News Archives for Business & Finance - 2024-09-30

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Business & Finance - 2024-09-30

Govt reduces petrol price by Rs2.07, HSD’s by Rs3.40 per litre

New prices come into effect from October 1, 2024

Updated 30 Sep, 2024 11:15pm

Industry

Yousaf Hussain elected as OICCI president for 2024-2026

Yousuf Hussain, president and CEO of Faysal Bank Limited (FBL), has been elected as the president of the Overseas...

Updated 30 Sep, 2024 09:03pm

Stocks

Most Gulf markets end lower on rising tensions in the region

Most stock markets in the Gulf ended lower on Monday as geopolitical tensions in the region simmered, with the Saudi...

Published 30 Sep, 2024 06:54pm

Stocks

Sri Lanka shares end higher as all sectors but energy gain

CSE All Share index settled up 0.69% at 11,855.05

Published 30 Sep, 2024 06:49pm

Companies

Google to invest $1 billion in Thai data centre, cloud infrastructure

BANGKOK: Alphabet Inc’s Google said on Monday it would invest $1 billion in Thailand to build a data centre and...

Published 30 Sep, 2024 05:57pm

Companies

Looking to revolutionise higher education in Pakistan with SAP ERP: HEC, TMC collaborate for digital transformation

TMC Pvt Ltd, the nation’s leading SAP partner, has been selected to lead the Higher Education Commission (HEC) of...

Published 30 Sep, 2024 05:50pm

Companies

Pakistan’s HUBCO plans to enter lithium mining, battery manufacturing

Hub Power Company Limited (HUBCO), Pakistan’s largest Independent Power Producer (IPP), has announced plans to enter...

Updated 30 Sep, 2024 10:53pm

Stocks

Indian shares dip as traders sell on profit; focus shifts to China

BENGALURU: Indian shares posted their sharpest drop in two months on Monday as investors locked in profits,...

Published 30 Sep, 2024 05:19pm

South Asia

Cash-strapped Sri Lanka records first deflation in 39 years

COLOMBO: Cash-strapped Sri Lanka’s economy recorded falling consumer prices for the first time in 39 years, official...

Updated 30 Sep, 2024 06:16pm

Commodities

China stimulus sets copper on track for biggest monthly gain since April

LONDON: Copper prices in London were on track for their biggest monthly gain since April on Monday as a series of...

Published 30 Sep, 2024 05:05pm

Commodities

Palm falls for 2nd session on stronger ringgit but logs monthly gain

KUALA LUMPUR: Malaysian palm oil futures ended the month with overall gains, but declined on Monday, marking the...

Published 30 Sep, 2024 05:02pm

Commodities

Global rice prices drop after India allows white rice exports

MUMBAI/HANOI: Global rice prices fell on Monday after India, the world’s No.1 exporter of the grain, gave the...

Published 30 Sep, 2024 05:00pm

Companies

Kohinoor Power, Saritow Spinning cancel proposed amalgamation citing economic challenges

Kohinoor Power Company Limited (KOHP) on Monday announced that it is no longer pursuing a merger with Saritow...

Updated 30 Sep, 2024 08:53pm

Business & Economy

Pakistan’s GDP grows 3.07% in April-June, 2.52% in FY24

National Accounts Committee says growth in agriculture, industry and services stands at 6.76%, -3.59% and 3.69%, respectively, in fourth quarter of 2023-24

Updated 30 Sep, 2024 10:53pm

Commodities

Gold price per tola decreases Rs500 in Pakistan

Gold prices in Pakistan declined further on Monday in line with their decrease in international rates. In the local...

Published 30 Sep, 2024 02:28pm

Stocks

European shares fall at start of data-intensive week

European shares opened lower on Monday as investors prepared for a week packed with a slew of economic data from the...

Published 30 Sep, 2024 01:06pm

Stocks

London stocks start week lower; Aston Martin tumbles

The UK shares started the week on a lower note, as gains in commodity stocks were offset by a sell-off in Aston...

Published 30 Sep, 2024 01:04pm

World Bank approves $1.57 billion loan for Nigeria

LAGOS: The World Bank has approved a $1.57 billion financing package for Nigeria under a new programme to support...

Published 30 Sep, 2024 01:02pm

Forex

Australia, NZ dollars resume charge as commodities jump, yen slips

SYDNEY: The Australian and New Zealand dollars resumed their charge toward their multi-month highs on Monday as news...

Published 30 Sep, 2024 12:17pm

Commodities

Palm slips, dragged down by rival edible oils, strong ringgit

KUALA LUMPUR: Malaysian palm oil futures fell on Monday, dragged down by weakness in rival edible oils and...

Published 30 Sep, 2024 12:14pm

BYD recalling 97,000 top-selling EVs on steering component fault, regulator says

SHANGHAI: BYD has informed the Chinese regulator it is recalling nearly 97,000 electric vehicles (EVs) for a...

Published 30 Sep, 2024 12:13pm

Stocks

KSE-100 closes marginally lower as late-session buying trims losses

Benchmark index settles at 81,114.20, down by 177.93 points or 0.22%

Updated 30 Sep, 2024 10:00pm

Commodities

Wheat, corn and soybeans slip ahead of US stockpiles data

CANBERRA: Chicago wheat, soybean and corn futures fell on Monday as traders awaited US Department of Agriculture...

Published 30 Sep, 2024 12:11pm

New Swiss central bank chief takes charge in shadow of Credit Suisse trauma

ZURICH: As the Swiss National Bank’s new chairman Martin Schlegel takes office this week, the jury is out on the...

Published 30 Sep, 2024 12:07pm

Forex

China’s yuan poised for best quarter since 2020; state banks try to slow gains

SHANGHAI: China’s yuan eased slightly against the dollar on Monday but looked set to post its biggest quarterly...

Published 30 Sep, 2024 12:02pm

Stocks

China stocks set for best month in nearly a decade on stimulus cheer

SHANGHAI/SINGAPORE: Chinese stocks extended a blistering rally on Monday with those in the mainland headed for their...

Published 30 Sep, 2024 11:38am

Commodities

India halves export duty on parboiled rice to boost shipments

MUMBAI: India on Friday reduced export duty on parboiled rice to 10% from 20% earlier, the government said in a...

Published 30 Sep, 2024 11:34am

Commodities

China stimulus propels London copper, zinc to around 4-month highs

London copper and zinc prices hit their highest in around four months on Monday on demand prospects after a series...

Published 30 Sep, 2024 11:30am

ByteDance plans new AI model trained with Huawei chips, sources say

TikTok’s Chinese parent ByteDance plans to develop an AI model trained primarily with chips from compatriot Huawei...

Published 30 Sep, 2024 11:28am

Forex

Malaysia ringgit gains most among Asian FX, Chinese stocks soar

Malaysia’s ringgit climbed on Monday against the dollar to hit its highest in more than three years as additional...

Published 30 Sep, 2024 11:20am

Bullion Rate

Gold pulls back but dovish Fed sets it for best quarter since 2016

Gold prices eased on Monday but hovered near the record peak hit last week, setting bullion on track for its best...

Published 30 Sep, 2024 10:54am

Stocks

Australian shares hit record high as mining and energy stocks gain

Australian shares rose to an all-time-high on Monday, as miners extended gains on fresh stimulus measures announced...

Published 30 Sep, 2024 10:50am

Exchange

Rupee largely stable against US dollar

Currency settles at 277.71 against the greenback in inter-bank market

Updated 30 Sep, 2024 10:39pm

Mutual Funds

India bond yields seen easing tracking US peers, quarter-end demand to aid

MUMBAI: Indian government bonds are likely to recover marginally on Monday, and yields may dip in opening trades...

Published 30 Sep, 2024 10:33am

Forex

Indian rupee supported by buoyant Asia FX, importer dollar bids to cap gains

MUMBAI: The Indian rupee is expected to open nearly unchanged on Monday and trade with a slightly positive bias on...

Published 30 Sep, 2024 10:31am

Stocks

Indian shares seen opening marginally higher

BENGALURU: Indian shares are set to open marginally higher on Monday amid mixed cues from their regional peers,...

Published 30 Sep, 2024 10:29am

Stocks

Asia shares dragged by Nikkei, China keeps rallying

SYDNEY: Asia share markets turned hesitant on Monday as strife in the Middle East offset more stimulus measures in...

Published 30 Sep, 2024 10:13am

Forex

Yen steadies, dollar slips as China reaches for stimulus

SINGAPORE: A surging yen steadied on Monday as Japan’s incoming prime minister signalled monetary policy should...

Published 30 Sep, 2024 10:08am

Energy

Oil prices rise on Middle East conflict, but set for monthly loss

NEW YORK/LONDON: Oil prices rose on Monday on fears of a widening conflict in the Middle East curtailing Iranian...

Updated 30 Sep, 2024 09:46pm

REAP chairman hails removal of Minimum Export Price cap

KARACHI: With the removal of the Minimum Export Price (MEP), Pakistani rice traders can now export without price...

Updated 30 Sep, 2024 09:27am

Europe

France’s debt weighs heavier ahead of budget debate

PARIS: France’s vast public debt pile grew in the second quarter, official figures showed, as Prime Minister ...