Connect with us

Business

Construction of Sar-e-Pul and Uruzgan dams to start soon

Published

on

Two new major dams will be built in the near future after the Islamic Emirate’s economic commission on Saturday approved contracts for the projects.

At a regular meeting of the commission, at Marmarin Palace, which was chaired by the Deputy Prime Minister for Economic Affairs Mullah Abdul Ghani Baradar Akhund, the contracts for the construction of Sultan Ibrahim Dam in Sar-e-Pul province and the Agha Jan Dam in Chinarto district of Uruzgan were signed with the National Development Corporation.

According to the deputy prime minister’s office, the projects are scheduled to commence in the near future.

A decision was also taken at the meeting to stop the transloading of petroleum products at the Farah, Herat and Nimroz ports. Going forward, the transportation of such products will only be imported into Afghanistan in one vehicle - from source to destination.

It has been common practice for more than one tanker to be used - where fuel is transferred from one vehicle to another at border posts before entering the country.

Based on the Economic Commission's decision, Afghan fuel tankers will also in future be authorized to transport fuel and oil into Afghanistan.

In addition, the Ministry of Justice and the Department of Revenue of the Ministry of Finance presented a plan focused on increasing revenue and implementing effective management practices. The plan entails revitalizing existing sources of income for the Ministry of Justice and exploring 14 new revenue streams within its framework.

This comprehensive strategy is expected to significantly boost the annual income of the Ministry of Justice.

Business

Gold holds near record peak as trade jitters buoy safe-haven demand

Published

on

Gold prices eased on Thursday as the dollar regained some ground, although concerns over the U.S.-China trade war kept the safe-haven bullion close to a record high level hit in the previous session.

Spot gold was 0.4% lower at $2,854.39 per ounce by 0802 GMT, after hitting an all-time peak of $2,882.16 in the previous session, Reuters reported.

U.S. gold futures shed 0.6% to $2,875.

The dollar index , which measures the greenback against six major rivals, was up 0.2%.

"Investors are trying not to miss this rally as they place their position because they are happy with the returns. That's the reason why it's (gold) hitting successive highs," said Soni Kumari, a commodity strategist at ANZ.

"Bullion could hit the $3,000 level soon ... However, what could make the market consolidate will be some clarity on trade ties or easing trade tensions."

On Wednesday, China filed a World Trade Organization complaint against U.S. President Donald Trump's new 10% tariff on Chinese imports.

A trade war between the world's two largest economies could weigh on global growth and drive up inflation, benefiting the bullion further as it is considered a safe investment during economic and geopolitical turmoil.

"The gold bull market looks set to continue under Trump 2.0 with trade wars and geopolitical tensions reinforcing the reserve diversification/de-dollarization trend and supporting EM official sector gold demand," Citi said in a note.

"Global growth concerns are also set to raise ETF and over-the-counter investment demand."

U.S. Federal Reserve officials also pointed to the large policy uncertainty around tariffs and issues arising from the early days of Trump's administration as among the top challenges in figuring out where to take the monetary policy in the months ahead.

Market focus is now on U.S. weekly jobless claims data, due at 1330 GMT, and the non-farm payrolls report on Friday, which could offer insights into the economy's overall strength.

Spot silver dropped 1.3% to $31.91 per ounce, and palladium fell 0.4% to $985.48. Platinum gained 0.2% to $981.74.

Continue Reading

Business

US spending of $3.71 billion has had no impact on Afghanistan’s economy: Ministry

Published

on

The Ministry of Economy in a statement on Saturday responding to a report by the Office of the Special Inspector General for Afghanistan Reconstruction (SIGAR), said the $3.71 billion mentioned by the agency was allocated to international institutions, a large portion of which was used for their own expenses, and the rest designated as humanitarian aid.

SIGAR’s report stated that the US has spent $3.71 billion in Afghanistan over the past three years, but it has had little significant impact on the country’s economic situation.

According to the statement, the Ministry of Economy has urged the international community and countries to release over $9 billion of Afghanistan's foreign reserves, which have been frozen, to the Da Afghanistan Bank (DAB).

The statement stated this would allow the funds to be used for maintaining monetary stability, strengthening the financial system, facilitating trade with the world, and ensuring Afghanistan’s economic stability.

Continue Reading

Business

Industry ministry to establish ‘unified union’ for pine nut sector

Published

on

The Ministry of Industry and Commerce (MoIC) said in a statement on Saturday that a unified union will be established for the pine nut sector to support its development and eliminate unhealthy competition among its members.

According to the statement, acting Minister of Industry and Commerce Nooruddin Azizi met with pine nut traders during a meeting to support and address the challenges faced by the pine nut sector.

In the meeting, discussions focused on the establishment of pine nut processing factories, export issues, supporting sector members, and creating a pine nut market within the country.

Traders also stated that currently, Afghan pine nuts are exported to China, India, and European countries.

Continue Reading
Advertisement
Advertisement
Advertisement
Advertisement

Trending

Copyright © 2024 Ariana News. All rights reserved!