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

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Business & Finance - 2024-10-10

Business & Economy

Pakistan, Saudi Arabia sign MoUs valuing $2.2bn in multiple sectors

PM Shehbaz vows agreements to be fully materialised without delay or red tape-ism

Published 10 Oct, 2024 11:08pm

Companies

Car sales surge by 24% YoY in September

Backlog deliveries and promotional discounts drive growth

Published 10 Oct, 2024 08:22pm

Forex

SBP-held foreign exchange reserves increase $106mn, now stand at $10.81bn

Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $106 million on a weekly basis,...

Updated 10 Oct, 2024 11:24pm

Stocks

KSE-100 closes marginally lower on late-session selling

The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index closed lower by 216 points or Thursday. The index swayed...

Updated 10 Oct, 2024 10:05pm

Stocks

Wall Street falls after inflation, jobless claims data

Wall Street opened lower on Thursday as hotter-than-expected September inflation data reinforced expectations of a...

Published 10 Oct, 2024 07:38pm

USA

Fed seen cutting rates gradually to 3.5% by mid-2025

Federal Reserve policymakers are seen as likely to deliver a quarter-percentage-point interest-rate cut next month...

Published 10 Oct, 2024 07:33pm

Companies

Unilever exits Russia with sale of all assets to local company

Unilever has sold its Russian business to Arnest Group, it said on Thursday, becoming the latest multinational...

Published 10 Oct, 2024 06:37pm

Stocks

Most Gulf bourses end subdued on regional tensions

Most stock markets in the Gulf closed in a subdued mood on Thursday against the backdrop of simmering geopolitical...

Published 10 Oct, 2024 06:30pm

Business & Economy

‘War on tax fraud’: Pakistan faces revenue gap of Rs3.4tr due to tax evasion & fraud, says finance ministry

Finance & Revenue Division cites FBR study pertaining to iron & steel, beverages, batteries, textile, and cement sectors

Updated 10 Oct, 2024 09:18pm

Stocks

Indian shares trim gains as IT weighs ahead of TCS earnings; US CPI awaited

Indian shares ended marginally higher on Thursday as a drop in information technology stocks weighed on gains in...

Published 10 Oct, 2024 04:55pm

Commodities

Gold price per tola decreases Rs500 in Pakistan

Gold prices in Pakistan decreased on Thursday in line with their decline in international rates. In the local...

Published 10 Oct, 2024 04:54pm

Commodities

Copper extends losses on firm dollar and China worries

LONDON: Copper prices dipped on Thursday, weighed down by a strong dollar and uncertainty over how much more...

Published 10 Oct, 2024 04:52pm

Commodities

Palm slides on profit-taking following bearish MPOB data

KUALA LUMPUR: Malaysian palm oil futures reversed early gains on Thursday as profit-taking weighed on the market...

Published 10 Oct, 2024 04:49pm

Commodities

Asia rice: Prices drop in top hubs as supply surges after Indian export relaxations

Rice prices across major Asian hubs declined to their lowest in more than a year this week, pressured by slow demand...

Published 10 Oct, 2024 04:44pm

Energy

HUBCO reaches ‘negotiated settlement’ with govt for early termination of power agreements

Hub Power Company Limited (HUBCO), Pakistan’s largest Independent Power Producer (IPP), has initialled a negotiated...

Updated 10 Oct, 2024 09:56pm

Business & Economy

World Bank projects Pakistan’s GDP growth at 2.8% in FY25

The World Bank expects economic activity in Pakistan to continue recovering with real GDP growth estimated at 2.8%...

Updated 10 Oct, 2024 09:55pm

Companies

Waqar Siddiqui to step down as Shell Pakistan CEO

Waqar I. Siddiqui has decided “to step down” from the position of Chief Executive Officer (CEO) of Shell Pakistan...

Published 10 Oct, 2024 03:30pm

Energy

Govt approves termination of existing Power Purchase Agreement with five IPPs

Details of agreement between Task Force and IPP owners were presented to the Cabinet, listing HUBCO, Lalpir Power Limited, Saba Power, Rousch Power, and Atlas Power among the IPPs whose current agreements will be terminated

Updated 10 Oct, 2024 09:20pm

Forex

Ugandan shilling unchanged on slim appetite

KAMPALA: The Ugandan shilling was flat on Thursday, with appetite for hard currency muted across both merchandise...

Published 10 Oct, 2024 03:11pm

Mutual Funds

Euro zone yields hit multi-week highs before US inflation data

German 10-year government bond yields hit fresh multi-week highs on Thursday as investors kept pricing in a patient...

Published 10 Oct, 2024 03:06pm

Stocks

FTSE 100 opens higher on GSK boost

The UK’s benchmark FTSE 100 opened higher on Thursday, led by gains in GSK following the settlement of lawsuits in...

Published 10 Oct, 2024 02:11pm

Stocks

European stocks edge up ahead of US inflation data, GSK jumps

European stocks inched higher on Thursday, tracking Asian peers on hopes of more stimulus in China, while investors...

Published 10 Oct, 2024 02:09pm

Mutual Funds

JGB yields rise amid caution for US inflation data

TOKYO: Japanese government bond yields rose on Thursday, tracking US Treasury yields higher, as the market braced...

Published 10 Oct, 2024 01:40pm

Stocks

Major Gulf markets mixed amid regional tensions

Major stock markets in the Gulf were mixed in early trade on Thursday in the backdrop of simmering geopolitical...

Published 10 Oct, 2024 01:38pm

Forex

Sterling hovers near one-month low ahead of US inflation print

LONDON: The pound was flat on Thursday, hovering near its lowest level against the dollar in a month, as traders...

Published 10 Oct, 2024 01:37pm

Business & Economy

Saudi Arabia, Pakistan to sign Barrick deal in few weeks, says Al Faleh

Eager to start number of mining initiatives but hope to close Reko Diq project with Pakistan's SOEs and Barrick Gold in the coming weeks, says Saudi Arabia Minister for Investment

Updated 10 Oct, 2024 11:59pm

Telekom forecasts revenue growth of up to 6% per year to 2027

DUESSELDORF: Deutsche Telekom said on Thursday that it expects the group’s net revenue to grow by around 4 to 6% per...

Published 10 Oct, 2024 12:39pm

Commodities

Vietnam 2024 rice exports seen above 7.6mn tons, food association chairman says

HANOI: Vietnam’s rice exports this year are expected to be higher than 7.6 million metric tons, Vietnam Food...

Published 10 Oct, 2024 12:34pm

Commodities

Turkiye to allow 1mn tons of corn imports at 5% tariff to end of year

ANKARA: Turkiye will allow imports of 1 million metric tons of corn at a tariff rate of 5% until the end of the...

Published 10 Oct, 2024 12:31pm

Romania’s Jan-Aug foreign trade deficit up at 20.92bn euros

Romania’s foreign trade deficit widened by 14.6% on the year to 20.919 billion euros ($22.88 billion) in...

Published 10 Oct, 2024 12:28pm

World Bank raises South Asia growth forecast to 6.4% on India demand

NEW DELHI: The World Bank raised its growth forecast for South Asia to 6.4% in 2024 from an earlier estimate of...

Published 10 Oct, 2024 12:26pm

Forex

Indian rupee flat, forward premiums under pressure as US bond yields rise

MUMBAI: The Indian rupee was flat on Thursday while dollar-rupee far forward premiums dipped to a one-month low hurt...

Published 10 Oct, 2024 12:22pm

HSBC mulls up to $300mn cost-cutting plan, targeting senior roles, says FT

HSBC CEO Georges Elhedery is weighing cost-cutting measures that could save up to $300 million, targeting its senior...

Published 10 Oct, 2024 12:21pm

Forex

China’s yuan inches higher as PBOC support offsets dollar strength

SHANGHAI: China’s yuan inched higher against the dollar on Thursday, as the central bank’s latest move to prop up...

Published 10 Oct, 2024 12:19pm

Commodities

Malaysia’s palm oil stocks hit 8-month high as consumption slows

KUALA LUMPUR: Malaysia’s palm oil stocks rose more than expected in September to hit an eight-month high, as a sharp...

Published 10 Oct, 2024 11:58am

Stocks

Miners lift Aussie shares as China optimism resumes

Australian shares ended higher for the second straight session on Thursday, with heavyweight miners leading the...

Published 10 Oct, 2024 11:57am

Stocks

GSK shares seen opening higher after settlement of 80,000 Zantac lawsuits

Shares of GSK are seen rising 5% according to pre-market indications on Thursday after the British drugmaker agreed...

Published 10 Oct, 2024 11:56am

Mutual Funds

German 10-year yields hit fresh one-month high after Fed minutes, before data

German 10-year yields hit a fresh one-month high on Thursday, tracking moves in US Treasuries after the Federal...

Published 10 Oct, 2024 11:54am

Energy

Lalpir Power seeks shareholder approval for early termination of key govt agreements

The Board of Directors (BoD) of Lalpir Power Limited will place the proposed terms for early termination of...

Published 10 Oct, 2024 11:49am

Currency

Rupee marginally weakens against US dollar

Currency settles at 277.79 against the greenback in inter-bank market

Updated 10 Oct, 2024 08:33pm

Stocks

Hong Kong stocks rally more than 3% in morning

HONG KONG: Hong Kong and Shanghai stocks rallied Thursday as traders welcomed a Chinese central bank move to provide...

Published 10 Oct, 2024 11:22am

Bullion Rate

Gold prices flat ahead of US inflation print

Gold prices were little changed on Thursday, while traders await a key US inflation print due later in the day to...

Published 10 Oct, 2024 10:35am

Commodities

Wheat climbs to one-week high as dryness hits crops

SINGAPORE: Chicago wheat rose for a fourth consecutive session on Thursday to its highest in one week, as worries of...

Published 10 Oct, 2024 10:32am

China kicks off 500bn yuan swap facility to aid stock market

HONG KONG/SHANGHAI: China’s central bank said on Thursday it would start accepting applications from financial...

Published 10 Oct, 2024 10:22am

Stocks

Japan’s Nikkei tracks Wall Street strength

TOKYO: Japan’s Nikkei share average rose on Thursday, tracking Wall Street’s overnight strong finish, although it...

Published 10 Oct, 2024 10:18am

Stocks

Indian shares open higher on expectations of further US rate cuts

Indian shares opened higher on Thursday, tracking Asian peers, after minutes from the Federal Reserve’s latest...

Published 10 Oct, 2024 10:14am

Mutual Funds

Indian bond yields may inch higher tracking US peers

MUMBAI: Indian government bond yields are expected to move marginally higher in early trading on Thursday, tracking...

Published 10 Oct, 2024 10:12am

Commodities

London copper rebounds as market awaits China stimulus cues

Copper prices rose in London on Thursday, rebounding from a two-week low hit in the previous session, as traders and...

Published 10 Oct, 2024 10:09am

Stocks

Chinese stocks climb; dollar steady before US inflation test

SINGAPORE: Asian stocks got a lift on Thursday from Chinese stocks as China’s central bank kicked off its 500...

Published 10 Oct, 2024 10:07am

Forex

Dollar hovers near two-month peak as Fed easing bets ebb before inflation data

TOKYO: The US dollar traded near a two-month peak against major peers on Thursday as markets grew more confident...

Published 10 Oct, 2024 10:03am

Energy

Oil prices climb 2% on US storm and Israel-Iran fears

NEW YORK: Oil prices climbed about 2% on Thursday on a spike in U.S. fuel use before Hurricane Milton barrelled...

Updated 10 Oct, 2024 09:59pm

Ginners’ body, PPMA discuss issues with minister

ISLAMABAD: Federal Minister for Commerce, Jam Kamal Khan has held discussions with Pakistan Ginners Association and...

Updated 10 Oct, 2024 09:15am

IT exporters eye Singapore market

KARACHI: Pakistani IT companies exporting IT and IT-enabled services are exploring their potential in Singapore’s...