Business
U.S. relaxes Iran sanctions following talks; Lebanon violence eases
The United States on Monday suspended sanctions on Iran for 60 days after the first negotiations under a new peace pact, as officials reported a continued pause in fighting in Lebanon under the agreement to end hostilities across the region.
The developments came after a weekend that threatened to jeopardise the week-old pact, with U.S. President Donald Trump threatening to reignite the war if Iran impeded shipping through the Strait of Hormuz after Tehran declared the crucial waterway blocked. Traffic in the strait picked up Monday and oil prices began their drop.
U.S. Vice President JD Vance said meetings with Iranian officials in Switzerland had built a good basis for a final peace agreement, however Iran denied it had begun talks over its nuclear program.
U.S.-Israeli strikes on Iran and Israeli attacks in Lebanon have killed thousands and uprooted millions. The conflict with Iran has also roiled markets throughout the world and driven up global oil prices, which closed down 3 percent Monday after Vance said some progress had been made.
The two sides negotiated a plan for a permanent agreement within 60 days at discussions in the Qatari-owned Swiss alpine resort of Buergenstock, where they tried to expand on the temporary arrangement they reached last week, mediators Pakistan and Qatar said.
They also agreed on a mechanism to cease hostilities in Lebanon between US ally Israel and Iran-aligned Hezbollah and created a communications channel to help assure safe passage for commercial ships through the Strait of Hormuz to avert war in the crucial waterway.
In one of the first of numerous steps under the agreement, the U.S. Treasury announced a waiver until Aug. 21 on sanctions that allow Tehran to sell oil and related products and get paid for them, providing economic relief to Iran.
Vance upbeat on assessment
Vance, positive since the memorandum of understanding was signed, said Tehran has agreed to let in nuclear inspectors and to create systems for dealing with its frozen assets overseas and for managing cease-fires.We built a very excellent basis for a successful final deal,” he told reporters after participating in the talks.
But Iran’s Foreign Ministry spokesman Esmaeil Baghaei told the official IRNA news agency Iran had not yet discussed nuclear problems and made new pledges.
“Iran will agree to weapons inspections to ensure ‘nuclear honesty,’ ” Trump stated Monday on Truth Social.Later Trump told reporters, “If Iran doesn’t live up to their agreement, or if they’re not behaving, I will do what I have to do.
Iran has cut back on inspections by the International Atomic Energy Agency since the U.S. and Israel conducted an initial round of air strikes last year, then stopped them altogether when war broke out in February. It insists its nuclear program is for peaceful purposes.
Foreign Minister Abbas Araqchi stated on social media that Tehran had received waivers for oil and petrochemical exports, release of some of its blocked assets abroad and launching of a rehabilitation and development plan for Iran.
White House envoy Jared Kushner, Trump’s son-in-law, had worked out a procedure under which the U.S. and Qatar would oversee Iranian finances when they were unfrozen and the money could be used to buy U.S. corn, soy and wheat, Vance said.“So the money that we lift is going to go to our farmers,” Trump told reporters.
Iran’s Central Bank Governor Abdolnaser Hemmati claimed there was no such duty and stated at least some of the remaining frozen funds might be used to buy other non-sanctioned items, Iran’s Tasnim news agency reported.
Cease-fire
Technical conversations are scheduled to continue through the end of the week.
The interim peace accord calls for a halt to all hostilities, including Lebanon, which Israel invaded in March after Hezbollah fired across the border.
Israel has not signed the peace accord and has said it will not withdraw its troops from Lebanon but approved a new truce on Friday. Lebanese officials said the fighting had subsided since Saturday night but continued fiercely for another day.
Israel and Lebanon are scheduled to begin a fresh round of discussions in Washington on Tuesday, with Beirut eager to move forward with direct negotiations, even as they seem to be overshadowed by Iran’s intention to include Lebanon in its negotiations with the United States.
“The first two full days of quiet since the war started,” said Hassan Wazni, director of a hospital in the brutally battered city of Nabatieh.I’m taking it day by day and most of the time I’m sleeping at the hospital. “This is the longest ceasefire to hold,” he told Reuters over the phone.
More than a million Lebanese have been displaced by the war, some have begun to return home, but many are still afraid.
In the southern village of Qennarit, mourners carried the bodies of four women killed in the latest round of Israeli attacks on Saturday. The coffins were covered with yellow Hezbollah banners and the group’s green insignia of an arm holding an assault rifle.
Business
Saudi delegation eyes Karachi port investments as Pakistan expands maritime trade
A Saudi business delegation led by Prince Mansoor bin Mohammed Al Saud has expressed interest in investing in Karachi’s port infrastructure, logistics links and green initiatives, Pakistani authorities said Monday, as Islamabad seeks to expand maritime cooperation with its longtime Gulf ally.
The visit comes amid efforts by Pakistan and Saudi Arabia to expand economic partnership from traditional trade, remittances and financial support to investment-based cooperation in infrastructure, energy and other areas. Pakistan is also seeking to modernize its ports, improve connections with land transport networks and expand transshipment operations to strengthen its position in regional trade.
Prince Mansoor, Chairman of the Saudi Arabian Chapter of the Saudi-Pakistan Joint Business Council, led a high-level corporate delegation to Karachi Port Trust (KPT), Port Qasim and South Asia Pakistan Terminals Limited, where officials were briefed on investment opportunities and ongoing modernization projects.
The briefings focused on the proposed 140-acre Maritime Business District in Karachi and the development of Manora Shipyard.
“Prince Mansour expressed keen interest in KPT’s Maritime Business District, Green port initiatives, terminal infrastructure expansion and connectivity initiatives, recognizing their scope for mutually beneficial Saudi investment and joint ventures,” the KPT said in a statement. The Saudi-Pakistan Joint Business Council serves as a platform for companies and investors from both countries to identify commercial opportunities, develop partnerships and form joint ventures. Prince Mansour has led several delegations to Pakistan as the two governments seek to translate their long-standing political and defense ties into greater private sector investment. In June, KPT signed a memorandum of understanding with its Saudi Arabian and Pakistani partners to explore the development of a maritime business zone on MT Khan Road in Karachi.
The proposed development involves the Saudi Arabian Business Council – Najd Gateway Holding Company, Arif Habib Dolmen REIT Management Limited and a consortium of Pakistani companies and is intended to accommodate commercial and maritime businesses.
Business
Bullish momentum continues as PSX gains over 300 points
The Pakistan Stock Exchange (PSX) opened in positive territory on Wednesday with the benchmark KSE-100 gaining 309 points in early trade.
The index rose to 179,600 points, continuing the upward momentum in the market at the start of the third trading day of the business week.
The latest gains follow a strong performance in the previous session, when the stock market maintained its upward trend throughout trading.
At the close of Tuesday’s session, the KSE-100 Index had surged by 5,448 points to settle at 179,335 points.
Business
Pakistan, Saudi Arabia investors launch fund to boost trade, investment
A joint council of Saudi Arabian and Pakistani investors launched a private equity fund on Monday as part of the countries’ broader push to deepen two-way trade and private sector investment.
The Saudi-Pakistan Joint Business Council, formed by the governments of both countries, said the fund’s initial size is “multi hundred million”, which is expected to expand based on opportunities across sectors.
Three-fourths of the fund will be invested in Pakistan, while the rest will be invested in Saudi Arabian projects, the council said in a statement.
The launch of the fund comes at a time when Islamabad and Riyadh are deepening longstanding ties, especially in defense, amid few signs of a breakthrough in the months-long US-Iran conflict.
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