News Archives for Latest - 2024-10-10

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Archive - 2024-10-10

Business & Economy

Saudi Arabia, Pakistan to sign Barrick deal in few weeks, says Al Faleh

Eager to start number of mining initiatives but hope to close Reko Diq project with Pakistan's SOEs and Barrick Gold in the coming weeks, says Saudi Arabia Minister for Investment

Updated 10 Oct, 2024 11:59pm

Pakistan’s Nooh Dastgir secures gold in Commonwealth Powerlifting Championships

Pakistan’s acclaimed weightlifter, Nooh Dastgir Butt, made a remarkable international debut at the Commonwealth...

Updated 10 Oct, 2024 11:49pm

Forex

SBP-held foreign exchange reserves increase $106mn, now stand at $10.81bn

Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $106 million on a weekly basis,...

Updated 10 Oct, 2024 11:24pm

Business & Economy

Pakistan, Saudi Arabia sign MoUs valuing $2.2bn in multiple sectors

PM Shehbaz vows agreements to be fully materialised without delay or red tape-ism

Published 10 Oct, 2024 11:08pm

Amnesty accuses Israel of ‘misleading’ Lebanon evacuation orders

BEIRUT: Amnesty International accused Israel on Thursday of “misleading” and sometimes inadequate calls for...

Published 10 Oct, 2024 11:16pm

Security forces kill four terrorists in two KP IBOs: ISPR

Security forces killed four terrorists in two separate intelligence-based operations (IBOs) in Khyber Pakhtunkhwa...

Published 10 Oct, 2024 10:50pm

Europe

Italy says shooting at UN Lebanon peacekeepers possible ‘war crimes’

ROME: Italy’s defence minister Thursday said shells fired at the headquarters of the UN’s Lebanon peacekeeping force...

Published 10 Oct, 2024 10:52pm

Middle East

UN inquiry finds Israel of crime of ‘extermination’ in destruction of Gaza health system

Children in particular have borne the brunt of Israeli attacks, it says

Published 10 Oct, 2024 10:08pm

Stocks

KSE-100 closes marginally lower on late-session selling

The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index closed lower by 216 points or Thursday. The index swayed...

Updated 10 Oct, 2024 10:05pm

Energy

Oil prices climb 2% on US storm and Israel-Iran fears

NEW YORK: Oil prices climbed about 2% on Thursday on a spike in U.S. fuel use before Hurricane Milton barrelled...

Updated 10 Oct, 2024 09:59pm

Energy

HUBCO reaches ‘negotiated settlement’ with govt for early termination of power agreements

Hub Power Company Limited (HUBCO), Pakistan’s largest Independent Power Producer (IPP), has initialled a negotiated...

Updated 10 Oct, 2024 09:56pm

Business & Economy

World Bank projects Pakistan’s GDP growth at 2.8% in FY25

The World Bank expects economic activity in Pakistan to continue recovering with real GDP growth estimated at 2.8%...

Updated 10 Oct, 2024 09:55pm

Energy

Govt approves termination of existing Power Purchase Agreement with five IPPs

Details of agreement between Task Force and IPP owners were presented to the Cabinet, listing HUBCO, Lalpir Power Limited, Saba Power, Rousch Power, and Atlas Power among the IPPs whose current agreements will be terminated

Updated 10 Oct, 2024 09:20pm

Business & Economy

‘War on tax fraud’: Pakistan faces revenue gap of Rs3.4tr due to tax evasion & fraud, says finance ministry

Finance & Revenue Division cites FBR study pertaining to iron & steel, beverages, batteries, textile, and cement sectors

Updated 10 Oct, 2024 09:18pm

Currency

Rupee marginally weakens against US dollar

Currency settles at 277.79 against the greenback in inter-bank market

Updated 10 Oct, 2024 08:33pm

Companies

Car sales surge by 24% YoY in September

Backlog deliveries and promotional discounts drive growth

Published 10 Oct, 2024 08:22pm

‘War on tax fraud’- FM Aurangzeb

Published 10 Oct, 2024 07:43pm

Stocks

Wall Street falls after inflation, jobless claims data

Wall Street opened lower on Thursday as hotter-than-expected September inflation data reinforced expectations of a...

Published 10 Oct, 2024 07:38pm

USA

Fed seen cutting rates gradually to 3.5% by mid-2025

Federal Reserve policymakers are seen as likely to deliver a quarter-percentage-point interest-rate cut next month...

Published 10 Oct, 2024 07:33pm

England in sight of victory after Brook’s triple hundred

MULTAN: England’s bowlers sparked a Pakistan batting collapse after a brilliant triple century by Harry Brook and...

Updated 10 Oct, 2024 07:32pm

South Asia

India prepares to build two nuclear-powered attack submarines at cost of around $5.4bn

NEW DELHI: India approved on Wednesday plans to construct two of a new class of nuclear-powered attack submarines,...

Updated 10 Oct, 2024 07:09pm

COAS Munir, Saudi investment minister discuss initiatives to strengthen bilateral cooperation

Chief of Army Staff (COAS) General Asim Munir and Saudi Arabia’s Minister of Investment His Excellency Khalid Bin...

Updated 10 Oct, 2024 07:07pm

Movies & Music

Pharrell Williams to co-chair Met Gala exploring Black dandyism

NEW YORK: Singer and designer Pharrell Williams is among the co-chairs of New York’s next Met Gala, which will wade...

Published 10 Oct, 2024 07:00pm

Companies

Unilever exits Russia with sale of all assets to local company

Unilever has sold its Russian business to Arnest Group, it said on Thursday, becoming the latest multinational...

Published 10 Oct, 2024 06:37pm

Stocks

Most Gulf bourses end subdued on regional tensions

Most stock markets in the Gulf closed in a subdued mood on Thursday against the backdrop of simmering geopolitical...

Published 10 Oct, 2024 06:30pm

‘King of Clay’ Nadal to end stellar career after injury-hit spell

PARIS: Rafa Nadal will call time on his illustrious but injury-plagued career after next month’s Davis Cup Finals,...

Updated 10 Oct, 2024 05:51pm

Middle East

Israeli strike kills 28 people sheltering in a school in central Gaza

CAIRO: An Israeli airstrike on a school sheltering displaced people in central Gaza killed at least 28 people,...

Published 10 Oct, 2024 05:19pm

Literature

Han Kang of South Korea wins Nobel literature prize 2024

STOCKHOLM: South Korean author Han Kang won the 2024 Nobel Prize in Literature for “her intense poetic prose that...

Published 10 Oct, 2024 05:01pm

Middle East

Israeli forces fired tank shell at UN peacekeeper position in Lebanon, UN source says

BEIRUT: Israeli forces fired a tank shell at a watchtower used by UN peacekeepers in south Lebanon on Wednesday, one...

Published 10 Oct, 2024 04:59pm

Stocks

Indian shares trim gains as IT weighs ahead of TCS earnings; US CPI awaited

Indian shares ended marginally higher on Thursday as a drop in information technology stocks weighed on gains in...

Published 10 Oct, 2024 04:55pm

Commodities

Gold price per tola decreases Rs500 in Pakistan

Gold prices in Pakistan decreased on Thursday in line with their decline in international rates. In the local...

Published 10 Oct, 2024 04:54pm

Commodities

Copper extends losses on firm dollar and China worries

LONDON: Copper prices dipped on Thursday, weighed down by a strong dollar and uncertainty over how much more...

Published 10 Oct, 2024 04:52pm

Commodities

Palm slides on profit-taking following bearish MPOB data

KUALA LUMPUR: Malaysian palm oil futures reversed early gains on Thursday as profit-taking weighed on the market...

Published 10 Oct, 2024 04:49pm

Commodities

Asia rice: Prices drop in top hubs as supply surges after Indian export relaxations

Rice prices across major Asian hubs declined to their lowest in more than a year this week, pressured by slow demand...

Published 10 Oct, 2024 04:44pm

Recorder headlines

Published 10 Oct, 2024 04:35pm

Govt approves termination of Power Purchase Agreement with five IPPs

Published 10 Oct, 2024 03:33pm

Companies

Waqar Siddiqui to step down as Shell Pakistan CEO

Waqar I. Siddiqui has decided “to step down” from the position of Chief Executive Officer (CEO) of Shell Pakistan...

Published 10 Oct, 2024 03:30pm

Europe

BBC Weather app wrongly shows 18,995 mph wind speeds in Britain

LONDON: Britons woke up to alarming news on Thursday, with the widely used BBC Weather app forecasting winds 150...

Published 10 Oct, 2024 03:17pm

Forex

Ugandan shilling unchanged on slim appetite

KAMPALA: The Ugandan shilling was flat on Thursday, with appetite for hard currency muted across both merchandise...

Published 10 Oct, 2024 03:11pm

Europe

Kremlin dismisses reports of North Korean soldiers fighting in Ukraine

MOSCOW: The Kremlin on Thursday dismissed South Korean assertions that North Korea may have sent some military...

Published 10 Oct, 2024 03:09pm

Mutual Funds

Euro zone yields hit multi-week highs before US inflation data

German 10-year government bond yields hit fresh multi-week highs on Thursday as investors kept pricing in a patient...

Published 10 Oct, 2024 03:06pm

Fire breaks out in a restaurant in Karachi’s Sindhi Muslim Society area

Published 10 Oct, 2024 02:59pm

Movies & Music

Emmanuel Macron advocates for ‘Emily in Paris’ to return to Paris

PARIS: French President Emmanuel Macron said he would fight to ensure Emily - the heroine of Netflix’s hit series...

Published 10 Oct, 2024 02:59pm

Saudi Arabia, Pakistan to sign Barrick deal in few weeks, says Al Faleh

Published 10 Oct, 2024 02:27pm

England’s Harry Brook blasts triple century against Pakistan

MULTAN: England’s Harry Brook hit his maiden triple century on the fourth day of the opening Test against Pakistan...

Published 10 Oct, 2024 02:21pm

South Asia

Mumbai mourns Indian industrialist Ratan Tata

MUMBAI: Crowds of mourners gathered in India’s financial capital Mumbai on Thursday for the funeral of industrialist...

Updated 10 Oct, 2024 02:20pm

Stocks

FTSE 100 opens higher on GSK boost

The UK’s benchmark FTSE 100 opened higher on Thursday, led by gains in GSK following the settlement of lawsuits in...

Published 10 Oct, 2024 02:11pm

Stocks

European stocks edge up ahead of US inflation data, GSK jumps

European stocks inched higher on Thursday, tracking Asian peers on hopes of more stimulus in China, while investors...

Published 10 Oct, 2024 02:09pm

Mutual Funds

JGB yields rise amid caution for US inflation data

TOKYO: Japanese government bond yields rose on Thursday, tracking US Treasury yields higher, as the market braced...

Published 10 Oct, 2024 01:40pm

Stocks

Major Gulf markets mixed amid regional tensions

Major stock markets in the Gulf were mixed in early trade on Thursday in the backdrop of simmering geopolitical...

Published 10 Oct, 2024 01:38pm

Forex

Sterling hovers near one-month low ahead of US inflation print

LONDON: The pound was flat on Thursday, hovering near its lowest level against the dollar in a month, as traders...

Published 10 Oct, 2024 01:37pm

President Zardari to visit Turkmenistan today

Will attend the International Forum on “Interrelation of Times and Civilizations – Basis of Peace and Development

Published 10 Oct, 2024 01:13pm

MENA

Israel says it eliminates Hezbollah ‘Golan Heights’ member, Syrian media report Israeli airstrikes

OCCUPIED JERUSALEM/BEIRUT: Israel’s military said it had eliminated a Hezbollah member in Syria who relayed...

Updated 10 Oct, 2024 01:09pm

Europe

Village in Russia’s Adygeya region evacuated due to fire after drone attack

The village of Rodnikovy in Russia’s southern Adygeya Republic region was being evacuated on Thursday morning due to...

Published 10 Oct, 2024 12:43pm

Frenchman Richard Gasquet, 38, to retire after Roland Garros

Former world number seven Richard Gasquet will retire after the French Open next year, the Frenchman announced on...

Published 10 Oct, 2024 12:41pm

Telekom forecasts revenue growth of up to 6% per year to 2027

DUESSELDORF: Deutsche Telekom said on Thursday that it expects the group’s net revenue to grow by around 4 to 6% per...

Published 10 Oct, 2024 12:39pm

South Asia

India’s Congress party complains to election body over outcome of state poll

NEW DELHI: India’s main opposition Congress party has complained to the election panel about concerns regarding the...

Published 10 Oct, 2024 12:37pm

Commodities

Vietnam 2024 rice exports seen above 7.6mn tons, food association chairman says

HANOI: Vietnam’s rice exports this year are expected to be higher than 7.6 million metric tons, Vietnam Food...

Published 10 Oct, 2024 12:34pm

Commodities

Turkiye to allow 1mn tons of corn imports at 5% tariff to end of year

ANKARA: Turkiye will allow imports of 1 million metric tons of corn at a tariff rate of 5% until the end of the...

Published 10 Oct, 2024 12:31pm

Romania’s Jan-Aug foreign trade deficit up at 20.92bn euros

Romania’s foreign trade deficit widened by 14.6% on the year to 20.919 billion euros ($22.88 billion) in...

Published 10 Oct, 2024 12:28pm

World Bank raises South Asia growth forecast to 6.4% on India demand

NEW DELHI: The World Bank raised its growth forecast for South Asia to 6.4% in 2024 from an earlier estimate of...

Published 10 Oct, 2024 12:26pm

Europe

EU’s von der Leyen to visit Moldova in show of support ahead of referendum

CHISINAU: European Commission President Ursula von der Leyen will visit Moldova on Thursday for talks with...

Published 10 Oct, 2024 12:23pm

Forex

Indian rupee flat, forward premiums under pressure as US bond yields rise

MUMBAI: The Indian rupee was flat on Thursday while dollar-rupee far forward premiums dipped to a one-month low hurt...

Published 10 Oct, 2024 12:22pm

HSBC mulls up to $300mn cost-cutting plan, targeting senior roles, says FT

HSBC CEO Georges Elhedery is weighing cost-cutting measures that could save up to $300 million, targeting its senior...

Published 10 Oct, 2024 12:21pm

A-League club hit with FIFA transfer ban for unpaid Yorke debt

SYDNEY: Australia’s Macarthur FC have been banned from recruiting new players until they pay former Manchester...

Published 10 Oct, 2024 12:20pm

Forex

China’s yuan inches higher as PBOC support offsets dollar strength

SHANGHAI: China’s yuan inched higher against the dollar on Thursday, as the central bank’s latest move to prop up...

Published 10 Oct, 2024 12:19pm

Commodities

Malaysia’s palm oil stocks hit 8-month high as consumption slows

KUALA LUMPUR: Malaysia’s palm oil stocks rose more than expected in September to hit an eight-month high, as a sharp...

Published 10 Oct, 2024 11:58am

Stocks

Miners lift Aussie shares as China optimism resumes

Australian shares ended higher for the second straight session on Thursday, with heavyweight miners leading the...

Published 10 Oct, 2024 11:57am

Stocks

GSK shares seen opening higher after settlement of 80,000 Zantac lawsuits

Shares of GSK are seen rising 5% according to pre-market indications on Thursday after the British drugmaker agreed...

Published 10 Oct, 2024 11:56am

Mutual Funds

German 10-year yields hit fresh one-month high after Fed minutes, before data

German 10-year yields hit a fresh one-month high on Thursday, tracking moves in US Treasuries after the Federal...

Published 10 Oct, 2024 11:54am

USA

Hurricane Milton weakens as it marches across central Florida, homes destroyed

ST. PETERSBURG: Hurricane Milton marched across central Florida on Thursday after making landfall on the state’s...

Published 10 Oct, 2024 11:53am

Refined POL items and solar power: Chinese team to explore deals with PD today

China Asia Economic Development Association expected to invest up to $13 billion in a Free Trade Zone in Pakistan over the next five years

Updated 10 Oct, 2024 11:51am

Energy

Lalpir Power seeks shareholder approval for early termination of key govt agreements

The Board of Directors (BoD) of Lalpir Power Limited will place the proposed terms for early termination of...

Published 10 Oct, 2024 11:49am

Stocks

Hong Kong stocks rally more than 3% in morning

HONG KONG: Hong Kong and Shanghai stocks rallied Thursday as traders welcomed a Chinese central bank move to provide...

Published 10 Oct, 2024 11:22am

COAS Munir, Saudi investment minister discuss initiatives to strengthen bilateral cooperation

Published 10 Oct, 2024 11:21am

Europe

EU’s Michel to meet Chinese PM as trade row festers

VIENTIANE: European Council President Charles Michel will hold face-to-face talks with Chinese Premier Li Qiang as a...

Published 10 Oct, 2024 11:19am

Greek international Baldock, dead at 31: family

ATHENS: Panathinaikos and Greece international footballer George Baldock has died, his family confirmed Thursday....

Published 10 Oct, 2024 11:15am

Asia

Antony Blinken arrives at Asia summit with firm line on Myanmar, China

VIENTIANE: US Secretary of State Antony Blinken arrived in Laos on Thursday for the East Asia Summit, where he will...

Published 10 Oct, 2024 11:08am

Injury-ravaged Nick Kyrgios aiming to return at Australian Open

MELBOURNE: Australian Open chief Craig Tiley expressed confidence Thursday that injury-ravaged Nick Kyrgios will be...

Published 10 Oct, 2024 11:04am

Shakib apologises for silence during Bangladesh protests

NEW DELHI: Retiring Bangladesh cricketer Shakib Al Hasan has apologised for remaining silent during a student-led...

Published 10 Oct, 2024 11:00am

Europe

New UK government closes in on major employment reform

LONDON: Britain’s new Labour government will on Thursday take a key step towards delivering major reforms to...

Published 10 Oct, 2024 10:56am

MENA

Attack damages ship off Yemen coast: UK maritime agency

DUBAI: A ship was struck and damaged by an “unknown projectile” in the Red Sea, a British maritime agency said on...

Published 10 Oct, 2024 10:53am

Bullion Rate

Gold prices flat ahead of US inflation print

Gold prices were little changed on Thursday, while traders await a key US inflation print due later in the day to...

Published 10 Oct, 2024 10:35am

Commodities

Wheat climbs to one-week high as dryness hits crops

SINGAPORE: Chicago wheat rose for a fourth consecutive session on Thursday to its highest in one week, as worries of...

Published 10 Oct, 2024 10:32am

Asia

Indonesia’s Prabowo Subianto defends plan to expand government with ‘fat’ cabinet

JAKARTA: Indonesia’s President-elect Prabowo Subianto has defended his plan to expand government agencies, saying it...

Published 10 Oct, 2024 10:29am

China kicks off 500bn yuan swap facility to aid stock market

HONG KONG/SHANGHAI: China’s central bank said on Thursday it would start accepting applications from financial...

Published 10 Oct, 2024 10:22am

Stocks

Japan’s Nikkei tracks Wall Street strength

TOKYO: Japan’s Nikkei share average rose on Thursday, tracking Wall Street’s overnight strong finish, although it...

Published 10 Oct, 2024 10:18am

Stocks

Indian shares open higher on expectations of further US rate cuts

Indian shares opened higher on Thursday, tracking Asian peers, after minutes from the Federal Reserve’s latest...

Published 10 Oct, 2024 10:14am

Mutual Funds

Indian bond yields may inch higher tracking US peers

MUMBAI: Indian government bond yields are expected to move marginally higher in early trading on Thursday, tracking...

Published 10 Oct, 2024 10:12am

Commodities

London copper rebounds as market awaits China stimulus cues

Copper prices rose in London on Thursday, rebounding from a two-week low hit in the previous session, as traders and...

Published 10 Oct, 2024 10:09am

Stocks

Chinese stocks climb; dollar steady before US inflation test

SINGAPORE: Asian stocks got a lift on Thursday from Chinese stocks as China’s central bank kicked off its 500...

Published 10 Oct, 2024 10:07am

Forex

Dollar hovers near two-month peak as Fed easing bets ebb before inflation data

TOKYO: The US dollar traded near a two-month peak against major peers on Thursday as markets grew more confident...

Published 10 Oct, 2024 10:03am

Deceased Chinese were not part of IPP talks: Finance Division

ISLAMABAD: The Finance Division has clarified media reports linking the two deceased Chinese engineers killed in an...

Updated 10 Oct, 2024 09:21am

Ginners’ body, PPMA discuss issues with minister

ISLAMABAD: Federal Minister for Commerce, Jam Kamal Khan has held discussions with Pakistan Ginners Association and...

Updated 10 Oct, 2024 09:15am

Reform agenda, structural benchmarks: Govt reaffirms its commitment

ISLAMABAD: Federal Minister for Finance and Revenue, Muhammad Aurangzeb has reaffirmed the government’s commitment...

Updated 10 Oct, 2024 09:14am

ISMO: CCoE approves proposal by power division

ISLAMABAD: The Cabinet Committee on Energy (CCoE), headed by the Prime Minister, has approved the along-awaited...

Updated 10 Oct, 2024 09:13am

Seeking assistance, apex court wonders whether it can retain ‘dam fund’ money

ISLAMABAD: The Supreme Court directed the federal government and the Wapda to assist, if can it retain money...

Updated 10 Oct, 2024 09:12am

RMB, FDI, export-oriented enterprises: GFZ may be granted exemption to initiate pilot project

ISLAMABAD: The government is likely to exempt Gwadar Free Zone (GFZ) from Import and Export Order and Foreign...

Updated 10 Oct, 2024 09:11am

ADB EDs assure support to structural reforms, stabilise economy

ISLAMABAD: Asian Development Bank (ADB) Executive Directors assured continuous support to Pakistan on government’s...

Updated 10 Oct, 2024 08:48am

SBP regulatory affairs: Finance minister says MoF shouldn’t intervene

ISLAMABAD: Finance Minister Muhammad Aurangzeb said Wednesday, that the Ministry of Finance should not intervene...

Updated 10 Oct, 2024 08:47am

FBR collects Rs647m as POS services fee since July ’23

ISLAMABAD: The Federal Board of Revenue (FBR) has collected Rs 647 million under the head of point-of-sales (POS)...

Updated 10 Oct, 2024 08:46am

KSA investment minister arrives

ISLAMABAD: Minister for Investment of Kingdom of Saudi Arabia Sheikh Khalid Bin Abdul Aziz Al Faleh arrived in...

Updated 10 Oct, 2024 08:45am

Fauji: Still mid

It’s Fauji’s world and we are all just living in it, pun unintended. By Fauji, we mean Fauji Cement (PSX: FCCL), and...

Published 10 Oct, 2024 08:45am

BR’s refresher: your morning briefing for the day

Important updates from October 9, 2024

Published 10 Oct, 2024 08:44am

A healthy transformation?

Last month, the State Bank of Pakistan discontinued the reporting of ‘FE-25 Deposits and their Utilization’...

Published 10 Oct, 2024 08:41am

Emco Industries Limited

Emco Industries Limited (PSX: EMCO) was incorporated in Pakistan as a joint stock company in as a joint stock...

Published 10 Oct, 2024 08:31am

Infant food safety: challenges

After the 18th amendment in the Constitution of 1973, food authorities emerged in the provinces to regulate food...

Updated 10 Oct, 2024 03:33am

The PTI versus Yellow Vest protests of France

During my tenure as Press Minister in France, I witnessed firsthand the chaos of the Yellow Vest movement, which...

Updated 10 Oct, 2024 03:30am

Technology prevails

Technology; the strongest resource of our times, is grossly mis-understood in the Islamic World. While technology...

Published 10 Oct, 2024 03:15am

The clock ticks to Israel’s reply

The panic attack in the crude oil market must have lit up Sleepy Joe’s phone with frantic calls from the Treasury as...

Published 10 Oct, 2024 03:15am

External borrowing

EDITORIAL: Reports indicate that the government has managed to secure 1.2 billion dollars under the Saudi Oil...

Published 10 Oct, 2024 03:15am

Relentless crimes against humanity

EDITORIAL: As Israel’s genocidal war on Gaza entered second year on October 8, conscientious citizens in various...

Published 10 Oct, 2024 03:15am

Israel ramps up Gaza shelling, blocks aid routes

GAZA: The Israeli army intensified shelling of northern Gaza and closed roads, preventing the delivery of aid, the...