Daraz Group lays off 11% global workforce to prepare for ‘current market reality’ Decision comes as company ‘prepares for next phase of growth’ Updated 06 Feb, 2023 11:00pm
Pharmaceutical companies seek ‘inflationary adjustments’ in medicine prices Cite significant rupee depreciation, surging inflation as reasons behind their request Published 06 Feb, 2023 10:09pm
Business & Economy Pakistan, IMF grapple for consensus to unlock critical funding ISLAMABAD: Pakistan and the visiting International Monetary Fund mission are struggling to arrive at a consensus on... Published 06 Feb, 2023 09:54pm
Standard Chartered launches Sahar Women’s Account Under the initiative, females can avail 2-2.5% discount on bank’s services Published 06 Feb, 2023 07:53pm
Stocks Kohinoor Textile board recommends buyback of 30 million ordinary shares As per current share price, the shares are worth approximately Rs1.48 billion Updated 06 Feb, 2023 05:26pm
Stocks KSE-100 jumps over 700 points amid return of positive sentiment Recovery of rupee against US dollar boosts market confidence, says one expert Updated 06 Feb, 2023 05:12pm
Govt projection of achieving $3bn current account surplus in FY23 ‘unrealistic’: PBC The Ministry of Finance's prediction of achieving a surplus current account by the end of the ongoing fiscal year... Published 06 Feb, 2023 03:22pm
Companies Second hike in two weeks: Honda Atlas jacks up car prices by up to Rs550,000 New prices came into effect on February 4, 2023 Updated 06 Feb, 2023 04:23pm
Money & Banking Bank of England’s Mann doubles down on backing for rate hikes BUDAPEST: Bank of England rate-setter Catherine Mann on Monday backed further increases in interest rates and warned... Published 06 Feb, 2023 02:43pm
Forex Russian rouble recovers after clipping near one-month low vs dollar MOSCOW: The Russian rouble steadied on Monday, recovering after slipping to a four-week low against the dollar in... Published 06 Feb, 2023 12:59pm
Companies Renault, Nissan boards approve ‘rebalanced’ alliance LONDON: The boards of French automaker Renault and Japanese partner Nissan have approved a major overhaul of their... Published 06 Feb, 2023 12:53pm
Companies German industrial orders rise by 3.2% in December BERLIN: German industrial orders rose in December, increasing by 3.2% on the month on a seasonally and calendar... Published 06 Feb, 2023 12:48pm
Forex Turkey’s lira slips to fresh record low LONDON: Turkey’s lira hit a fresh record low of 18.85 against the dollar in early trade on Monday as a strong... Published 06 Feb, 2023 12:43pm
Forex South African rand flat as US dollar trades slightly lower JOHANNESBURG: South Africa’s rand was flat early on Monday, as the U.S. dollar traded slightly lower. At 0654 GMT,... Published 06 Feb, 2023 12:41pm
Companies Dell to slash about 6,650 jobs Dell Technologies Inc will eliminate about 6,650 jobs, or about 5% of its global workforce, hurt by falling demand... Published 06 Feb, 2023 12:38pm
Stocks Adani shares dive again as Indian opposition stages demos MUMBAI: Investors dumped more Adani stock on Monday as India’s opposition staged protests calling for a full enquiry... Published 06 Feb, 2023 12:30pm
Middle East Oracle to invest $1.5bn in Saudi Arabia, open data centre in Riyadh Oracle Corp plans to invest $1.5 billion in Saudi Arabia in the coming years as it builds up its cloud footprint in... Published 06 Feb, 2023 12:17pm
Money & Banking India’s central bank widely seen delivering final 25 bps hike MUMBAI: India’s central bank is widely expected to raise its policy interest rate by a quarter percentage point to... Published 06 Feb, 2023 12:13pm
Energy OPEC+ should get ‘due recognition’ for constructive role BENGALURU: OPEC Secretary General Haitham Al Ghais said on Monday the collective decision to cut output in October... Published 06 Feb, 2023 11:50am
Commodities CBOT wheat may retest support at $7.52-1/2 SINGAPORE: CBOT March wheat may retest a support at $7.52-1/2 per bushel, a break below which could open the way... Published 06 Feb, 2023 11:47am
Companies India’s retail vehicle sales up 14% in Jan, China reopening to boost supply BENGALURU: Retail vehicle sales in India jumped 14% to about 1.8 million units in January, the Federation of... Published 06 Feb, 2023 11:45am
Forex China’s yuan firms after hitting 4-week low, strong US data caps gains HONG KONG: China’s yuan firmed on Monday after touching a four-week low but gains were capped by strong U.S.... Published 06 Feb, 2023 11:33am
Commodities Copper falls on stronger dollar Copper prices declined on Monday as a firm dollar made greenback-priced metals more expensive to holders of other... Published 06 Feb, 2023 11:31am
Stocks China stocks fall as Sino-U.S. tensions rise SHANGHAI: China stocks fell on Monday as elevated Sino-U.S. geopolitical tensions dented investor sentiment in a... Published 06 Feb, 2023 11:29am
Forex Indian rupee tumbles as Fed rate-hike bets, equity jitters weigh MUMBAI: The Indian rupee fell to a one-month low on Monday, as a better-than-expected U.S. jobs report prompted... Published 06 Feb, 2023 11:12am
Stocks Hong Kong stocks close at 1-month low as Sino-US tensions rise SHANGHAI: Hong Kong stocks closed at a one-month low and China shares fell on Monday, as elevated Sino-US... Updated 06 Feb, 2023 02:39pm
Currency Rupee up 0.46%, ends day at 275.30 against US dollar Upward momentum is expected to continue in coming days, says one expert Updated 06 Feb, 2023 06:00pm
Indonesian economic growth rises to nine-year high JAKARTA: Indonesia’s economic growth accelerated to a nine-year high in 2022 despite global uncertainty and a... Published 06 Feb, 2023 10:34am
Stocks Australian shares post worst day in near 2 weeks ahead of rate decision Australian shares posted their worst session in nearly two weeks on Monday, a day ahead of the central bank policy... Updated 06 Feb, 2023 11:07am
Stocks South Korean shares, currency, bond prices all dive after US data SEOUL: Round-up of South Korean financial markets: South Korean shares, currency and bond prices fell sharply on... Updated 06 Feb, 2023 12:46pm
Financial JGB yields rise despite report dovish Amamiya approached to become BOJ chief TOKYO: Japanese government bond (JGB) yields rose on Monday, tracking a jump in U.S. Treasury yields after stunning... Published 06 Feb, 2023 10:25am
Energy US oil may fall into $71.53-$72.40 range SINGAPORE: US oil may break a support of $73.04 per barrel and fall into $71.53-$72.40 range. The contract has... Published 06 Feb, 2023 10:22am
Commodities Spot gold may slide further into $1,816-$1,828 range SINGAPORE: Spot gold may slide more into a range of $1,816-$1,828 per ounce, due to the completion of a five-wave... Published 06 Feb, 2023 10:18am
Commodities Japanese futures inch higher on stronger Nikkei, weaker yen SINGAPORE: Japanese rubber futures inched higher on Monday, tracking stronger domestic equities and supported by a... Published 06 Feb, 2023 10:16am
Stocks Japan’s Nikkei closes at more than 7-week high as weak yen lifts exporters TOKYO: Japan’s Nikkei share average closed at its highest in more than seven weeks on Monday, as a weaker yen... Updated 06 Feb, 2023 11:42am
Commodities Iron ore under pressure as China demand optimism fades Dalian and Singapore iron ore futures fell on Monday, hovering around their lowest in more than two weeks, as... Published 06 Feb, 2023 10:09am
Energy Indonesia sets Jan 2023 Minas crude oil price at $82.78 a barrel SINGAPORE: Indonesia has set the official Indonesia Crude Price (ICP) for Minas crude oil at $82.78 a barrel for... Published 06 Feb, 2023 10:08am
Commodities CBOT soybeans neutral in $15.27-1/4 to $15.39-1/4 range SINGAPORE: The CBOT soybean March contract looks neutral in a range of $15.27-1/4 to $15.39-1/4 per bushel, and an... Published 06 Feb, 2023 10:06am
Commodities Gold rebounds but holds below $1,900/oz level on Fed fears, firm dollar Gold prices regained some ground on Monday but a firmer dollar and concerns that the U.S. Federal Reserve might keep... Published 06 Feb, 2023 10:04am
Forex Australia, NZ dollars nurse heavy losses after hot U.S. jobs data; RBA next up SYDNEY: The Australian and New Zealand dollars nursed heavy losses on Monday, after red-hot U.S. jobs data suggests... Published 06 Feb, 2023 10:02am
Stocks Indian shares fall on Fed rate-hike fears, Adani uncertainty BENGALURU: Indian shares opened lower on Monday, dragged down by IT services companies, after a strong U.S. jobs... Published 06 Feb, 2023 09:56am
Financial Indian market regulator seeks beneficial ownership details of foreign investors MUMBAI: India’s market regulator has written to custodian banks to share details of beneficial owners of offshore... Published 06 Feb, 2023 09:53am
Stocks India’s Adani shares see extended sell-off as credit warnings kick in BENGALURU: The sell-off in India’s Adani Group’s seven listed companies, where more than $110 billion in market... Published 06 Feb, 2023 09:51am
Stocks Asia shares skid, dollar firm as yields spike SYDNEY: Asian shares slid on Monday after a run of upbeat economic data from the United States and globally lessened... Published 06 Feb, 2023 09:49am
Forex Dollar on the front foot after robust U.S. jobs data, yen falters SINGAPORE: The dollar extended its rally on Monday after a strong U.S. jobs report suggested the Federal Reserve... Published 06 Feb, 2023 09:40am
Energy Oil prices edge higher, growth worries limit gains LONDON: Oil prices rose on Monday from an 8% drop last week on supply concerns, but was still trading near... Updated 06 Feb, 2023 06:00pm
Companies IndiGo seeks partnerships to expand network BENGALURU: InterGlobe Aviation Ltd , the operator of India’s leading airline IndiGo, is seeking partnerships that... Published 06 Feb, 2023 07:48am
Money & Banking HSBC embarks on KSA hiring spree LONDON: HSBC is hiring dealmakers as “fast as it can” in Saudi Arabia to capitalise on a wave of financing... Published 06 Feb, 2023 07:46am
Companies Pfizer eyes big drop in Covid-related revenues NEW YORK: After two straight years of surging sales due to Covid-19 products, Pfizer projected a steep decline in... Published 06 Feb, 2023 07:44am
Companies Airbus and Qatar settle A350 jetliner row PARIS: Airbus and Qatar Airways have settled a dispute over surface damage on grounded A350 jets, the companies said... Published 06 Feb, 2023 07:44am
Companies FedEx to cut senior jobs as part of larger staff reduction LOS ANGELES: FedEx Corp on Wednesday said it would cut its officer and director ranks by 10% as part of a broad... Published 06 Feb, 2023 07:42am
Companies Alphabet disappoints on sales as ad business slips NEW YORK: Alphabet Inc on Thursday posted fourth-quarter profit and sales short of Wall Street expectations as... Published 06 Feb, 2023 07:40am
Money & Banking UniCredit hikes payout goal by 40pc after record profit MILAN: UniCredit pledged on Tuesday to return 5.25 billion euros ($5.69 billion) to investors based on its 2022... Published 06 Feb, 2023 07:34am
Companies T-Mobile misses quarterly revenue estimates BENGALURU: T-Mobile US Inc missed fourth-quarter revenue estimates on Wednesday despite adding nearly 1 million... Published 06 Feb, 2023 07:32am
Companies With profit of $56bn Exxon smashes all industry records HOUSTON: Exxon Mobil Corp posted a $56 billion net profit for 2022, the company said on Tuesday, taking home about... Published 06 Feb, 2023 07:28am
Companies GM profits rise after record quarter in North America NEW YORK: General Motors rode a strong performance in North America to higher fourth-quarter profits and said ... Published 06 Feb, 2023 07:27am
Money & Banking Dollar jumps after ‘monster’ job report NEW YORK: The dollar jumped on Friday after data showed that US employers added significantly more jobs in January... Published 06 Feb, 2023 07:18am
Central banks should stick to ‘higher for longer’ interest rate approach: IMF WASHINGTON: Global central banks need to make clear to financial markets the probable need for interest rates to... Published 06 Feb, 2023 06:58am
China economic activity swings back to growth in January BEIJING: China’s economic activity swung back to growth in January, official data showed on Tuesday, after a wave... Published 06 Feb, 2023 06:57am
Eurozone dodges recession but gloomy outlook persists BRUSSELS: The eurozone economy showed greater resilience than expected after avoiding a recession in the fourth... Published 06 Feb, 2023 06:53am
Industry Asia’s factory activity contracts despite China’s reopening TOKYO: Asia’s factory activity contracted in January as the boost from China’s COVID reopening had yet to offset... Published 06 Feb, 2023 06:51am
Industry ICCI chief vows to work with FBR, CDA to resolve issues of traders ISLAMABAD: Ahsan Zafar Bakhtawari, President, Islamabad Chamber of Commerce and Industry (ICCI) has said that ... Published 06 Feb, 2023 06:20am
Industry Pak-Afghan transit trade: Customs officials promise to resolve trader’ issues PESHAWAR: Customs authorities have assured the traders attached with Pak-Afghan transit to take pragmatic steps to... Published 06 Feb, 2023 06:20am
BMP vows to resist IMF pressure to enhance GST to 18pc LAHORE: As the International Monetary Fund has been pushing the government to increase the general sales tax rate to... Published 06 Feb, 2023 06:20am
Industry PHHSA for exclusive use of certified, good quality seed LAHORE Pakistan Hi Tech Hybrid Seeds Association (PHHSA) Chairman Shahzad Ali Malik Sunday said Pakistan can attain... Published 06 Feb, 2023 06:20am
SCCI chief criticises govt’s economic policies PESHAWAR: Business community has expressed concern over the rising power and gas tariffs, unprecedented hike in... Published 06 Feb, 2023 06:20am
Companies SLIC announces best business results in its 50-year history ISLAMABAD: State Life Insurance Corporation of Pakistan (SLIC) held its Annual Marketing Convention at local hotel ... Published 06 Feb, 2023 06:20am
Money & Banking UBS flags uncertain year ahead after profit beats forecasts ZURICH: UBS, Switzerland’s biggest bank, forecast an uncertain year ahead due to the war in Ukraine and sagging... Published 06 Feb, 2023 06:20am
Industry PHMEA concerned at move aimed at hiking power, gas tariffs FAISALABAD: Further burdens to put export industries under the guise from financial crisis and IMF negotiations will... Published 06 Feb, 2023 06:20am
Industry Uniform application of laws to curtail illegal tobacco trade: Kazmi LAHORE: The government policies and national laws need to be applied uniformly to protect the industries that ... Published 06 Feb, 2023 06:20am
Industry KP govt finalises process to hire CEO of KPT&GC PESHAWAR: The process for hiring Chief Executive Officer (CEO) for Khyber Pakhtunkhwa Transmission and Grid Company... Published 06 Feb, 2023 06:20am