News Archives for 2024-04-16 - Business Recorder

MENA

Life disrupted in UAE as heavy storms take toll

Flooding has hit many areas of Dubai and Abu Dhabi, the UAE capital, and cut off major roads, snarling traffic and leaving cars stranded

Published 16 Apr, 2024 10:45pm

Yellen says it’s important to unlock value of Russian assets to aid Ukraine

WASHINGTON: The U.S. and its Group of Seven (G7) allies are continuing to explore a range of possibilities to unlock...

Published 16 Apr, 2024 10:31pm

Stocks

KSE-100 sees resistance at 71,000, closes session in red

Index retreats after testing 71,000-point barrier

Updated 16 Apr, 2024 10:27pm

PM Shehbaz stresses need to fast-track first phase of Saudi investments

Meets delegation led by Saudi Arabia Foreign Minister Prince Faisal bin Farhan Al Saud

Updated 16 Apr, 2024 10:22pm

Mushtaq Ahmed joins Bangladesh as spin bowling coach for T20 World Cup

The Bangladesh Cricket Board (BCB) has roped in former Pakistan leg-spinner and 1992 World Cup winner Mushtaq Ahmed...

Published 16 Apr, 2024 09:48pm

Business & Economy

Pakistan and IMF discussing new multi-billion-dollar programme, finance minister says

Pakistan seeks at least a three-year programme with the IMF, says Aurangzeb

Updated 16 Apr, 2024 10:00pm

Army reaffirms commitment to support govt achieve sustainable socioeconomic growth

Military vows stern action against 'malicious propaganda campaign' meant to demoralise armed forces'

Updated 16 Apr, 2024 09:44pm

FM Dar assures full facilitation to Saudi Arabia for its investments in Pakistan

FM says Saudi investments will be handled with utmost respect

Updated 16 Apr, 2024 09:39pm

Travel

10 years in a row: Dubai International Airport named world’s busiest

For the tenth consecutive time, the Dubai International Airport (DXB) was named the busiest in the world for 2023 by...

Published 16 Apr, 2024 09:26pm

Nadal makes comeback from injury at Barcelona Open

BARCELONA: Tennis great Rafael Nadal made his comeback from injury at the Barcelona Open on Tuesday, starting his...

Published 16 Apr, 2024 09:25pm

Stocks

US stocks mostly lower after IMF forecast, earnings

NEW YORK: Wall Street stocks were mostly lower early Tuesday as investors weighed an upgraded US growth forecast...

Published 16 Apr, 2024 09:21pm

IMF sees slow, steady 2024 global growth; China, inflation pose risks

Many countries showing less 'scarring' from COVID-19 pandemic and cost-of-living crises, returning to pre-pandemic levels of output more quickly than previously predicted, says IMF

Updated 16 Apr, 2024 08:56pm

Luxury

Swiss watch brands making time for India

GENEVA: Swiss watchmakers are increasingly turning their sights towards India thanks to a new free trade agreement...

Published 16 Apr, 2024 08:47pm

Commodities

Govt pins increase in prices of petroleum products to global hike in rates

The Ministry of Finance has attributed its latest decision of increasing prices of petroleum products to a hike in...

Published 16 Apr, 2024 08:26pm

USA

US defense chief speaks with Chinese counterpart, Pentagon says

WASHINGTON: U.S. Defense Secretary Lloyd Austin spoke with China’s defense minister on Tuesday, the first engagement...

Published 16 Apr, 2024 08:23pm

Faizabad sit-in: commission clears Faiz Hameed

Commission submits a 243-page report to the Supreme Court

Updated 16 Apr, 2024 08:20pm

Companies

Enertech leaders honoured with Sitara-e-Pakistan, Sitara-e-Imtiaz

Enertech, a Kuwaiti state-owned company, is elated to announce that two of its esteemed leaders have been honoured...

Published 16 Apr, 2024 07:45pm

South Asia

Sri Lanka fails to agree on restructuring terms with bondholders

COLOMBO: Sri Lanka has failed to strike an agreement on restructuring about $12 billion of debt with its...

Updated 16 Apr, 2024 07:27pm

Saudi FM confident Pakistan visit will deliver ‘significant benefits’ for two countries

Prince Faisal bin Farhan Al Saud says impressed by the ‘proactive’ approach of Pakistan

Updated 16 Apr, 2024 07:26pm

Energy

Oil slips on easing Middle East supply concerns

LONDON: Oil dipped for a second day on Tuesday as concerns about Middle East supply eased after Iran’s weekend...

Updated 16 Apr, 2024 07:25pm

Mideast-related oil price spike threatens ‘relatively good’ economic outlook: IMF chief economist

WASHINGTON: The recent oil price spike fueled by rising Middle East tensions has the potential to derail the IMF’s...

Published 16 Apr, 2024 06:56pm

Business & Economy

Aurangzeb explains why Pakistan needs larger, longer IMF programme

Addressing Atlantic Council thinktank, finance minister says execution of structural reforms requires two to three years

Updated 16 Apr, 2024 06:50pm

Companies

Attock Cement completes expansion of production capacity by 1.28mn tons

Attock Cement Pakistan Limited (ACPL), a subsidiary of Pharaon Investment Group Limited Holding S.A.L, Lebanon, said...

Updated 16 Apr, 2024 06:50pm

Forex

Rupee records further decline against US dollar

Currency settles at 278.29 against the US dollar in inter-bank market

Updated 16 Apr, 2024 06:34pm

Movies & Music

Bushra Ansari introduces partner Iqbal Hussain, talks societal concerns, pressure

Pakistan actor Bushra Ansari took to her YouTube channel on Monday, looking to address “questions and concerns”...

Updated 16 Apr, 2024 06:11pm

Middle East

US will use sanctions to disrupt Iran’s ‘malign’ activity, Yellen says

WASHINGTON: U.S. Treasury Secretary Janet Yellen on Tuesday said Iran’s attack on Israel last weekend and its...

Published 16 Apr, 2024 06:08pm

PTI calls for Faizabad sit-in commission report to be made public

Pakistan Tehreek-e-Insaf (PTI) on Tuesday called for the Faizabad sit-in commission report to be made public after...

Published 16 Apr, 2024 06:05pm

MENA

Netanyahu tells army recruits Israel fighting Hamas ‘without mercy’

OCCUPIED JERUSALEM: Israeli Prime Minister Benjamin Netanyahu told new army recruits on Tuesday that Israel is...

Published 16 Apr, 2024 05:51pm

‘Great season’ still possible for Bayern, says Kane before Arsenal clash

MUNICH: Striker Harry Kane said Tuesday Bayern Munich still have a chance of a “great season” by winning the...

Published 16 Apr, 2024 05:48pm

Middle East

Heavy storms soak Gulf as Oman toll rises to 18

DUBAI: Torrential rains and high winds lashed parts of the Gulf on Tuesday as the death toll from storms in Oman...

Published 16 Apr, 2024 05:23pm

Europe

Germany seeks further EU sanctions against Iran drones

BERLIN: Germany’s foreign minister called Tuesday for the European Union to impose fresh sanctions on Iranian drone...

Published 16 Apr, 2024 05:18pm

Commodities

Gold hits another all-time high, is now near Rs250,000 per tola in Pakistan

Gold rate in Pakistan hit a fresh high on Tuesday as the yellow metal advanced with its safe-haven appeal amid...

Updated 16 Apr, 2024 05:07pm

MENA

Dubai Food Festival 2024 set to begin April 19

11th edition will run until May 12 and offer chef experiences as well as its 10 Dirham Dish pop-up

Published 16 Apr, 2024 04:36pm

Arts

Salman Rushdie releases memoir ‘Knife’, recalls stabbing incident

NEW YORK: British-American author Salman Rushdie recounted the near-fatal stabbing at a public event in 2022 that...

Published 16 Apr, 2024 04:23pm

Stocks

British equities drop over 1%; Dr Martens, Superdry tumble

London stocks dived on Tuesday, with most sectors in the red, as traders pulled back expectations of rapid US rate...

Published 16 Apr, 2024 03:36pm

Forex

Sterling holds at five-month low after UK labour data

LONDON: Sterling stayed at a five-month low versus the dollar on Tuesday, after data showed Britain’s unemployment...

Published 16 Apr, 2024 03:34pm

Forex

Kenyan shilling eases on pent-up FX demand from manufacturers

NAIROBI: The Kenyan shilling eased against the dollar on Tuesday on pent-up foreign-currency demand from...

Published 16 Apr, 2024 03:32pm

MENA

33,843 Palestinians killed in Gaza offensive since Oct. 7, health ministry says

DUBAI: Israel’s military offensive in the Gaza Strip has killed at least 33,843 Palestinians and wounded 76,575...

Published 16 Apr, 2024 03:25pm

MENA

Iran says any action against its interests will get a severe response

DUBAI: Iran will respond to any action against its interests, President Ebrahim Raisi said on Tuesday, according to...

Published 16 Apr, 2024 03:04pm

South Asia

Narendra Modi the favourite as India readies for election marathon

NEW DELHI: India begins voting Friday in a six-week election, with Hindu nationalist Prime Minister Narendra Modi’s...

Published 16 Apr, 2024 03:00pm

USA

Iran closed nuclear facilities in wake of Israel attack: IAEA chief

UNITED NATIONS: Iran temporarily closed its nuclear facilities over “security considerations” in the wake of its...

Published 16 Apr, 2024 02:58pm

Impact subs add lower order firepower as IPL smashes scoring records

NEW DELHI: Better use of the Indian Premier League’s impact substitute rule has been the big factor behind this...

Published 16 Apr, 2024 02:57pm

Europe

UK unemployment rises as wage growth eases

LONDON: British unemployment has risen as wage growth has eased, official data showed Tuesday, leaving the door open...

Published 16 Apr, 2024 01:33pm

Movies & Music

Ritchie’s tale of ungentlemanly warfare aims to be fun

LONDON: With his latest movie ‘The Ministry of Ungentlemanly Warfare’, which is inspired by a real World War Two...

Published 16 Apr, 2024 01:32pm

South Asia

Two arrested for firing at Bollywood superstar’s home

AHMEDABAD: Two members of a notorious criminal gang were arrested by Indian police Tuesday for firing at the home of...

Published 16 Apr, 2024 01:31pm

Stocks

Iran-Israel fears push European equities down at open

LONDON: Europe’s major stock markets sank Tuesday at the open, mirroring losses elsewhere, after Israel’s army chief...

Published 16 Apr, 2024 01:27pm

Babar back as captain as Pakistan face New Zealand in World Cup build-up

KARACHI: Babar Azam makes his return as Pakistan captain in a five-match Twenty20 series starting Thursday against...

Published 16 Apr, 2024 01:24pm

Mutual Funds

Euro zone bond yields hold steady after Monday’s rise

LONDON: Euro zone bond yields were little changed on Tuesday after rising at the start of the week on the back of...

Published 16 Apr, 2024 01:13pm

Movies & Music

‘Rust’ armorer sentenced to 18 months in fatal shooting by Alec Baldwin

SANTA FE, New Mexico: Hannah Gutierrez, the chief weapons handler for the Western movie ‘Rust,’ was sentenced to 18...

Published 16 Apr, 2024 01:10pm

Tesla’s global job cuts hit China sales team, sources say

SHANGHAI: Tesla’s global job cuts are hitting China, the automaker’s biggest market after the United States,...

Published 16 Apr, 2024 01:07pm

Stocks

Australian shares end about 2% lower as US rate cut bets ease on strong data

Australian shares declined on Tuesday as losses in banks and miners reflected a weakening investor sentiment around...

Published 16 Apr, 2024 01:01pm

Stocks

Hong Kong shares begin with more losses

HONG KONG: Hong Kong stocks extended the previous day’s losses Tuesday as traders grow increasingly worried about...

Published 16 Apr, 2024 12:53pm

Energy

China crude oil throughput rises 1.3% in March

BEIJING: China’s oil refinery throughput rose in March as refiners stepped up runs amid signs of a tentative...

Published 16 Apr, 2024 12:45pm

Forex

Indonesian rupiah hits four-year low, prompts central bank intervention

JAKARTA: The Indonesian rupiah on Tuesday slid to its weakest in four years as the market reopened after the Eid...

Published 16 Apr, 2024 12:37pm

MENA

Israeli military vows response to Iran attack as calls for restraint mount

OCCUPIED JERUSALEM: Israelis awaited word on how Prime Minister Benjamin Netanyahu would respond to Iran’s...

Published 16 Apr, 2024 12:35pm

Commodities

Wheat rises but strong dollar, Russian exports limit gains

CANBERRA: Chicago wheat futures rose on Tuesday despite a strengthening dollar and huge exports of cheap grain from...

Published 16 Apr, 2024 12:20pm

Asia

China’s top diplomat Wang holds call with Iranian counterpart

BEIJING: China’s foreign minister held phone discussions with his Iranian counterpart, Beijing state media said...

Published 16 Apr, 2024 12:14pm

Europe

Ukraine says it downs all nine drones launched by Russia

Ukraine’s air defence systems destroyed all nine drones launched in a Russian attack, the air force said on Tuesday....

Published 16 Apr, 2024 12:09pm

Real Estate

Dubai’s high-end property sales rise on overseas demand

DUBAI: Sales of homes in Dubai worth $10 million or more rose 6% in the first quarter versus last year, an industry...

Published 16 Apr, 2024 12:07pm

Baidu says AI chatbot ‘Ernie Bot’ has attracted 200 million users

HONG KONG: China’s Baidu said on Tuesday its artificial intelligence chatbot “Ernie Bot” has garnered more than 200...

Published 16 Apr, 2024 12:05pm

Real Estate

China’s new home prices decline at fastest pace since 2015

BEIJING: New home prices in China fell at their fastest pace in more than eight years in March as the debt woes of...

Published 16 Apr, 2024 12:03pm

Forex

China’s yuan bounces from 5-month low on state bank support, upbeat Q1 data

BEIJING/SHANGHAI: China’s yuan briefly hit a five-month low against the dollar before recouping some of the losses...

Published 16 Apr, 2024 12:01pm

Bullion Rate

Gold near record high on growing geopolitical concerns

Gold prices ticked up on Tuesday, not too far away from a record high hit last week, as concerns about rising...

Published 16 Apr, 2024 11:59am

Microsoft to invest $1.5bn in Emirati AI firm G42, New York Times reports

Microsoft plans to invest $1.5 billion in G42, an artificial intelligence firm in the United Arab Emirates, the New...

Published 16 Apr, 2024 11:56am

China’s Q1 GDP growth solid but March data shows feeble demand

BEIJING: China’s economy grew faster-than-expected in the first quarter, data showed on Tuesday, offering some...

Published 16 Apr, 2024 11:53am

UBS added capital needs of $15-25bn are realistic, Swiss minister says

ZURICH: Estimates that Swiss bank UBS will require another $15 billion to $25 billion in capital under government...

Published 16 Apr, 2024 11:50am

Europe

Hundreds of houses, plots flooded in Russia’s Kurgan region

Water levels in rivers in swathes of Russia’s Ural and southwestern Siberian regions continued to rise rapidly,...

Published 16 Apr, 2024 11:48am

Commodities

Palm oil falls to five-week low

KUALA LUMPUR: Malaysian palm oil futures fell for a third straight session on Tuesday, to hit its lowest in five...

Published 16 Apr, 2024 11:46am

Former Australia batsman Slater refused bail on domestic violence charges

MELBOURNE: Former Australia batsman Michael Slater was refused bail by a court in Queensland state on Tuesday after...

Published 16 Apr, 2024 11:45am

Mutual Funds

JGB yields climb with US peers as Fed cut bets pushed back

TOKYO: Japanese government bond (JGB) yields rose on Tuesday, with the two-year yield reaching the highest since...

Published 16 Apr, 2024 11:23am

Forex

Australia, NZ dollars hit five-month lows on geopolitical worries, yuan slides

SYDNEY: The Australian and New Zealand dollars hit five-month lows on Tuesday, weighed down by weaker appetite for...

Published 16 Apr, 2024 11:09am

World Bank quantifies Pakistan’s financing needs

ISLAMABAD: The World Bank has stated that Pakistan now faces financing needs surpassing 10 percent of Gross Domestic...

Updated 16 Apr, 2024 11:07am

Stocks

Equities sink, oil rallies on fears of Iran-Israel conflict

HONG KONG: Asian stocks fell and oil prices climbed Tuesday on growing fears of a wider war in the Middle East after...

Published 16 Apr, 2024 11:07am

Commodities

China’s March coal output slumps on high stockpiles, lower demand

BEIJING: China’s coal output fell 4.2% in March, statistics bureau data showed on Tuesday, as miners cut back...

Published 16 Apr, 2024 11:04am

USA

Joe Biden unlikely to cut Iran’s oil lifeline after Israel attack

WASHINGTON: Iran’s unprecedented missile and drone strike on Israel is unlikely to prompt dramatic sanctions action...

Published 16 Apr, 2024 11:01am

Mutual Funds

India bond yields at near 3-month highs amid Middle East worries

MUMBAI: India’s benchmark government bond yields rose to near three-month highs on Tuesday, as heightened...

Published 16 Apr, 2024 10:45am

Mutual Funds

Philippines rejects all bids for $527mn T-bond offer

MANILA: The Philippines’ Bureau of the Treasury rejected all bids made for its offer of 30 billion Philippine pesos...

Published 16 Apr, 2024 10:41am

Forex

Indian rupee falls to record low on rising US yields; RBI likely steps in

MUMBAI: The Indian rupee dropped to a record low on Tuesday, weighed by the rise in US Treasury yields on bets that...

Published 16 Apr, 2024 10:39am

Asia

China’s air passenger numbers hit first-quarter record

BEIJING: China’s air passenger numbers rose 37.7% year-on-year to nearly 180 million trips in the first quarter,...

Published 16 Apr, 2024 10:37am

Stocks

Japan’s Nikkei touches one-month low on US peers weakness

TOKYO: Japan’s Nikkei share average fell more than 2% to a one-month low on Tuesday as technology stocks tracked the...

Published 16 Apr, 2024 10:34am

Stocks

Indian shares set to open lower as US rate worries add to geopolitical woes

BENGALURU: Indian shares are set to open lower on Tuesday, tracking Asian peers, as expectations of likely delay in...

Published 16 Apr, 2024 10:31am

Forex

Dollar firms after hot retail sales, yen languishes; China data awaited

TOKYO: The dollar stood just off its highest since early November against a handful of peer currencies on Tuesday,...

Published 16 Apr, 2024 10:29am

Stocks

China stocks fall, small-cap companies slump despite strong GDP

SHANGHAI: China stocks fell on Tuesday, with small-cap companies leading the decline, as March economic indicators...

Published 16 Apr, 2024 10:19am

Glenn Maxwell takes indefinite ‘mental and physical break’ from IPL

BENGALURU: Australia’s Glenn Maxwell will take an indefinite “mental and physical break” from the IPL after...

Published 16 Apr, 2024 10:13am

Asia

Germany’s Scholz says to discuss ‘just peace’ in Ukraine with Xi

BEIJING: German Chancellor Olaf Scholz on Tuesday said he would discuss a “just peace” in Ukraine with Chinese...

Published 16 Apr, 2024 10:11am

Asia

Indonesia landslide death toll rises to 20 as search ends

JAKARTA: Indonesian authorities said they have ended a search and rescue operation after a landslide in central...

Published 16 Apr, 2024 10:08am

Global lender recommends tax policy reforms

International Monetary Fund gives a set of recommendation

Updated 16 Apr, 2024 09:15am

Infrastructure financing support: ADB wing rates TA as ‘successful, relevant’

ISLAMABAD: The Independent Evaluation Department (IED) of the Asian Development Bank (ADB) has rated technical...

Updated 16 Apr, 2024 09:13am

Solar energy projects: PM orders swift steps towards foreign investment

ISLAMABAD: Prime Minister Shehbaz Sharif has directed the concerned authorities to speed up the steps regarding...

Updated 16 Apr, 2024 09:12am

Major crops at risk: Significant challenges may hit agri growth target

ISLAMABAD: The country may face significant challenges in meeting the agriculture growth target of 3.5 percent set...

Updated 16 Apr, 2024 09:09am

NEECA convenes meeting: Plan to export green hydrogen to China, Japan will be discussed

ISLAMABAD: The National Energy Efficiency and Conservation Authority (NEECA) has convened a meeting to discuss...

Updated 16 Apr, 2024 09:09am

BR launches www.urdu.brecorder.com

Business Recorder on Monday launched www.urdu.brecorder.com, the Urdu version of its website www.brecorder.com....

Updated 16 Apr, 2024 09:08am

‘Defunct’ SME Bank: ECC approves over Rs4.11bn to clear employees’ dues

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has approved over Rs 4.11 billion to settle...

Updated 16 Apr, 2024 09:08am

Petroleum products: Foreign suppliers allowed to maintain inventories in bulk

ISLAMABAD: The Federal Board of Revenue (FBR) on Monday allowed foreign suppliers of petroleum products to maintain...

Updated 16 Apr, 2024 08:45am

IDEAS-2024: MoC hesitant about extending 100pc subsidy

ISLAMABAD: The Ministry of Commerce (MoC) is reportedly hesitant about extending subsidy for IDEAS-2024 to be...

Updated 16 Apr, 2024 08:44am

KE’s TDS arrears: MoF asks PD to provide year-wise details

ISLAMABAD: The Ministry of Finance has reportedly asked the Power Division to provide year-wise details of Tariff...

Updated 16 Apr, 2024 08:43am

Aurangzeb, USPBC team discuss investment

WASHINGTON DC: Federal Minister for Finance and Revenue Muhammad Aurangzeb met with a delegation from the US...

Updated 16 Apr, 2024 08:43am

BR’s refresher: your morning briefing for the day

Important updates April 15, 2024

Published 16 Apr, 2024 08:41am

Pakistan’s extreme energy poverty

The Power Minister during the Eid break felicitated the nation for a Rs3/unit respite in electricity tariff – that...

Published 16 Apr, 2024 08:38am

Cotton demand: addressing the panda in the room

The uneasy calm continues in the global cotton market. As per US Department of Agriculture’s monthly forecast,...

Published 16 Apr, 2024 08:34am

Security Investment Bank Limited

Security Investment Bank Limited (PSX: SIBL) was incorporated in Pakistan as a public limited company in 1991. The...

Published 16 Apr, 2024 08:33am

Transforming ailing SOEs

Pakistan’s State-Owned Enterprises (SOEs) can play an important role in its economic progress, as these were...