News Archives for Business & Finance - 2024-12-19

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Business & Finance - 2024-12-19

USA

Amazon workers strike at seven US facilities ahead of Christmas rush

Amazon.com workers at seven U.S. facilities walked off the job early on Thursday during the holiday shopping rush,...

Published 19 Dec, 2024 09:46pm

Forex

SBP-held foreign exchange reserves increase $31mn, now stand at $12.08bn

Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $31 million on a weekly basis,...

Updated 19 Dec, 2024 10:38pm

Stocks

Most Gulf shares join global decline as Fed sounds hawkish

Most stock markets in the Gulf tracked global equities lower on Thursday after the U.S. Federal Reserve signaled a...

Published 19 Dec, 2024 07:23pm

Forex

Cryptocurrencies growing more popular in eurozone: ECB

FRANKFURT: The number of eurozone consumers who own cryptocurrencies has more than doubled in the past two years,...

Published 19 Dec, 2024 06:48pm

Commodities

Asia rice: Rising supplies weigh on India prices, Vietnam sees lower demand

Prices of parboiled rice exported from India fell this week as the rupee depreciated and supplies increased, while...

Published 19 Dec, 2024 05:37pm

Money & Banking

BoE holds interest rate after inflation rise

LONDON: The Bank of England on Thursday kept its key interest rate at 4.75 percent, deciding against a cut in line...

Published 19 Dec, 2024 05:27pm

Stocks

Indian shares decline as Fed’s hawkish outlook spooks investors

Indian shares fell on Thursday after the Federal Reserve forecast fewer interest rate cuts in 2025, souring risk...

Published 19 Dec, 2024 05:04pm

Stocks

Sri Lanka shares end higher for 18th straight session

CSE All-Share index settled 0.27% higher at 14,654.26

Published 19 Dec, 2024 05:02pm

Commodities

Copper hits 5-week low on selling sparked by dollar jump

LONDON: Copper prices fell to five-week lows on Thursday as the dollar jumped to near two-year peaks after the U.S....

Published 19 Dec, 2024 04:59pm

Commodities

Palm falls for fifth session amid Indonesia, US biofuel policy uncertainty

KUALA LUMPUR: Malaysian palm oil futures slipped on Thursday for a fifth straight session, weighed down by...

Published 19 Dec, 2024 04:56pm

Business & Economy

No UAE visa issue, waiting for Islamabad to sign FTA: UAE consul general

KARACHI: UAE Consul General in Karachi Dr Bakheet Ateeq Al Rumaithi announced on Thursday that talks for a free...

Updated 19 Dec, 2024 09:44pm

Stocks

UK’s FTSE slides to 1-mo low as Fed dampens mood ahead of BoE

UK’s main FTSE 100 stock index dropped 1% and revisited its near one-month low on Thursday, as the US Federal...

Published 19 Dec, 2024 03:46pm

Forex

Forint edges towards 2-year lows after Fed, crown weakens before central bank meeting

BUDAPEST: Hungary’s forint led losses on Thursday in Central Europe, easing half a percent close to new 2-year lows...

Published 19 Dec, 2024 03:44pm

Forex

Ugandan shilling stable on sluggish activity

KAMPALA: The Ugandan shilling was flat on Thursday, with both dollar demand and supply being sluggish, traders said....

Published 19 Dec, 2024 03:36pm

Mutual Funds

US 10-year yields hit fresh 6-1/2-month high after the Fed

US 10-year Treasury yields rose to a fresh 6-1/2-month high on Thursday after the Federal Reserve flagged a slower...

Published 19 Dec, 2024 03:35pm

Sony buys 10% of ‘Elden Ring’ owner for $320mn

TOKYO: Japanese electronics titan Sony said Thursday it had paid more than $300 million for a 10 percent stake in...

Published 19 Dec, 2024 03:11pm

Bullion Rate

Gold price per tola falls Rs2,600 in Pakistan

After increasing in the previous session, gold prices in Pakistan declined on Thursday in line with their fall in...

Updated 19 Dec, 2024 05:20pm

Investors trim bets again on Bank of England rate cuts in 2025

LONDON: Investors reduced further their bets on how quickly the Bank of England will cut interest rates next year...

Published 19 Dec, 2024 02:28pm

Mutual Funds

Euro zone bond yields jump after Fed decision

Euro zone bond yields jumped on Thursday, a day after the US Federal Reserve cut interest rates as expected but...

Published 19 Dec, 2024 02:27pm

India antitrust body raids Pernod, AB InBev in liquor industry crackdown, sources say

NEW DELHI: India’s antitrust body has raided some offices of alcohol giants Pernod Ricard and Anheuser-Busch InBev...

Published 19 Dec, 2024 02:25pm

Mutual Funds

JGB yields retreat as BOJ stands pat, Ueda strikes dovish tone

TOKYO: Japanese government bond yields retreated from session peaks on Thursday after Bank of Japan Governor Kazuo...

Published 19 Dec, 2024 02:22pm

Companies

France fines Electrolux $46mn in 2009-2014 antitrust case

STOCKHOLM: Electrolux said on Thursday it had been fined 44.5 million euros ($46.3 million) by the French...

Published 19 Dec, 2024 02:17pm

Forex

Pound rocked by tough-talking Fed ahead of BoE decision

LONDON: Sterling inched higher on Thursday as it recovered some of its steep losses suffered late on Wednesday when...

Published 19 Dec, 2024 02:15pm

Stocks

European stocks tumble after Fed’s hawkish signal

European stocks tumbled on Thursday, on course for their biggest percentage drop in five weeks, as investors fled...

Published 19 Dec, 2024 02:14pm

Forex

Russian rouble firms against dollar ahead of Putin’s annual live event

MOSCOW: The Russian rouble strengthened slightly against the US dollar on Thursday ahead of President Vladimir...

Published 19 Dec, 2024 02:13pm

Forex

Asian currencies, stocks slide as Fed signals slower rate cuts

Emerging Asian stocks tumbled to multi-month lows on Thursday while currencies weakened against a strong dollar, as...

Published 19 Dec, 2024 02:11pm

Commodities

Japan offers buys 77,220 tons of food wheat via tender

TOKYO: Japan’s Ministry of Agriculture, Forestry and Fisheries (MAFF) bought a total of 77,220 metric tons of...

Published 19 Dec, 2024 02:09pm

Forex

Kenyan shilling steady; remittance inflows meet demand

NAIROBI: The Kenyan shilling was steady on Thursday, with inflows from remittances matching importer demand for...

Published 19 Dec, 2024 02:08pm

Commodities

Iron ore hits near 1-month low on China concerns, Fed outlook

BEIJING: Iron ore futures prices fell on Thursday to their lowest in nearly a month, as concerns about demand...

Published 19 Dec, 2024 02:04pm

Philippine central bank cuts policy rate by 25 bps, as expected

MANILA: The Philippine central bank cut its key interest rate by 25 basis points (bps) to 5.75% on Thursday, its...

Published 19 Dec, 2024 02:03pm

Energy

Gazprom to send 42.4 mcm of gas to Europe via Ukraine on Thursday

MOSCOW: Russian gas producer Gazprom said it would send 42.4 million cubic metres (mcm) of gas to Europe via Ukraine...

Published 19 Dec, 2024 02:02pm

Commodities

South Korea’s NOFI tenders to buy up to 138,000 metric tons corn

HAMBURG: Leading South Korean feedmaker Nonghyup Feed Inc (NOFI) has issued an international tender to purchase up...

Published 19 Dec, 2024 02:01pm

Sharp slowdown pushes New Zealand into recession

WELLINGTON: New Zealand tipped into recession in the third quarter, official data showed Thursday, with the economy...

Published 19 Dec, 2024 01:01pm

Taiwan’s Foxconn in talks with Renault over Nissan stake: report

TAIPEI: Taiwan’s Foxconn is in talks with French auto giant Renault to buy its major stake in Japanese carmaker...

Published 19 Dec, 2024 12:50pm

Forex

Thai baht weaker vs US dollar at 0225 GMT

BANGKOK: The Thai baht dropped in morning trade on Thursday as the dollar strengthened after the Federal Reserve...

Published 19 Dec, 2024 12:09pm

Energy

Sinopec forecasts China’s petroleum consumption will peak by 2027

BEIJING: China’s petroleum consumption is expected to peak by 2027 at no more than 800 million metric tons, the...

Published 19 Dec, 2024 12:07pm

Forex

Indonesia central bank says rupiah fall due to impact of Fed outlook

JAKARTA: Indonesia’s central bank said the rupiah’s sharp fall to fresh four-months on Thursday was due to the...

Published 19 Dec, 2024 11:51am

Companies

Volkswagen nears deal with unions to keep car plants open, Bloomberg says

BERLIN: Volkswagen and labour unions are nearing an agreement to restructure the brand without closing factories in...

Published 19 Dec, 2024 11:44am

BOJ keeps rates steady by 8-1 vote, board member Tamura dissents

TOKYO: The Bank of Japan kept interest rates steady on Thursday, underscoring policymakers’ preference to spend more...

Published 19 Dec, 2024 11:42am

Commodities

Palm falls further on weakness of rival edible oils

KUALA LUMPUR: Malaysian palm oil futures fell on Thursday for a fifth straight session, weighed down by weakness in...

Published 19 Dec, 2024 11:39am

Commodities

Soybeans at 4-year lows amid supply glut, strong dollar

CANBERRA: Chicago soybean futures on Thursday sat at their lowest since September 2020, pinned down by a strong...

Published 19 Dec, 2024 11:32am

Bullion Rate

Gold recovers from one-month low on short-covering

Gold prices jumped more than 1% on Thursday on short-covering after dipping to the lowest in a month earlier in the...

Published 19 Dec, 2024 11:29am

Forex

Australia, NZ dollars hit 2-year lows as Fed signals rate pause ahead

SYDNEY: The Australian and New Zealand currencies hit two-year lows on Thursday after the Federal Reserve signalled...

Published 19 Dec, 2024 11:22am

Stocks

Australian shares drop 2% as Fed signals fewer rate cuts in 2025

Australian shares plunged more than 2% on Thursday, led by commodity stocks and banks, as global investors reacted...

Published 19 Dec, 2024 11:18am

Stocks

Japan’s Nikkei slides on Wall Street’s lead as BOJ decision looms

TOKYO: Japan’s Nikkei share average slid 1.5% early on Thursday, taking cues from an overnight tumble on Wall...

Published 19 Dec, 2024 11:16am

Mutual Funds

Indian bond yields spike, mirroring Treasury yields, after hawkish Fed tone

MUMBAI: Indian government bond yields rose sharply on Thursday, with the benchmark bond yield hovering around a key...

Published 19 Dec, 2024 11:14am

Forex

Indian rupee weakens past 85/USD as hawkish Fed outlook compounds bearish bias

MUMBAI: The Indian rupee weakened past 85 to the US dollar for the first time on Thursday after a markedly hawkish...

Published 19 Dec, 2024 11:12am

Stocks

Indian shares set to open lower after Fed sees fewer rate cuts in 2025

Indian shares are likely to drop at open on Thursday after the US Federal Reserve projected fewer interest rate cuts...

Published 19 Dec, 2024 11:11am

Stocks

Bloodbath at PSX: KSE-100 plunges record 4,795 points amid correction

Benchmark index under pressure as investors look to book profits

Updated 19 Dec, 2024 10:38pm

Energy

OGDCL begins oil & gas production from Hyderabad

Oil & Gas Development Company Limited (OGDCL), Pakistan’s largest exploration and production (E&P) company,...

Updated 19 Dec, 2024 10:46pm

Currency

Rupee records slight decline against US dollar

Currency settles at 278.35 in inter-bank market

Updated 19 Dec, 2024 10:43pm

South Asia

Adani, under bribery scrutiny, pressed by Bangladesh to reopen power deal

DHAKA: Bangladesh’s interim government has accused energy supplier Adani Power of breaching a multi-billion-dollar...

Published 19 Dec, 2024 08:39am

Industry

Chinese Investment Desk established at RUDA

LAHORE: The China Investment Desk has been established at Ravi Urban Development Authority (RUDA) to facilitate...

Published 19 Dec, 2024 08:28am

Amazon workers to strike at multiple US warehouses during busy holiday season

Thousands of Amazon.com workers will walk off the job on Thursday at 6 a.m. ET, in the crucial final days of the...

Published 19 Dec, 2024 08:27am

Commodities

16.5m acres target surpassed: Punjab farmers bring 16.7m acres under wheat crop sowing

LAHORE: Farmers in the province have brought 16.7 million acres of land under wheat sowing, surpassing the target of...

Published 19 Dec, 2024 08:24am

Taxes

Federal tax laws: Taxpayers’ rights fully protected: FTO

LAHORE: Federal Tax Ombudsman Dr Asif Mahmood Jah said on Wednesday that taxpayers’ rights are fully protected...

Published 19 Dec, 2024 08:23am

Companies

Ufone 4G & ConnectHear partner to deliver AI-powered assistive technologies for disaster response

KARACHI: Ufone 4G, a leading telecommunications provider in Pakistan announced a partnership with ConnectHear, South...

Published 19 Dec, 2024 08:18am

Declining risk premiums open the door to global markets: Schehzad

ISLAMABAD: Khurram Schehzad, advisor to finance minister Wednesday said the decline in country risk premiums ...

Published 19 Dec, 2024 08:16am

Stocks

Asian stocks dive after Fed flags slower rate cuts, BOJ decision awaited

SINGAPORE: Asian stocks slid, bond yields rose and the dollar was perched near a two-year high on Thursday after the...

Published 19 Dec, 2024 08:14am

Industry

‘PBF to help develop Karachi’s business community’

KARACHI: Malik Khuda Bakhsh, President of the Pakistan Business Forum (PBF) Karachi Chapter, stated that the forum...

Published 19 Dec, 2024 08:10am

Forex

South Korean won hits weakest since March 2009 on hawkish Fed

SEOUL: The South Korean won dropped to its weakest level in 15 years on Thursday, weighed down by risk-averse...

Published 19 Dec, 2024 08:06am

Forex

Dollar charges ahead on hawkish Fed outlook, yen awaits BOJ

SINGAPORE: The dollar flirted with a two-year peak on Thursday after the Federal Reserve signalled a slower pace of...

Published 19 Dec, 2024 08:00am

Energy

Oil slips on demand concerns after Fed signals slower rate cuts

Oil prices fell on Thursday after the U.S. Federal Reserve signalled it would slow the pace of interest rate cuts in...

Updated 19 Dec, 2024 06:03pm

Companies

SLIC, FFC introduce micro-insurance programme

KARACHI: The State Life Insurance Corporation of Pakistan (SLIC) and Fauji Fertiliser Company (FFC) on Wednesday...

Published 19 Dec, 2024 05:57am

Survey of SEZs completed

ISLAMABAD: A survey of Special Economic Zones (SEZs) across the country has been completed while further steps have...

Updated 19 Dec, 2024 07:41am

Industry

NLC completes 97pc work on ITTMS

ISLAMABAD: The National Logistics Corporation (NLC) has completed 97 per cent of work on the state-of-the-art...

Updated 19 Dec, 2024 07:56am

US Fed cuts rate by quarter-point in third straight reduction

WASHINGTON: The US Federal Reserve cut interest rates by a quarter point Wednesday and signaled a slower pace of...

Published 19 Dec, 2024 12:13am

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Forex
World
Commodity

Currency	Rate
USD PKR Interbank Selling / Dec 20	278.48
USD PKR Interbank Buying / Dec 20	278.28
USD to Japanese Yen / Dec 20	156.31
USD to Swiss Franc / Dec 20	0.89
Pound Sterling to USD / Dec 20	1.26
Euro to USD / Dec 20	1.04

Stock	Volume
S&P 500 / Dec 20	5,930.85
India Sensex / Dec 20	78,041.59
Tokyo Nikkei / Dec 20	38,701.90
Nasdaq / Dec 20	19,572.60
Hang Seng / Dec 20	19,720.70
FTSE 100 / Dec 20	8,084.36
Dow Jones / Dec 20	42,840.26
Germany DAX 30 / Dec 20	19,884.75

Item	Value
Crude Oil USD/Barrel / Dec 20	69.46
Gold 10 Grams PKR / Dec 20	234,311
Gold Spot USD/Ounce / Dec 20	2,622.91
Cotton US¢/pound / Dec 20	68.06
Karachi Cotton PKR/37.32 KG / Dec 21	17,585
Petrol/Litre / Dec 22	252.10

Gainers
Losers
Leaders

Stock	Price
Media Times Ltd / Dec 20 Media Times Limited(MDTL)	2.37 ▲ 0.37 (18.50%)
Pace (Pak) Ltd. / Dec 20 Pace (Pakistan) Limited(PACE)	7.23 ▲ 1.00 (16.05%)
Ist.Capital Sec / Dec 20 First Capital Securities Corporation(FCSC)	2.12 ▲ 0.26 (13.98%)
Khalid Siraj / Dec 20 Khalid Siraj Textile Mills Limited(KSTM)	9.60 ▲ 0.97 (11.24%)
Aruj Industries / Dec 20 Aruj Industries Limited(ARUJ)	9.90 ▲ 0.98 (10.99%)
Escorts Bank / Dec 20 Escorts Investment Bank Limited(ESBL)	4.79 ▲ 0.47 (10.88%)
Cresent Jute / Dec 20 Crescent Jute Products Limited(CJPL)	4.20 ▲ 0.40 (10.53%)
S.G.Power / Dec 20 S.G. Power Limited(SGPL)	11.19 ▲ 1.02 (10.03%)
P.T.C.L. / Dec 20 Pakistan Telecommunication Company Ltd(PTC)	25.80 ▲ 2.35 (10.02%)

Stock	Price
LSE Financial Serv. / Dec 20 LSE Financial Services Limited(LSEFSL)	16.25 ▼ -1.81 (-10.02%)
Dar-es-Salaam / Dec 20 Dar-es-Salaam Textile Mills Limited(DSML)	41.93 ▼ -4.66 (-10.00%)
Maqbool Tex. / Dec 20 Maqbool Textile Mills Limited(MQTM)	31.05 ▼ -3.45 (-10.00%)
Reliance Cotton / Dec 20 Reliance Cotton Spinning Mills Limited(RCML)	621 ▼ -69.00 (-10.00%)
Sanghar Sugar / Dec 20 Sanghar Sugar Mills Limited(SANSM)	27.72 ▼ -3.08 (-10.00%)
Olympia Mills / Dec 20 Olympia Mills Limited(OML)	34.58 ▼ -3.84 (-9.99%)
Nagina Cot. / Dec 20 Nagina Cotton Mills Limited(NAGC)	48.92 ▼ -5.41 (-9.96%)
Oilboy Energy / Dec 20 Oilboy Energy Limited(OBOY)	11.39 ▼ -1.26 (-9.96%)
Arpak Int. / Dec 20 Arpak International Investments Ltd.(ARPAK)	65.22 ▼ -7.19 (-9.93%)

Stock	Volume
WorldCall Telecom / Dec 20 Worldcall Telecom Limited(WTL)	177,645,248 ▲ 0.10
K-Electric Ltd. / Dec 20 K-Electric Limited(KEL)	81,901,542 ▲ 0.16
Cnergyico PK / Dec 20 Cnergyico PK Limited(CNERGY)	68,345,098 ▲ 0.12
Pak Elektron / Dec 20 Pak Elektron Limited(PAEL)	57,974,101 ▲ 1.47
Pak Refinery / Dec 20 Pakistan Refinery Limited(PRL)	45,251,944 ▲ 0.40
Pace (Pak) Ltd. / Dec 20 Pace (Pakistan) Limited(PACE)	43,240,462 ▲ 1.00
Sui South Gas / Dec 20 Sui Southern Gas Company Limited(SSGC)	40,539,001 ▼ -0.74
B.O.Punjab / Dec 20 The Bank of Punjab(BOP)	35,598,669 ▲ 0.24
Symmetry Group / Dec 20 Symmetry Group Limited(SYM)	34,869,613 ▼ -0.72

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