News Archives for Business & Finance - 2024-10-31

Govt increases petrol price by Rs1.35, HSD’s by Rs3.85 per litre

New prices come into effect from November 1, 2024

Published 31 Oct, 2024 11:22pm

Stocks

Wall St slides as Meta, Microsoft warnings trigger fears over AI trade

Wall Street tumbled on Thursday, after warnings from Microsoft and Meta Platforms about escalating AI costs...

Published 31 Oct, 2024 09:38pm

Financial

Saudi Arabia’s PIF signs MoUs worth up to $51bn with Japanese banks

DUBAI: Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has signed five Memorandums of...

Published 31 Oct, 2024 08:04pm

Forex

SBP-held foreign exchange reserves increase $116mn, now stand at $11.16bn

Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $116 million on a weekly basis,...

Updated 31 Oct, 2024 10:28pm

USA

Fed seen cutting policy rate by 25 bps in Nov, Dec

Federal Reserve policymakers are very likely to go ahead with cutting short-term U.S. borrowing costs by a quarter...

Published 31 Oct, 2024 07:47pm

Commodities

Gold price per tola decreases Rs700 in Pakistan

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

Published 31 Oct, 2024 07:21pm

Stocks

Most Gulf markets gain on Israel-Hezbollah ceasefire hopes

Most stock markets in the Gulf ended higher on Thursday, helped by hopes for a potential ceasefire deal between...

Published 31 Oct, 2024 06:52pm

Companies

Temu to be investigated by EU tech regulators over sale of illegal products

BRUSSELS: Chinese online retailer Temu will be investigated over whether it may have breached rules aimed at...

Published 31 Oct, 2024 06:35pm

Financial

Saudi Arabia’s PIF, Hong Kong’s HKMA looking to anchor $1bn investment fund

DUBAI: Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), and the Hong Kong Monetary Authority...

Published 31 Oct, 2024 06:20pm

Stocks

Profit-taking persists, KSE-100 loses 1,320 points to close below 89,000

Profit-taking dominated proceedings at the Pakistan Stock Exchange (PSX) for the second straight session on...

Updated 31 Oct, 2024 11:00pm

Companies

Siemens’ $10.6 billion Altair deal strengthens its industrial software offering

Siemens is to buy U.S. engineering software firm Altair Engineering for $10.6 billion, strengthening its position in...

Published 31 Oct, 2024 06:05pm

Commodities

Asia rice: Weak rupee, fresh supply push India prices to 15-month low

Rice export prices in India extended losses this week to hit their lowest level in 15 months, due to depreciation in...

Published 31 Oct, 2024 04:55pm

Stocks

Indian shares log worst month since March 2020 on record foreign outflows, dull earnings

Indian shares fell on Thursday, logging their worst monthly performance since March 2020, as record monthly foreign...

Published 31 Oct, 2024 04:44pm

Companies

Shell Pakistan Limited to become Wafi Energy Pakistan Limited

The Board of Directors (BoD) of Shell Pakistan Limited (SHEL) has approved changing the company’s name to the...

Updated 31 Oct, 2024 06:55pm

Industry

Trouble in textile: Janana De Malucho shuts operations amid rising costs, cotton shortage

In yet another concerning development for Pakistan’s vital textile sector, Janana De Malucho Textile Mills Limited...

Updated 31 Oct, 2024 07:22pm

Business & Economy

Govt posts a rare budget surplus of Rs1.7tn in Q1FY25

Only Punjab recorded a budget deficit among provinces

Updated 31 Oct, 2024 09:34pm

Energy

Shell $6bn profit smashes forecasts as LNG offsets weak refining

LONDON: Shell reported on Thursday third quarter profits of $6 billion that exceeded forecast by 12% as weaker oil...

Published 31 Oct, 2024 02:59pm

Commodities

Copper heads for monthly decline as China stimulus disappoints

Copper prices on Thursday were set for a monthly fall, weighed down by disappointment over the scale and lack of...

Published 31 Oct, 2024 02:57pm

Stocks

China stocks edge higher as manufacturing activity returns to growth

SHANGHAI: China stocks ended slightly higher on Thursday, led by property shares, as the country’s manufacturing...

Published 31 Oct, 2024 02:34pm

Stocks

STOXX 600 drops on tepid earnings, set for worst month in a year

Europe’s benchmark index opened lower on Thursday, and was set to record its worst monthly performance in a year,...

Published 31 Oct, 2024 02:10pm

Stocks

Major Gulf markets gain on Israel-Hezbollah ceasefire hopes

Most major stock markets in the Gulf rose in early trade on Thursday, buoyed by hopes for a potential ceasefire deal...

Published 31 Oct, 2024 02:08pm

Stocks

London stocks drop as investors pare rate cut bets

The UK’s benchmark stock indexes fell on Thursday and were set to end the month with heavy losses as investors lost...

Published 31 Oct, 2024 01:59pm

Forex

South African rand slips ahead of producer inflation, trade data

JOHANNESBURG: South Africa’s rand slipped in early trade on Thursday ahead of September producer inflation and trade...

Published 31 Oct, 2024 01:57pm

Companies

Riyadh Air plans wide-body jet order next year: official

RIYADH: Saudi Arabia’s new national airline, Riyadh Air, plans next year to order wide-body aircraft capable of...

Published 31 Oct, 2024 01:42pm

IMF approves $606m lending to Kenya

NAIROBI: The IMF said it has cleared $606 million in lending to Kenya as it struggles to pay off debts and boost...

Published 31 Oct, 2024 12:11pm

Pharma giant AstraZeneca says China chief under investigation

BEIJING: The head of multinational pharmaceutical giant AstraZeneca’s China arm is under investigation in the...

Published 31 Oct, 2024 11:40am

Companies

PIA privatisation: Blue World City refuses to match PC’s ‘minimum expectation’ of Rs85.03bn, sticks to Rs10bn offer

Process of PIA bidding concludes with just one sole bid
Ball now in PC and cabinet's court

Updated 01 Nov, 2024 09:55am

Commodities

Chicago soybeans shed gains on harvest pressure

BEIJING: Chicago soybean futures dropped on Thursday, shedding gains from the previous session, as abundant supplies...

Published 31 Oct, 2024 11:12am

Stocks

South Korean shares pare early losses as Samsung Electronics rebounds

The benchmark KOSPI was down 20.41 points, or 0.79%, at 2,573.38

Published 31 Oct, 2024 11:04am

Companies

HUBCO plans to install EV charging network across Pakistan

Hub Power Company Limited (HUBCO), Pakistan’s largest Independent Power Producer (IPP), is in the process of...

Updated 31 Oct, 2024 09:37pm

Thai economy expected to grow 3% next year, finance ministry says

BANGKOK: Thailand’s economy is expected to grow 3% in 2025, supported by private consumption, exports, investment...

Published 31 Oct, 2024 11:00am

Bullion Rate

Safe-haven gold on track for best month in seven

Gold prices climbed to a record high on Thursday and were headed for their best month in seven on safe-haven demand...

Published 31 Oct, 2024 10:58am

Mutual Funds

Japan’s 10-year bond yield falls after BOJ policy decision

TOKYO: Japan’s 10-year government bond (JGB) yield fell after the Bank of Japan (BOJ) kept its policy unchanged as...

Published 31 Oct, 2024 10:51am

Forex

China’s yuan eases ahead of US election, shrugs off strong PMI

SHANGHAI: China’s yuan ticked down against the US dollar on Thursday as investors looked past an encouraging...

Published 31 Oct, 2024 10:49am

Chinese EV maker BYD’s net profit up 11.5%

BEIJING: Chinese electric vehicle maker BYD posted an 11.5% rise in third-quarter net profit on Wednesday as it...

Published 31 Oct, 2024 10:38am

Stocks

Australian shares edge lower; MinRes surges on $743mn Hancock deal

Australian shares dipped on Thursday on dwindling prospects of a local rate cut this year after a mixed quarterly...

Published 31 Oct, 2024 10:19am

Exchange

Rupee largely stable against US dollar

Currency settles at 277.85 against the greenback in inter-bank market

Updated 31 Oct, 2024 10:15pm

BOJ keeps interest rates steady, roughly maintains price forecasts

TOKYO: The Bank of Japan kept interest rates steady on Thursday and roughly maintained its forecast that inflation...

Published 31 Oct, 2024 10:06am

Stocks

Asian stocks dragged by tech, yen gains little traction as BOJ holds

TOKYO: Asian stocks slid on Thursday as chip-sector stocks tracked overnight declines by Wall Street peers and...

Published 31 Oct, 2024 10:04am

Forex

Indian rupee undermined by weak risk, soft dollar supports

MUMBAI: The Indian rupee is expected to open little changed on Thursday, amid losses in Asian shares and US equity...

Published 31 Oct, 2024 10:01am

Stocks

Indian shares set to open little changed

Indian shares are set to open flat on Thursday, and post their biggest monthly declines since March 2020, as...

Published 31 Oct, 2024 10:00am

Mutual Funds

India bond yields seen little changed before key data

MUMBAI: Indian government bond yields are expected to trend largely unchanged on Thursday, ahead of key...

Published 31 Oct, 2024 09:57am

Stocks

Japan’s Nikkei tracks US peers lower; BOJ decision on tap

TOKYO: Japan’s Nikkei share average traded lower on Thursday, tracking an overnight drop in the US markets, while...

Published 31 Oct, 2024 09:55am

China’s Oct factory, services activity break back into expansion

BEIJING: China’s manufacturing activity in October expanded for the first time in six months, an official factory...

Published 31 Oct, 2024 09:51am

Samsung to focus on high-end chips to improve earnings after disappointing results

SEOUL: Samsung Electronics said it would focus on producing high-end chips to improve profitability after reporting...

Published 31 Oct, 2024 09:46am

Philippine central bank sees Oct inflation at 2.0%-2.8%

MANILA: Philippine inflation was likely within a 2.0% to 2.8% range in October, the central bank said on Thursday,...

Published 31 Oct, 2024 09:43am

Forex

Yen struggles before BOJ decision; dollar steady ahead of jobs data

TOKYO: The yen remained under pressure on Thursday as the Bank of Japan looked set to keep ultra-low interest rates...

Published 31 Oct, 2024 09:40am

Energy

Oil prices rise 1% after boost from US fuel demand

LONDON: Oil prices gained 1% on Thursday after rallying the previous day on stronger than expected U.S. fuel demand...

Updated 31 Oct, 2024 06:54pm

Saudi Arabia strengthening economic transformation plan, finance minister says

RIYADH: Saudi Arabia is strengthening its commitment to a plan designed to wean the economy off oil, its finance...

Published 31 Oct, 2024 07:43am

Industry

GPCCI workshop: Textile industry gains insights into new regulatory requirements

KARACHI: The German-Pakistan Chamber of Commerce and Industry (GPCCI) hosted a Workshop on ‘German Supply Chain ...

Published 31 Oct, 2024 07:41am

Industry

Murad tells KCCI: Karachi generates highest revenue due to Sindh govt’s efforts

KARACHI: Sindh CM Syed Murad Ali Shah, in his meeting with a KCCI delegation, said that Karachi is the highest...

Published 31 Oct, 2024 07:37am

Companies

Unity Foods CEO Farrukh Amin to speak at TFS 8th Edition 2024

KARACHI: Farrukh Amin, Chief Executive Officer, Unity Foods Limited, will join distinguished national &...

Published 31 Oct, 2024 07:36am

Industry

Hub Chamber demands cut in interest rate

KARACHI: President of the Hub Chamber of Commerce and Industry Yakoob H Karim, former Presidents Maqsood Ismail and...

Published 31 Oct, 2024 07:34am

Stocks

KSE-100 Index cos: Q1 earnings down 14pc to Rs403bn YoY

KARACHI: The KSE-100 Index companies posted the earnings of Rs403bn down 14 percent YoY in first quarter of FY25...

Published 31 Oct, 2024 07:34am

Energy

KE, SBP collaborate to enable seamless bill payments via Raast

KARACHI: Accelerating the digitisation of payments, the State Bank of Pakistan (SBP) and K-Electric (KE) have made a...

Published 31 Oct, 2024 07:31am

Taxes

Taxpayers accused of defying taxation law

LAHORE: In a brazen display of disregard for the law, taxpayers in Pakistan continued to defy the Federal Excise Act...

Published 31 Oct, 2024 07:26am

Companies

DWP Group secures prestigious accolades

LAHORE: DWP Technologies, a division of Pakistan’s leading business conglomerate, DWP Group, has secured two...

Updated 31 Oct, 2024 12:23pm

Real Estate

18 Park Residence: groundbreaking ceremony held in Lahore

LAHORE: A groundbreaking ceremony was held to mark the launch of 18 Park Residence, a pioneering residential...

Published 31 Oct, 2024 07:17am

Taxes

FBR removes inspector for illegal removal of goods from customs warehouse

ISLAMABAD: The Federal Board of Revenue (FBR) has removed from services Ghulam Mustafa, Inspector Customs,...

Published 31 Oct, 2024 07:06am

Progress on airport outsourcing plan reviewed

ISLAMABAD: Deputy Prime Minister and Foreign Minister Ishaq Dar chaired the 13th meeting of the Steering Committee ...

Published 31 Oct, 2024 06:18am

Scope highlighted for increasing trade with Maldives

KARACHI: Pakistan’s High Commissioner to Maldives Faisal Rasul Lodhi, while highlighting the potential for ...

Published 31 Oct, 2024 06:18am

PBIF chief seeks strengthening of rupee

KARACHI: President, Pakistan Business Forum (PBF) Khawaja Mehboob ur Rehman urged the Finance Minister Muhammad...

Published 31 Oct, 2024 06:18am

Need stressed to enhance manpower export in hospitality sector

KARACHI: Pakistan's government, in collaboration with the private sector, could provide training in various skills ...

Published 31 Oct, 2024 06:18am

National trade policy ineffective in simplifying tariff structure: report

ISLAMABAD: The National Tariff Policy (2019-24) was a step in the right direction but remained ineffective in...

Published 31 Oct, 2024 06:18am

Taxes

KPRA launches monitoring & enforcement drive

PESHAWAR: As the wedding season kicks off and winter approaches, the Khyber Pakhtunkhwa Revenue Authority (KPRA) has...

Published 31 Oct, 2024 06:18am

KSA adds $600m to $2.2bn investment

RIYADH: The Kingdom of Saudi Arabia on Wednesday announced to add another $600 million to its recently announced ...

Published 31 Oct, 2024 06:18am

PIA privatisation set to conclude today

ISLAMABAD: The long-awaited privatisation of Pakistan International Airlines (PIA) is set to conclude today...

Published 31 Oct, 2024 06:18am

Money & Banking

A new record set: MTBs: investors place bids worth over Rs2trn

KARACHI: The auction for short-term bonds received record over Rs 2 trillion bids on higher liquidity. Investors...

Updated 31 Oct, 2024 09:17am

Companies

Bank Makramah to secure Rs5bn advance from Lootah

KARACHI: Bank Makramah Limited and Abdulla Nasser Abdulla Hussain Lootah have entered into an agreement, subject to...

Published 31 Oct, 2024 06:18am

Taxes

UK increases windfall tax on North Sea oil and gas producers

LONDON: The British government will increase a windfall tax on North Sea oil and gas producers to 38% from 35% and...

Published 31 Oct, 2024 06:18am

Money & Banking

9 months ended Sept 30th: ABL’s profit after tax grows 25pc

KARACHI: Allied Bank Limited’s steadfast commitment to providing world class, digitally integrated solutions for...

Published 31 Oct, 2024 06:18am

Money & Banking

Dollar down against major currencies

NEW YORK: The dollar edged down against other major currencies on Wednesday, as stronger-than-expected US jobs data...

Published 31 Oct, 2024 06:18am

Money & Banking

China’s yuan eases

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

Published 31 Oct, 2024 06:18am

Money & Banking

Asian currencies: Malaysian ringgit fall, peso inches higher

BENGALURU: Stocks in Singapore and South Korea led declines among Asian equities on Wednesday, with investors...

Published 31 Oct, 2024 06:18am

Companies

BOP announces remarkable growth of 58pc in PBT in 9M24

LAHORE: The Board of Directors of The Bank of Punjab convened on Wednesday, to review and approve the unaudited...

Updated 31 Oct, 2024 07:29am