic (SOCAR) on Tuesday in Baku to explore ways to enhance bilateral energy cooperation and identify new opportunities in the oil and gas sector. As per a news release received in Islamabad, the discussion centered on reinforcing energy ties between Pakistan and Azerbaijan. Both parties shared perspectives on areas of mutual interest, with a focus…

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US natgas prices jump on lower output, higher demand

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Gas

NEW YORK: US natural gas futures jumped about 8% to a three-week high on Monday on a drop in output forecasts for warmer weather and higher demand this week than previously expected. Analysts said gas prices also gained some support from a 5% increase in US oil futures after OPEC+ kept its output increase unchanged. Gas futures for July delivery on the New York Mercantile Exchange rose 27.3 cents, or 7.9%, to $3.72 per million British thermal units, putting the contract on track for its highest close since May 9.…

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Indonesia Jan-April palm oil exports at 6.41m metric tons

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Oil holds at two-month

JAKARTA: Indonesia exported 6.41 million metric tons of crude and refined palm oil in the January to April period, down 5.37% on a yearly basis, data from the statistics bureau showed on Monday. However, due to higher prices, the shipments were worth $7.05 billion in the first four months of 2025, up 20% from the same period in 2024. The bureau’s data excludes palm kernel oil, oleochemicals and biodiesel. Indonesia’s palm oil association GAPKI usually releases its own data at a later date, which cover more products and so has…

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