News Archives for Business & Finance - 2024-10-29

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Business & Finance - 2024-10-29

Companies

Aramco launches its first fuel station in Pakistan

Unveils facility in Lahore

Updated 29 Oct, 2024 11:49pm

Stocks

Sri Lankan shares end higher led by IT, energy stocks

CSE All-Share index settled 1.1% higher at 12,745.6 points

Published 29 Oct, 2024 08:41pm

Stocks

Most Gulf markets gain on earnings; geopolitics weigh

Most stock markets in the Gulf ended higher on Tuesday as a slew of corporate earnings lifted investor sentiment,...

Published 29 Oct, 2024 07:23pm

Companies

NLC stall at TEXPO attracts large number of visitors

The stall set up by National Logistics Corporation (NLC) in the fifth edition of Textile Exhibition (TEXPO)...

Published 29 Oct, 2024 05:53pm

Companies

TMC and Attock Cement partner to drive operational efficiency with SAP

KARACHI: TMC (TallyMarks Consulting), a leading SAP implementation provider in Pakistan, has entered into a...

Published 29 Oct, 2024 05:45pm

Middle East

Dubai approves 2025-27 budget with $74bn in expenditures, ruler says

DUBAI: Dubai approved a 2025-2027 budget on Tuesday with 272 billion dirham ($74.06 billion) of expenditure, the...

Updated 29 Oct, 2024 07:34pm

Business & Economy

Climate and disaster resilience: ADB approves $500mn loan to support Pakistan

Lender also approves technical assistance grant of $1mn to support implementation

Updated 29 Oct, 2024 10:28pm

Middle East

Saudi Arabia says 540 companies have chosen kingdom for regional headquarters

RIYADH: Saudi Arabia’s investment minister said on Tuesday the number of companies in the kingdom with a regional...

Published 29 Oct, 2024 04:54pm

Companies

McDonald’s global sales fall more than expected on muted demand

McDonald’s on Tuesday posted a steeper-than-expected drop in quarterly global comparable sales, hurt by weaker...

Published 29 Oct, 2024 04:41pm

Stocks

Banks steer Indian shares’ U-turn after pressure from dull earnings, foreign outflows

Indian shares ended higher on Tuesday, as gains in banking stocks helped the indexes reverse course in the final...

Published 29 Oct, 2024 04:38pm

Commodities

Copper rebounds on revived hope for large fiscal stimulus in China

LONDON: Copper prices bounced on Tuesday after a Reuters report gave investors renewed hope that top metals consumer...

Published 29 Oct, 2024 04:35pm

Commodities

Palm jumps over 2% on low inventory, expectations of weak output

KUALA LUMPUR: Malaysian palm oil futures rose more than 2% on Tuesday, after two sessions of decline, lifted by...

Published 29 Oct, 2024 04:33pm

Stocks

London’s FTSE 100 gains as HBSC jumps on $3 bln buyback plans

The UK’s benchmark FTSE 100 stock index rose on Tuesday, led by heavyweight financials, after HSBC third-quarter...

Published 29 Oct, 2024 03:54pm

Cotton & Textile

Pakistan’s textile exporter slashes production amid cotton shortage, rising costs

In a concerning development for Pakistan’s critical textile sector, Ghazi Fabrics International Limited, a prominent...

Updated 29 Oct, 2024 06:34pm

Mutual Funds

JGB yields little changed as market weighs uncertain outlook

TOKYO: Japanese government bond (JGB) yields were mostly unchanged on Tuesday, as the market awaited the Bank of...

Published 29 Oct, 2024 03:03pm

Financial, technology leaders attend Saudi investment conference

RIYADH/LONDON: Prominent leaders from the business, technology and financial world turned out to address a key...

Published 29 Oct, 2024 03:02pm

Adidas reports strongest China sales since early 2022

Adidas saw strong underlying growth in Greater China in the third quarter, while sales in North America excluding...

Published 29 Oct, 2024 02:57pm

Forex

South African rand edges higher as investors await mid-term budget

JOHANNESBURG: South Africa’s rand edged higher in early trade on Tuesday, as investors held off from placing big...

Published 29 Oct, 2024 02:56pm

India’s top carmaker Maruti Suzuki Q2 profit falls

India’s top carmaker Maruti Suzuki reported a drop in quarterly profit on Tuesday, weighed down by a double whammy...

Published 29 Oct, 2024 02:54pm

Forex

Sterling steady ahead of UK budget, set for first monthly fall since Sept 2023

LONDON: The pound held steady on Tuesday, while sterling options rose to their highest since the start of the month,...

Published 29 Oct, 2024 02:48pm

South Asia

India’s Adani Ports maintains FY25 core profit outlook after Q2 profit miss

India’s Adani Ports and Special Economic Zone said it is “well positioned” to hit the upper end of its core profit...

Published 29 Oct, 2024 02:47pm

Energy

BP profit slumps to near four-year low as oil demand sags

LONDON: BP on Tuesday reported a 30% drop in third quarter profit to $2.3 billion, the lowest in almost four years,...

Published 29 Oct, 2024 02:45pm

Bullion Rate

Gold price per tola increases Rs1,600 in Pakistan

After decreasing in the previous session, gold prices in Pakistan jumped on Tuesday in line with their increase in...

Updated 29 Oct, 2024 04:45pm

Companies

PPL’s quarterly profit drops 24% amid lower sales, rising costs

Pakistan Petroleum Limited (PPL) saw its profit-after-tax (PAT) drop nearly 24% to clock in at Rs22.69 billion for...

Updated 29 Oct, 2024 01:23pm

Stocks

Banks, miners lead gains in Australian shares; inflation data awaited

Australian shares climbed for a third straight session on Tuesday, led by banks and miners and tracking US peers...

Published 29 Oct, 2024 12:36pm

Novartis lifts 2024 guidance for third time on wider use of its drugs

FRANKFURT: Swiss drugmaker Novartis raised its 2024 earnings guidance for the third time on Tuesday, driven by wider...

Published 29 Oct, 2024 12:34pm

Energy

Russia’s gas output up 8.9% to 516.6 bcm in Jan-Sept, Kommersant says

MOSCOW: Russia’s natural gas production in January-September rose 8.9% from a year earlier to 516.6 billion cubic...

Published 29 Oct, 2024 12:33pm

Commodities

Indonesia considers importing 1mn tons of rice from India next year, minister says

JAKARTA: Indonesia is looking into options for importing 1 million tons of rice from India next year, coordinating...

Published 29 Oct, 2024 12:31pm

Stocks

Stock rally continues at PSX as KSE-100 settles at new all-time high of 90,864

Expectations of cut in key policy rate along with corporate results' announcements drive positive sentiment

Updated 29 Oct, 2024 10:38pm

Forex

South Korean won stands tall in tepid Asian FX, stocks mixed

The South Korean won stood tall on Tuesday as the major gainer among emerging Asian currencies struggling for...

Published 29 Oct, 2024 11:32am

Boeing to raise up to $24.3bn to shore up finances, stave off downgrade

Boeing launched a stock offering that could raise up to $24.3 billion as the planemaker looks to strengthen its...

Published 29 Oct, 2024 11:29am

Thailand inflation is too low, official says

BANGKOK: Thailand’s inflation is too low and the inflation target should be higher, Deputy Finance Minster Paopoom...

Published 29 Oct, 2024 11:25am

Lufthansa reports 9% decline in Q3 profit as core brand struggles

BERLIN: German airline group Lufthansa on Tuesday reported a year-on-year fall in its operating profit in the third...

Published 29 Oct, 2024 11:23am

Stocks

South Korean shares inch lower as battery makers drop

The benchmark KOSPI was down 6.68 points

Published 29 Oct, 2024 10:54am

Forex

Australian dollar undermined by rising US yields ahead of inflation test

SYDNEY: The Australian dollar hit new 2-1/2-month lows on Tuesday as the relentless rise in US yields elevated the...

Published 29 Oct, 2024 10:51am

Stocks

China and HK stocks open up, markets await details of stimulus steps

SHANGHAI: China and Hong Kong stocks rose at the open on Tuesday, as investors await details of stimulus measures...

Published 29 Oct, 2024 10:48am

Toyota, NTT to make $3.3bn R&D investment for AI self-driving, Nikkei reports

Toyota Motor and Japan’s Nippon Telegraph and Telephone (NTT) will invest 500 billion yen ($3.26 billion) in...

Published 29 Oct, 2024 10:46am

Commodities

Soybeans edge higher, but harvest pressure caps gains

SINGAPORE: Chicago soybean futures rose for the first time in four sessions on Tuesday, with bargain-buying...

Published 29 Oct, 2024 10:43am

Bullion Rate

Gold prices hover near record peak on US election jitters

Gold prices lingered near record highs on Tuesday, supported by uncertainty surrounding the upcoming US presidential...

Published 29 Oct, 2024 10:18am

Commodities

Palm rises, tracking rival oils and firmer crude oil

KUALA LUMPUR: Malaysian palm oil futures inched higher on Tuesday, tracking the strength in Dalian palm and Chicago...

Published 29 Oct, 2024 10:15am

Currency

Rupee records marginal decline against US dollar

Currency settles at 277.74 against the greenback in inter-bank market

Updated 29 Oct, 2024 10:30pm

Forex

China’s yuan falls to 2-month low as dollar gains on US election bets

SHANGHAI: China’s yuan on Tuesday eased to a two-month low against the dollar, which is drawing support from bets of...

Published 29 Oct, 2024 10:10am

HSBC books 10% profit rise for third quarter, launches $3bn buyback

HONG KONG/LONDON: HSBC Holdings posted a 10% rise in third-quarter profit on Tuesday, beating analyst estimates, as...

Published 29 Oct, 2024 10:03am

Mutual Funds

India bond yields seen little changed before state debt sale

MUMBAI: Indian government bond yields are expected to be largely unchanged on Tuesday ahead of supply of debt from...

Published 29 Oct, 2024 09:57am

Forex

Indian rupee to remain defiant in face of higher US yields, outflows

MUMBAI: The Indian rupee is likely to open little changed on Tuesday, remaining unresponsive to US Treasury yields,...

Published 29 Oct, 2024 09:55am

Stocks

Indian shares open marginally lower as tepid earnings, persistent foreign outflows weigh

Indian shares opened marginally lower on Tuesday, after they snapped a six-session losing streak the previous day,...

Published 29 Oct, 2024 09:53am

Stocks

Japan’s Nikkei gains as focus shifts from politics to earnings

TOKYO: Japan’s Nikkei share average reversed early losses to pull ahead by midday on Tuesday, buoyed by favourable...

Published 29 Oct, 2024 09:51am

Stocks

Asian stocks mixed, dollar drifts before megacap earnings, jobs data

TOKYO: Asian stocks were mixed in volatile trading on Tuesday as investors girded for three days of tech megacap...

Published 29 Oct, 2024 09:48am

Forex

Yen mired in political uncertainty; dollar looks to key data releases

SINGAPORE: The yen languished near a three-month trough on Tuesday as the loss of a parliamentary majority for...

Published 29 Oct, 2024 09:40am

Energy

Oil prices climb as US reserve bid lends support

Oil prices rose on Tuesday after tumbling 6% in the previous session, as a U.S. plan to buy oil for the Strategic...

Updated 29 Oct, 2024 04:51pm

Companies

EBM partners with Karachi Biennale Trust

KARACHI: English Biscuits Manufacturers (EBM) has partnered with the Karachi Biennale Trust for the fourth edition ...