Category: 3. Business

Gold in Pakistan recovered massively on Tuesday after yesterday’s big slump in global markets.

The price of one tola increased by Rs. 16,300 to Rs. 464,062, while 10 grams rose by Rs. 13,975 to Rs. 397,858, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

On Monday, gold plunged to Rs. 447,762 per tola after losing Rs. 43,500 during the session.

The international market, meanwhile, saw gold prices increase by $163, bringing the rate to $4,413 per ounce, with an additional $20 premium.

Silver also recovered after gaining Rs. 570 to settle at Rs. 7,454 per tola.

ERBIL (Kurdistan24) – Japan’s Prime Minister, Sanae Takaichi, stressed Tuesday the importance of maintaining peace and stability in the Middle East, including ensuring safe navigation through the Strait of Hormuz, in remarks posted on her X account.

Takaichi highlighted that these measures are critical not only for regional security but also for the stability of global energy supplies, which directly affect Japan’s economic and strategic interests.

In her statement, Takaichi noted ongoing diplomatic efforts to reduce tensions in Iran, emphasizing close communication with relevant countries at multiple levels.

She referenced a summit last week with U.S. President Donald Trump, in which both leaders affirmed the importance of de-escalating the situation in Iran as quickly as possible and maintaining secure maritime routes in the Strait of Hormuz.

Regarding energy cooperation, Takaichi said Japan and the United States will work together to expand production of U.S.-produced crude oil and pursue a joint project to stockpile U.S.-sourced crude. These steps aim to ensure a stable supply of petroleum amid regional instability.

Takaichi also addressed the protection of Japanese nationals abroad. She noted that, in addition to evacuations from Iran and Israel to neighboring countries, the Japanese government has operated six government-chartered flights from Gulf countries to Japan, facilitating the safe departure of 1,160 Japanese citizens and others.

Furthermore, she confirmed that one Japanese national detained in Iran was able to leave the country on March 20 with support from the Japanese embassy and returned to Japan on March 22.

The prime minister instructed relevant ministries to continue addressing these matters with a sense of urgency, underlining the goal of early de-escalation and broader regional stability.

Takaichi detailed measures to mitigate the impact of Middle East tensions on Japan’s domestic economy. She said private stockpiles of petroleum products, including gasoline, would be released beginning March 16, with national stockpiles to follow starting March 26.

Joint stockpiles with oil-producing countries are also scheduled for release this month. These measures are intended to secure sufficient petroleum supplies for domestic consumption and to prevent disruptions to economic activities.

In addition, Takaichi announced the implementation of subsidies starting March 19 to curb prices of petroleum-related products, including gasoline, diesel, heavy fuel oil, and kerosene.

She clarified that electricity and gas rates, determined based on fuel import costs from two to four months prior, are not expected to rise immediately despite the current situation.

For petroleum-related products not used as energy sources, such as naphtha, the prime minister indicated that the Ministry of Economy, Trade and Industry would coordinate policies to protect citizens’ livelihoods.

This includes considering global supply conditions, domestic inventory levels, and the broader supply chain, spanning industrial, agricultural, and healthcare needs. The ministry will report findings and policies to the relevant ministerial meeting.

Takaichi concluded that Japan will continue diplomatic and economic measures to maintain regional stability, secure energy supplies, and safeguard the well-being of Japanese citizens at home and abroad.

SHANGHAI/BEIJING: Global corporate executives attending China’s flagship annual business conference this week were reassured by leaders of the world’s second-largest ​economy that it remains a predictable anchor at a time of geopolitical flux and global uncertainty.
The tone at this year’s China Development Forum (CDF), which ended on Monday, was noticeably more confident than in recent years, analysts said, marking a shift from previous post-pandemic forums where officials tended to emphasize support measures and recovery trajectories.
“Compared to previous CDFs, the China messaging was the most confident,” said Han Lin, China Country Director at US-based strategy consultancy, The Asia Group. “While identifying challenges in the international system and without naming the US directly, (Premier Li Qiang’s) opening speech focused on what China was doing right to encourage innovation, trade and other opportunities to collaborate.”
The timing of the ‌forum sharpened that ‌message. Nearly a year into a bruising trade war and ahead of ​a ‌postponed summit ⁠between President ​Xi ⁠Jinping and US President Donald Trump, Beijing is navigating strained ties with Washington and faces rising trade barriers elsewhere off the back of a record $1.2 trillion trade surplus in 2025. The US-Israeli war with Iran has caused a surge in energy prices that is rippling across the wider global economy and given Beijing another opportunity to promote itself as a bastion of calm that respects sovereignty and the international, rules-based order.

REFLECTION OF SHIFTING GEOPOLITICAL LANDSCAPE
Attendance patterns reflected shifting geopolitical boundaries. A higher share of US corporate leaders traveled to Beijing compared with previous years, among them the CEOs of Apple, ⁠McDonald’s, Eli Lilly, Coach parent Tapestry and Mastercard.
Their presence suggested that despite tensions, American multinationals ‌remain keen to keep channels open with Beijing, as the two ‌countries recalibrate trade and investment flows.
Stability, a recurring theme from last ​year’s CDF, resonated more strongly this year, said Albert ‌Hu, professor of economics at the China Europe International Business School in Shanghai.
“Given all the erratic policies ‌introduced by Donald Trump and the uncertainty his policies have introduced to the world economy, the message of China being a stabilizing force probably finds a more willing audience this year than last year,” Hu said. Absent, however, were Japanese executives — a stark contrast with last year, when their involvement included a widely publicized meeting between top global CEOs and Xi. Their non-attendance this year ‌comes amid a diplomatic rift between Beijing and Tokyo, underscoring how China’s promises of renewed openness still operate firmly within geopolitical red lines.

EYES ON POTENTIAL MEETING WITH ⁠XI
A decision on whether ⁠Xi will reprise his recent practice of hosting a roundtable with select CEOs had not been confirmed by the close of the forum.
Han Lin believes the absence of an immediate announcement reflects sequencing rather than reluctance.
“I think Xi has every intention to meet CEOs, but only after a Trump visit,” he said. “Beijing wants trade terms set at the leadership level first, then multinationals get their signal on what comes next.” Chinese policymakers also used this year’s forum to underline priorities that now define its medium-term strategy: technological self-reliance, industrial upgrading and “high-quality development.” All three pillars are central to the country’s latest five-year plan, released earlier this month and set as the theme of this year’s CDF.
Yet not all participants left convinced. Some attendees complained that the forum’s content had become increasingly rigid.
“The meetings are getting more and more bureaucratic. I cut short my trip and am going home now,” said a ​Chinese senior executive at an international hotel chain.
“CDF is ​losing its glamor. I hoped to sit in on some interesting sessions, but it turned out to be very bureaucratic and a total waste of my time.”