News Archives for Business & Finance - 2024-11-12

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Business & Finance - 2024-11-12

Stocks

Most Gulf markets ease on weak oil, caution ahead of US data

Most stock markets in the Gulf ended lower on Tuesday amid weak oil prices, with investors cautious ahead of U.S....

Published 12 Nov, 2024 07:17pm

Commodities

OPEC again cuts 2024, 2025 oil demand growth forecasts

LONDON: OPEC on Tuesday cut its forecast for global oil demand growth in 2024 and also lowered its projection for...

Published 12 Nov, 2024 05:05pm

Commodities

Copper slides to two-month low on disquiet over Trump and China

LONDON: Copper prices slumped to the lowest in two months on Tuesday on worries about the impact of incoming U.S....

Published 12 Nov, 2024 05:00pm

Stocks

Sri Lankan shares end higher as real estate, industrials and financials gain

CSE All-Share index settled 0.88% higher at 12,988.99

Published 12 Nov, 2024 04:58pm

South Asia

Iran, Russia link bank card systems in latest move to overcome sanctions

TEHRAN: Iranian bank cards can now be used in Russia, state television reported, as the two countries linked their...

Published 12 Nov, 2024 04:51pm

Stocks

Britannia, foreign selling weigh on Indian shares

Indian shares fell for the fourth straight session on Tuesday, dragged down by losses in Britannia after it missed...

Published 12 Nov, 2024 04:24pm

Commodities

Palm falls weighed by rival vegetable oils

JAKARTA: Malaysian palm oil futures tumbled on Tuesday after closing at their highest since mid-June 2022 in the...

Published 12 Nov, 2024 04:21pm

Companies

Fauji Foundation withdraws intention to acquire shares in Agha Steel Industries

Fauji Foundation, one of Pakistan’s largest conglomerates, has withdrawn its public announcement of intention (PAI)...

Updated 12 Nov, 2024 07:02pm

Commodities

Gold price per tola falls massive Rs7,000 in Pakistan

Gold prices in Pakistan saw a massive decrease on Tuesday in line with their drop in the international rates. In the...

Updated 12 Nov, 2024 10:48pm

Stocks

KSE-100 sheds 424 points as investors resort to profit-taking

After days of positive momentum, profit-taking was the theme of the day as the benchmark KSE-100 Index closed lower...

Updated 12 Nov, 2024 10:49pm

Forex

Pound hits 3-month low on jobs data and dollar’s Trump rally

LONDON: The pound fell to a three-month low after data on Tuesday showed regular wage growth cooled and unemployment...

Published 12 Nov, 2024 02:03pm

Forex

South African rand extends losses before unemployment, manufacturing data

JOHANNESBURG: South Africa’s rand extended its losses in early trade on Tuesday to hit a two-and-a-half month low,...

Published 12 Nov, 2024 02:02pm

AstraZeneca lifts 2024 revenue and profit forecast after Q3 beat

Drugmaker AstraZeneca lifted its annual sales and profit forecast for the second time in less than four months on...

Published 12 Nov, 2024 02:01pm

Stocks

Most Gulf markets ease on weaker oil, caution ahead of US data; Emaar lifts Dubai

Most stock markets in the Gulf fell in early trade on Tuesday, tracking losses in oil prices, while investors...

Published 12 Nov, 2024 02:00pm

Hyundai Motor India’s Q2 profit drops 17% as sales decline

Hyundai Motor India, the country’s second-biggest carmaker by market share, reported a 16.5% decline in quarterly...

Published 12 Nov, 2024 01:59pm

Stocks

European shares fall as market assesses Trump risks

European shares opened lower amid broad-based losses on Tuesday, as markets considered the implications of US...

Published 12 Nov, 2024 01:58pm

Energy

Shell wins appeal against landmark Dutch climate ruling

AMSTERDAM: A Dutch court on Tuesday accepted Shell’s appeal against a landmark climate ruling, dismissing the order...

Published 12 Nov, 2024 01:57pm

Japanese tech investor SoftBank posts $7.7bn quarterly net profit

TOKYO: Tech investor SoftBank Group on Tuesday posted a net profit of 1.18 trillion yen ($7.7 billion) for the...

Published 12 Nov, 2024 12:24pm

Money & Banking

SBP approves TPL Corp, Abhi’s acquisition of FINCA Microfinance Bank

The State Bank of Pakistan (SBP) has given its final approval to TPL Corp Limited (TPL), a Pakistani financial...

Updated 12 Nov, 2024 06:16pm

Defunct crypto group FTX seeks to claw back $1.8bn from Binance

NEW YORK: The liquidators of the defunct cryptocurrency exchange FTX have sued to try to claw back $1.8 billion paid...

Published 12 Nov, 2024 12:23pm

Companies

IGI Holdings to purchase stake in Packages Limited for Rs2.6bn

IGI Holdings Limited (IGIHL) – formerly IGI Insurance Limited – has entered into a Share Purchase Agreement (SPA)...

Updated 12 Nov, 2024 07:03pm

IMF reaches staff agreement with Zambia for $185.5 million disbursement

WASHINGTON: The International Monetary Fund said on Monday that it reached a staff-level agreement for the fourth...

Published 12 Nov, 2024 11:55am

Forex

Australia, NZ dollars wobble near lows as falling commodity prices add to woes

SYDNEY: The Australian and New Zealand dollars languished near recent lows on Tuesday as falling commodity prices...

Published 12 Nov, 2024 11:51am

Stocks

South Korean shares fall for third day as chipmakers extend losses

KOSPI was down 18.29 points, or 0.72%, at 2,513.37

Published 12 Nov, 2024 11:48am

Stocks

Hong Kong shares dip, China steady as data disappoints

HONG KONG: Hong Kong stocks opened lower on Tuesday while China shares were steady after data showed weak loan...

Published 12 Nov, 2024 11:41am

Baidu bolsters AI lineup with text-to-image generator, no-code app builder

BEIJING: China’s Baidu Inc unveiled a slew of new applications for its artificial intelligence technology on...

Published 12 Nov, 2024 11:38am

Currency

Record-breaking bitcoin rally nears $90,000 on Trump boost

SINGAPORE: Bitcoin stood on the verge of $90,000 on Tuesday, riding a wave of euphoria since the election of Donald...

Published 12 Nov, 2024 11:36am

Forex

China’s yuan weakens to 3-1/2-month low as Trump tariff threat weighs

SHANGHAI: China’s yuan skidded to a 3-1/2-month low against the dollar on Tuesday, hurt by broad strength in the US...

Published 12 Nov, 2024 11:32am

Commodities

Copper eases tracking dollar strength, weak China demand

NEW DELHI: Copper prices fell on Tuesday tracking a stronger US dollar and lacklustre demand in top metals consumer...

Published 12 Nov, 2024 11:29am

Exchange

Rupee sees marginal decline against US dollar

Currency settles at 277.93 against US dollar in inter-bank market

Updated 12 Nov, 2024 09:45pm

Commodities

Palm oil opens falls on weak crude oil and rival vegetable oils

JAKARTA: Malaysian palm oil futures retreated on Tuesday, after closing at its highest since mid-June 2022 in the...

Published 12 Nov, 2024 10:58am

Stocks

Asian stocks retreat, bitcoin soars to record on Trump euphoria

SINGAPORE: Asian stocks eased while the dollar held at four-month highs on Tuesday, though all the excitement was...

Published 12 Nov, 2024 10:47am

Business & Economy

IMF delegation meets Aurangzeb: Finance Divison

Senior officials, including FBR chairman and SBP governor, also present at meeting

Updated 12 Nov, 2024 10:48pm

Commodities

Wheat regains some ground after US rainfall hits prices

CANBERRA: Chicago wheat futures rose on Tuesday, after falling to a two-month low in the previous session as the US...

Published 12 Nov, 2024 10:40am

Stocks

Commodity stocks drag Australian shares lower on China stimulus letdown

Australian shares fell on Tuesday for a second straight session, dragged down by losses in heavyweight mining and...

Published 12 Nov, 2024 10:30am

Forex

All-time low beckons for Indian rupee on slide in yuan, rally in dollar index

MUMBAI: - The Indian rupee is likely to open at a lifetime low on Tuesday, weighed by the rally in the dollar index...

Published 12 Nov, 2024 10:29am

Money & Banking

Saudi National Bank terminates plan to divest stake in Samba Pakistan

Saudi National Bank (SNB) has terminated the process for the sale of its equity stake in Samba Pakistan. The...

Updated 12 Nov, 2024 10:46pm

Mutual Funds

India bond yields flat, investors await inflation prints

MUMBAI: Indian government bond yields were flattish in early trading on Tuesday, as market participants awaited...

Published 12 Nov, 2024 10:16am

Stocks

Japan’s Nikkei rises on weak yen and domestic earnings

TOKYO: Japan’s Nikkei share average rose on Tuesday, buoyed by a softer yen and domestic corporate earnings,...

Published 12 Nov, 2024 10:13am

Stocks

Indian shares set to open higher after three-session drop

Indian shares are likely to open higher on Tuesday, after three straight sessions of declines weighed by concerns of...

Published 12 Nov, 2024 10:10am

Forex

Dollar soars with bitcoin as Trump trade ramps up; euro, yuan battered

TOKYO: The US dollar traded close to a four-month peak versus major peers on Tuesday, while bitcoin extended its...

Published 12 Nov, 2024 10:09am

Energy

Oil prices steady ahead of OPEC report, China stimulus limit gains

Oil prices were little changed on Tuesday, awaiting further price direction from OPEC’s monthly report, while...

Updated 12 Nov, 2024 04:57pm

Bullion Rate

Gold holds near 1-month low ahead of US data, Fed speakers

Gold hovered near a one-month low on Tuesday, as investors awaited a set of key US economic data and comments from...

Published 12 Nov, 2024 10:04am

Money & Banking

Asian currencies Thai baht, Malaysian ringgit falls

BENGALURU: Emerging Asian currencies and equities declined on Monday after stimulus measures from China failed to...

Published 12 Nov, 2024 08:06am

Money & Banking

Euro hits lowest in 6-1/2 months vs dollar

NEW YORK: The euro dropped to its lowest level in 6-1/2 months against the greenback on Monday as investors worried...

Published 12 Nov, 2024 08:04am

Money & Banking

Indian rupee slips to record low

MUMBAI: The Indian rupee slipped to an all-time low on Monday, pressured by weakness in regional currencies and...

Published 12 Nov, 2024 08:02am

Industry

PSM revival talks with Russian experts next week: Sindh CM

KARACHI: Sindh Chief Minister Syed Murad Ali Shah has said that efforts to revive Pakistan Steel Mill are making...

Published 12 Nov, 2024 08:00am

Agriculture and Allied

Faisalabad wheat cultivation target set at 1.8m acres

LAHORE: The Punjab government has set the target for wheat cultivation in Faisalabad at 1.8 million acres and all...

Published 12 Nov, 2024 07:50am

Taxes

Draft bill to amend Punjab Agri Income Tax 2024 presented in PA

LAHORE: A draft bill to amend the Punjab Agricultural Income Tax 2024 was presented in the Punjab Assembly on ...

Published 12 Nov, 2024 07:48am

Money & Banking

BOK registers 28pc growth in PBT in 9M-2024

PESHAWAR: The Board of Directors of Bank of Khyber (BoK) held their 195th meeting on October 29, 2024, at the...

Published 12 Nov, 2024 07:39am

SECP launches country’s first start-up summit

KARACHI: Finance Minister Muhammad Aurangzeb on Monday said that the development in IT sector would be game changer...

Updated 12 Nov, 2024 08:25am

Delay in sales tax refunds: Textile industry facing financial crunch

LAHORE: The value-added export-oriented textile industry is facing an extreme financial crunch as its major portion...