Italian navy ship arrives at Karachi port
ISLAMABAD: Italian Navy Ship ITS Antonio Marceglia arrived at Karachi Port on Tuesday for a three-day goodwill visit aimed at strengthening maritime cooperation between Italy and Pakistan. The ship was welcomed with a warm reception ceremony attended by senior officials of the Pakistan Navy.
The ambassador of Italy to Pakistan, alongside officials from the Italian consulate, also graced the occasion, underscoring the importance of the visit. During its stay, the crew of ITS Antonio Marceglia will engage in a series of professional exchanges with their Pakistani counterparts. Activities will include cross-ship visits, discussions on maritime security, and joint training sessions.
These engagements are focused on enhancing mutual understanding and operational interoperability between the two navies. The visit will conclude with a joint 'Sea Phase' featuring maritime warfare exercises, designed to boost tactical coordination and improve joint maritime security operations.
Copyright Business Recorder, 2025
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
2 hours ago
- Express Tribune
Foreign exchange reserves top $17b
The central bank said in its latest weekly update on Thursday that the country's foreign exchange reserves, held by the SBP, decreased $66 million to $8.15 billion in the week ended January 5, 2024 due to debt repayments. photo: file Listen to article Pakistan's total liquid foreign exchange reserves rose to $17.1 billion as of June 13, 2025, according to data released by the State Bank of Pakistan (SBP) on Thursday. During the week ended June 13, SBP-held reserves increased $46 million, reaching $11.7 billion. Meanwhile, net foreign reserves held by commercial banks stood at $5.3 billion. The increase in reserves is due to continued foreign inflows and central bank's purchases of dollars from local market. This has a dual impact on the economy. On the one hand, it provides cushion against upcoming external payment obligations and strengthens foreign currency reserves. On the other hand, it prevents the rupee from becoming stronger. In fact, the rupee has recently been on a downward trajectory, losing three rupees against the dollar in just one and a half month, reaching an 18-month low. Increasing imports and debt repayments are also the driving factors. This currency decline further erodes the already weak purchasing power of people. The State Bank reported net foreign exchange interventions of $223 million in February 2025, bringing cumulative purchases to $5.3 billion for the first eight months of FY25 (July 2024 to February 2025). On Thursday, the Pakistani rupee recorded a loss against the US dollar, slipping 0.03% in the inter-bank market. By the end of the session, the local currency stood at 283.64, down nine paisa compared to the previous day's close at 283.55. Meanwhile, gold prices in Pakistan declined on Thursday, mirroring a soft trend in the international market where bullion remained largely steady as escalating geopolitical tensions in the Middle East balanced the downward pressure from the US Federal Reserve's hawkish monetary outlook. Meanwhile, platinum prices slipped slightly after touching their highest level since September 2014. In the local market, the price of gold fell Rs460 per tola, settling at Rs358,595, according to data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA). Similarly, the price of 10 grams of gold decreased Rs394 to Rs307,437. Internationally, gold prices were little changed as heightened geopolitical tensions offset pressure from the Fed's hawkish stance. Spot gold was down 0.1% at $3,365.79 an ounce at 1340 GMT. US gold futures fell 0.7% to $3,382.80. Interactive Commodities Director Adnan Agar noted that gold prices were in a holding pattern as markets awaited clarity on the Israel-Iran conflict. "Gold is on pause because the geopolitical situation, especially regarding Israel and Iran, remains unresolved. By the weekend, we'll know whether the US will intervene or not," he said. Agar added that platinum had recently gained attention, hitting a 10-year high after lagging behind other precious metals for an extended period. "For a long time, platinum and silver were undervalued compared to gold, which recently reached record highs. Now, as gold pauses, investors are turning to platinum and silver, driving their prices up. Both metals reached multi-year highs just a few days ago," he elaborated.
Business Recorder
13 hours ago
- Business Recorder
Juventus extend Adidas partnership to 2037 in $468mn deal
ROME: Juventus have extended their technical partnership with German sportswear giant Adidas until June 2037, in a deal worth 408 million euros ($468 million) over a decade, the Serie A club said in a statement. The current agreement between the two parties, which runs until June 2027, will remain unchanged, the Italian club said. The new contract will then take effect from the 2027-2028 season and cover all Juventus teams until the end of the 2036-2037 season. 'This renewal fills us with pride and testifies to the synergy between these two great companies,' said Maurizio Scanavino, Juventus Chief Executive Officer. Juventus, famed for their black and white shirts, said the valuation for the new agreement does not include additional royalties for exceeding certain sales volumes or variable components linked to sporting results. 'We're delighted to extend our partnership with the most decorated club in Italian football for a further 10 years,' said Sam Handy, General Manager of Adidas Football. Juventus have won the Italian league title more than any other rival club. Juventus and Adidas joined forces from the 2015/2016 season. The German sportswear group has a long-term partnership in place with English Premier League club Manchester United which runs until 2035, and also works with other teams including Real Madrid and Bayern Munich. Juventus said last month that U.S. carmaker Jeep will pay 69 million euros to become its main shirt sponsor until June 2028.
Business Recorder
14 hours ago
- Business Recorder
Volatility at PSX, KSE-100 sheds nearly 500 points
A volatile session was observed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index swinging both ways, settling lower by nearly 500 points on Thursday. Trading at the bourse began on a positive note, with the benchmark KSE-100 Index hitting an intra-day high of 121,745.30. However, selling pressure propelled by rising regional tensions dragged the benchmark index to an intra-day low of 119,770.03. At close, the benchmark index settled at 120,002.59 level, a decrease of 463.34 points or 0.38%. In a key development, United States President Donald Trump on Wednesday said that he was 'honoured' to meet Field Marshal Syed Asim Munir for talks at the White House — also marking the first time a US president has hosted army chief at the White House unaccompanied by senior civilian officials. The lunch is being seen in Islamabad as a major diplomatic win, particularly because earlier this month, an Indian delegation met US Vice President JD Vance and Indian media depicted it as a diplomatic success, contrasting it with the apparent inability of the Pakistani delegation to secure a similar meeting. Moreover, the Federal Reserve held interest rates steady on Wednesday and policymakers signalled borrowing costs are still likely to fall this year, but slowed the overall pace of expected future rate cuts in the face of estimated higher inflation flowing from the Trump administration's tariff plans. On Wednesday, bearish sentiments prevailed at the PSX, with the benchmark KSE-100 Index settling at 120,465.93, amid a loss of 1,505.11 points. Internationally, stock markets in Asia edged lower on Thursday while safe havens such as gold and the Japanese yen gained as investors remained on edge over the possible entry of the United States into the week-old Israel-Iran air war. President Donald Trump kept the world guessing about whether the United States will join Israel's bombardment of Iranian nuclear sites, telling reporters outside the White House on Thursday, 'I may do it. I may not do it.' The Wall Street Journal said Trump had told senior aides he approved attack plans on Iran but was holding off on giving the final order to see if Tehran would abandon its nuclear programme. Japan's Nikkei sank 0.8%, with additional downward pressure stemming from a stronger yen, which reduces the value of overseas revenues for the country's heavyweight exporters. Taiwan's stock benchmark slid 0.9%, and Hong Kong's Hang Seng declined 0.8%. US S&P 500 futures pointed 0.4% lower, although most US markets - including Wall Street and the Treasury market - are closed on Thursday for a national holiday. Brent crude edged down to $76.32 per barrel, but remained not far from the 4-1/2-month peak of $78.50 reached on Friday. The yen gained 0.2% to 144.92 per dollar, while the US currency itself was also in demand as a haven, gaining 0.1% to $1.1472 per euro and 0.2% to $1.3398 versus sterling.
