News Archives for Latest - 2024-07-12

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Archive - 2024-07-12

PRA amends Electronic Invoice Monitoring System Rules

LAHORE: The Punjab Revenue Authority (PRA) has amended the Electronic Invoice Monitoring System Rules 2019, under...

Updated 21 Oct, 2024 08:30am

Hotels in Swat call for optic fibre connectivity to help boost investment

The Kalam Hotels Association, representing over 250 hotels in the picturesque valley of Kalam, Swat, has called for...

Updated 12 Jul, 2024 11:32pm

Energy

Oil rises as US inflation eases

LONDON: Oil prices rose on Friday amid signs of easing inflationary pressures in the United States, the world’s...

Updated 12 Jul, 2024 11:16pm

Companies

Indus Motor temporarily halts production citing inventory shortage

Indus Motor Company (IMC), the manufacturer and assembler of Toyota-brand vehicles in Pakistan, has announced a...

Updated 12 Jul, 2024 11:14pm

Movies & Music

Biden under pressure from Hollywood’s wealthy donors

LOS ANGELES, United States: What if Hollywood, a key Democratic financial pillar, cut off Joe Biden’s campaign...

Updated 12 Jul, 2024 11:13pm

Money & Banking

India’s foreign exchange reserves hit record high at $657.16bn

MUMBAI: India’s foreign exchange reserves rose by $5.2 billion to hit a record high of $657.16 billion as of July 5,...

Updated 12 Jul, 2024 11:11pm

Middle East

Israeli forces pull back after Gaza City offensive, leaving dozens of bodies, rescue service says

CAIRO/GAZA: Israeli forces retreated from some Gaza City districts overnight after a fierce, week-long offensive,...

Updated 12 Jul, 2024 10:56pm

Forex

Turkiye lira hits fresh record low against dollar

ISTANBUL: Turkiye lira touched a new all-time low of 33.0450 to the US dollar on Friday, despite a period of...

Updated 12 Jul, 2024 10:46pm

Commodities

Gold price per tola jumps Rs2,200 in Pakistan

Gold prices in Pakistan registered gains for the third successive session on Friday in line with the increase in the...

Updated 12 Jul, 2024 10:45pm

Stocks

KSE-100 recovers from early 1,300-point loss on political noise, closes nearly flat

The KSE-100 Index was able to recover around a 1,300-point loss it had suffered after the Supreme Court’s verdict on...

Updated 12 Jul, 2024 10:45pm

Win for PTI as SC declares party eligible for reserved seats

'PTI was and is a political party', court rules

Updated 12 Jul, 2024 10:44pm

Forex

Rupee strengthens against US dollar

Currency settles at 278.4 against the greenback in inter-bank market

Updated 12 Jul, 2024 10:43pm

UN says world population to peak at 10.3 billion in the 2080s

NEW YORK: Earth’s population will peak in the mid-2080s at around 10.3 billion people, then drop slightly to a level...

Published 12 Jul, 2024 10:39pm

Palestinian released from Israeli jail ‘came back from the dead’

BETHLEHEM: Muazzaz Abayat’s parents barely recognised their son lying in a hospital bed after being freed from nine...

Published 12 Jul, 2024 10:25pm

Pakistan Champions qualify for WCL 2024 final after beating West Indies by 20 runs

Pakistan Champions on Friday became the first team to qualify for the World Championship of Legends (WCL) final...

Updated 12 Jul, 2024 09:37pm

‘Constitution has been rewritten’: law minister reacts to SC’s verdict on reserved seats

Federal Minister for Law and Justice Azam Nazeer Tarar on Friday said the Supreme Court’s (SC) judgement to give the...

Updated 12 Jul, 2024 09:21pm

Cast and Crew: looking to redefine luxury fashion in Pakistan

Launched in 2022, Cast and Crew has swiftly emerged as a beacon of luxury fashion for men in Pakistan. At the helm...

Updated 12 Jul, 2024 09:14pm

Energy

Global LNG: Asian spot LNG prices remain above $12 for eighth week running

LONDON: Asian spot liquefied natural gas (LNG) prices fell slightly this week, tracking European gas prices, amid...

Published 12 Jul, 2024 07:03pm

South Asia

Father of the groom: Asia’s richest man Mukesh Ambani

MUMBAI: Asia’s richest man, Mukesh Ambani, spent the last two decades transforming the stodgy petrochemicals giant...

Updated 12 Jul, 2024 06:08pm

Emotional Anderson bows out as England wrap up innings win over Windies

LONDON: England’s James Anderson brought down the curtain on his stellar international career by taking a wicket...

Updated 12 Jul, 2024 06:04pm

Companies

Unilever to cut a third of office jobs in Europe

Unilever plans to cut a third of all office roles in Europe by the end of 2025 as a part of a push by the CEO to...

Published 12 Jul, 2024 06:02pm

Luxury

Prices for Rolex, Patek Philippe extend decline, down 23% over 2 years: report

Prices for Rolex, Patek Philippe and Audemars Piguet are down an overall 23% as they slipped on the secondary market...

Published 12 Jul, 2024 05:56pm

Stocks

UAE stock markets end mixed amid Fed pause hopes

Stock markets in Dubai extended gains for the third consecutive session amid a strong oil price and on expectations...

Published 12 Jul, 2024 05:52pm

Movies & Music

Kardashians in India for billionaire wedding gala

MUMBAI: Socialite sisters Kim and Khloe Kardashian were among the global celebrities spotted in India on Friday to...

Updated 12 Jul, 2024 05:48pm

Stocks

Indian shares surge for sixth straight week as IT joins the rally

BENGALURU: The Indian benchmarks jumped to record closing highs on Friday as IT stocks joined an over month-long...

Published 12 Jul, 2024 05:46pm

Stocks

Sri Lankan shares advance on gains in financials, consumer staples

Sri Lankan shares closed higher on Friday, lifted by gains in financial and consumer staple stocks. The CSE...

Published 12 Jul, 2024 05:44pm

Commodities

Softer China demand outlook sets copper on track for a weekly loss

LONDON: Copper prices edged up on Friday but were on track for a weekly decline under pressure from a softer demand...

Published 12 Jul, 2024 05:41pm

Commodities

Malaysian palm oil settles lower, clocking first weekly drop in two

NEW DELHI: Malaysian palm oil futures ended lower on Friday, as estimates of higher inventories in June weighed on...

Published 12 Jul, 2024 05:38pm

Money & Banking

JPMorgan Chase profits jump despite higher costs for bad loans

NEW YORK: JPMorgan Chase reported higher second-quarter profits Friday thanks to better results in investment...

Published 12 Jul, 2024 05:33pm

Saudi Arabia to host first Esports Olympics in 2025

LAUSANNE: Saudi Arabia will host the inaugural Esports Olympics in 2025 the International Olympic Committee said on...

Published 12 Jul, 2024 05:27pm

MENA

Gaza authorities say 32 killed as Israel strikes across territory

Israeli strikes killed another 32 people in the Gaza Strip, the health ministry in the Hamas-ruled Palestinian...

Published 12 Jul, 2024 03:30pm

Europe

OSCE official gets jail term for ‘spying’ in Russian-held Ukraine

MOSCOW: A court in Ukraine’s Russian-controlled Donetsk region on Friday jailed a member of the OSCE monitoring...

Published 12 Jul, 2024 03:25pm

MENA

Hamas calls for independent Palestinian government in post-war Gaza

GAZA CITY: Hamas is suggesting during ceasefire negotiations that an independent government of non-partisan figures...

Published 12 Jul, 2024 03:22pm

Europe

UK Brexit champion Nigel Farage to return to right-wing TV station

LONDON: Leading Brexiteer Nigel Farage will return to the right-wing television news channel GB News as one of its...

Published 12 Jul, 2024 03:15pm

Stocks

FTSE 100 hits one-week high after soft US inflation data spurs rate-cut hopes

London’s FTSE 100 stock index hit a one-week high on Friday amid broader gains, as investors cheered growing bets of...

Published 12 Jul, 2024 02:46pm

Forex

Kenya’s shilling weakens due to high dollar demand from importers

NAIROBI: Kenya’s shilling weakened on Friday due to increased demand for dollars from general goods importers, while...

Published 12 Jul, 2024 02:44pm

Forex

Russian rouble weakens slightly amid low trade volumes

MOSCOW: The Russian rouble weakened slightly against the dollar on Friday while trading volumes remained low. By...

Published 12 Jul, 2024 02:42pm

Stocks

European shares hit 1-month high on upbeat earnings, Fed rate-cut hopes

European shares advanced on Friday and were set for a second consecutive weekly gains on upbeat earnings updates,...

Published 12 Jul, 2024 02:32pm

Movies & Music

‘Deadpool & Wolverine’ celebrates friendship, Ryan Reynolds says

LONDON: The global promotional tour for ‘Deadpool & Wolverine’ touched down in London on Thursday, with stars...

Published 12 Jul, 2024 02:04pm

English pubs and shops gear up for Euro 2024 final bonanza

LONDON: English pubs, supermarkets and restaurants are set for a weekend bonanza as fans prepare to tune in to watch...

Published 12 Jul, 2024 01:57pm

Jasmine Paolini eyes Wimbledon title against Krejcikova after ‘crazy’ run

LONDON: Italy’s Jasmine Paolini has set her sights on capping a “crazy” run to Saturday’s Wimbledon final against...

Published 12 Jul, 2024 01:48pm

Bodybuilders vie for Mr Afghanistan crown, modestly

KABUL: On a stage inside Kabul Stadium, dozens of bodybuilders take turns flexing and posing in a bid to clinch the...

Published 12 Jul, 2024 01:42pm

Spain star Yamal’s hometown buzzing over teen’s Euro success

MATARÓ: Every time Lamine Yamal scores, he holds up his fingers to sign the numbers 304 – the postcode of Rocafonda,...

Published 12 Jul, 2024 12:47pm

Stocks

Stocks up on US rate hopes, yen holds gains amid intervention talk

HONG KONG: Markets mostly rose Friday after a largely negative day on Wall Street despite growing confidence of a US...

Published 12 Jul, 2024 12:42pm

Europe

Tayyip Erdogan says Turkiye will not approve NATO attempts to cooperate with Israel

ISTANBUL: Turkiye President Tayyip Erdogan said on Friday it is not possible for NATO to continue its partnership...

Published 12 Jul, 2024 12:35pm

USA

Joe Biden says Israel-Gaza war should end now and Israel must not occupy Gaza

WASHINGTON: US President Joe Biden said on Thursday the Israel-Gaza war must end now and Israel must not occupy the...

Published 12 Jul, 2024 12:19pm

PD says ready to annul IPPs pacts if NA panel instructs

Remarks of the Power Division comes a day before the meeting of the Senate Standing Committee on Power

Updated 12 Jul, 2024 12:11pm

Forex

Australian dollar sails to six-month top as kiwi sinks

SYDNEY: The Australian dollar held near six-month peaks on Friday as markets sharply narrowed the odds on US rate...

Published 12 Jul, 2024 12:04pm

India’s Adani Ports to invest $1.2bn in transshipment terminal, Bloomberg News reports

India’s Adani Ports and Special Economic Zone plans to ramp up its investment to 100 billion rupees ($1.20 billion)...

Published 12 Jul, 2024 12:00pm

USA

Hungary’s Orban, a NATO outlier on Ukraine, talks ‘peace mission’ with Trump

WASHINGTON: Hungarian Prime Minister Viktor Orban met with Donald Trump on Thursday and the pair discussed the...

Published 12 Jul, 2024 11:57am

China’s June exports rise 8.6%, imports drop 2.3%

BEIJING: China’s exports rose 8.6% year-on-year by value in June, while imports dropped 2.3%, customs data showed on...

Published 12 Jul, 2024 11:48am

Mutual Funds

JGB yields track US peers down; yen volatility fans uncertainty

TOKYO: Japanese government bond (JGB) yields declined on Friday, tracking their US peers down after key inflation...

Published 12 Jul, 2024 11:43am

Energy

Kuwait cuts Aug crude prices for Asia, document shows

SINGAPORE: Kuwait has cut the official selling price (OSP) for Kuwait Export Crude (KEC) to Asia in August by 70...

Published 12 Jul, 2024 11:38am

Commodities

Palm oil opens higher, extending gains from previous session

NEW DELHI: Malaysian palm oil futures opened higher on Friday, extending gains from the previous session as the...

Published 12 Jul, 2024 11:33am

South Asia

Nepal landslides sweep two buses into a river, 65 passengers missing

KATHMANDU: Landslides in Nepal swept two buses with at least 65 passengers on board into a river on Friday, while...

Published 12 Jul, 2024 11:24am

Stocks

China stocks track regional markets lower, mixed trade data weighs

SHANGHAI: China stocks fell on Friday in line with broader weakness across other Asian markets, with mixed trade...

Published 12 Jul, 2024 11:22am

Energy

China June crude oil imports fall 11% on year, H1 imports down 2.3%

SINGAPORE: China’s crude oil imports in June dropped 11% from a high base a year earlier and first-half imports fell...

Published 12 Jul, 2024 11:02am

Ericsson Q2 sales fall 7%, beating expectations

Swedish telecom gear maker Ericsson reported on Thursday a 7% drop in second-quarter sales, beating expectations as...

Published 12 Jul, 2024 10:51am

South Asia

India top court gives interim bail to opposition leader Arvind Kejriwal in graft case

NEW DELHI: India’s Supreme Court granted interim bail on Friday to opposition leader and Delhi Chief Minister Arvind...

Published 12 Jul, 2024 10:50am

MENA

Israel says a soldier killed near border with Lebanon

OCCUPIED JERUSALEM: Israel’s military said on Friday that one of its soldiers was killed in combat near the border...

Published 12 Jul, 2024 10:45am

Europe

Ukrainian air force says it downs 5 cruise missiles, 11 drones launched by Russia

KYIV: Ukrainian air force said it shot down all five cruise missiles and 11 out of 19 drones launched by Russia in a...

Published 12 Jul, 2024 10:38am

Commodities

China June copper imports slide to 14-month low on weak demand

BEIJING: China’s unwrought copper imports declined in June to a 14-month low, customs data showed on Friday, as high...

Published 12 Jul, 2024 10:27am

Bullion Rate

Gold eases, but set for weekly gain on Fed rate cut bets

Gold prices edged lower on Friday, but were headed for a third straight week of gains as cooler-than-expected US...

Published 12 Jul, 2024 10:23am

Commodities

China summer wheat output rise 2.7%, escapes drought damage

BEIJING: China’s summer wheat production rose 2.7% this year, official data showed on Friday, escaping the impact of...

Published 12 Jul, 2024 10:21am

Mutual Funds

Indian bond yields seen easing as US peers tumble after inflation cheer

MUMBAI: Indian government bond yields are expected to open lower on Friday, tracking a sharp decline in US peers...

Published 12 Jul, 2024 10:14am

Forex

Indian rupee gains marginally, forward premiums tick up as US bond yields drop

MUMBAI: The Indian rupee was marginally higher on Friday after a soft US inflation reading boosted hopes of rate...

Published 12 Jul, 2024 10:11am

Stocks

Indian shares rise at open, IT stocks lead

BENGALURU: Indian shares opened higher on Friday, as bets of a rate cut in the world’s largest economy next month...

Published 12 Jul, 2024 10:08am

Stocks

Australian shares hit record high on firming bets of September Fed rate-cut

Australian shares climbed record highs on Friday, boosted by gains in heavyweights miners and banks after an...

Published 12 Jul, 2024 10:05am

Stocks

Japan’s Nikkei drops from record high on chip selloff, yen intervention nerves

TOKYO: The Nikkei share average plunged 2% on Friday, as tech stocks tracked a selloff in Wall Street peers and the...

Published 12 Jul, 2024 10:03am

Forex

Volatile yen keeps markets on edge as intervention risks swirl

SINGAPORE: The yen was soft after a volatile start on Friday as traders weighed its sharp surge after US consumer...

Published 12 Jul, 2024 09:57am

Commodities

Soybeans head for biggest weekly fall in over a year on strong supply outlook

CANBERRA: Chicago soybean prices rose slightly on Friday but were headed for their biggest weekly fall since June...

Published 12 Jul, 2024 09:53am

Forex

China’s yuan eases after mild midpoint fixing, mixed trade data

SHANGHAI: China’s yuan eased on Friday after strengthening to a one-month high, as the central bank set a mild...

Published 12 Jul, 2024 09:50am

Flour mills go on countrywide strike

Overall, 2,000 flour including 250 mills of Sindh completely shut their operations

Updated 12 Jul, 2024 09:28am

Traders, shopkeepers and retailers: FBR drafts ‘simple’ tax payment system

ISLAMABAD: The Federal Board of Revenue (FBR) has drafted a very simple tax payment system for traders, shopkeepers...

Updated 12 Jul, 2024 09:22am

IMF will continue to discuss policy goals and actions

ISLAMABAD: The International Monetary Fund (IMF) will continue to discuss policy goals and actions that could form...

Updated 12 Jul, 2024 09:21am

Economy on the right track: Group CEO Standard Chartered

KARACHI: Bill Winters Group CEO of Standard Chartered (SC) Bank is very optimistic about Pakistan’s economy and said...

Updated 12 Jul, 2024 09:20am

Power bills: FBR to explain the reasons behind ‘two further taxes’ today

ISLAMABAD: The Finance Ministry and the Federal Board of Revenue’s failure to explain the logic of collecting two...

Updated 12 Jul, 2024 09:18am

SBP allows IT cos to acquire shareholding in entities abroad

KARACHI: In order to enhance IT exports, the State Bank of Pakistan (SBP) on Thursday allowed export-oriented IT...

Updated 12 Jul, 2024 09:05am

CPPs more efficient than IPPs, KE: Jam

ISLAMABAD: Commerce Minister Jam Kamal Khan is said to have come forward to rescue over 100 Captive Power Plants...

Updated 12 Jul, 2024 09:04am

FED on transfer of immoveable property

“Accordingly CVT was abolished through the Finance Act 2010 as charge and levy of CVT became a provincial subject....

Updated 12 Jul, 2024 08:55am

Open the valves of credit, and tax shall follow

Tax on agricultural income is in the news again. Reportedly, the IMF has demanded imposition of uniform tax on...

Published 12 Jul, 2024 08:48am

Taxing agriculture income: Understanding with provinces reached, claims Aurangzeb

ISLAMABAD: Finance Minister Muhammad Aurangzeb said on Thursday that the size of the new International Monetary Fund...

Updated 12 Jul, 2024 08:47am

Power tariffs: A quarter’s respite

Two days after the announcement of base electricity tariffs – the government caved in. The revised prayer now allows...

Published 12 Jul, 2024 08:47am

Indus Dyeing & Manufacturing Company Limited

Indus Dyeing & Manufacturing Company Limited (PSX: IDYM) was incorporated in Pakistan as a public limited...

Published 12 Jul, 2024 08:44am

Excessive valuation of immovable properties: FTO’s directive to FBR

ISLAMABAD: Federal Tax Ombudsman (FTO) has again directed Federal Board of Revenue (FBR) Member Inland Revenue...

Updated 12 Jul, 2024 08:41am

Discos, KE’s base tariff raise bid: Nepra puts its stamp on govt’s proposed uniform SoTs

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) has stamped federal government’s proposed...

Updated 12 Jul, 2024 08:41am

Never too late

Pakistan’s political and economic problems stem from incompetency, poor governance and above all corruption. Why...

Updated 12 Jul, 2024 08:39am

BR’s refresher: your morning briefing for the day

Important updates July 11, 2024

Published 12 Jul, 2024 08:38am

Addressing gas sector circular debt: causes and solutions

The gas sector in Pakistan, which was relatively stable until 2013, has since faced the substantial challenge of...

Updated 12 Jul, 2024 08:32am

Some economic advice for the PM

The first thing perhaps that the PM needs to understand is that the over-board monetary austerity – over-emphasis on...

Updated 12 Jul, 2024 08:28am

Power tariff cuts for protected consumers

EDITORIAL: The government’s clear lack of planning regarding measures of national importance that directly impact...

Updated 12 Jul, 2024 07:53am

Insincere calls for national unity

In his message on the beginning of the new Islamic year, PPP leader President Asif Ali Zardari urged the nation to...

Updated 12 Jul, 2024 07:51am

Saudi Airlines flight escaped major accident at Peshawar Airport

KARACHI: The flight 792 of Saudi Airlines has escaped major accident at Peshawar Airport. According to the details,...

Published 12 Jul, 2024 07:28am

44,000 Afghans still awaiting US, foreign resettlement

ISLAMABAD: At least 44,000 Afghans approved for relocation to Western nations following the Taliban’s return to...