News Archives for Business & Finance - 2024-10-01

Stocks

European shares close lower on growing fears of Iran attack on Israel

European shares reversed initial gains to close lower on Tuesday, as investors moved out of riskier assets amid...

Published 01 Oct, 2024 09:43pm

Stocks

Oil stocks support FTSE 100, midcaps tumble as Iran attack report spooks markets

The UK’s benchmark FTSE 100 rose on Tuesday, with gains primarily driven by the energy sector, as investors worried...

Published 01 Oct, 2024 09:40pm

Stocks

Wall St slides as Middle East tensions intensify; jobs data assessed

Wall Street’s main indexes slid on Tuesday as investors turned risk-averse following reports of geopolitical...

Published 01 Oct, 2024 08:16pm

Companies

Apple may need to turn to China after Indian Tata plant fire, sources say

BENGALURU: Extensive damage from a fire at Tata Group’s Apple iPhone component plant in southern India could hamper...

Published 01 Oct, 2024 07:48pm

E-Turbo Motors sees growth in Pakistan’s electric vehicle market

Sheikh Osama Nadeem, CEO of E-Turbo Motors, said his company is working to establish a foothold in Pakistan’s...

Published 01 Oct, 2024 07:26pm

Money & Banking

Deposit protection: guarantee amount doubled to Rs1mn from Rs500,000

The Deposit Protection Corporation (DPC) on Tuesday increased the guarantee amount for all eligible depositors of...

Published 01 Oct, 2024 06:54pm

Middle East

KLM halts all flights to Tel Aviv until the end of the year

AMSTERDAM: Dutch airline KLM has suspended all flights to Tel Aviv until the end of this year at least, the Dutch...

Published 01 Oct, 2024 06:13pm

Stocks

Indian shares end flat as IT offsets energy losses

Indian equities swung between mild gains and losses before ending little changed on Tuesday, as profit booking,...

Published 01 Oct, 2024 04:43pm

Stocks

Sri Lanka shares end higher as industrials, financials gain

CSE All-Share index settled 1.16% higher at 11,992.91

Published 01 Oct, 2024 04:41pm

Commodities

Copper and aluminium rebound in thin Chinese holiday trade

LONDON: Prices of copper and aluminium rose on Tuesday as economic stimulus measures by top metals consumer China...

Published 01 Oct, 2024 04:39pm

Commodities

Palm bounces back on Indonesia’s October reference price hike

KUALA LUMPUR: Malaysian palm oil futures ended higher on Tuesday, bouncing back after two consecutive sessions of...

Published 01 Oct, 2024 04:37pm

Commodities

Gold price per tola decreases Rs600 in Pakistan

Gold prices in Pakistan maintained a downward trajectory on Tuesday in line with their decrease in the international...

Updated 01 Oct, 2024 06:22pm

Business & Economy

Lowest reading since Jan 2021: inflation in Pakistan clocks in at 6.9% in September 2024

Reading also lower than market expectations that put figure in range of 7.5-8%

Updated 01 Oct, 2024 07:47pm

Forex

Russian rouble down vs US dollar after September weakness

MOSCOW: The Russian rouble weakened further against the US dollar and was flat against China’s yuan on Tuesday as...

Published 01 Oct, 2024 02:25pm

Stocks

European shares steady ahead of key regional inflation data

European shares were largely steady on Tuesday ahead of key inflation data for the region later in the day. The...

Published 01 Oct, 2024 02:24pm

Companies

Siddiqsons rolls back tin mill project owing to economic challenges, rising cost

Siddiqsons Tin Plate Limited (STPL) said on Tuesday that it has decided to roll back the Tin Mill Black Plate (TMBP)...

Updated 01 Oct, 2024 07:48pm

Energy

UAE oil giant ADNOC to buy German chemicals firm for 12bn euros

FRANKFURT: German chemicals group Covestro said Tuesday it had accepted a takeover bid from the United Arab Emirates...

Published 01 Oct, 2024 01:55pm

Stocks

London shares muted; luxury stocks slip

The UK’s benchmark FTSE 100 was little changed on Tuesday, as losses in luxury stocks offset gains in precious metal...

Published 01 Oct, 2024 01:44pm

Stocks

KSE-100 sees buying momentum over expectations of key policy rate cut

Buying momentum was seen at the Pakistan Stock Exchange (PSX) on Tuesday as the benchmark KSE-100 Index closed the...

Updated 01 Oct, 2024 09:45pm

Exchange

Rupee largely unchanged against US dollar

Currency settles at 277.69 against greenback in inter-bank market

Updated 01 Oct, 2024 06:31pm

Commodities

Palm up on Indonesia’s October reference price hike

KUALA LUMPUR: Malaysian palm oil futures rose on Tuesday after two consecutive sessions of declines as Indonesia’s...

Published 01 Oct, 2024 11:59am

Bullion Rate

Gold off record highs as Fed’s Powell signals smaller rate cuts

Gold prices were hovering below recent record peaks on Tuesday after the US Federal Reserve chair tempered...

Published 01 Oct, 2024 11:54am

Mutual Funds

JGB yields flat as market sees BOJ’s meeting summary as dovish

TOKYO: Yields on short maturity Japanese government bonds were flat on Tuesday as the market confirmed the Bank of...

Published 01 Oct, 2024 11:47am

Meta says it will expand production of mixed reality headsets in Vietnam

HANOI: Meta Platforms said on Tuesday it will expand investment in artificial intelligence innovation in Vietnam,...

Published 01 Oct, 2024 11:13am

Indonesian inflation at 1.84% in September, lowest rate since 2021

JAKARTA: Indonesian prices rose at their slowest rate in almost three years in September as the pace of food-price...

Published 01 Oct, 2024 11:02am

Companies

TRG Pakistan incurs loss of Rs30.8bn in FY24

TRG Pakistan Limited reported its financial results for the year ended 30th June 2024, with a loss after tax of...

Published 01 Oct, 2024 11:00am

Commodities

Thailand tenders for about 180,000 T feed wheat, traders say

HAMBURG: A group of importers in Thailand has issued an international tender to purchase an estimated 180,000 metric...

Published 01 Oct, 2024 10:59am

Forex

Australian dollar in demand as upbeat data lessens rate risks

SYDNEY: The Australian and New Zealand dollars hovered near multi-month highs on Tuesday as upbeat domestic data...

Published 01 Oct, 2024 10:49am

Stocks

Australian shares retreat as miners and banks fall

Australian shares fell on Tuesday after three straight sessions of gains, dragged by index heavyweights mining and...

Published 01 Oct, 2024 10:41am

Mutual Funds

India 10-year bond yield glued to 6.75% at start of fiscal second half

MUMBAI: Indian government bond yields were largely unchanged at the start of the second half of the fiscal year,...

Published 01 Oct, 2024 10:38am

Stocks

Indian shares open higher; IT stocks lead

BENGALURU: Indian shares opened higher on Tuesday, led by information technology stocks, while auto stocks rose as...

Published 01 Oct, 2024 10:23am

Companies

Qatar Airways buys into Virgin Australia, raising the stakes against Qantas

SYDNEY: Qatar Airways will buy a 25% stake in Virgin Australia from US private equity firm Bain Capital, posing a...

Published 01 Oct, 2024 10:21am

Stocks

Japan’s Nikkei rises, defence stocks shine as Ishiba set to become next PM

TOKYO: Japan’s Nikkei share average rose more than 1% on Tuesday, led by defence stocks as former defence minister...

Published 01 Oct, 2024 10:17am

Stocks

Asian stocks ease, dollar firms as traders ponder US rates

SINGAPORE: Asian stocks eased near two-and-half-year highs on Tuesday and the US dollar firmed following hawkish...

Published 01 Oct, 2024 10:15am

Forex

Dollar sturdy after Powell pushes back on aggressive easing bets

TOKYO: The US dollar firmed against its major peers on Tuesday after Federal Reserve Chair Jerome Powell pushed back...

Published 01 Oct, 2024 10:07am

Energy

Oil prices jump 4% on reports Iran preparing to attack Israel

Oil prices jumped about 4% on Tuesday following reports Iran was preparing to launch a missile attack on Israel....

Updated 01 Oct, 2024 09:36pm

Industry

Jawed Bilwani elected KCCI president

KARACHI: Muhammad Jawed Bilwani, Zia ul Arfeen and Faisal Khalil were elected as President, Senior Vice President ...

Published 01 Oct, 2024 07:44am

Industry

KATI office-bearers elected unopposed

KARACHI: Junaid Naqi, Ejaz Ahmed Sheikh and Syed Tariq Hussain has been elected unopposed as President, Senior Vice...

Published 01 Oct, 2024 07:43am

Industry

APTMA chief underscores need for reducing electricity tariffs, restoring RCET

LAHORE: Newly-elected Chairman All Pakistan Textile Mills Association (APTMA) Kamran Arshad has urged policymakers ...

Published 01 Oct, 2024 07:34am

Industry

FCCI formally launch ‘Cyberabad’ project

FAISALABAD: Faisalabad Chamber of Commerce & Industry (FCCI) has formally launched the much awaited...

Published 01 Oct, 2024 07:29am

Companies

High tax rates, spiraling costs forcing Pakistan’s major companies to pursue the layoff route

KARACHI: High tax rates and spiraling costs have compelled major listed corporations in Pakistan to reduce headcount...

Updated 01 Oct, 2024 02:00pm

Bids amounting to Rs351bn accepted: Govt conducts buyback auction of MTBs

KARACHI: In a historical move, the federal government conducted the buyback auction of Market Treasury Bills (MTBs)...

Updated 01 Oct, 2024 09:27am

All five int’l firms qualify for 5G spectrum auction

ISLAMABAD: All of the five international consultants qualified in technical bids for providing consultancy services...

Published 01 Oct, 2024 06:49am

Sri Lanka records first deflation in 29 years

COLOMBO: Cash-strapped Sri Lanka’s economy recorded falling consumer prices for the first time in 29 years,...

Published 01 Oct, 2024 06:49am

Fuel prices decline

ISLAMABAD: The federal government has announced a substantial reduction in petroleum prices effective from October...

Published 01 Oct, 2024 06:49am

Commodities

Non-Basmati white rice: Global rice prices drop after India allows exports

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

Published 01 Oct, 2024 06:49am

Unplanned use of agri land has to be regularised: minister

LAHORE: Punjab Local Government Minister Zeeshan Rafiq has said that unplanned commercial use of agricultural lands...

Published 01 Oct, 2024 06:49am

Tax return filing: UBG for one-month extension in deadline

KARACHI: The United Business Group (UBG) has appealed to the Federal Board of Revenue (FBR) to extend the income tax...

Published 01 Oct, 2024 06:49am

TMA raises concerns over govt plan to disconnect gas supply for CPPs

KARACHI: The Towel Manufacturers Association (TMA) has voiced serious concerns about the government's decision to ...

Published 01 Oct, 2024 06:49am

Companies

Standard Chartered Pakistan awarded Hoechst Pakistan’s cash management mandate

KARACHI: Standard Chartered Bank Pakistan and Hoechst Pakistan signed a Memorandum of Understanding (MoU) at the SC...

Updated 01 Oct, 2024 12:15pm

Privatization Commission Board to form Negotiating Committee for privatisation of institutions

ISLAMABAD: Privatization Commission Board under the chairmanship of Federal Minister for Privatization, Board of...

Published 01 Oct, 2024 06:49am

Industry

Newly elected SCCI chief spells out priorities

PESHAWAR: Newly elected president of the Sarhad Chamber of Commerce and Industry Fazal Muqeem Khan spelt out...

Published 01 Oct, 2024 06:49am

German CG praises transformative impact of Thar Coal project

LAHORE: The German Consul General Dr Rüdiger Lotz has said that the public-private partnership in Tharparkar is...

Published 01 Oct, 2024 06:49am

Taxes

FBR urged to extend last date of filing returns

KARACHI: President SITE Association of Industry Muhammad Kamran Arbi, Chief Coordinator Saleem Parekh, Senior Vice...

Published 01 Oct, 2024 06:49am

FBL partner with Mastercard and 1LINK to launch Shariah-compliant Co-Badged Debit Card

KARACHI: In a landmark move set to reshape the digital payments landscape in Pakistan, Faysal Bank Limited (FBL) has...

Published 01 Oct, 2024 06:49am

Money & Banking

Branchless banking: Banks enhance vigilance to combat scams of transactions

LAHORE: The banking sector has enhanced vigilance measures to combat banking scams through branchless banking...

Published 01 Oct, 2024 06:49am

Crucial moot in Moscow today to promote bilateral trade

ISLAMABAD: Pakistan and Russia are all set to hold Trade and Investment Forum on Tuesday (Oct 1) in Moscow aimed at...

Published 01 Oct, 2024 06:49am

Industry

Sheikh Umer Rehan elected PVMA chairman for 2024-26 term

ISLAMABAD: Sheikh Umer Rehan has been elected as new Chairman Pa-kistan Vanaspati Manufacturers Association (PVMA)...

Published 01 Oct, 2024 06:49am

GIS auction rescheduled to 14th

KARACHI: The GIS auction which was planned to be conducted on Thursday, October 03, 2024 at Pakistan Stock Exchange...

Published 01 Oct, 2024 06:49am

PALSP elects office-bearers for FY2024-26

ISLAMABAD: Pakistan Association of Large Steel Producers (PALSP) has elected Javaid Iqbal Malik as the new Chairman...

Published 01 Oct, 2024 06:49am

PTCL-Telenor acquisition: CCP holds first phase-II merger review hearing

ISLAMABAD: The Competition Commission of Pakistan (CCP) has held its first hearing for the Phase II Merger Review...

Published 01 Oct, 2024 06:49am

SBP reposes its confidence in digital payment infrastructure

KARACHI: The State Bank of Pakistan (SBP) recently reviewed the country’s digital payment infrastructure and...

Published 01 Oct, 2024 06:49am

Trade with Afghanistan: Jam vows to help resolve issues facing SCCI members

ISLAMABAD: Sarhad Chamber of Commerce and Industry (SCCI) has urged federal government to resolve transit and...

Published 01 Oct, 2024 06:49am

Industry

Junaid Makda elected PAJCCI president

KARACHI: Junaid Makda, Zia-ul-Haq Sarhadi and Pervez Lala have been elected as President, Senior Vice President and...

Published 01 Oct, 2024 06:49am

Customs uncovers over Rs35m tax evasion thru mis-declaration of soyabean products

KARACHI: The Collectorate of Customs, Appraisement (SAPT), Karachi has uncovered over Rs35 million tax evasion...

Published 01 Oct, 2024 06:49am

Money & Banking

Indian rupee logs best month since June

MUMBAI: The Indian rupee fell on Monday but posted its best month since June, boosted by strong risk appetite...

Published 01 Oct, 2024 06:49am

Money & Banking

Dollar mixed before heavy US data week

NEW YORK: The dollar gained against the yen but dipped against the euro on Monday as investors waited on several key...

Published 01 Oct, 2024 06:49am

Money & Banking

Malaysia ringgit gains most among Asian FX

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

Published 01 Oct, 2024 06:49am

Industry

LCCI chief, others take oath

LAHORE: The newly-elected President of Lahore Chamber of Commerce and Industry Mian Abu Zar Shad, Senior Vice...

Updated 01 Oct, 2024 07:30am

China’s factory, service sectors skid, emboldening stimulus calls

BEIJING: China’s factory activity shrank for a fifth straight month and the services sector slowed sharply in...

Updated 01 Oct, 2024 07:35am

Taxes

TY24: FBR extends deadline for filing tax returns till October 14

Decision taken on requests from trade bodies, tax bar associations, and general public, Federal Board of Revenue says

Updated 01 Oct, 2024 01:37am