News Archives for Business & Finance - 2024-11-01

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Business & Finance - 2024-11-01

ECC approves Rs2.94bn grant for purchase of 2 e-passport, 6 desktop personalisation systems

Decision aims to ensure uninterrupted, smooth business of Director General Immigration & Passports, Finance Division says

Published 01 Nov, 2024 10:47pm

Money & Banking

National Saving Schemes: CDNS revises rates of return downwards

Changes take effect from November 4, 2024 onward

Updated 01 Nov, 2024 10:57pm

USA

Fed seen on track for 25-basis-point rate cuts next week and in December

Federal Reserve policymakers look all but certain to reduce short-term borrowing costs by a modest quarter of a...

Published 01 Nov, 2024 09:03pm

Stocks

Autos lead rise in Indian shares in special Diwali session

Indian shares logged gains in a special one-hour “muhurat” trading session on Friday to mark the festival of Diwali,...

Published 01 Nov, 2024 08:02pm

Business & Economy

Pakistan’s trade deficit contracts 31% YoY to $1.5bn in October 2024

In 4MFY25, trade deficit narrows 5.59% to $6.97 billion

Updated 01 Nov, 2024 10:06pm

Stocks

Wall St rebounds as Amazon gains offset weak jobs growth, Apple sales

Wall Street’s main indexes jumped on Friday, recovering some losses from the previous session, as Amazon’s strong...

Published 01 Nov, 2024 07:57pm

Stocks

UAE markets boosted by earnings and oil prices

Stock markets in United Arab Emirates closed higher on Friday, lifted by positive earnings results and a jump in oil...

Published 01 Nov, 2024 06:34pm

Stocks

Sri Lankan shares close higher for seventh straight session

CSE All-Share index rose 0.73% to 12,863.65

Published 01 Nov, 2024 06:32pm

Energy

Global LNG: Asian spot LNG steady on warmer than average temperature forecasts

SINGAPORE: Asian spot liquefied natural gas (LNG) prices held steady this week as forecasts of warmer-than-average...

Published 01 Nov, 2024 06:28pm

Commodities

Palm closes 3% higher, hits highest level in almost two and a half years

KUALA LUMPUR: Malaysian palm oil futures jumped more than 3% on Friday, reaching the highest in almost two and a...

Published 01 Nov, 2024 04:48pm

Commodities

Pakistan offers lowest in Indonesia’s tender for 500,000 tons of rice

HAMBURG: The lowest price offered in the international tender from Indonesian state purchasing agency Bulog to buy...

Published 01 Nov, 2024 04:45pm

Companies

Siemens AG acquires additional stake in Pakistan’s subsidiary for Rs1.7bn

Siemens AG, a German multinational technology conglomerate, has acquired an additional stake in Siemens (Pakistan)...

Published 01 Nov, 2024 04:38pm

Stocks

Stocks rebound on late-session buying, KSE-100 closes nearly 1,900 points higher

Expectations of a significant policy rate cut in the upcoming Monetary Policy Committee (MPC) meeting fuelled a...

Updated 01 Nov, 2024 09:29pm

Mutual Funds

European bond yields muted ahead of US payrolls report

Euro zone government bonds were little changed on Friday after a sell-off last month, with investors focusing on a...

Published 01 Nov, 2024 02:56pm

Stocks

European shares edge up on energy boost; set for weekly losses

European shares opened higher on Friday, helped by gains in energy stocks, but were set for their worst week in...

Published 01 Nov, 2024 02:54pm

Forex

South African rand softer before manufacturing PMI, US jobs data

JOHANNESBURG: South Africa’s rand was weaker in early trade on Friday ahead of a purchasing managers’ index (PMI)...

Published 01 Nov, 2024 02:34pm

Business & Economy

Inflation in Pakistan clocks in at 7.2% in October 2024

Reading slightly higher than market and official expectations that put figure in range of 6-7%

Updated 01 Nov, 2024 10:57pm

Commodities

Algeria wheat tender purchase about 600,000 T, traders say

HAMBURG/PARIS: Algeria’s state grains agency OAIC is believed to have purchased about 600,000 metric tons of milling...

Published 01 Nov, 2024 02:28pm

Commodities

Brazil coffee has ample flowering, but size of new crop uncertain

SAO PAULO: Brazilian coffee areas had an ample flowering in October following the return of rains, according to...

Published 01 Nov, 2024 01:49pm

Commodities

South Korea’s KFA Busan bought 70,000 T corn in private deal, traders say

HAMBURG: The Korea Feed Association (KFA) Busan section in South Korea purchased an estimated 70,000 metric tons of...

Published 01 Nov, 2024 01:47pm

Stocks

Australian shares post worst week in nearly 3 months; Macquarie skids

Australian shares fell for a third straight session on Friday to post their worst week in nearly three months, as...

Published 01 Nov, 2024 01:45pm

Commodities

Gold price per tola decreases Rs2,500 in Pakistan

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

Updated 01 Nov, 2024 04:54pm

Forex

Australia, NZ dollars sidelined as investors shun risk

SYDNEY: The Australian and New Zealand dollars flatlined on Friday as investors shunned risk assets ahead of US jobs...

Published 01 Nov, 2024 12:20pm

IMF warns of risks to Asia’s economy as trade tensions, soft China growth bite

TOKYO: Risks to Asia’s economy have increased from escalating trade tensions, China’s property sector woes and the...

Published 01 Nov, 2024 12:02pm

Bullion Rate

Gold little changed ahead of US payrolls data

Gold traded little changed on Friday as investors refrained from taking big positions ahead of the US payrolls data...

Published 01 Nov, 2024 11:48am

Commodities

Soybeans firm, set for second week of gains on strong demand

SINGAPORE: Chicago soybean futures rose for a third consecutive session on Friday, with the market on track for a...

Published 01 Nov, 2024 11:46am

Stocks

South Korean shares flat as gains in battery makers counter chip losses

The benchmark KOSPI was up 2.64 points, or 0.10%

Published 01 Nov, 2024 11:43am

Energy

Saudi Arabia may cut December oil prices for Asia, sources say

SINGAPORE: Top oil exporter Saudi Arabia may cut prices for most of the crude grades it sells to Asia in December,...

Published 01 Nov, 2024 11:31am

South Korea export growth hits 7 month low amid US election uncertainty

SEOUL: South Korea’s export growth slowed to a seven-month low in October, below market expectations, in a sign that...

Published 01 Nov, 2024 11:26am

Stocks

China, Hong Kong stocks rise, supported by signs of economic improvements

SHANGHAI: China and Hong Kong stocks rose on Friday, lifted by property stocks that gained on signs of economic...

Published 01 Nov, 2024 11:20am

Energy

Sinopec says it has secured 10% more gas for winter than a year earlier

SINGAPORE: China’s Sinopec Corp has secured natural gas supplies for the winter heating season at levels 9.7% higher...

Published 01 Nov, 2024 11:17am

Commodities

Palm rises on stronger soyoil, crude prices; set for second week of gains

KUALA LUMPUR: Malaysian palm oil futures climbed more than 2% on Friday, supported by stronger soyoil and crude oil...

Published 01 Nov, 2024 11:13am

Forex

China’s yuan weakens as US election jitters heighten volatility

SHANGHAI: China’s yuan extended losses on Friday, having posted its first monthly decline in four in October, as...

Published 01 Nov, 2024 10:50am

Money & Banking

UBL submits merger offer to Silkbank

Proposes share swap for amalgamation

Updated 01 Nov, 2024 11:01pm

Mutual Funds

Japan’s 2-year bond yield hits 16-year high on rate hike bets

TOKYO: Japan’s two-year government bond yield hit a 16-year high on Friday, as bets rose for a Bank of Japan...

Published 01 Nov, 2024 10:38am

Stocks

Asian stocks mostly fall, tracking global slide

HONG KONG: Asian markets mostly fell Friday, tracking a global slide in stocks fuelled by tame tech earnings and...

Published 01 Nov, 2024 10:12am

Exchange

Rupee registers marginal improvement against US dollar

Currency settles at 277.7 against greenback in inter-bank market

Updated 01 Nov, 2024 11:00pm

Stocks

Japan’s Nikkei falls on Wall Street declines, stronger yen

TOKYO: Japan’s Nikkei share average fell 2% on Friday, tracking Wall Street’s decline overnight and on the yen’s...

Published 01 Nov, 2024 09:57am

Indonesia’s Oct inflation eases to 1.71%

JAKARTA: Indonesia’s annual inflation rate was 1.71% in October, official data showed on Friday, easing from 1.84%...

Published 01 Nov, 2024 09:50am

Forex

Dollar calm as investors eye US jobs report, election

TOKYO: The dollar steadied against major peers on Friday, as investors awaited the US jobs report to confirm...

Published 01 Nov, 2024 09:48am

Energy

Oil prices rise 1% on reports Iran preparing strike on Israel

NEW YORK: Oil prices rose about 1% on Friday to a one-week high on reports Iran was preparing a retaliatory strike...

Updated 01 Nov, 2024 09:07pm

Commodities

London copper gains on softer dollar, but heads for weekly fall

London copper edged up on Friday as a softer US dollar made greenback-priced metals cheaper to holders of other...

Published 01 Nov, 2024 09:42am

Mutual Funds

China plans to tighten scrutiny of govt debt

BEIJING: China aims to step up supervision of local government debt and plans to revise the law to do so, a...

Published 01 Nov, 2024 09:40am

Money & Banking

Russian rouble flat

MOSCOW: The Russian rouble was flat against the US dollar and the Chinese yuan on Thursday as the central bank’s...

Published 01 Nov, 2024 08:34am

ASEAN member states, Central Asia: Markets under renewed govt focus to boost exports: DG TDAP

LAHORE: Director General of the Trade Development Authority of Pakistan (TDAP) Rafia Syed has said that ASEAN and...

Published 01 Nov, 2024 08:31am

Taxes

Sales tax evasion: Tribunal overturns order against taxpayer

LAHORE: In a significant ruling, the Customs, Excise and Sales Tax appellate tribunal has annulled orders passed by...

Published 01 Nov, 2024 08:25am

Industry

APTMA urges SBP’s MPC to reduce interest rate by 500bps

ISLAMABAD: The All Pakistan Textile Mills Association (APTMA) has sought a cut of at least 500 basis points in...

Published 01 Nov, 2024 08:22am

Companies

Closing transaction for Telenor’s sale to PTCL likely now early 2025

ISLAMABAD: The closing transaction for the sale of Telenor Pakistan to Pakistan Telecommunications Company Ltd ...

Published 01 Nov, 2024 08:12am

Taxes

FBR’s efforts to stop tax leakages commendable

LAHORE: The government's recognition and efforts to curb tax evasion across the country are commendable; however,...

Published 01 Nov, 2024 08:08am

Companies

Lahore and Riyadh: Fly Jinnah expands its international network with new flights

KARACHI: Fly Jinnah, Pakistan’s low-cost carrier, announces the expansion of its international network with the...

Published 01 Nov, 2024 08:06am

Complainant is a successful bidder: FTO directs FBR to facilitate delivery of car

ISLAMABAD: The Federal Tax Ombudsman (FTO) has directed the Federal Board of Revenue (FBR) to facilitate the ...

Published 01 Nov, 2024 08:05am

Industry

‘Govt’s desire to trade with India is positive’

KARACHI: Chairman of National Business Group Pakistan, President of the Pakistan Businessmen and Intellectuals ...

Published 01 Nov, 2024 07:59am

Energy

Share capital of Shell Pakistan: Proposed name ‘Wafi Energy Pakistan Ltd’ approved

KARACHI: After the completion of acquisition of 87.78 percent of the total issued share capital of Shell Pakistan...

Published 01 Nov, 2024 07:44am

Energy

Czechs buy gas from Algeria

PRAGUE: The Czech Republic has started to import gas from Algeria in a bid to offset supplies from Russia as it...

Published 01 Nov, 2024 07:15am

Misuse of CSR funds: Body takes serious notice of weak regulatory oversight

ISLAMABAD: The Standing Committee on Energy (Petroleum Division) takes serious notice of the weak regulatory...

Published 01 Nov, 2024 07:10am

Statistics

1.4pc of GDP: Q1 ends with Rs1.696trn budget balance

ISLAMABAD: The government closed first quarter of current fiscal year 2024-25 with overall budget balance of Rs1.696...