News Archives for Latest - 2024-08-23

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Archive - 2024-08-23

Energy

Oil climbs with U.S. Federal Reserve pivot

HOUSTON: Oil prices rose more than 1% on Friday as U.S. Federal Reserve Bank Chair Jerome Powell signalled interest...

Updated 23 Aug, 2024 11:34pm

Iran’s new foreign minister calls for EU dialogue

TEHRAN: Iran’s new foreign minister, Abbas Araghchi, has called for dialogue with the European Union to resolve...

Published 23 Aug, 2024 11:32pm

In rare move, UAE accepts Taliban government ambassador

DUBAI: The United Arab Emirates (UAE) has accepted the credentials of an ambassador from Afghanistan’s Taliban...

Updated 23 Aug, 2024 11:32pm

Stocks

KSE-100 ends flat on late-session selling

The Pakistan Stock Exchange (PSX) saw a roller-coaster trading session on Friday and the KSE-100 Index closed flat...

Updated 23 Aug, 2024 11:30pm

USA

Fed’s Powell says ‘time has come’ to cut rates

JACKSON HOLE, WYOMING: Federal Reserve Chair Jerome Powell on Friday offered an explicit endorsement of an imminent...

Updated 23 Aug, 2024 11:28pm

Currency

Rupee registers minor gain against US dollar

Currency settles at 278.5 against the greenback in inter-bank market

Updated 23 Aug, 2024 10:48pm

Govt mulls closing utility stores nationwide, says Aon Abbas

Senator Aon Abbas, Chairman Senate Standing Committee on Industries and Production, on Friday said the government...

Published 23 Aug, 2024 10:12pm

Police say main culprit behind Rahim Yar Khan’s Katcha area attack killed

Death toll of policemen martyred rises to 12

Updated 23 Aug, 2024 09:59pm

South Asia

PM Shehbaz offers aid to Bangladesh amid severe floods

At least 13 people in Bangladesh have been killed and 4.5 million affected by floods triggered by heavy rains

Published 23 Aug, 2024 09:50pm

Cotton & Textile

APTMA urges govt to end ‘regressive taxation policies’

The All Pakistan Textile Mills Association (APTMA) has urged the government to end its ‘regressive taxation...

Updated 23 Aug, 2024 09:19pm

Chehlum: public, private schools to remain closed on August 26 in Sindh

The Government of Sindh has announced a holiday for all the public and private schools in the province on August 26...

Updated 23 Aug, 2024 09:09pm

Industry

Finance minister holds meeting with Pegasus Airlines chairman, Lucky Cement CEO

Finance Minister Muhammad Aurangzeb on Friday met Mehmat T. Nane, Chairperson of Pegasus Airlines, and Muhammad Ali...

Updated 23 Aug, 2024 09:08pm

Stocks

Abu Dhabi index gains on rate-cut optics; Dubai falls

The Abu Dhabi index ended in the green on Friday ahead of a keynote address by U.S. Federal Reserve Chair Jerome...

Published 23 Aug, 2024 08:19pm

Middle East

Israeli strikes on Lebanon kill six fighters, one child, security sources say

BEIRUT: Israeli airstrikes across southern Lebanon on Friday killed at least six fighters and one child, according...

Published 23 Aug, 2024 08:11pm

Stocks

S&P 500 nears record high as Powell signals imminent rate cut

Wall Street’s stock indexes jumped on Friday, with the benchmark S&P 500 index nearing a record high, after...

Published 23 Aug, 2024 07:50pm

Pakistan vs Bangladesh: PCB announces spectators’ free entry for remainder of first Test

The Pakistan Cricket Board (PCB) on Friday announced free entry for spectators for the remaining days (fourth and...

Updated 23 Aug, 2024 07:35pm

Shadman anchors Bangladesh’s good show in first Pakistan Test

RAWALPINDI: Bangladesh opener Shadman Islam missed a fighting hundred by just seven runs but still guided Bangladesh...

Updated 23 Aug, 2024 07:04pm

Europe

In Kyiv, Indian PM urges Zelenskiy to sit down for talks with Russia

KYIV: India’s Narendra Modi urged President Volodymyr Zelenskiy on Friday to sit down for talks with Russia to end...

Published 23 Aug, 2024 06:05pm

South Asia

Twenty-one dead as bus carrying Indian tourists plunges into Nepal river

KATHMANDU: Half of the passengers in a bus carrying 43 Indians died on Friday when the vehicle plunged into a...

Published 23 Aug, 2024 05:42pm

Money & Banking

India’s forex reserves rise to $674.66bn as of Aug 16

MUMBAI: India’s foreign exchange reserves rose by $4.5 billion and stood at $674.66 billion as of Aug. 16, but were...

Published 23 Aug, 2024 05:36pm

Stocks

Sri Lankan shares extend losing run to fifth session

Sri Lankan shares on Friday closed higher for a fifth straight session, hurt by losses in industrial, consumer...

Published 23 Aug, 2024 05:21pm

MENA

Baby paralysed in Gaza’s first case of type 2 polio for 25 years, WHO says

DUBAI: A 10-month-old baby in war-shattered Gaza has been paralysed by the type 2 polio virus, the first such case...

Published 23 Aug, 2024 05:18pm

Companies

Lufthansa extends Beirut flight suspension to end-September

FRANKFURT: German airline giant Lufthansa said Friday it was extending a suspension of flights to Beirut until...

Published 23 Aug, 2024 04:53pm

US businessman Textor open to selling Palace shares to buy Everton

LONDON: American businessman John Textor hopes to complete a takeover of Everton after outlining his intention to...

Published 23 Aug, 2024 04:49pm

Forex

Indian rupee closes higher as focus turns to Powell’s remarks

MUMBAI: The Indian rupee closed stronger on Friday, tracking gains in most Asian currencies, as investors awaited...

Updated 23 Aug, 2024 04:43pm

Energy

Global LNG: Asia spot prices ease from 8-month top on weaker demand

SINGAPORE: Asian spot liquefied natural gas (LNG) prices eased this week from a more than eight-month top on the...

Published 23 Aug, 2024 04:38pm

Stocks

Indian shares’ longest rally in 2024 tempered by caution ahead of Powell’s speech

BENGALURU: Indian shares rose for a seventh straight session on Friday, their longest rally this year, although the...

Published 23 Aug, 2024 04:34pm

Commodities

Zinc touches five-week peak on supply fears

LONDON: Zinc prices hit their highest in five weeks on Friday on supply concerns after smelters in top producer...

Published 23 Aug, 2024 04:31pm

Commodities

Palm rises on supply concern, strong demand; set to post weekly gain

JAKARTA: Malaysian palm oil futures climbed for a third straight session on Friday to their highest in nearly three...

Published 23 Aug, 2024 04:25pm

Forex

Kenyan shilling stable amid lull in dollar demand

NAIROBI: Kenya’s shilling was stable against the US dollar on Friday, as the dollar was hit by a lull in demand,...

Published 23 Aug, 2024 03:06pm

USA

US official Sullivan to visit China next week, Axios reports

White House National Security Adviser Jake Sullivan will visit China to meet foreign minister Wang Yi next week,...

Published 23 Aug, 2024 03:02pm

Bullion Rate

Gold price per tola increases Rs200 in Pakistan

Gold prices in Pakistan continued their upward trend on Friday, hitting a new peak despite a decrease in...

Published 23 Aug, 2024 01:30pm

Asia

Landslide caused by heavy rain kills five on Thai holiday island

BANGKOK: A landslide caused by heavy rain on the popular Thai resort island of Phuket has killed five people, police...

Published 23 Aug, 2024 01:29pm

South Asia

13 dead, 4.5 million affected by Bangladesh floods

FENI: At least 13 people in Bangladesh have been killed and 4.5 million affected by floods triggered by heavy rains,...

Published 23 Aug, 2024 01:26pm

Stocks

European stocks rise at the open before Powell speech

PARIS: European stock markets rose at the open on Friday ahead of a highly-anticipated speech by US Federal Reserve...

Published 23 Aug, 2024 01:23pm

Sri Lanka to host New Zealand Test during presidential vote

COLOMBO: Sri Lanka will host New Zealand for a two-match Test series during next month’s presidential election, its...

Published 23 Aug, 2024 11:44am

Commodities

South Korea’s MFG tenders for 70,000 T corn, traders say

HAMBURG: South Korea’s Major Feedmill Group (MFG) has issued an international tender to purchase up to 70,000 metric...

Published 23 Aug, 2024 11:41am

South Asia

Nepal lifts TikTok ban after app addresses cyber crime concerns

KATHMANDU: Nepal lifted a ban on Chinese-owned TikTok on Thursday, more than nine months after outlawing the popular...

Published 23 Aug, 2024 11:38am

South Asia

Airlines fly over Afghanistan as Middle East becomes the greater risk

LONDON/SEOUL: Singapore Airlines, British Airways and Lufthansa have increased their flights over Afghanistan after...

Published 23 Aug, 2024 11:31am

MoF, SBP inform Senate panel: Govt borrowed from IMF at 5.09pc interest rate in 2023

Senate Standing Committee on Economic Affairs seeks details of utilisation of the loan

Updated 23 Aug, 2024 11:28am

USA

Kamala Harris says she will aim to pass middle class tax cut as president

CHICAGO: Democratic presidential candidate Kamala Harris said in her Democratic National Convention speech on...

Published 23 Aug, 2024 11:16am

Ons Jabeur pulls out of US Open due to injury

Tunisia’s Ons Jabeur withdrew from the US Open due to an injury. While Jabeur and the WTA did not disclose the...

Published 23 Aug, 2024 11:11am

Arsenal to get early reminder of Aston Villa threat

LONDON: Arsenal will need no reminders of the threat posed by Aston Villa when they travel to the Midlands on...

Published 23 Aug, 2024 11:09am

Stocks

Australian shares on track to snap 10-day rally ahead of inflation data

Australian shares were on track to snap a 10-session rally on Friday, dragged by local miners, while investors were...

Published 23 Aug, 2024 11:07am

BOJ’s Ueda signals readiness to raise rates if growth, inflation on track

Bank of Japan Governor Kazuo Ueda on Friday reaffirmed his resolve to raise interest rates if inflation stayed on...

Published 23 Aug, 2024 11:05am

Commodities

Iron ore slips on falling near-term demand but heads for weekly gain

BEIJING: Iron ore futures prices fell on Friday as a continuous fall in near-term China demand sparked renewed...

Published 23 Aug, 2024 11:04am

Asia

China, Belarus agree to strengthen cooperation in trade, security

BEIJING: China and Belarus have agreed to strengthen cooperation in a range of sectors including trade, security,...

Published 23 Aug, 2024 11:02am

Australia’s CBA cuts interest rates on some home loans for new borrowers

Commonwealth Bank of Australia , the country’s biggest lender, on Friday said it has cut interest rates across some...

Published 23 Aug, 2024 10:59am

Stocks

China shares snap three-day losing streak, HK down ahead of Powell’s speech

SHANGHAI: China stocks gained on Friday after three straight sessions of losses, while Hong Kong shares fell in...

Published 23 Aug, 2024 10:57am

Europe

Russia says Zaporizhzhia nuclear plant running normally after power line outage

The Zaporizhzhia nuclear power plant in the Russian-controlled part of Ukraine is operating normally after its...

Published 23 Aug, 2024 10:56am

Asia

Deadly fire at South Korea battery maker due to quality failure, police say

SEOUL: A fire at a South Korean lithium battery maker in June that killed 23 people occurred as the company raced to...

Published 23 Aug, 2024 10:54am

Forex

Australia, NZ dollars aim for another weekly rise, eye major resistance

SYDNEY: The Australian and New Zealand dollars were looking to seal another week of gains on Friday as upbeat...

Published 23 Aug, 2024 10:52am

Commodities

London aluminium set for best weekly gain in 4 months

Aluminium prices rose on Friday, with the London contract set for its biggest weekly gain since mid-April on tight...

Published 23 Aug, 2024 10:51am

Europe

Russian ambassador says US plans to give Ukraine carte blanche on weapons

Russia believes that the United States will at some point remove all restrictions on the use of weapons supplied to...

Published 23 Aug, 2024 10:49am

Forex

China’s yuan set for longest weekly winning streak since 2021

SHANGHAI: China’s yuan inched higher against a softer dollar on Friday and looked set for the fifth straight weekly...

Published 23 Aug, 2024 10:46am

Bullion Rate

Gold edges higher ahead of Powell’s speech, but set for weekly fall

Gold prices inched higher on Friday, but were set for a weekly loss as investors looked forward to US Federal...

Published 23 Aug, 2024 10:44am

Stocks

Asian shares turn cautious with Powell in focus, yen up as BOJ chief speaks

SYDNEY: Asian shares stuttered on Friday while the dollar rebounded from one-year lows as investors were cautious...

Published 23 Aug, 2024 10:42am

Commodities

Wheat steadies but heads for 3% weekly loss amid plentiful supply

CANBERRA: Chicago wheat futures edged higher on Friday but were near their lowest since 2020 and down nearly 3% for...

Published 23 Aug, 2024 10:41am

Stocks

Japan’s Nikkei declines as yen firms, tech stocks slide

TOKYO: Japan’s Nikkei share average reversed early gains on Friday to close the morning session lower, as the yen...

Published 23 Aug, 2024 10:40am

US Open men’s, women’s draws released

The next showdown between Jannik Sinner of Italy and Carlos Alcaraz of Spain could come in the semifinals of the US...

Published 23 Aug, 2024 10:38am

Stocks

Indian shares flat as global rally pauses, IT stocks slip

BENGALURU: Indian shares were little changed on Friday, tracking a pause in the global equities’ rally ahead of...

Published 23 Aug, 2024 10:36am

Commodities

Palm falls on weak soyoil, set to post weekly gain

JAKARTA: Malaysian palm oil futures fell on Friday, snapping two straight session of gains, tracking weak soyoil in...

Published 23 Aug, 2024 10:35am

Mutual Funds

JGB yields rise as market braces for more BOJ rate hikes

TOKYO: Japanese government bond yields rose on Friday as Bank of Japan Governor Kazuo Ueda signalled his readiness...

Published 23 Aug, 2024 10:34am

Mutual Funds

India bond yields seen little changed, focus on debt supply

MUMBAI: Indian government bond yields are expected to trade little changed in early session on Friday, after minutes...

Published 23 Aug, 2024 10:32am

South Asia

Indian PM Modi set to visit Kyiv for talks with Ukraine’s Zelenskiy

KYIV: India’s Narendra Modi is set to visit wartime Kyiv for talks with President Volodymyr Zelenskiy on Friday, the...

Published 23 Aug, 2024 10:26am

USA

Kamala Harris caps convention with call to end Gaza war, fight tyranny

CHICAGO: Vice President Kamala Harris formally accepted the Democratic nomination for president on Thursday with a...

Published 23 Aug, 2024 09:59am

Forex

Dollar steady ahead of Powell speech; Ueda aims to calm market nerves

SINGAPORE: The US dollar was calm on Friday as traders braced for comments from Federal Reserve Chair Jerome Powell,...

Published 23 Aug, 2024 09:45am

Reforms in aviation sector reviewed: PM for further improvement in facilities at airports

ISLAMABAD: Prime Minister Shehbaz Sharif has directed that the facilities for passengers, tourists and overseas...

Updated 23 Aug, 2024 09:26am

Adverse impact of budget on refineries policy: PD and FBR preparing a viable solution

ISLAMABAD: The Petroleum Division and the Federal Board of Revenue (FBR) are reportedly preparing a viable solution...

Updated 23 Aug, 2024 09:24am

Foreign assets: Lahore ATIR issues order in favour of taxpayer

ISLAMABAD: The Appellate Tribunal Inland Revenue (ATIR) Lahore has declared that any undisclosed foreign asset or...

Updated 23 Aug, 2024 09:12am

‘Controversial paragraphs’ in Mubarak Sani case decision: Joint appeal of federal, Punjab govts allowed

ISLAMABAD: The Supreme Court accepting the federal government’s petition expunged the objectionable paras from its...

Updated 23 Aug, 2024 09:10am

Levy of Rs3.09/unit FCA: KE seeks Nepra’s approval

ISLAMABAD: K-Electric has sought Nepra’s provisional approval to impose Fuel Charges Adjustment (FCA) at the rate of...

Updated 23 Aug, 2024 09:04am

Lift HSD or face consequences, Ogra warns PSO and others

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) on Thursday warned the Oil Marketing Companies (OMCs)...

Updated 23 Aug, 2024 09:02am

Aurangzeb holds virtual meeting with Group CEO of DIB

ISLAMABAD: Finance Minister Muhammad Aurangzeb, held a virtual meeting with Dr Adnan Chilwan, Group CEO of Dubai...

Updated 23 Aug, 2024 09:00am

‘Buna Raast’ will revolutionise remittances: PM

ISLAMABAD: Prime Minister Shehbaz Sharif Thursday said Buna Raast – first Pakistan cross-border real-time payment...

Updated 23 Aug, 2024 08:59am

Illegal tax recovery by FBR: President confirms FTO’s landmark order

ISLAMABAD: President Asif Ali Zardari has confirmed a landmark order issued by Federal Tax Ombudsman (FTO) Dr Asif...

Updated 23 Aug, 2024 08:58am

JUI to observe ‘day of gratitude’ today

ISLAMABAD: Jamiat Ulema-e-Islam (JUI) chief Maulana Fazlur Rehman, Thursday, while appreciating the role of the...

Updated 23 Aug, 2024 08:57am

BR’s refresher: your morning briefing for the day

Important updates from August 22, 2024

Published 23 Aug, 2024 08:45am

Power sector’s antidote

Economists are decrying the current state of the power sector and the resultant burden of skyrocketing electricity...

Published 23 Aug, 2024 07:48am

Cherat’s turnaround

Cherat cement (PSX: CHCC) has certainly come a long way in the outgoing fiscal year from just five years ago in FY20...

Published 23 Aug, 2024 07:45am

Interview with Faisal Jeddy, Global Chief Strategy Officer — Systems Limited Pakistan

‘We hold Forbes Asia’s Best Under a Billion 2024 award for the 5th year’ Faisal Jeddy is the key driver of strategic...

Published 23 Aug, 2024 07:43am

The cost of shutdowns

EDITORIAL: Islamabad was virtually disconnected from the rest of the country by law enforcement agencies because of...

Published 23 Aug, 2024 03:33am

Economic policy and central bank independence

Unfortunately, economic policy globally is settled on very unsettling fundamentals, and rather than fixing this, the...

Published 23 Aug, 2024 03:33am

The challenge of disinformation

The internet has led the world to an unprecedented revolution, fundamentally transforming how we access and share...

Published 23 Aug, 2024 03:33am

Dismal performance of election tribunals

EDITORIAL: A little over six months on from the February 8 general elections, the Pakistanis would have expected ...

Published 23 Aug, 2024 03:33am

Navigating the next decade: solutions for Pakistan’s resilience

As Pakistan steps into the next decade, the nation faces a series of critical challenges that will shape its future....