News Archives for Business & Finance - 2024-10-30

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Business & Finance - 2024-10-30

Companies

Samsung collaborates with HMR Group to provide complete air solution

Samsung’s cutting-edge innovations in design and technology have gained accolades around the world and its air...

Published 30 Oct, 2024 10:35pm

Commodities

Gold hits fresh record high of Rs287,900 per tola in Pakistan

Gold prices in Pakistan continued to march upwards on Wednesday in line with their increase in international rates....

Published 30 Oct, 2024 06:25pm

Energy

OPEC+ could delay planned December oil output hike, sources say

LONDON/MOSCOW: OPEC+ could delay a planned hike in oil production scheduled to take effect in December by a month or...

Published 30 Oct, 2024 05:48pm

Business & Economy

Finance ministry sees Pakistan’s headline inflation at 6-7% in October 2024

CPI to decelerate further in November to 5.5-6.5%, says finance ministry

Updated 30 Oct, 2024 10:43pm

Business & Economy

Additional MoUs: Saudi Arabia, Pakistan enhance scope of partnership to $2.8bn

Saudi Arabia Minister for Investment says seven additional MoUs signed

Updated 30 Oct, 2024 09:21pm

Stocks

London’s FTSE 100 falls as GSK warns on vaccine sales; UK budget in focus

The UK’s benchmark FTSE 100 index fell on Wednesday, dragged by healthcare shares after GSK warned of lower annual...

Published 30 Oct, 2024 02:47pm

Commodities

South Korea’s NOFI buys additional 65,000 T corn, traders say

HAMBURG: Leading South Korean animal feed maker Nonghyup Feed Inc (NOFI) bought an additional 65,000 metric tons of...

Published 30 Oct, 2024 01:57pm

Volkswagen reports third-quarter profit slump as major overhaul looms

Volkswagen on Wednesday said its third-quarter operating profit plunged 42% as weak performance in the core...

Published 30 Oct, 2024 01:37pm

Stocks

South Korean shares end lower, Korea Zinc hits daily lower limit

The benchmark KOSPI closed down 24.01 points, or 0.92%, at 2,593.79

Published 30 Oct, 2024 01:35pm

Bullion Rate

India’s gold demand to hit four-year low amid price rally, World Gold Council says

MUMBAI: India’s gold demand in 2024 is likely to fall to its lowest in four years as a rally in prices to a record...

Published 30 Oct, 2024 01:31pm

Forex

Sterling traders race to hedge risk ahead of UK budget, US election

LONDON: Sterling traders rushed to hedge against big price moves on Wednesday, with just hours to go before Labour...

Published 30 Oct, 2024 01:26pm

GSK cuts 2024 vaccine sales forecast for second time this year

GSK lowered its 2024 vaccine sales forecast for the second time this year on Wednesday, hit by weak demand for its...

Published 30 Oct, 2024 01:23pm

Commodities

Glencore posts lower metals output for first nine months, reiterates guidance

LONDON: Glencore on Wednesday reported lower copper, cobalt, zinc, nickel and thermal coal production for the first...

Published 30 Oct, 2024 01:21pm

Caixabank’s Chairman to step down, newspaper La Vanguardia reports

MADRID: Spanish bank Caixabank’s Executive Chairman Jose Ignacio Goirigolzarri is set to announce his resignation on...

Published 30 Oct, 2024 01:09pm

Telenor raises full-year outlook as Q3 earnings beat expectations

Norwegian telecom operator Telenor raised its full-year outlook on Wednesday after it reported third-quarter...

Published 30 Oct, 2024 01:07pm

Forex

Kenyan shilling strengthens slightly, could weaken ahead of US election

NAIROBI: The Kenyan shilling strengthened slightly against the dollar on Wednesday, bolstered by foreign currency...

Published 30 Oct, 2024 01:04pm

Credit Agricole mortgage simulator under investigation in Italy

ROME: France’s Credit Agricole is being investigated over the online cost simulations for one of its mortgages,...

Published 30 Oct, 2024 01:03pm

Industry

Pakistan’s largest IPP HUBCO posts Rs20.3bn profit in 1QFY25 despite revenue dip

Despite lower revenue, Hub Power Company Limited (HUBCO), Pakistan’s largest Independent Power Producer (IPP), saw...

Updated 30 Oct, 2024 09:09pm

UBS smashes forecasts with $1.4 billion Q3 net profit

ZURICH: Swiss banking giant UBS posted net income of $1.4 billion (1.3 billion euros) on Wednesday, the company said...

Published 30 Oct, 2024 11:59am

South Asia

Billionaire Ambani’s Reliance plays catch-up to ride India quick commerce wave

NAVI MUMBAI: Asia’s richest man Mukesh Ambani is mimicking the strategy of popular Indian grocery startups to...

Published 30 Oct, 2024 11:30am

Forex

Indian rupee unmoved before key US data, election; premiums rise

MUMBAI: The Indian rupee was flat against the dollar on Wednesday in the run up to important US data and...

Published 30 Oct, 2024 11:14am

Bullion Rate

Gold marches to record as US election jitters fuel safe-haven rush

Gold hit an all-time peak on Wednesday as investors flocked towards the safe-haven metal less than a week before the...

Published 30 Oct, 2024 11:12am

Stocks

Japan’s Nikkei hits two-week high as tech shares track Nasdaq’s record high

TOKYO: Japan’s Nikkei share average touched a two-week high on Wednesday, as technology stocks tracked Nasdaq’s...

Published 30 Oct, 2024 11:10am

Stocks

Australian shares fall as banks and Woolworths drag

Australian shares fell on Wednesday, as banks lost ground and top grocer Woolworths led consumer stocks lower after...

Published 30 Oct, 2024 11:08am

Exchange

Rupee largely stable against US dollar

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

Updated 30 Oct, 2024 10:46pm

Companies

Toyota worldwide output drops for 8th straight month in September

TOKYO: Toyota Motor said on Wednesday its worldwide production fell for an eighth straight month in September, as...

Published 30 Oct, 2024 10:52am

Mutual Funds

India bond yields dip tracking US peers, oil; consolidation expected

MUMBAI: Indian government bond yields dip in early trades on Wednesday, tracking the decline in US Treasury yields...

Published 30 Oct, 2024 10:47am

Companies

IMC exhibits Toyota Corolla Cross at Pakistan Auto Show (PAPS) 2024

Indus Motor Company (IMC) proudly participated as the Diamond Sponsor of the 2024 Pakistan Auto Show (PAPS), being...

Published 30 Oct, 2024 10:40am

Business & Economy

Real estate developer Blue World City cleared to bid for PIA, company chairman says

KARACHI: A Pakistani real estate development company said on Wednesday it had completed requirements to enter the...

Updated 30 Oct, 2024 10:02pm

Forex

China’s yuan eases as dollar hovers near peak ahead of Nov presidential election

HONG KONG: China’s yuan weakened further on Wednesday against the US dollar, which hovered near a three-month peak...

Published 30 Oct, 2024 10:25am

Stocks

KSE-100 snaps 7-session rally as profit-taking erases intra-day gains

Profit-taking at the Pakistan Stock Exchange (PSX) erased all intra-day gains and threw stocks in the red after the...

Updated 30 Oct, 2024 09:59pm

Energy

China’s CNOOC signs oil contract to develop Iraq’s block 7

SINGAPORE: China’s CNOOC Ltd announced on Wednesday it has signed an Exploration, Development & Production...

Published 30 Oct, 2024 10:21am

Stocks

Indian shares open lower as dull earnings, foreign outflows weigh

Indian shares opened lower on Wednesday as sentiment remained weak due to persistent foreign selling and dull...

Published 30 Oct, 2024 10:07am

Stocks

Asia shares stumble on China headwinds; gold and bitcoin buoyant

SINGAPORE: Asia shares eased on Wednesday on the back of weakness in China, as investors brace for a tightly...

Published 30 Oct, 2024 10:05am

Forex

Australian dollar stuck near three-month lows on mixed inflation data

SYDNEY: The Australian dollar remained on the defensive on Wednesday after local inflation data proved too mixed to...

Published 30 Oct, 2024 10:02am

Forex

US dollar rally pauses before jobs data, Aussie droops on RBA outlook

TOKYO: The dollar hovered close to a three-month peak on Wednesday in a big week for macroeconomic data that could...

Published 30 Oct, 2024 09:52am

Energy

Oil rises 2% as US stockpiles drawdown, OPEC+ mulls output hike delay

NEW YORK: Oil prices rebounded on Wednesday, rising more than 2% after data showed U.S. crude and gasoline...

Updated 30 Oct, 2024 09:39pm

Companies

Engro Corp reports solid 9-month results

KARACHI: Engro Corporation’s revenue from continued operations grew by 12 percent to Rs. 279 billion, compared to...

Published 30 Oct, 2024 07:00am

Companies

LCCI, PITB sign MoU to set up job-matching platform

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) and the Punjab Information Technology Board (PITB) on...

Published 30 Oct, 2024 06:58am

Agriculture, renewable energy, industrialisation under focus: Dar describes CPEC as a ‘remarkable gift from China’

ISLAMABAD: Deputy Prime Minister and Foreign Minister Ishaq Dar praised the China-Pakistan Economic Corridor (CPEC)...

Published 30 Oct, 2024 06:53am

NIBAF, SBP officials told: Importance of export-led growth, increased productivity emphasised

ISLAMABAD: Minister for Planning, Development and Special initiatives Ahsan Iqbal emphasised the importance of...

Published 30 Oct, 2024 06:50am

‘Swedish investors willing to invest in Punjab’

LAHORE: “Swedish investors are welcome to invest in Punjab without fear of risk,” said Chief Minister Punjab...

Published 30 Oct, 2024 06:48am

World Bank expects oil glut to cause commodity price slump

WASHINGTON: Global commodity prices should fall to a five-year low next year thanks to a huge oil glut, the World...