A high-level Saudi delegation led by Foreign Minister reached Islamabad to review investment opportunities for Saudi investors in Pakistan.
The flight of the Saudi Foreign Minister was delayed due to rains and bad weather. The flight of the Saudi Foreign Minister was supposed to reach Islamabad at 4:30. Landed at Noor Khan Airbase at 6 o’clock.
When the Saudi foreign minister came out of the plane, his Pakistani counterpart Ishaq Dar welcomed him.
During the recent visit of Prime Minister Shehbaz Sharif to Saudi Arabia, the Saudi leadership assured investment in Pakistan.
After the meeting of Saudi Crown Prince Mohammed bin Salman and Prime Minister Shehbaz Sharif, in a joint statement, the commitment to complete the first phase of the Saudi investment package worth 5 billion dollars in Pakistan was reiterated.
According to sources, the Saudi delegation will be led by Saudi Foreign Minister Faisal bin Farhan Al Saud, while the delegation will include the Minister of Industry, Minister of Energy, other ministers, Saudi investors and economic experts.
The Ministries of the Environment (Minam), Energy and Mines (Minem), and the United Nations Development Program (UNDP), through the planetGOLD Peru project, inaugurated the first gravimetric plant that processes gold without mercury, in the Suyo district of the Piura region.
The installed plant will benefit miners and sorters in said town, in order to avoid the annual use of 30 kg of mercury among artisanal and small-scale miners, leaving behind practices such as the use of quimbaletes or burning mercury-gold amalgam. Likewise, it will serve to train miners, teachers, students and researchers in the region by carrying out metallurgical tests and the use of new technologies.
It is hoped that this practice can be replicated in other areas of the country, promoting responsible mining to achieve clean social activity.
Financing
For this purpose, financing was provided by the Global Environment Fund (GEF), through the planetGOLD Peru project, which is implemented by Minam, in alliance with Minem and with technical assistance from UNDP.
The equipment allows the efficient recovery of gold without the use of mercury through gravimetry and water recirculation.
During the inauguration ceremony, Vicente Espinoza, specialist from Minam’s Pollution and Chemical Substances Control Directorate, highlighted the work of the planetGOLD Peru project and the sector’s commitment to promote practices that allow the elimination of the use of mercury for the processing of gold. He noted that “this will promote environmentally friendly mining.”
For his part, Yakir Rozas, regional liaison of the General Directorate of Mining Formalization of Minem, highlighted the work of the miners in the region to advance towards order, transparency and environmental care. Likewise, he acknowledged that his sector will continue to support initiatives that contribute to the improvement of the sector and its formalization process.
Franco Villagarcía, UNDP Prosperity Program officer, thanked the various participating institutions for this initiative that has local results with global impacts.
“The start-up of this plant shows that it is possible to have a formal activity and responsible practices with the environment and people.”
Piura: Government inaugurates first plant to obtain gold without mercury.
The data
Artisanal and small-scale gold mining (ASM) is responsible for producing 20% of the world’s gold, however, many of these operations use mercury to process gold. The Peruvian State, as a signatory of the Minamata Convention on Mercury, together with the United Nations, promote various actions to reduce and eliminate the use of mercury in the sector.
2023-12-19 11:42:52
Noha Makram – Live – The Bank of Japan maintained its ultra-loose monetary policy on Tuesday, in a widely expected move, with the bank preferring to wait for more evidence that wages and prices will rise enough to justify a shift away from its massive stimulus policy.
The central bank fixed short-term interest rates at -0.1% and 10-year government bond yields at 0%, and also maintained its pledge to enhance stimulus “without hesitation” if necessary.
The Japanese yen fell and Japanese stocks rose following the Central Bank of Japan’s decision to maintain its accommodative policy.
Moreover, there were no changes to the central bank’s accommodative guidance, dashing some traders’ hopes that the Japanese central bank would change its tone to signal a near end to negative interest rates.
Kazuo Ueda, Governor of the Bank of Japan, said that prices and wages appear to be moving in the right direction, with the labor union and major companies indicating the possibility of continuing to rise in wages next year, but he warned that uncertainty still mars the situation.
Ueda added that the possibility of inflation accelerating towards the target is gradually increasing, explaining that he still needs to ensure that the cycle of rising wages continues.
More than 80% of economists in a Archyde.com poll expected the Japanese Central Bank to end the negative interest rate policy next year, as some consider April to be the most appropriate time to end it, while others see a change in monetary policy in January.
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Nominations:
Global stocks fell amid anticipation of the Japanese central bank meeting
The European Central Bank holds interest rates and lowers its growth expectations
Goldman Sachs adjusts its expectations regarding the US interest rate cut
1702988876
#Japanese #central #bank #maintains #negative #interest #rates
2023-12-05 12:06:44
Noha Makram – Live – German 10-year government bond yields fell to their lowest levels in six months on Tuesday, while global stocks settled at their highest levels in four months as traders strengthened their bets on the European Central Bank cutting interest rates in early 2024 and maintained their expectations regarding the US Federal Reserve.
German 10-year bond yields fell by 7 basis points to 2.28%, which is their lowest level since June 2, following Isabel Schnabel, a member of the European Central Bank’s Board of Directors, told Archyde.com that the central bank may give up more… From raising interest following the sudden noticeable decline in inflation.
It is noteworthy that bond yields move inversely with their prices, and government bond prices declined in most developed markets during 2022 and at the beginning of this year with the rapid rise in interest rates.
Traders are almost fully anticipating the ECB to cut interest rates by 25 basis points during the March meeting, and by regarding 150 basis points by the end of 2024.
The euro declined and then recovered, then falling slightly in the latest trading to $1.0829.
Traders also expect US interest rates to be cut by 50 basis points by June. US 10-year bond yields fell by 5 basis points to 4.24%, erasing the previous day’s gain of 6 basis points.
Stock markets fell somewhat today, with the Morgan Stanley World Stock Index falling by 0.17% from its highest levels in four months, yesterday, Monday, when expectations of an interest rate cut boosted stock prices in the United States and Europe.
The Stoxx 600 index stabilized in Europe, while US stock futures on the S&P 500 index fell by 0.25%.
While the Morgan Stanley Index of Asian stocks other than Japan fell by 1.1%, with the Hong Kong Index representing the largest part of the decline, as it fell by 1.9%.
It is worth noting that the Hang Seng Index has fallen by more than 17% since the beginning of the year until now, while global stocks have risen by regarding 15%.
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Nominations:
US stocks fell at the close of trading on Monday
Eurozone inflation slips below expectations to 2.4%
Expectations of a continued slowdown in US inflation in 2024 and a division over interest cuts
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#Global #stocks #stabilize #euro #zone #revenues #decline