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Business & Finance - 2022-05-24

Ford to pay US states $19.2mn over false advertising claims

WASHINGTON: Ford Motor Co will pay $19.2 million to resolve allegations it falsely advertised real-world fuel...

Published 24 May, 2022 10:12pm

Stocks

European shares fall as business growth data deepens slowdown worries

European shares ended lower on Tuesday, tracking declines in global stock markets with business expansion data for...

Published 24 May, 2022 09:46pm

Stocks

UK stocks hit by global gloom, windfall tax threat for utilities

UK’s FTSE 100 fell on Tuesday, tracking a sour global mood with energy stocks leading declines and shares of British...

Published 24 May, 2022 09:43pm

Stocks

Wall St plunges as Snap’s bleak forecast sparks selloff

Wall Street’s main indexes fell on Tuesday, with the tech-heavy Nasdaq leading the slump, as a weak earnings...

Published 24 May, 2022 08:36pm

Saudi Arabia finalising extension of $3bn deposit to Pakistan: Saudi Minister of Finance

Jadaan says Pakistan is an important ally and the kingdom would stand behind the South Asian nation

Updated 24 May, 2022 08:49pm

Business & Economy

Budget, energy subsidies main topics being discussed with IMF: Dr Murtaza Syed

SBP's acting governor says progress in talks has been made, but it is normal for 'these things to take time'

Published 24 May, 2022 08:09pm

Nigeria’s central bank surprises with rate hike, cites inflation

ABUJA: Nigeria’s central bank on Tuesday raised the benchmark interest rate by 150 basis points to 13%, its first...

Published 24 May, 2022 07:49pm

Lufthansa aims for 20% stake in ITA Airways

FRANKFURT: Germany’s Lufthansa wants to acquire a 20% stake in state-owned Italian airline ITA Airways, the...

Published 24 May, 2022 07:45pm

U.S. bank profits dip as loan loss provisions jump in response to global uncertainty: FDIC

WASHINGTON: U.S. bank profits dropped 6.5% in the first quarter of 2022 to $59.7 billion, as larger firms grew their...

Published 24 May, 2022 07:34pm

Global carbon pricing schemes raised $84bn in 2021: World Bank

LONDON: Countries around the world raised $84 billion last year by charging firms for emitting carbon dioxide, up...

Published 24 May, 2022 07:18pm

Commodities

China signs protocol for import of Brazilian corn

BEIJING: China’s customs authority has signed an agreement with Brazil to allow imports of Brazilian corn, the...

Published 24 May, 2022 07:06pm

Money & Banking

UK banks face financial hit over climate inaction: BoE

LONDON: UK banks and insurers face big hits to profits unless they take immediate action over their exposure to...

Published 24 May, 2022 06:27pm

KPMG fined 3.3mn pounds over Rolls-Royce audit

LONDON: Britain’s accounting watchdog said on Tuesday it has fined KPMG 3.3 million pounds ($4.16 million) over the...

Published 24 May, 2022 05:55pm

Stocks

KSE-100 falls below 42,000 mark, closes at lowest level since Dec 2020

Political noise and a rise in the benchmark interest rate has impacted investor sentiment

Updated 24 May, 2022 06:00pm

One in 10 eurozone households own cryptoassets, says ECB

FRANKFURT: Nearly one in 10 European households has invested in cryptoassets, an ECB study published Tuesday said,...

Published 24 May, 2022 05:15pm

Forex

14 sessions of decline: Rupee falls to 201.41 against dollar

Lack of update on IMF talks and political turmoil could hurt the rupee further

Updated 24 May, 2022 07:41pm

Energy

Indian oil minister says oil at $110 a barrel not sustainable

DAVOS: India’s Oil Minister Hardeep Singh Puri told the World Economic Forum in Davos on Tuesday that a crude oil...

Published 24 May, 2022 03:56pm

Money & Banking

Auto financing for consumers: SBP reduces loan tenure as import bill bites

As the country battles a bulging import bill, the State Bank of Pakistan (SBP) reduced on Tuesday the consumer...

Published 24 May, 2022 02:30pm

Forex

Russian rouble firms past 57 to the dollar for first time in four years

The Russian rouble strengthened to levels not seen since March 2018 against the dollar on Tuesday, boosted by...

Published 24 May, 2022 02:28pm

Forex

Sterling falls to a more than one-week low versus euro

LONDON: Britain’s pound fell to a more than one-week low against a strengthening euro on Tuesday but was little...

Published 24 May, 2022 02:26pm

Stocks

Most Gulf bourses decline amid wider selloff; Saudi gains

Most stock markets in the Gulf fell on Tuesday, tracking a pullback in global peers on fears of slowing economic...

Published 24 May, 2022 02:23pm

Money & Banking

Pakistan's Islamic banking sector to have 30% market share by 2026: Moody’s

Estimates average growth over 2021-2026 to range between 25%-28% for total assets and deposits

Updated 24 May, 2022 06:37pm

Commodities

NY coffee could test support at $2.1265

SINGAPORE: New York coffee could test support at $2.1265 per lb, a break below which may open the way towards...

Published 24 May, 2022 02:04pm

Commodities

India could restrict sugar exports to 10mn T, govt source says

NEW DELHI/MUMBAI: India plans to restrict sugar exports for the first time in six years to prevent a surge in...

Published 24 May, 2022 01:53pm

Stocks

China, Hong Kong shares slump as Beijing ramps up COVID measures

SHANGHAI: China shares fell on Tuesday while Hong Kong’s benchmark index also slumped, as stricter COVID-19 measures...

Published 24 May, 2022 01:51pm

Stocks

Stock markets retreat on weak global growth worries

LONDON: Stock markets retreated Tuesday on renewed concerns over weak global growth, with a profit warning from the...

Updated 24 May, 2022 05:27pm

Air France-KLM seeks to raise $2.4bn in new share issue

PARIS: Air France-KLM on Tuesday announced a bid to raise 2.26 billion euros ($2.4 bn) by issuing new shares, as the...

Published 24 May, 2022 01:35pm

Stocks

Tokyo stocks end down despite US gains

TOKYO: Tokyo stocks ended down on Tuesday with investors concerned about the spread of Covid-19 in China and its...

Published 24 May, 2022 01:28pm

Financial

Cryptoverse: Is the end of the bitcoin winter nigh?

The crypto winter is into its ninth week and bitcoin can't shake the chills. From technicals to turnover, market...

Published 24 May, 2022 12:02pm

Stocks

Tokyo shares soften despite Wall Street gains

TOKYO: Tokyo stocks opened down Tuesday despite overnight rallies on Wall Street as investors eyed the spread of...

Published 24 May, 2022 11:28am

Stocks

Hong Kong stocks open lower

HONG KONG: Hong Kong stocks opened lower Tuesday, extending the previous day’s losses on concerns over the impact of...

Published 24 May, 2022 11:26am

Stocks

Asian markets fall on China growth concerns

HONG KONG: Asian stocks retreated Tuesday on concerns over the impact of China’s Covid restrictions on the world’s...

Published 24 May, 2022 11:21am

Companies

Samsung Group commits $356bn in investments with 80,000 new jobs

SEOUL: Samsung Group on Tuesday unveiled a massive $356 billion investment blueprint for the next five years aimed ...

Updated 24 May, 2022 02:01pm

Companies

Toyota to cut global production plan by 100,000 in June

TOKYO: Toyota Motor Corp will cut its global production plan by about 100,000 to roughly 850,000 vehicles in June...

Published 24 May, 2022 11:01am

Stocks

Japan’s Nikkei slips below 27,000 level as US futures skid

TOKYO: Japan’s Nikkei edged down on Tuesday, trading below the 27,000 psychological level reclaimed a day earlier,...

Published 24 May, 2022 10:43am

Bullion Rate

Gold dips as dollar attempts recovery

Gold edged lower on Tuesday, as the US dollar rebounded slightly after a slide in the previous session, weighing on...

Published 24 May, 2022 10:39am

Real Estate

China's property market woes expected to worsen in 2022

BEIJING: China's property market woes are likely to worsen this year with prices remaining flat and sales and...

Updated 24 May, 2022 02:00pm

Commodities

Wheat extends gains on output concerns; corn, soybeans ease

MUMBAI: US wheat futures extended gains on Tuesday, supported by a slower pace of spring wheat planting and amid...

Published 24 May, 2022 10:16am

Companies

Hyundai Motor Group to invest $50bn in South Korea through 2025

SEOUL: Hyundai Motor Group said on Tuesday it plans to invest 63 trillion won ($49.86 billion) in South Korea...

Published 24 May, 2022 10:10am

Stocks

Indian shares rise on auto, metals boost; Zomato jumps nearly 7%

BENGALURU: Indian shares rose slightly on Tuesday, helped by automobile and metal stocks, with investors eyeing the...

Published 24 May, 2022 09:55am

Commodities

US oil may fall towards $107.59

SINGAPORE: US oil may break a support at $109.11 per barrel, and fall towards the next support at $107.59. The...

Published 24 May, 2022 09:53am

Commodities

Palm oil neutral in 6,099-6,354 ringgit range

SINGAPORE: Palm oil looks neutral in a range of 6,099-6,354 ringgit per tonne, and an escape could suggest a...

Published 24 May, 2022 09:51am

Energy

Brent oil may break support at $111.87 and fall more

SINGAPORE: Brent oil may retest a support at $111.87 per barrel, with a good chance of breaking below this level and...

Published 24 May, 2022 09:49am

Bullion Rate

Spot gold may fall towards $1,837

SINGAPORE: Spot gold may fall towards $1,837, following its failure to break a resistance at $1,867 per ounce. The...

Published 24 May, 2022 09:43am

Forex

Australia, NZ dollars suffer relapse as China clouds outlook

SYDNEY: The Australian and New Zealand dollars eased back on Tuesday as U.S stock futures swung lower and markets...

Published 24 May, 2022 09:41am

Forex

Safe-haven dollar bounces, Aussie slides as Snapchat sours mood

TOKYO: The safe-haven dollar clawed back some of its overnight losses on Tuesday and the yen also strengthened as US...

Published 24 May, 2022 09:39am

Stocks

Australian shares subdued as tech, healthcare offset mining gains

Australian shares were little changed in choppy trade on Tuesday, as technology stocks and export-focussed...

Published 24 May, 2022 09:36am

Energy

Oil rises as tight supply counters economy fears and China curbs

LONDON: Oil edged higher on Tuesday, recovering earlier losses, as tight global supply and an expected pick-up in...

Updated 24 May, 2022 07:12pm

Industry

Economic outlook has ‘darkened’, business and government leaders warn

DAVOS: Multiple threats to the global economy topped the worries of the world’s well-heeled at the annual Davos...

Published 24 May, 2022 06:43am

Money & Banking

HABIBMETRO Bank and DHACSS sign agreement

KARACHI: HABIBMETRO Bank and Defence Housing Authority College and School System (DHACSS) signed an agreement to...

Published 24 May, 2022 06:43am

Industry

FPCCI urges govt to take steps aimed at arresting rupee slide

LAHORE: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Monday has urged the government to...

Published 24 May, 2022 06:43am

Industry

Oman, Iran sign trade deals during president visit

MUSCAT: Iran’s President Ebrahim Raisi arrived in Oman on Monday as the two countries signed a string of trade...

Published 24 May, 2022 06:13am

Money & Banking

JPMorgan raises 2022 interest income outlook

NEW YORK: JPMorgan Chase & Co lifted its forecast for interest income and affirmed its profitability target as ...

Published 24 May, 2022 06:13am

Money & Banking

ECB plans end to negative rates era as inflation soars

FRANKFURT: Negative interest rates will soon be a thing of the past in the eurozone, the ECB’s chief signalled...

Published 24 May, 2022 06:13am

Industry

Media conclave and roundtable conference held in Gwadar: Chinese firms, govt functionaries endeavouring to expedite work on uplift projects

GWADAR: The “Haq Do Tahreek” (Rights Movement) of Balochistan has started bearing fruits to the people of the...

Published 24 May, 2022 05:35am

Taxes

‘Removal of 17pc GST will reduce price of solar systems by 30pc’

LAHORE: Removal of 17 percent General Sales Tax (GST) would reduce the price of solar systems by 30%, said energy...

Updated 24 May, 2022 09:28pm

Taxes

Fixed tax scheme being worked out: Only small shopkeepers, not Tier-I retailers, to be covered

ISLAMABAD: The Federal Board of Revenue (FBR) is working on a simplified fixed tax scheme for small traders in the...

Published 24 May, 2022 05:35am

Taxes

POS invoicing prize scheme: RTO’s IR inspector caught misusing authority

ISLAMABAD: An Inland Revenue inspector of the Regional Tax Office (RTO) Bahawalpur, deputed at a sweet shop to...

Published 24 May, 2022 05:35am

Money & Banking

Rouble hits near 7-year high vs euro

MOSCOW: The Russian rouble firmed more than 6% against the euro on Monday to a near seven-year high, boosted by...

Published 24 May, 2022 05:35am

Money & Banking

Euro climbs as ECB eyes rate hikes, dollar slides

NEW YORK: The dollar index fell on Monday while the euro rallied after the European Central Bank indicated a move...

Published 24 May, 2022 05:35am

Industry

Iranian delegation, LCCI discuss possibilities of JVs in various sectors

LAHORE: A high-powered Iranian delegation on Monday visited the Lahore Chamber of Commerce & Industry to explore...

Published 24 May, 2022 05:35am

Industry

PYPA urges govt to impose GST on API

ISLAMABAD: The Pakistan Young Pharmacist Association (PYPA) while appreciating the government’s decision of ...

Published 24 May, 2022 05:35am

Industry

Trade deficit stands at $43.3bn, NA told

ISLAMABAD: Minister for Water Resources Syed Khursheed Shah on Monday said there is a huge difference between the...

Published 24 May, 2022 05:35am

Industry

MoU signed to enhance Pak-China agri cooperation

ISLAMABAD: Optima Integration Group, China, and Asia Pak Investments, Pakistan, in spirit to enhance...

Published 24 May, 2022 05:35am

Industry

OGDCL sets up 3-day free eye camp in Chak Naurang

ISLAMABAD: The OGDCL under its CSR Programme established three-day Free Surgical Eye Camp at the OGDCL CSR ...

Published 24 May, 2022 05:35am

Industry

PBS holds workshop on population & housing census 2022

LAHORE: The Pakistan Bureau of Statistics (PBS) organised first sensitisation workshop regarding forthcoming 7th...

Published 24 May, 2022 05:35am

Industry

Import ban to hit IT sector: Smuggling, use of informal channels to get a boost: PCA

ISLAMABAD: The government’s decision to impose a ban on import of non-essential items under the “Emergency...

Published 24 May, 2022 05:35am

Industry

FPCCI chief meets Dutch firms for JVs, strategic partnerships

KARACHI: Irfan Iqbal Sheikh, President FPCCI, has called on world-class Dutch companies to expand their presence in...

Published 24 May, 2022 05:35am

Industry

Karachi businessmen assured of 32mmcfd more gas

KARACHI: Minister of State for Petroleum Dr. Musadiq Malik on Monday assured the Karachi business community to ...

Published 24 May, 2022 05:35am

Industry

Indus Motor to launch its first locally-assembled HEV SUV next year

KARACHI: Indus Motor Company (IMC) is planning to launch its first locally-assembled Hybrid Electric Vehicle (HEV)...

Updated 24 May, 2022 09:32pm

Money & Banking

‘Both branches are managed by female staff’ BoK opens Islamic, conventional branches in Peshawar

PESHAWAR: In line with its commitment to better serving customers and expanding its footprint to make banking...

Published 24 May, 2022 05:35am

Money & Banking

MMBL secures ‘positive outlook’ credit rating from PACRA

ISLAMABAD: Pakistan’s largest digital bank, Mobilink Microfinance Bank Limited (MMBL) has added yet another ...

Published 24 May, 2022 05:35am

Industry

Call for joint efforts to build economy on sustainable basis

ISLAMABAD: In a bid to stabilise the country’s faltering economy, Minister for Defence Khawaja Asif on Monday...

Published 24 May, 2022 05:35am

Industry

Envoy urges Korean, Pakistani businesses to find new avenues of trade

KARACHI: Ambassador of the Republic of Korea to Pakistan Suh Sangpyo, while expressing his desire to boost trade...

Published 24 May, 2022 05:35am

Money & Banking

Cash premiums extend gains on tight supply

SINGAPORE: Asia’s cash premiums for fuel oil extended gains on Monday as supply remains tight, with differentials...

Published 24 May, 2022 05:35am

Money & Banking

China makes 10bn yuan available to subsidise grain growers

BEIJING: China’s central government has made available 10 billion yuan ($1.49 billion) for “one-off” subsidies...

Published 24 May, 2022 05:35am

Money & Banking

Sterling rallies to highest vs dollar in over two weeks

LONDON: The pound rallied on Monday to more than two-week highs as broad-based dollar weakness allowed the British...

Published 24 May, 2022 05:35am

Money & Banking

Australia, NZ dollars swing higher

SYDNEY: The Australian and New Zealand dollars swung higher on Monday as global stock markets started the week in a...

Published 24 May, 2022 05:35am

Companies

VIS maintains entity ratings of Samba Bank

KARACHI: VIS Credit Rating Company Limited (VIS) has maintained the entity ratings of Samba Bank Limited (‘SBL’...

Published 24 May, 2022 05:35am

Previous Day

Gainers
Losers
Leaders

Stock	Price
Agritech Limited / Jun 30 Agritech Limited(AGL)	6.65 ▲ 1.00 (17.70%)
Kohinoor Power / Jun 30 Kohinoor Power Company Limited(KOHP)	4.05 ▲ 0.57 (16.38%)
Unicap Modaraba / Jun 30 Unicap Modaraba(UCAPM)	1.90 ▲ 0.24 (14.46%)
First Tri-Star Mod. / Jun 30 First Tri-Star Modaraba(FTSM)	8.00 ▲ 1.00 (14.29%)
Askari Life Assur. / Jun 30 Askari Life Assurance Company Limited(ALAC)	6.29 ▲ 0.78 (14.16%)
First AL-Noor Mod. / Jun 30 First Al-Noor Modaraba(FANM)	3.62 ▲ 0.39 (12.07%)
Bawany Air Products / Jun 30 Bawany Air Products Limited(BAPL)	9.50 ▲ 1.00 (11.76%)
Int. Knit. / Jun 30 International Knitwear Limited(INKL)	10.00 ▲ 1.00 (11.11%)
786 Invest Ltd / Jun 30 786 Investments Limited(786)	5.33 ▲ 0.51 (10.58%)
Shaheen Ins. / Jun 30 Shaheen Insurance Company Limited(SHNI)	3.40 ▲ 0.28 (8.97%)

Stock	Price
Elite Cap.Mod / Jun 30 First Elite Capital Modaraba(FECM)	2.70 ▲ -0.30 (-10.00%)
Jubilee Spinning / Jun 30 Jubilee Spinning & Weaving Mills Ltd.(JUBS)	3.01 ▲ -0.29 (-8.79%)
Dewan Sugar / Jun 30 Dewan Sugar Mills Limited(DWSM)	2.19 ▲ -0.20 (-8.37%)
Orient Rental / Jun 30 Orient Rental Mod(ORM)	7.35 ▲ -0.63 (-7.89%)
Olympia Mills / Jun 30 Olympia Mills Limited(OML)	16.65 ▲ -1.35 (-7.50%)
Baba Farid / Jun 30 Baba Farid Sugar Mills Limited(BAFS)	44.50 ▲ -3.60 (-7.48%)
Shams Textile / Jun 30 Shams Textile Mills Limited(STML)	45.24 ▲ -3.66 (-7.48%)
Pak Hotels / Jun 30 Pakistan Hotels Developers Limited(PHDL)	135.00 ▲ -10.64 (-7.31%)
Chakwal Spinning / Jun 30 Chakwal Spinning Mills Limited(CWSM)	1.72 ▲ -0.13 (-7.03%)
AEL Textile / Jun 30 AEL Textile Limited(AEL)	14.00 ▲ -1.05 (-6.98%)

Stock	Volume
K-Electric Ltd. / Jun 30 K-Electric Limited(KEL)	17,294,500 ▼ 0.00
Agritech Limited / Jun 30 Agritech Limited(AGL)	13,786,500 ▼ 0.00
Fauji Cement / Jun 30 Fauji Cement Company Limited(FCCL)	12,055,500 ▼ 0.00
WorldCall Telecom / Jun 30 Worldcall Telecom Limited(WTL)	9,392,000 ▼ 0.00
Pak Refinery / Jun 30 Pakistan Refinery Limited(PRL)	7,985,160 ▼ 0.00
Pak Elektron / Jun 30 Pak Elektron Limited(PAEL)	7,070,000 ▼ 0.00
Pak Int.Bulk / Jun 30 Pakistan International Bulk Terminal(PIBTL)	6,848,500 ▼ 0.00
TPL Properties / Jun 30 TPL Properties Limited(TPLP)	6,408,040 ▼ 0.00
Pak Petroleum / Jun 30 Pakistan Petroleum Limited(PPL)	6,018,939 ▼ 0.00
Cnergyico PK / Jun 30 Cnergyico PK Limited(CNERGY)	6,008,471 ▼ 0.00

Markets →

Forex
World
Commodity

Currency	Rate
USD PKR Interbank Selling / Jun 29	205.50
USD PKR Interbank Buying / Jun 29	205.30
USD to Japanese Yen / Jun 29	136.63
USD to Swiss Franc / Jun 29	0.95
Pound Sterling to USD / Jun 29	1.21
Euro to USD / Jun 29	1.05
UK LIBOR % / Jun 29	1.57

Stock	Volume
S&P 500 / Jun 29	3818.83
India Sensex / Jun 29	53026.97
Tokyo Nikkei / Jun 29	26536.82
Nasdaq / Jun 29	11177.89
Hang Seng / Jun 29	22058.97
FTSE 100 / Jun 29	7312.32
Dow Jones / Jun 29	31029.31
Germany DAX 30 / Jun 29	13003.35
France CAC40 / Jun 29	6031.48

Item	Value
Crude Oil USD/Barrel / Jun 29	110.28
Karachi Cotton PKR/37.32 KG / Jun 29	18480.00
Gold 10 Grams PKR / Jun 29	121700.00
Gold Spot USD/Ounce / Jun 29	1820.88
Cotton US¢/pound / Jun 29	96.60

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