News Archives for 2024-04-26 - Business Recorder

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Archive - 2024-04-26

Taxes

FBR notifies transfers of 12 key officers to Admin Pool

The Federal Board of Revenue (FBR) has notified transfers of 12 officers of the Inland Revenue Service and Pakistan...

Published 26 Apr, 2024 10:48pm

Stocks

KSE-100 rallies over 1% to hit another record high

Index closes Friday's session at 72,742.75, surpassing previous all-time high of 72,051.89 on April 24, 2024

Updated 26 Apr, 2024 10:38pm

MENA

World’s tallest residential tower coming to Dubai Marina

Six Senses Residences to be completed by 2028

Published 26 Apr, 2024 10:32pm

Industry

Airline revenues: IATA urges Pakistan to allow repatriation of $399mn

Pakistan should simplify onerous process for repatriation, including requirement to provide audit certificates and tax exemption certificate, association says

Updated 26 Apr, 2024 09:55pm

Stocks

Wall St rises as Big Tech charges higher

Wall Street’s main indexes advanced on Friday as most megacap growth stocks rose after robust quarterly results from...

Published 26 Apr, 2024 09:50pm

Interest Rates

SBP expected to hold rates on Monday ahead of IMF deal, Reuters poll finds

KARACHI: A Reuters poll found that the State Bank of Pakistan (SBP) is expected to hold its key interest rate at a...

Updated 26 Apr, 2024 09:49pm

Middle East

UN official says it could take 14 years to clear debris in Gaza

Israel's military campaign in Gaza has reduced much of the narrow, coastal territory of 2.3 million people to a wasteland with most civilians homeless, hungry and at risk of disease

Updated 26 Apr, 2024 09:47pm

Stocks

Europe’s STOXX 600 logs best day in three months as banks shine

Europe’s benchmark stock index had its biggest one-day gain in more than three months on Friday, propelled by...

Published 26 Apr, 2024 09:47pm

Stocks

FTSE 100 continues record run, Darktrace rallies on buyout deal

Britain’s benchmark FTSE 100 scored its fourth consecutive record high on Friday as strong earnings from U.S. tech...

Published 26 Apr, 2024 09:44pm

Europe

Erdogan expects new NATO chief to address Turkey’s terror concerns

ISTANBUL: President Recep Tayyip Erdogan said he expected NATO’s next secretary general to prioritise Turkey’s...

Published 26 Apr, 2024 09:40pm

Companies

JS Bank registers massive 376% jump in profit in 1QCY24

JS Bank Limited (JSBL) posted massive consolidated profit of Rs4.2 billion during the three months ended March 31,...

Updated 26 Apr, 2024 09:31pm

Pakistan Digital City Haripur to be KP’s first IT-focused technology zone

Project is expected to become functional in 2026 and generate $25-50 million in exports annually

Updated 26 Apr, 2024 09:26pm

Zindigi, MyTM & Cashin to digitize pilgrimage experience for Pakistani citizens

In a groundbreaking move, Zindigi, powered by JS Bank & MyTM in collaboration with Cashin (KSA), has launched an...

Published 26 Apr, 2024 06:58pm

Nawaz Sharif urged to take up PML-N’s presidency, says Rana Sanaullah

Senior Pakistan Muslim League-Nawaz (PML-N) leader Rana Sanaullah said on Friday that the supremo Nawaz Sharif has...

Published 26 Apr, 2024 06:48pm

Forex

Rupee strengthens marginally against US dollar

Currency settles at 278.39 against the greenback in inter-bank market

Updated 26 Apr, 2024 06:32pm

Army chief vows to work for Pakistan’s development despite ‘negative propaganda’

Chief of Army Staff (COAS) General Syed Asim Munir on Friday said negative propaganda and social media trolls cannot...

Updated 26 Apr, 2024 06:18pm

Business & Economy

Pakistan’s economic condition shows improvement, but ‘needs surgery’: PM Shehbaz

ISLAMABAD: Pakistan’s economic indicators are showing positive signs, with an agenda of painful reforms and...

Updated 26 Apr, 2024 06:14pm

South Asia

India votes in second election phase as Modi vs Gandhi contest heats up

BENGALURU/NOIDA: India voted on Friday in the second phase of the world’s biggest election, as Prime Minister...

Published 26 Apr, 2024 06:01pm

Money & Banking

India’s foreign exchange reserves drop to six-week low

MUMBAI: India’s foreign exchange reserves fell for a second consecutive week and stood at a six-week low of $640.33...

Published 26 Apr, 2024 05:52pm

Europe

Students block Paris’ Sciences Po University over Gaza war

PARIS: Students blocked access to Paris’ prestigious Sciences Po University over the war in Gaza on Friday,...

Published 26 Apr, 2024 05:41pm

Forex

Sterling steadies against dollar, jumps to 16-year high vs yen

LONDON: Sterling steadied on Friday after rising to a two-week high against the dollar as markets awaited for key...

Published 26 Apr, 2024 05:31pm

Europe

Russia’s Shoigu meets Iranian counterpart, says ready to expand military co-operation

MOSCOW: Russia is ready to expand military and technical cooperation with Iran, Russian Defence Minister Sergei...

Published 26 Apr, 2024 05:27pm

Quetta court issues arrest warrant for Mahmood Khan Achakzai

A judicial magistrate of Quetta has issued an arrest warrant for Pakhtunkhwa Milli Awami Party (PkMAP) Chairman...

Published 26 Apr, 2024 05:07pm

South Asia

Blinken says US campus protests part of ‘democracy’

BEIJING: US Secretary of State Antony Blinken said Friday that campus protests sweeping the United States over the...

Published 26 Apr, 2024 05:18pm

Saudi could get first Miss Universe contestant this year

RIYADH: Saudi Arabia could have its first Miss Universe contestant this year, organisers said this week, after a...

Updated 26 Apr, 2024 05:13pm

South Asia

Sri Lanka leases white elephant airport built with Chinese loans

COLOMBO: Sri Lanka said Friday it had leased a white elephant international airport built with Chinese loans to a...

Published 26 Apr, 2024 05:07pm

Asia

Xi tells Blinken US, China should be ‘partners, not rivals’

BEIJING: Chinese President Xi Jinping on Friday told top US diplomat Antony Blinken that the world’s biggest...

Updated 26 Apr, 2024 04:59pm

Middle East

Health ministry in Gaza says war death toll at 34,356

GAZA STRIP: The health ministry in Gaza said on Friday that at least 34,356 people have been killed in the territory...

Published 26 Apr, 2024 04:52pm

Energy

Global LNG: Asia spot LNG prices fall for first time in over two months

SINGAPORE: Asian spot liquefied natural gas (LNG) prices dropped slightly for the first time in more than two months...

Published 26 Apr, 2024 04:23pm

Stocks

Easing Middle East worries, stable earnings power Indian shares to weekly gains

BENGALURU: India’s benchmark indexes fell on Friday, dragged by financials, although the losses were not enough to...

Published 26 Apr, 2024 04:14pm

Commodities

Copper breaks above $10,000 for the first time in two years

LONDON: Copper prices in London hit a two-year high and surpassed a strong resistance level of $10,000 a metric ton...

Published 26 Apr, 2024 04:10pm

Europe

Russian attacks wound four in northeastern Ukraine, local officials say

Russian guided bombs struck an industrial facility and a residential building in northeastern Ukraine on Friday,...

Published 26 Apr, 2024 04:08pm

Bullion Rate

Gold price per tola jumps Rs2,500 in Pakistan

Gold prices increased in Pakistan on Friday in line with a rise in the international rate. In the local market, gold...

Updated 26 Apr, 2024 04:07pm

Commodities

Palm oil rebounds from two-day fall but still down weekly

SINGAPORE: Malaysian palm oil futures rebounded from a two-day fall on Friday amid declining yields and ample...

Published 26 Apr, 2024 04:07pm

American Coleman believes Bolt’s 100m record could fall soon

SHANGHAI: American sprinter Christian Coleman believes that Usain Bolt’s 100-metres record of 9.58 seconds that has...

Published 26 Apr, 2024 03:23pm

Energy

Oil prices on track to snap two-week losing streak

LONDON: Oil prices rose on Friday, on track to end higher this week after two straight weeks of losses, after a top...

Updated 26 Apr, 2024 03:20pm

Forex

Kenyan shilling flat amid liquidity shortage

The Kenyan shilling was flat on Friday amid a shortage of liquidity on the domestic market, traders said. Kenyan...

Published 26 Apr, 2024 03:17pm

Brazil great Marta to retire from international football at end of year

Brazil’s all-time top scorer in both men’s and women’s football, Marta, will retire from internationals this year,...

Published 26 Apr, 2024 03:16pm

Stocks

FTSE 100 continues record run, Darktrace rallies on buyout deal

Britain’s FTSE 100 rose to another record high on Friday as strong earnings from US tech giants buoyed investor...

Published 26 Apr, 2024 03:10pm

Movies & Music

Zendaya’s tennis movie ‘Challengers’ tests friendship bonds of complex trio

LOS ANGELES: When Zendaya first read the script for director Luca Guadagnino’s romantic sports film ‘Challengers,’...

Updated 26 Apr, 2024 02:53pm

Travel

Condé Nast Traveler reveals its Hot List for 2024

The Lana, Dorchester Collection in Dubai and The Guild restaurant were notable openings

Updated 26 Apr, 2024 02:48pm

Companies

PSO’s profit plunges over 70% in 3QFY24, amounts to Rs3.74bn

Despite higher sales, Pakistan State Oil Company Limited’s (PSO) profit-after-tax (PAT) plunged over 70%, clocking...

Published 26 Apr, 2024 02:44pm

Pakistan rejects provocative statements from Indian leaders on Kashmir

'Fuelled by hyper-nationalism, this inflammatory rhetoric poses a grave threat to regional peace and susceptibility,' FO spokesperson Baloch says

Published 26 Apr, 2024 02:25pm

Africa

Burkina Faso suspends BBC, Voice of America for two weeks

OUAGADOUGOU: Burkina Faso has suspended the BBC and Voice of America radio networks from broadcasting for a...

Published 26 Apr, 2024 01:55pm

Europe

Volodymyr Zelensky blasts Russian nuclear risks on Chernobyl anniversary

KYIV: Ukrainian President Volodymyr Zelensky warned on Friday that Russia’s capture of a major nuclear power plant...

Published 26 Apr, 2024 01:50pm

Stocks

Hong Kong shares end with fifth gain in a row

HONG KONG: Hong Kong shares ended the week with a fifth successive gain Friday as tech firms rallied on the back of...

Published 26 Apr, 2024 01:26pm

‘Case study of 2022 floods’: ADB warns of big climate disasters

ISLAMABAD: The Asian Development Bank (ADB) has warned that climate change is expected to increase the frequency and...

Updated 26 Apr, 2024 01:06pm

PBC floats 5-year ‘exports charter and imports substitution plan’

ISLAMABAD: The Pakistan Business Council (PBC) has proposed a five-year exports charter and import substitution plan...

Updated 26 Apr, 2024 01:05pm

Stocks

Europe markets open higher; London hits new record

LONDON: Europe’s stock markets opened higher Friday, with London reaching a record high for the fourth session...

Published 26 Apr, 2024 12:40pm

South Asia

India’s top court declines to order any change to vote-counting process

NEW DELHI: India’s Supreme Court declined on Friday to order any change to the vote-counting process, rejecting...

Published 26 Apr, 2024 12:34pm

Prices of petrol, diesel likely to be slashed

Federal government expected to decrease price of petrol by Rs4.88 per litre

Updated 26 Apr, 2024 12:28pm

Gresini’s Marquez eyes factory bike in 2025

Six-times MotoGP champion Marc Marquez said he wants to return to racing on a factory bike in 2025 after switching...

Published 26 Apr, 2024 12:28pm

Europe

Spain to send Patriot missiles to Ukraine, El Pais reports

MADRID: Spain will send a small number of Patriot missiles to Ukraine, El Pais newspaper reported on Friday, quoting...

Published 26 Apr, 2024 12:22pm

Energy

TotalEnergies Q1 net income falls 22% on lower gas prices

French energy giant TotalEnergies posted a 22% decline in first-quarter earnings versus a year earlier on Friday as...

Published 26 Apr, 2024 12:17pm

Europe

Greece rules out air defence systems to Ukraine, prime minister says

ATHENS: Prime Minister Kyriakos Mitsotakis said Greece can not offer air defence systems like ‘Patriots’ or S-300 to...

Published 26 Apr, 2024 12:15pm

Commodities

Copper hits two-year high, surpassing $10,000/T on investment flows

Copper prices rose to a two-year high on Friday after surpassing a strong resistance level of $10,000 a metric ton,...

Published 26 Apr, 2024 12:12pm

Forex

Russian rouble hovers near one-month high ahead of expected rate hold

The Russian rouble hovered near a one-month high of around 92 to the dollar on Friday, ahead of a rate-setting...

Published 26 Apr, 2024 12:06pm

Chelsea’s Fernandez to miss rest of season after groin surgery

LONDON: Chelsea midfielder Enzo Fernandez will miss the rest of the season after surgery on a groin injury on...

Published 26 Apr, 2024 12:01pm

Man City in title groove as Arsenal face Spurs test

LONDON: Manchester City are in ominous form as the champions chase a fourth successive Premier League crown. Leaders...

Published 26 Apr, 2024 11:49am

South Asia

India begins voting in second phase of giant election as Modi vs Gandhi campaign heats up

BENGALURU/KOTTAYAM/MATHURA: India began voting on Friday in the second phase of the world’s biggest election, as...

Updated 26 Apr, 2024 11:41am

South Asia

Bangladesh children sweat at home as heatwave shuts schools

DHAKA: Classes are cancelled across Bangladesh due to searing heat, but high school student Mohua Akter Nur found...

Published 26 Apr, 2024 11:33am

Task of improving patient care assigned to newly appointed Medical Superintendents

LAHORE: Provincial Health Minister Khawaja Salman Rafique and Punjab Health Secretary Ali Jan Khan have assigned the...

Updated 26 Apr, 2024 11:30am

Aussie Kim grabs one-shot lead in LPGA LA Championship

LOS ANGELES: Australia’s Grace Kim had seven birdies in her seven-under-par 64 on Thursday to take a one-shot lead...

Published 26 Apr, 2024 11:14am

ByteDance says ‘no plans’ to sell TikTok after US ban law

BEIJING: Chinese tech giant ByteDance has said it has no plans to sell TikTok after a new US law put it on a...

Published 26 Apr, 2024 11:11am

Asia

North Korea’s Kim oversees test of multiple rocket launcher

SEOUL: North Korean leader Kim Jong Un oversaw the test-firing of a multiple rocket launcher, state media said...

Published 26 Apr, 2024 10:59am

Commodities

India rice prices at three-month low on shrinking demand

Top exporter India’s rice export prices fell to their lowest level in more than three months this week on subdued...

Published 26 Apr, 2024 10:49am

Bullion Rate

Gold prices set for weekly decline ahead of US inflation data

Gold prices edged lower on Friday and were set for a weekly decline as investor attention turned to key US inflation...

Published 26 Apr, 2024 10:29am

Asia

Antony Blinken meets Chinese counterpart Wang Yi in Beijing

BEIJING: US Secretary of State Antony Blinken met Chinese Foreign Minister Wang Yi in Beijing on Friday for talks...

Published 26 Apr, 2024 10:24am

Asia

Chinese, French militaries set up dialogue mechanism for cooperation

BEIJING: The Chinese and French militaries have established an inter-theatre dialogue mechanism for cooperation,...

Published 26 Apr, 2024 10:18am

Mutual Funds

Fresh peaks in Treasury yields to push Indian bond rates higher

MUMBAI: Indian government bond yields are expected to rise at open on Friday, as US Treasury yields spiked after...

Published 26 Apr, 2024 10:11am

Forex

Indian rupee to see muted reaction to US inflation flare-up

MUMBAI: The Indian rupee is expected to open little changed on Friday, despite a pick-up in US inflation which...

Published 26 Apr, 2024 10:09am

Commodities

Palm oil rebounds to track stronger rivals; eyes weekly loss

SINGAPORE: Malaysian palm oil futures rebounded on Friday after declining for two sessions, tracking gains in rivals...

Published 26 Apr, 2024 10:05am

Indonesia says posts Jan-Mar budget surplus of 0.04% of GDP

JAKARTA: Indonesia booked a budget surplus of 8.1 trillion rupiah ($499.38 million) in the January-March period, or...

Published 26 Apr, 2024 10:02am

Musk’s X says posts of Australia bishop stabbing don’t promote violence

SYDNEY: Elon Musk’s social media platform X defended publishing posts showing a bishop in Australia being stabbed...

Published 26 Apr, 2024 09:59am

Commodities

Wheat poised for biggest weekly rise in 2 years on supply fears

SINGAPORE: Chicago wheat futures eased on Friday but the market was on track for their biggest weekly gain in two...

Published 26 Apr, 2024 09:46am

Stocks

Indian shares set to open higher on upbeat results from Bajaj Finance and IndusInd Bank

BENGALURU: India’s benchmark indexes are set to open higher on Friday, with better-than-expected results from Nifty...

Published 26 Apr, 2024 09:42am

Europe

German unemployment seen rising to highest level in almost a decade

BERLIN: Germany’s economic weakness is finally taking a toll on the labour market, with the number of unemployed...

Published 26 Apr, 2024 09:35am

Stocks

Asia stocks rise, yen falls as BOJ stands pat on rates

SINGAPORE: The yen fell amid volatile trade on Friday after the Bank of Japan (BOJ) maintained its accommodative...

Published 26 Apr, 2024 09:30am

Mutual Funds

Japan bond futures off lows as BOJ keeps rates steady

TOKYO: Japan’s government bond futures fell as did the yen on Friday after the Bank of Japan kept its short-term...

Published 26 Apr, 2024 09:26am

BOJ keeps ultra-low rates, projects inflation near 2% for years

TOKYO: The Bank of Japan kept interest rates around zero on Friday and issued fresh estimates projecting inflation...

Published 26 Apr, 2024 09:23am

Meeting held with US under TIFA

ISLAMABAD: Pakistan and the United States on Thursday held an inter-sessional meeting under the Trade and Investment...

Updated 26 Apr, 2024 09:23am

Annual rental value property: Sindh govt given three months to legislate on levy of tax

ISLAMABAD: The Supreme Court granted three months to the Sindh government to legislate on levy of tax on annual...

Updated 26 Apr, 2024 09:21am

Tax law amendment bill to prove another piece of ineffective legislation?

ISLAMABAD: On the face of it, The Tax Law Amendment Bill, 2024, is all set to prove another piece of ineffective...

Updated 26 Apr, 2024 09:20am

Stocks

Australian shares tumble as miners, energy stocks fall; BHP Group tanks

Australian shares fell on Friday, as investors pushed back rate-cut bets with cooler-than-expected US growth coupled...

Published 26 Apr, 2024 09:17am

Operations: KAPCO reluctant to opt for CTBCM

ISLAMABAD: Kot Addu Power Company Limited (KAPCO) is reportedly reluctant to opt for operation under Competitive...

Updated 26 Apr, 2024 09:16am

Bullion Rate

China’s Q1 gold consumption climbs nearly 6% on safe-haven demand

BEIJING: China’s gold consumption in the first quarter of 2024 climbed by 5.94% from a year earlier on soaring...

Published 26 Apr, 2024 09:15am

Stocks

Japan’s Nikkei rises as chip shares rebound; BOJ decision in focus

TOKYO: Japan’s Nikkei share average rose on Friday led by a rebound in chip-related stocks, while investors awaited...

Published 26 Apr, 2024 09:12am

Forex

Japan’s yen hits 34-year low after BOJ holds interest rates

SINGAPORE: The yen hit its weakest in three decades against the US dollar after the Bank of Japan left interest...

Published 26 Apr, 2024 09:05am

NA panels: Govt, opposition agree on ‘power-sharing’ formula

ISLAMABAD: After months of delay, the government and the opposition agreed on a power-sharing formula for the...

Updated 26 Apr, 2024 09:00am

Forex

China’s yuan nears daily downside limit as US yields rise, yen falls

HONG KONG: China’s yuan hovered near a five-month low against the dollar and traded a whisker away from its daily...

Published 26 Apr, 2024 09:00am

RDA inflows rise to $7.660bn

KARACHI: Gross inflows under the Roshan Digital Account (RDA) rose to $ 7.660 billion by end of March 2024 since its...

Updated 26 Apr, 2024 08:59am

Summaries: CCI questions ‘competence’ of provincial govts, ministries

ISLAMABAD: The Council of Common Interests (CCI) has raised questions over the competence of ministries/Divisions...

Updated 26 Apr, 2024 08:58am

Govt has given two airbases to US, claims Omar

ISLAMABAD: In a startling revelation, the opposition leader in the National Assembly Omar Ayub Khan on Thursday said...

Updated 26 Apr, 2024 08:57am

BR’s refresher: your morning briefing for the day

Important updates from April 25, 2024

Published 26 Apr, 2024 08:23am

Hot money returns

Pakistan’s economy is getting hot for international debt portfolio investors. There are some inflows by foreigners...

Published 26 Apr, 2024 07:40am

MCB: Advances shrink, profits grow

MCB Bank Limited (MCB) posted another quarter of stellar p the pretax profits jumped 41 percent year-on-year,...

Published 26 Apr, 2024 07:30am

Leather Up Limited

Leather Up Limited (PSX: LEUL) was incorporated as a private limited company in 1990 and was converted into a public...

Published 26 Apr, 2024 07:20am

Another campaign against smuggling

EDITORIAL: Ordinarily, no prime minister should have to hold a special meeting to “direct concerned authorities”...