News Archives for Latest - 2024-07-29

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Archive - 2024-07-29

US ‘confident’ of avoiding wider Israel-Hezbollah war

WASHINGTON: The United States is confident that a wider war between Israel and Hezbollah can be avoided despite a...

Published 29 Jul, 2024 11:25pm

Europe

US announces $1.7bn in new security assistance for Ukraine

WASHINGTON: The United States on Monday announced new military aid for Ukraine valued at around $1.7 billion that...

Published 29 Jul, 2024 10:32pm

Companies

McDonald’s sales fall globally for first time in more than three years

McDonald’s reported a surprise drop in sales worldwide on Monday, its first decline in 13 quarters, as deal-seeking...

Published 29 Jul, 2024 09:33pm

Business & Economy

Miftah Ismail says fiscally possible to remove electricity taxes without disturbing primary surplus

Former finance minister says the reduction in revenue collection from eliminating taxes can be offset by reducing funds allocated to the Public Sector Development Programme

Published 29 Jul, 2024 09:27pm

New Toshakhana case: court extends Imran, Bushra Bibi’s physical remand by 10 days

An Accountability Court on Monday extended Pakistan Tehreek-e-Insaf (PTI) founder Imran Khan and his spouse Bushra...

Published 29 Jul, 2024 09:03pm

Exchange

Rupee falls marginally against US dollar

Currency settles at 278.50 level against the greenback in inter-bank market

Updated 29 Jul, 2024 09:03pm

Stocks

Megacaps lift Nasdaq, S&P 500 ahead of Big Tech earnings, Fed verdict

The Nasdaq and the S&P 500 rose on Monday, buoyed by megacap stocks as investors awaited Big Tech results, a...

Published 29 Jul, 2024 08:46pm

South Asia

Iran warns of serious consequences for any Israeli hit on Lebanon

DUBAI: Any possible Israeli attack on Lebanon will have serious consequences for Israel, Iranian President Masoud...

Published 29 Jul, 2024 08:38pm

Microfinance solar loans: for Pakistan, this can be a sustainable road ahead

There is an urgent need to address climate change and it has become increasingly clear. With it, the importance of...

Published 29 Jul, 2024 08:23pm

Soldier martyred, 16 injured in violent mob attack in Gwadar: ISPR

The military's media wing says security forces have displayed extreme restraint to avoid unwarranted civilian casualties despite provocations

Updated 29 Jul, 2024 08:05pm

Business & Economy

Foreign investors repatriate $2.2bn in FY24, a massive 569% increase YoY

Foreign investors repatriated a massive $2.215 billion on account of profit and dividend during fiscal year...

Updated 29 Jul, 2024 08:04pm

Stocks

Most Gulf markets in black on Fed rate-cut optimism

Most stock markets in the Gulf rose in early trade on Monday amid expectations of a U.S. rate cut in September,...

Published 29 Jul, 2024 07:53pm

Business & Economy

Fitch upgrades Pakistan rating to ‘CCC+’

Upgrade reflects greater certainty over continued availability of external funding, says credit rating agency

Updated 29 Jul, 2024 07:43pm

Business & Economy

SBP reduces key policy rate by 100bps, takes it to 19.5%

Majority analysts expected cut, it was the quantum of reduction that had them divided

Updated 29 Jul, 2024 07:42pm

Business & Economy

Pakistan will face no difficulty in meeting external debt obligations in FY25: SBP governor

Pakistan will not face an issue in meeting its external payment obligations in the current fiscal year (FY25), said...

Updated 29 Jul, 2024 07:33pm

Companies

Adani to return to equity market with transmission business share sale, sources say

MUMBAI: Adani Energy Solutions, led by billionaire Gautam Adani, is likely to launch a share sale this week to raise...

Published 29 Jul, 2024 06:59pm

South Asia

Sri Lanka President Wickremesinghe fails to get backing of largest party for re-election

COLOMBO: Sri Lanka’s President Ranil Wickremesinghe failed on Monday to secure the backing of the biggest political...

Published 29 Jul, 2024 06:55pm

Middle East

Israeli officials say they seek to avoid all-out war in Lebanon retaliation

JERUSALEM/BEIRUT: Israel wants to hurt Hezbollah but not drag the Middle East into all-out war, two Israeli...

Published 29 Jul, 2024 06:48pm

Energy

Pakistan Oilfields announces discovery of oil & gas reserves in KP’s Kohat district

Pakistan Oilfields Limited (POL), an oil and gas exploration company, has announced the discovery of hydrocarbon...

Updated 29 Jul, 2024 06:41pm

Europe

Russia says captured another village in east Ukraine

MOSCOW: Russia said Monday its forces had captured the village of Vovche in eastern Ukraine, the latest in a string...

Published 29 Jul, 2024 06:31pm

Middle East

Netanyahu, visiting site of Golan rocket fire, vows ‘severe’ response

MAJDAL SHAMS: Israel’s Prime Minister Benjamin Netanyahu, who on Monday visited the site of a deadly attack in the...

Published 29 Jul, 2024 06:26pm

Stocks

KSE-100 gains nearly 800 points ahead of monetary policy announcement

The Pakistan Stock Exchange (PSX) witnessed a bullish trend on Monday as its benchmark KSE-100 Index gained nearly...

Updated 29 Jul, 2024 06:14pm

Europe

Ukraine’s Zelenskiy visits frontline area in Kharkiv region

KYIV: Ukrainian President Volodymyr Zelenskiy said on Monday he had travelled to the frontline area of Vovchansk in...

Published 29 Jul, 2024 05:58pm

Companies

Global appliance maker eyes strategic alliance with Waves Home Appliances Limited

Waves Home Appliances Limited (WAVESAPP), a Pakistani manufacturer of home appliances, has received a proposal for...

Updated 29 Jul, 2024 05:55pm

Movies & Music

What to watch this August: ‘Deadpool & Wolverine’, ‘The Glassworker’, ‘KAOS’

As everyone returns from summer breaks and adjusts to regular programming, there are a slew of new and returning...

Published 29 Jul, 2024 05:41pm

Energy

Oil prices stabilise after Golan Heights attack

LONDON: Oil prices were stable on Monday as fears of a widening conflict in the Middle East after a rocket strike in...

Updated 29 Jul, 2024 05:38pm

Middle East

As fighting rages, displaced Gazans struggle with disease and lack of shelter

CAIRO/DEIR AL-BALAH: Thousands of Palestinians fled a community in the central Gaza Strip on Monday in the face of...

Published 29 Jul, 2024 05:19pm

Stocks

Indian shares end off record highs as traders book profits

BENGALURU: Indian benchmark indexes gave up early gains to close broadly unchanged on Monday as traders booked...

Published 29 Jul, 2024 04:57pm

Stocks

Sri Lanka shares end lower as communication stocks weigh

BENGALURU: Sri Lankan shares closed lower on Monday, dragged by losses in communication services stocks. The CSE All...

Published 29 Jul, 2024 04:55pm

Commodities

Copper loses ground on weak Chinese demand, high stocks

LONDON: Copper prices slid on Monday on Chinese demand concerns and high inventories, while market participants...

Published 29 Jul, 2024 04:52pm

Commodities

Palm oil declines, weighed down by weaker Dalian rivals and firm ringgit

JAKARTA: Malaysian palm oil futures fell on Monday, weighed down by weakness in rival vegetable oils on the Dalian...

Published 29 Jul, 2024 04:48pm

Europe

French climber summits Pakistan’s K2 in record time

PARIS: French climber Benjamin Vedrines summited Pakistan’s K2 in record time on Sunday, his team told AFP, reaching...

Published 29 Jul, 2024 04:17pm

China’s Sheng Lihao wins his second gold at Paris Games

CHATEAUROUX: China’s Sheng Lihao claimed his second gold of the Paris Olympics on Monday by winning the men’s...

Published 29 Jul, 2024 04:07pm

TLP leader booked for ‘inciting violence’ against CJP Isa

Lahore police on Monday registered a case against a senior leader of the Tehreek-e-Labbaik Pakistan (TLP) Pir Zaheer...

Published 29 Jul, 2024 04:01pm

Tom Daley takes fifth Olympic diving medal but China take gold

PARIS: Britain’s Tom Daley was dethroned as Olympic champion on Monday but took silver with partner Noah Williams in...

Published 29 Jul, 2024 03:57pm

Regan Smith seizes backstroke edge over McKeown as McIntosh kickstarts medley bid

PARIS: Regan Smith seized a narrow edge over Kaylee McKeown in their fierce battle for the Olympic backstroke gold...

Published 29 Jul, 2024 03:53pm

Forex

Kenya’s shilling firms, tea export dollars to add more lift

NAIROBI: The Kenyan shilling slightly strengthened early on Monday, and traders anticipate further gains backed by...

Published 29 Jul, 2024 03:47pm

Asia

Antony Blinken urges calm in call with Israel’s Herzog on Golan Heights attack

TOKYO: US Secretary of State Antony Blinken held a call with Israeli President Isaac Herzog on Monday to discuss a...

Published 29 Jul, 2024 03:45pm

Europe

New UK finance minister eyes spending cuts, accuses predecessor of budget black hole

LONDON: Britain’s new finance minister, Rachel Reeves, will accuse the former Conservative government on Monday of...

Published 29 Jul, 2024 03:40pm

Stocks

Most Gulf markets gain on Fed rate cut optimism

Most stock markets in the Gulf rose in early trade on Monday amid expectations of a US rate cut in September,...

Published 29 Jul, 2024 03:24pm

Forex

Ugandan shilling strengthens; NGO dollar inflows help

KAMPALA: The Ugandan shilling was firmer on Monday on the back of inflows of dollars from non-governmental...

Published 29 Jul, 2024 03:21pm

Forex

South African rand edges higher with eyes on Fed

JOHANNESBURG: South Africa’s rand edged higher early on Monday, as risk sentiment remained positive ahead of the US...

Published 29 Jul, 2024 02:49pm

Stocks

London’s FTSE 100 boosted by energy stocks; US, UK rate decisions in focus

London’s FTSE 100 inched higher on Monday, boosted by energy shares as well as investor optimism around interest...

Published 29 Jul, 2024 01:57pm

Mutual Funds

Japan’s 10-year yield near two-week lows on easing caution over BOJ’s bond purchase plan

TOKYO: Japan’s 10-year government bond yield fell to a near two-week low on Monday, tracking the drop in US Treasury...

Published 29 Jul, 2024 01:53pm

Stocks

European shares open higher on oil sector, earnings boost

European shares kicked off the week on a positive note, buoyed by the global oil sector amid fears of a widening...

Published 29 Jul, 2024 01:29pm

Commodities

Gold price per tola gains Rs200 in Pakistan

Gold prices in Pakistan registered marginal gains on Monday in line with the increase in the international rate. In...

Published 29 Jul, 2024 01:21pm

Power export to China: feasibility study on the cards

ISLAMABAD: The government has reportedly decided to conduct a feasibility study of transmission lines for exporting...

Updated 29 Jul, 2024 01:16pm

Noah Lyles targets Olympic medal haul to underline ‘rock star’ status

PARIS: Noah Lyles will look to banish his Tokyo demons when he takes to the Olympic track in Paris in his continuing...

Published 29 Jul, 2024 12:59pm

Nadal v Djokovic lights up Olympics as ‘goofy Tassie’ eyes more gold

PARIS: Rafael Nadal and Novak Djokovic will do battle once more when they meet at the Paris Olympics on Monday while...

Published 29 Jul, 2024 12:51pm

Olympic organisers cancel second day of triathlon training in Seine over pollution

PARIS: Olympic organisers cancelled a second day of triathlon training in the River Seine planned for Monday after...

Published 29 Jul, 2024 12:46pm

South Asia

Bangladesh protests to resume after ultimatum ignored

DHAKA: Bangladeshi students called new street protests for Monday after Prime Minister Sheikh Hasina’s government...

Published 29 Jul, 2024 12:37pm

‘China will help secure IMF loan’

FM Muhammad Aurangzeb says Pakistan requires 3 to 5-year extension in maturity of $12bn debt from Saudi Arabia, China, and UAE as part of confirmation before approval from IMF’s Executive Board on fresh bailout package

Updated 29 Jul, 2024 12:34pm

Europe

New push for mRNA bird flu vaccine development: WHO

GENEVA: The World Health Organization announced Monday a new project to accelerate the development in poorer...

Published 29 Jul, 2024 12:31pm

South Asia

Fifth Indian killed fighting in Ukraine for Russia

NEW DELHI: An Indian soldier died fighting with Russian forces in Ukraine, one of his relatives said Monday, the...

Published 29 Jul, 2024 12:14pm

Forex

Australia, NZ dollars get reprieve, CPI in focus

SYDNEY: The Australian and New Zealand dollars managed to fend off selling pressure on Monday, as the results of a...

Published 29 Jul, 2024 11:10am

Commodities

Copper trades in tight range as investors assess economic outlook

BEIJING: Copper prices struggled in a tight range on Monday after three straight weeks of declines, with investors...

Published 29 Jul, 2024 11:08am

Commodities

Palm oil falls, weighed down by weaker Dalian rivals

JAKARTA: Malaysian palm oil futures on fell on Monday, weighed down by weakness in rival vegetable oils on the...

Published 29 Jul, 2024 11:05am

Stocks

Japan’s Nikkei rebounds in broad-based buying after Wall Street comeback

TOKYO: Japan’s Nikkei share average rebounded on Monday from a three-month low hit in the previous session, after...

Published 29 Jul, 2024 11:03am

Asia

Lufthansa group suspends flights to Lebanese capital Beirut

SEOUL: Airline group Lufthansa has suspended flights to the Lebanese capital Beirut up to and including July 30...

Published 29 Jul, 2024 10:59am

Forex

China’s yuan retreats; focus on Politburo meeting, major central bank decisions

SHANGHAI: China’s yuan eased against the dollar on Monday, after posting its best week since December last week, as...

Published 29 Jul, 2024 10:54am

Commodities

Iron ore dips on China steel sell-off, adverse weather

SINGAPORE: Iron ore futures prices dipped on Monday, weighed down by concerns about a persistently weak steel market...

Published 29 Jul, 2024 10:52am

Roche to fast-track weight loss drugs to compete with rivals, FT reports

Swiss drugmaker Roche plans to accelerate the development of its anti-obesity drugs to challenge rivals like Eli...

Published 29 Jul, 2024 10:51am

Energy

South Korea’s POSCO seeks 6 LNG cargoes for 2025-2026 delivery, sources say

SINGAPORE: South Korea’s POSCO International is seeking six cargoes of liquefied natural gas (LNG) on a...

Published 29 Jul, 2024 10:49am

Asia

Antony Blinken calls for Venezuela to publish tabulation of votes in Sunday’s election

TOKYO: US Secretary of State Antony Blinken on Monday called on Venezuela’s electoral authorities to published...

Published 29 Jul, 2024 10:45am

Europe

Ukraine keeps pounding Russia’s Kursk region with drones, Russian officials say

Kyiv launched more than two dozen drones on the Russian region of Kursk in several waves of attacks that started...

Published 29 Jul, 2024 10:43am

Bullion Rate

Gold drifts higher on Fed rate-cut hopes, geopolitical risks

Prices of safe-haven gold climbed on Monday on heightened geopolitical tensions in the Middle East and amid...

Published 29 Jul, 2024 10:40am

Commodities

Soybeans, corn fall as US rain forecast eases supply fears

BEIJING: Chicago soybean and corn slipped on Monday, as forecast for rain in US crop belt alleviated concerns over...

Published 29 Jul, 2024 10:38am

Stocks

Indian shares open at record highs; banks, energy lead

BENGALURU: Indian shares opened at a record high on Monday, boosted by gains in banks after quarterly results of key...

Published 29 Jul, 2024 10:36am

Mutual Funds

Indian 10-year bond yield falls to over 2-yr low as US peers decline

MUMBAI: Indian government bond yields fell on Monday tracking a decline in US Treasury yields, with the 10-year...

Published 29 Jul, 2024 10:34am

Stocks

Australian shares climb nearly 1% as miners, banks shine

Australian shares climbed nearly 1% on Monday, led by miners following fresh stimulus from top metals consumer...

Published 29 Jul, 2024 10:32am

Energy

Asia’s LNG imports shift higher as Europe’s fades: Russell

LAUNCESTON: Asia continues to draw liquefied natural gas (LNG) from Europe with imports in July rising to the most...

Published 29 Jul, 2024 10:30am

Stocks

China stocks flat ahead of Politburo meeting; Hong Kong tracks regional peers higher

SHANGHAI: China stocks were largely flat on Monday, as investors awaited a key Politburo meeting later this week in...

Published 29 Jul, 2024 10:28am

Forex

Indian rupee to linger near all-time low, pressured by month-end dollar bids

MUMBAI: The Indian rupee is expected to face some pressure on Monday, after falling to its all-time low last week,...

Published 29 Jul, 2024 10:27am

Stocks

Asia shares rebound, hoping for dovish outlooks in US and UK

SYDNEY: Asian shares bounced on Monday into a week packed with earnings and a trio of central bank meetings that...

Published 29 Jul, 2024 10:21am

Nicolas Maduro wins third term, electoral authority says, contradicting exit polls

CARACAS: Venezuelan President Nicolas Maduro has won a third term with 51% of the vote, the country’s electoral...

Published 29 Jul, 2024 10:14am

Tax refund cases: LHC bars FIA from taking steps against FBR officers

ISLAMABAD: The Lahore High Court (LHC) has barred Federal Investigation Agency (FIA) from taking coercive measures...

Updated 29 Jul, 2024 10:02am

PM announces series of significant visa reforms

ISLAMABAD: Prime Minister Shehbaz Sharif, Sunday, announced a series of significant visa reforms that will allow...

Updated 29 Jul, 2024 10:01am

CTO Islamabad accused of ‘deceiving’ tax system

ISLAMABAD: Appellate Tribunal Inland Revenue Islamabad Bench (ATIR) has held that the Corporate Tax Office,...

Updated 29 Jul, 2024 10:01am

35 killed as tribal feud sparks sectarian fighting in Kurram

ISLAMABAD: The armed clashes between rival tribes in Kurram tribal district continued for the sixth day on Sunday...

Updated 29 Jul, 2024 10:00am

Forex

Yen rises as Middle East tension exposes fragile sentiment

TOKYO: The yen strengthened on Monday, reversing earlier declines, as an escalation in Middle-East tensions rignited...

Published 29 Jul, 2024 09:57am

MENA

From AED27,000 of investment: Pakistani-owned Ravi Restaurant has come a long way

KARACHI: In the heart of Dubai, a small restaurant owned by a Pakistani has been making waves in the culinary scene...

Updated 29 Jul, 2024 09:42am

IPP agreements main reason behind power challenges: PBF

KARACHI: Pakistan Business Forum (PBF) stated that the power purchase agreements (PPAs) with Independent Electricity...

Updated 29 Jul, 2024 09:30am

KE seeks PD’s help in getting MPCL gas

ISLAMABAD: K-Electric (KE) has sought support of Petroleum Division (PD) to get 100 MMSCFD indigenous gas from the...

Updated 29 Jul, 2024 09:08am

Miftah says will move court against KE

KARACHI: Awaam Pakistan Party leader Miftah Ismail announced his intention to file a petition against K-Electric,...

Updated 29 Jul, 2024 09:07am

IK’s arrest: PTI says will start countrywide protest on Aug 5

ISLAMABAD: Pakistan Tehreek-e-Insaf (PTI) has announced to hold a countrywide protest against the government on...

Updated 29 Jul, 2024 09:06am

BR’s refresher: your morning briefing for the day

Important updates from July 28, 2024

Published 29 Jul, 2024 09:03am

Power mess: It is beyond capacity charges

This is not the first time that electricity sector is shaping up the political sphere in Pakistan, and not the first...

Published 29 Jul, 2024 08:59am

Commodity traders say WHT to further fuel food inflation

KARACHI: Commodities importers and wholesalers see the withholding tax as “reign of taxation” to unleash the storm...

Updated 29 Jul, 2024 08:56am

Interview with Shahzad Saleem, Chairman Nishat Chunian Group

‘Businesses can never flourish under current restrictive measures’ Shahzad Saleem founded Nishat Chunian Limited...

Published 29 Jul, 2024 08:56am

Traumas & tragedies of expat Pakistanis

In Shakespeare’s Julius Caesar, Cassius complains, “The fault, dear Brutus, is not in our stars, but in ...

Updated 29 Jul, 2024 07:24am

Cotton research under siege

At the inception of Pakistan, the nation emerged as a notable cotton exporter, with only two or three textile mills...

Updated 29 Jul, 2024 07:20am

Restore macroeconomic stability to revive private sector credit

Since the 2008 economic crisis, the private sector’s contribution to economic growth has been marginal, replaced ...

Updated 29 Jul, 2024 07:15am

Social protection in Pakistan

In Pakistan poverty levels have reached a high of 40 percent, equivalent to those in Sub Sahara Africa, and hence...

Updated 29 Jul, 2024 07:13am

Scrambling to handle climate change

EDITORIAL: Once again the “net zero” lobby is bubbling with ambition ahead of the UN Climate Change Conference...

Updated 29 Jul, 2024 07:08am

The fast-eroding trust of taxpayers

EDITORIAL: A multitude of tax revenue measures introduced in the FY25 budget are unraveling piece by piece. The...

Updated 29 Jul, 2024 07:06am

Kamala Harris campaign raises $200m in a week

WASHINGTON: US Vice President Kamala Harris’s election campaign said on Sunday it has raised $200 million and...