News Archives for Latest - 2024-07-25

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Archive - 2024-07-25

Business & Economy

PBC apologies for mistake, now says Pakistan’s salaried class paying up to 3 times more tax than in India

After posting a detailed chart showing how Pakistan’s salaried class is paying up to 9.4 times more tax than in...

Updated 26 Jul, 2024 05:10pm

May 9 riots: LHC annuls physical remand of Imran Khan in 12 cases

The Lahore High Court (LHC) nullified on Thursday the physical remand of Pakistan Tehreek-e-Insaf (PTI) founder and...

Updated 25 Jul, 2024 11:39pm

Despite Rs2.5tr expected surplus profit from SBP: ‘Fiscal space’ continues to elude Pakistan

KARACHI: Despite the government estimating a surplus profit from the State Bank of Pakistan (SBP) at a record Rs2.5...

Updated 25 Jul, 2024 11:38pm

Forex

SBP-held foreign exchange reserves decrease $397mn, now stand at $9.02bn

Total liquid foreign reserves held by the country stand at $14.33 billion

Updated 25 Jul, 2024 11:32pm

Europe

UK Afghanistan war crimes probe lifts jail threat on former minister

LONDON: Britain’s former minister for veterans has “provided further information” to a public inquiry into claims of...

Published 25 Jul, 2024 11:09pm

USA

US sees no need for global deal to tax super-rich: Yellen

RIO DE JANEIRO: The United States sees no need to negotiate an international agreement on taxing the super-wealthy,...

Published 25 Jul, 2024 10:58pm

PM Shehbaz to attend inauguration ceremony of Iran’s president next week: FO

Prime Minister Shehbaz Sharif will travel to Tehran on July 30 to attend the inauguration ceremony of Iran’s...

Updated 25 Jul, 2024 10:57pm

Companies

Fauji Fertilizer Bin Qasim quarterly profit surges 495% YoY, clocks in at Rs8.3bn

Fauji Fertilizer Bin Qasim Limited reported a profit-after-tax (PAT) of Rs8.28 billion during the three-month period...

Updated 25 Jul, 2024 10:55pm

Asia

Russia, China FMs meet as ASEAN talks get underway in Laos

VIENTIANE: The foreign ministers of Russia and China met on Thursday on the sidelines of Association of Southeast...

Updated 25 Jul, 2024 10:51pm

UK, US, South Korea warn of North Korea cyber op to steal military, nuclear secrets

LONDON: Britain, the United States and South Korea on Thursday issued a warning over a North Korea-backed global...

Published 25 Jul, 2024 10:48pm

Companies

Maple Leaf Cement looks to increase stake, control in Agritech Limited

Maple Leaf Cement Factory Limited (MLCF) has expressed its intention to acquire additional shares and control of...

Updated 25 Jul, 2024 10:12pm

Exchange

Rupee marginally appreciates against US dollar

Currency settles at 278.41 against greenback in inter-bank market

Updated 25 Jul, 2024 10:03pm

Stocks

Selling pressure at PSX, KSE-100 loses 928 points

Benchmark index snaps two-session rally to settle below 79,000

Updated 25 Jul, 2024 09:59pm

ECP notifies 39 MNAs as PTI lawmakers after Supreme Court’s order

The Election Commission of Pakistan (ECP) on Thursday notified 39 members of the National Assembly (MNAs) as...

Updated 25 Jul, 2024 09:57pm

Companies

Honda Atlas plans to enter hybrid cars market at CAPEX of Rs5bn: report

Honda Atlas Cars Limited (HCAR) has shared its plan to soon enter the hybrid market in Pakistan – possibly with the...

Published 25 Jul, 2024 09:19pm

USA

Biden, Harris to meet Netanyahu separately on Gaza ceasefire

WASHINGTON: U.S. President Joe Biden and Vice President Kamala Harris will sit down, separately, with Israeli Prime...

Published 25 Jul, 2024 09:06pm

Energy

Oil slips on gloomy Chinese demand outlook

Oil prices slipped on Thursday as lacklustre Chinese consumption signalled weaker demand from the world’s biggest...

Updated 25 Jul, 2024 08:15pm

West Indies’ Sinclair out of third Test against England

BIRMINGHAM: West Indies all-rounder Kevin Sinclair has been ruled out of the series finale against England at...

Published 25 Jul, 2024 07:55pm

Stocks

US stocks little changed after prior session’s rout

NEW YORK: Wall Street stocks were near flat early Thursday, pausing after the prior session’s rout following strong...

Published 25 Jul, 2024 07:28pm

World’s richest 1% gained $40trn in a decade: Oxfam

PARIS: The world’s richest one percent increased their fortunes by a total of $42 trillion over the past decade,...

Published 25 Jul, 2024 06:32pm

Forex

Yen surges as traders brace for interest rate shift while risk mood sours

LONDON: The yen rallied for a fourth day running on Thursday, reaching a six-week high, as traders ditched their...

Published 25 Jul, 2024 05:47pm

Europe

Putin vows ‘retribution’ against those trying to ‘divide’ Russia

MOSCOW: Russian President Vladimir Putin vowed Thursday to crush anybody who tries to divide Russian society as he...

Published 25 Jul, 2024 05:14pm

South Asia

Bangladesh PM surveys destruction as unrest recedes

DHAKA: Bangladeshi Prime Minister Sheikh Hasina wept Thursday as she surveyed the destruction wrought by days of...

Published 25 Jul, 2024 05:10pm

Stocks

Stock markets slump after Wall Street’s tech plunge

LONDON: Heavy selloffs in tech stocks hammered equity markets Thursday, tracking a plunge on Wall Street as...

Updated 25 Jul, 2024 05:06pm

Companies

Nestle cuts sales forecast as price rises slow

ZURICH: Swiss food giant Nestle lowered its sales growth outlook for 2024 Thursday as it slowed its price increases...

Published 25 Jul, 2024 05:04pm

Shahnawaz Dahani ruled out of Pakistan Shaheens’ Darwin tour with back injury

Fast bowler Shahnawaz Dahani has been ruled out of the Pakistan Shaheens’ Darwin tour after picking up a back...

Published 25 Jul, 2024 04:55pm

Asia

China says Italy PM Meloni to visit from Saturday

BEIJING: Italian Prime Minister Giorgia Meloni will visit China for five days from Saturday, Beijing said Thursday,...

Published 25 Jul, 2024 04:55pm

Djokovic, Nadal set for Olympics second-round showdown

PARIS: Grand Slam record-breakers Novak Djokovic and Rafael Nadal were placed on an Olympics second-round collision...

Published 25 Jul, 2024 04:49pm

Commodities

Gold price per tola declines Rs2,300 in Pakistan

After registering an increase in the previous session, gold prices in Pakistan registered losses on Thursday in line...

Updated 25 Jul, 2024 03:48pm

Luxury

Jennifer Lopez wears custom Manish Malhotra for Bridgerton-themed birthday

Indian couturier opened first global flagship in Dubai last year

Updated 25 Jul, 2024 03:44pm

Stocks

Major Gulf markets retreat on weak oil

Major stock markets in the Gulf retreated in early trade on Thursday following a decline in oil prices, although the...

Published 25 Jul, 2024 03:17pm

Murray to play only doubles in Paris Games farewell

Two-time Olympic gold medallist Andy Murray said he will not compete in the singles competition at the Paris Games...

Published 25 Jul, 2024 03:14pm

MENA

Israeli forces advance in southern Gaza, tanks active in Rafah

CAIRO: Israeli forces advanced deeper into some towns on the eastern side of Khan Younis in southern Gaza on...

Published 25 Jul, 2024 03:09pm

Stocks

China stocks slump on economic concerns, PBOC lending at lower rate

SHANGHAI: China stocks slumped on Thursday, tracking weakness in global markets, with investors worrying about the...

Published 25 Jul, 2024 02:59pm

Africa

Death toll from Ethiopia landslides could rise to 500, UN says

NAIROBI: The death toll from landslides in Ethiopia earlier this week has risen to 257, and is expected to rise to...

Published 25 Jul, 2024 02:52pm

Movies & Music

Snoop Dogg to learn new tricks in Paris Olympics coverage

American rapper Snoop Dogg said he is ready to learn “some new tricks” when he collaborates with Gen Z social media...

Published 25 Jul, 2024 02:16pm

Travel

Italy’s vintage trains lure tourists off beaten track

SULMONA, Italy: As it rolls across Italy’s central regions, a vintage diesel locomotive towing carriages from the...

Published 25 Jul, 2024 02:10pm

Commodities

Japan rubber futures slide to two-month low on weak Chinese economic sentiment, stronger yen

SINGAPORE: Japanese rubber futures slid to a two-month low on Thursday, weighed down by weak economic sentiment in...

Published 25 Jul, 2024 01:43pm

Stocks

South Korean shares post worst day in three months on tech rout

KOSPI closed down 48.06 points, or 1.74%, at 2,710.65

Published 25 Jul, 2024 01:39pm

Forex

Russian rouble strengthens ahead of interest rate decision

MOSCOW: The Russian rouble strengthened against the dollar on Thursday, helped by rising foreign currency sales by...

Published 25 Jul, 2024 01:35pm

Forex

Kenya shilling steady, central bank sales could provide support

NAIROBI: Kenya’s shilling was stable on Thursday, but could to come under pressure due to offshore dollar demand,...

Published 25 Jul, 2024 01:31pm

25pc tax slapped on imported mobile phones in CBU condition

Updated Sales Tax Act reveals 25 percent sales tax would be charged on the import of mobile phones or satellite phones on the basis of import value (exceeding USD 500) per set, or equivalent value in rupees in case of supply by the manufacturer

Updated 25 Jul, 2024 01:21pm

Raoof Hasan’s physical remand extended by 3 days

A district and sessions court in Islamabad on Thursday extended the physical remand of Pakistan Tehreek-e-Insaf’s...

Published 25 Jul, 2024 01:19pm

Stocks

FTSE 100 tumbles as gold miners weigh; Unilever surges after profit beat

The FTSE 100 fell to its lowest in nearly three months on Thursday, pressured by gold miners, while Unilever surged...

Published 25 Jul, 2024 01:19pm

USA

Biden says time to pass torch to ‘younger voices’

WASHINGTON: US President Joe Biden told Americans Wednesday he quit the 2024 election to unite the country, saying...

Published 25 Jul, 2024 01:12pm

Key ministers interact with authorities in China: Bond, loans and coal high on the critical agenda

PM Shehbaz has directed Pakistan’s ambassador to China to ensure meetings of Ministers for Finance and Power with relevant Chinese authorities to discuss their proposed plans

Updated 25 Jul, 2024 01:09pm

Karachi Port: Leakage of Rs1.2trn duty must be plugged: PM

ISLAMABAD: Prime Minister Shehbaz Sharif has directed that tax pilferages such as the leakage of almost Rs1.2...

Updated 25 Jul, 2024 12:21pm

Europe

Ukraine destroys 25 of 38 drones in Russian attack, air force says

KYIV: Ukrainian forces destroyed 25 Russian attack drones out of 38 launched overnight, Ukraine’s air force chief...

Published 25 Jul, 2024 12:08pm

Stocks

Tech rout drags Australian shares to two-week low; resources hit

A rout in local technology stocks, in line with a global sell-off, pressured Australian shares which ended at their...

Updated 25 Jul, 2024 12:03pm

South Asia

Indonesia launches ‘Golden Visa’ to lure foreign investors, boost economy

JAKARTA: Indonesia launched a long-term visa scheme on Thursday intended to attract foreign investors, President...

Updated 25 Jul, 2024 12:01pm

Forex

South African rand weaker, focus on US economic data

JOHANNESBURG: The South African rand was weaker in early trade on Thursday, ahead of U.S. economic data readings...

Published 25 Jul, 2024 11:59am

Stocks

Japan’s Nikkei ends at 3-month low as yen strengthens

TOKYO: Japan’s Nikkei share average ended at a three-month low and posted its biggest daily decline in three years...

Updated 25 Jul, 2024 11:57am

Companies

Unilever profit edges higher in first half

LONDON: British consumer goods giant Unilever said Thursday that net profit edged up four percent in the first six...

Published 25 Jul, 2024 11:51am

South Asia

North Korea trash balloons disrupt flights in Seoul, cause rooftop fire

SEOUL: North Korea has sent about 500 balloons laden with trash into South Korea’s air space over the past 24 hours,...

Published 25 Jul, 2024 11:47am

Financial

Short-term JGB yields rise as speculation builds for BOJ rate hike

TOKYO: Short-term Japanese government bond yields rose on Thursday while those on longer-dated debt eased,...

Published 25 Jul, 2024 11:42am

Europe

Putin meets Syria’s Assad in Moscow

MOSCOW: Russian President Vladimir Putin met Syrian President Bashar al-Assad in the Kremlin, the president’s press...

Published 25 Jul, 2024 11:38am

Forex

Indian rupee supported by likely RBI intervention as equity pressure lingers

MUMBAI: The Indian rupee was little changed on Thursday as the Reserve Bank of India likely intervened to support...

Published 25 Jul, 2024 11:12am

Commodities

Palm oil extends falls on higher output estimates, weaker rivals

BEIJING: Malaysian palm oil futures fell for a third session on Thursday, weighed down by weaker competing edible...

Published 25 Jul, 2024 11:09am

Middle East

Gaza ceasefire negotiations appear to be in closing stages, senior US official says

WASHINGTON: Negotiations on a ceasefire-for-hostages deal in the Gaza conflict appear to be in their closing stages...

Published 25 Jul, 2024 10:53am

Commodities

Iron ore drops further as strong supply, China steel sell-off weigh

SINGAPORE: Iron ore futures prices lost further ground on Thursday, weighed by strong global supply and the...

Published 25 Jul, 2024 10:06am

Forex

China yuan firms to one-week high against weaker dollar

SHANGHAI: The yuan strengthened to one-week high on Thursday against the U.S. dollar, even after China’s central...

Published 25 Jul, 2024 10:04am

Commodities

Gold skids on profit-taking, US economic data on radar

Gold prices fell nearly 1% on Thursday, as investors booked profits ahead of U.S. economic data that could offer...

Published 25 Jul, 2024 10:00am

Deregulation of POL products’ prices: Petroleum Div to finalise framework today

ISLAMABAD: A crucial meeting is set to take place on Thursday (today) at the Petroleum Division to finalise the...

Updated 25 Jul, 2024 09:57am

Commodities

Copper falls below $9,000 level on China demand concerns

BEIJING: London copper fell further on Thursday to trade below the $9,000 per-metric-ton level for the first time...

Published 25 Jul, 2024 09:57am

Those who stole CCTV footage are real culprits: IK

ISLAMABAD: The incarcerated founding chairman of Pakistan Tehreek-e-Insaf (PTI) Imran Khan on Wednesday said a...

Updated 25 Jul, 2024 09:57am

CTO actions undermine taxation system’s integrity: ATIR

ISLAMABAD: Appellate Tribunal Inland Revenue Islamabad (ATIR) has declared that actions by the Corporate Tax Office...

Updated 25 Jul, 2024 09:56am

Stocks

Tech slump knocks Asia shares, yen towers at 2-1/2-month peak

SYDNEY: Asian shares were hammered on Thursday as a slump in global tech stocks sent investors fleeing into less...

Published 25 Jul, 2024 09:55am

Stocks

Indian shares drop as Axis Bank results weigh

BENGALURU: Indian shares opened lower on Thursday after poor quarterly results by private lender Axis Bank added to...

Published 25 Jul, 2024 09:48am

Forex

Yen jumps as carry trades unwind, risk mood sours

SINGAPORE: The yen rose to its strongest level against the dollar in 2-1/2 months on Thursday and scaled multi-month...

Published 25 Jul, 2024 09:42am

AGP finds Rs33bn discrepancies in tax receipts

KARACHI: The Auditor General of Pakistan (AGP) has uncovered significant discrepancies exceeding Rs. 33,500 million...

Updated 25 Jul, 2024 09:33am

BR’s refresher: your morning briefing for the day

Important updates from July 24, 2024

Published 25 Jul, 2024 09:32am

Discos tariff: CPPA-G revises upward its positive adjustment request for June

ISLAMABAD: The Central Power Purchasing Agency-Guaranteed (CPPA-G) has revised its positive adjustment request for...

Updated 25 Jul, 2024 09:20am

Further cut in key policy rate expected

KARACHI: The State Bank of Pakistan (SBP) is scheduled to announce Monetary Policy on Jul 29, 2024 with expectation...

Updated 25 Jul, 2024 09:01am

MPS: Rate cut imminent

The monetary policy announcement is set for Monday, with markets anticipating a significant 150 basis points (bps)...

Published 25 Jul, 2024 08:19am

Honda: Patchy road ahead

Are the dark clouds finally separating for the automobile industry? Even though automobile assemblers, Honda Atlas...

Published 25 Jul, 2024 08:16am

Dandot Cement Limited

Dandot Cement Limited (PSX: DNCC) was incorporated in Pakistan as a public limited company in 1980 and began its...

Published 25 Jul, 2024 08:14am

126 countries: Cabinet approves online visa application system

ISLAMABAD: The federal cabinet has approved the implementation of online visa application system for 126 countries...

Updated 25 Jul, 2024 07:49am

Irresponsible actions could discourage investment in power sector

Pakistan’s power sector, pivotal for the country’s socioeconomic development, is currently grappling with a dire...

Updated 25 Jul, 2024 07:36am

Why should urban floods and heat islands continue to play havoc in Karachi?

Abu Bakar is not alone when says he is dreading the onslaught of monsoon rains, which will bring the entire life to ...

Updated 25 Jul, 2024 07:33am

Pulling the rug from under the carpet industry’s feet

The traditional woolen hand-knotted carpet and rugs manufacturing sector had uniquely positioned Pakistan among the...

Updated 25 Jul, 2024 07:31am

Letters

‘Misconceptions about judiciary’s ranking’

This is apropos a letter to the Editor carried by this newspaper yesterday. To further analyse the issue, let us...

Updated 25 Jul, 2024 07:28am

IPPs: why leaders must lead from the front

Be it a newspaper, X (formerly Twitter) or any WhatsApp group, one would find a barrage of criticism on the GoP for...

Updated 25 Jul, 2024 07:25am

When did Noah build the Ark?

It’s very normal, and natural, for milestones like the SLA (Staff-Level Agreement) to be followed by a barrage of...

Updated 25 Jul, 2024 07:20am

Beijing deal for post-war Gaza leaves analysts sceptical

JERUSALEM: Palestinian president Mahmud Abbas’s Fatah movement has agreed with Hamas to form a “national unity...

Published 25 Jul, 2024 07:08am

Money & Banking

BoE unveils new stability tool to soothe gilt market ructions

LONDON: The Bank of England on Wednesday set out details of a new financial stability tool that insurers and pension...

Published 25 Jul, 2024 07:08am

NATO finds gaping holes in defences of Europe

BRUSSELS: The war in Ukraine and the looming US presidential election dominated a NATO summit in Washington this...

Published 25 Jul, 2024 07:08am

Plane crashes in Nepal with 18 dead, pilot sole survivor

KATHMANDU: A passenger plane crashed on take-off in Kathmandu on Wednesday, with the pilot rescued from the wreckage...

Published 25 Jul, 2024 07:08am

Trump takes fight against Harris to North Carolina rally

WASHINGTON: Donald Trump has so far watched from the sidelines as Vice President Kamala Harris galvanized and...

Published 25 Jul, 2024 07:08am

Taiwan shuts down as deadly Typhoon Gaemi approaches

YILAN: Taiwan closed schools and evacuated thousands from their homes on Wednesday ahead of Typhoon Gaemi, which...

Published 25 Jul, 2024 07:08am

Money & Banking

Asian currencies: Thai baht edges higher; rupiah, ringgit slip

BENGALURU: Currencies and stocks in Asian emerging markets were in a holding pattern on Wednesday as traders awaited...

Published 25 Jul, 2024 07:08am

Money & Banking

Dollar falls against resurgent yen

NEW YORK: The dollar fell to its lowest in more than two months against the yen on Wednesday as short-yen carry...

Published 25 Jul, 2024 07:08am

EU countries look to extend freeze on Russian assets to secure G7 loan to Ukraine

BRUSSELS: European Union member states discussed options for extending the renewal period of sanctions on Russian...

Published 25 Jul, 2024 07:08am

Santander lifts outlook after record first half profit

MADRID: Spanish banking giant Santander lifted its outlook for 2024 on Wednesday after posting a record first-half...

Published 25 Jul, 2024 07:08am

UK, Germany to boost defence ties in relationship ‘reset’

BERLIN: Germany and Britain pledged Wednesday to cooperate more closely on defence and security issues, as part of...

Published 25 Jul, 2024 07:08am

Bahawalpur Medical College recognition withdrawn

ISLAMABAD: The federal government has withdrawn recognition of Bahawalpur Medical College and referred its case to...

Published 25 Jul, 2024 07:08am

Energy

Gas pipeline inaugurated for supply to Karachi West region

ISLAMABAD: Sui Southern Gas Company’s Managing Director Imran Maniar on Wednesday inaugurated the commissioning of...

Published 25 Jul, 2024 07:08am

Punjab CM inaugurates Pakistan’s biggest drug warehouse

LAHORE: Inaugurating the Pakistan’s biggest medicines warehouse here at Maraka, Chief Minister Punjab Maryam Nawaz...

Published 25 Jul, 2024 07:08am

Industry

USC business plan to be ready in two months

ISLAMABAD: The business plan of the Utility Stores Corporation (USC) is presently under development and will be...

Published 25 Jul, 2024 07:06am

KE’s citywide crackdown on electricity theft continues

KARACHI: K-Electric, in collaboration with the Federal Investigation Agency (FIA), has ramped up efforts to combat...

Published 25 Jul, 2024 07:02am

Pakistan calls for right of developing countries to access dual-use goods, technologies

ISLAMABAD: Pakistan on Wednesday called for the right of developing countries to access dual-use goods and...

Updated 25 Jul, 2024 07:00am

Aleem briefs Chinese envoy about investment potential

ISLAMABAD: Chinese Ambassador Jiang Zaidong was given a high-level briefing at the Board of Investment (BOI) for...

Updated 25 Jul, 2024 06:59am

Coordination of provincial economic policies discussed

ISLAMABAD: Federal Minister of Planning and all provincial planning ministers discussed strategies about ...

Published 25 Jul, 2024 06:57am

Industry

LCCI establishes SECP Clinic

LAHORE: The Lahore Chamber of Commerce and Industry has established SECP Clinic in collaboration with the Securities...

Published 25 Jul, 2024 06:56am

PTI continues its ‘symbolic’ hunger strike

ISLAMABAD: The beleaguered Pakistan Tehreek-e-Insaf (PTI) continued its symbolic hunger strike for the second...

Published 25 Jul, 2024 06:53am

NA body told govt officers still using WhatsApp for official communication

ISLAMABAD: The government officials are not only using WhatsApp for official communication but also do not use...

Updated 25 Jul, 2024 06:53am

‘Missing persons’ IHC forms larger bench to hear cases next week

ISLAMABAD: The Islamabad High Court (IHC) has constituted a larger bench to hear the cases related to missing...

Updated 25 Jul, 2024 06:53am

The Weather

KARACHI: The weather report on Wednesday (July 24, 2024) and the forecast for Thursday (July 25, 2024)...