News Archives for Business & Finance - 2023-03-22

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Business & Finance - 2023-03-22

USA

Fed delivers small rate hike, says 'some additional' tightening possible

Raises interest rates by a quarter of a percentage point

Published 22 Mar, 2023 11:13pm

Stocks

GameStop soars on short squeeze after swinging to profit, meme stocks rally

Meme stock GameStop Corp jumped nearly 50% in early trading on Wednesday as the video game retailer’s first...

Published 22 Mar, 2023 07:58pm

Stocks

First Republic shares volatile as capital infusion remains in limbo

Shares of First Republic Bank were volatile in morning trading on Wednesday as the regional lender struggled to...

Published 22 Mar, 2023 07:54pm

Stocks

Most Gulf bourses end higher ahead of Fed rate decision

Most Gulf stock markets ended higher on Wednesday as fears of a banking crisis receded and hopes of a more modest...

Published 22 Mar, 2023 07:11pm

Bullion Rate

Gold stalls as traders brace for Fed rate-path

Gold traded in a tight $12-range on Wednesday as traders positioned for the U.S. Federal Reserve’s interest rate...

Published 22 Mar, 2023 07:05pm

Taxes

Only 50% of deemed income tax be paid at the moment: SC grants interim order

Top court directs FBR to expand tax base rather than enhancing taxes on compliant citizens

Published 22 Mar, 2023 06:29pm

Money & Banking

ECB chief warns financial tensions may hit eurozone

FRANKFURT: Recent financial turbulence could add to “downside risks” in the eurozone, European Central Bank chief...

Published 22 Mar, 2023 05:49pm

Stocks

KSE-100 falls over 500 points owing to IMF programme uncertainty

Investors get mixed signals from government and market

Updated 22 Mar, 2023 07:40pm

Companies

HABIBMETRO celebrates Women’s Day

HABIBMETRO BANK held a grand event in celebration of International Women’s Day in Karachi. The event, which was...

Published 22 Mar, 2023 05:35pm

USA

US mortgage rates tumble by the most in 4 months in SVB’s wake, MBA says

Last week’s banking sector turmoil had at least one silver lining for U.S. home buyers: lower mortgage interest...

Published 22 Mar, 2023 05:24pm

Energy

OPEC+ likely to stick to its guns despite price slump, delegates say

LONDON/DUBAI: OPEC+ is likely to stick to its deal on output cuts of 2 million barrels per day (bpd) until the end...

Published 22 Mar, 2023 05:16pm

Energy

Electricity generation dips 4% in February as economic slowdown continues

China Power Hub Generation and Thar Energy Limited generated zero electricity during February due to coal import issues

Published 22 Mar, 2023 05:15pm

Commodities

Copper rises for fifth day as markets brace for Fed rate decision

LONDON: Copper prices rose for a fifth day on Wednesday as dwindling exchange inventories raised the threat of tight...

Published 22 Mar, 2023 04:56pm

Stocks

Indian shares end higher ahead of key Fed rate decision

Indian shares advanced for a second straight session on Wednesday as concerns over a banking crisis receded further,...

Published 22 Mar, 2023 04:53pm

Commodities

Palm slumps more than 3% to lowest closing in five months

KUALA LUMPUR: Malaysian palm oil futures tumbled more than 3% on Wednesday to close at their lowest in five months,...

Published 22 Mar, 2023 04:51pm

Stocks

Sri Lankan shares end lower as energy weighs

Sri Lankan shares closed lower for a second straight session on Wednesday, dragged by losses in energy stocks. The...

Published 22 Mar, 2023 04:49pm

Companies

Import restrictions: Bannu Woollen Mills shuts production for 6 weeks

Cites current economic situation and its effect on the ability of the banks to open LCs for import of raw materials as reason

Updated 22 Mar, 2023 09:32pm

Energy

Brent plunge fails to displace Russian crude for Asian buyers

SINGAPORE/LONDON: A plunge in Brent crude prices has narrowed the spread between Atlantic Basin and Middle East...

Published 22 Mar, 2023 03:04pm

Financial

ECB to watch bank rates for signs of stress, Lagarde says

FRANKFURT: The European Central Bank’s interest rate increases are just starting to take effect on the economy but...

Published 22 Mar, 2023 03:00pm

Fitch upgrades Ghana’s long-term local-currency issuer default rating to ‘CCC’

ACCRA: Ratings agency Fitch on Wednesday upgraded Ghana’s long-term local-currency issuer default rating to ‘CCC’...

Published 22 Mar, 2023 02:55pm

Stocks

London stocks fall as hot UK inflation data spurs rate-hike fears; Fed in focus

London’s exporter-heavy FTSE 100 fell on Wednesday, with real estate stocks leading the retreat, as...

Published 22 Mar, 2023 02:52pm

Financial

US Fed mulls more rate hikes amid banking uncertainty

WASHINGTON: American banks will be paying especially close attention to the Federal Reserve’s interest-rate decision...

Published 22 Mar, 2023 01:30pm

Stocks

Stock markets mostly rise before crucial Fed rate call

LONDON: Major stock markets mostly rose Wednesday on soothing worries over the banking sector, according to...

Updated 22 Mar, 2023 05:20pm

Forex

China’s yuan eases ahead of Fed rate decision

SHANGHAI: China’s yuan eased against the dollar on Wednesday as investors awaited the outcome of the Federal...

Published 22 Mar, 2023 01:11pm

Commodities

Palm drops more than 3% to lowest in five months

KUALA LUMPUR: Malaysian palm oil futures tumbled on Wednesday to their lowest in five months, weighed down by sharp...

Published 22 Mar, 2023 01:08pm

Mutual Funds

Japan yields rise in line with global markets as demand ebbs; Fed decision in focus

TOKYO: Japanese government bond yields rose on Wednesday tracking a global rebound in yields from multi-month lows,...

Published 22 Mar, 2023 01:03pm

Bullion Rate

Gold listless as investors strap in for Fed rate verdict

Gold prices traded in a narrow range on Wednesday as some investors stayed on the sidelines ahead of the US Federal...

Published 22 Mar, 2023 01:01pm

Business & Economy

‘Pakistan is running out of time,’ warns PBC as IMF programme hangs in balance

As stakeholders contest short-term power, Pakistan's long-term future is in jeopardy, says Pakistan Business Council

Updated 22 Mar, 2023 04:44pm

Forex

South African rand edges higher ahead of inflation data, Fed rate decision

JOHANNESBURG: South Africa’s rand edged higher in early trade on Wednesday, ahead of the release of local inflation...

Published 22 Mar, 2023 12:35pm

Financial

World Bank’s IFC to invest about $73mn in Mahindra’s last mile mobility unit

BENGALURU: Indian automaker Mahindra and Mahindra Ltd said on Wednesday that World Bank’s private investment arm,...

Published 22 Mar, 2023 12:33pm

Companies

FBR asks TPL Trakker to install tracking devices on transhipment cargo

FBR asks company to begin operations at all customs stations across the country where transhipment consignments are being originated from or designated to

Published 22 Mar, 2023 12:31pm

UK inflation rate rises to 10.4% in February

LONDON: British consumer price inflation unexpectedly rose to 10.4% in February from January’s 10.1%, figures from...

Published 22 Mar, 2023 12:21pm

Forex

Philippine peso leads Asia FX lower; Fed decision in focus

Philippine peso fell most among subdued Asian currencies on Wednesday, as investors awaited the US Federal Reserve’s...

Published 22 Mar, 2023 12:18pm

Commodities

CBOT wheat may drop into $6.61-3/4 to $6.70-1/4 range

SINGAPORE: CBOT May wheat may drop into a range of $6.61-3/4 to $6.70-1/4 per bushel, as a bounce from the March 10...

Published 22 Mar, 2023 12:16pm

Commodities

NY cocoa may extend gains to $2,855

SINGAPORE: New York May cocoa may extend gains to $2,855 per tonne, as suggested by a projection analysis. The...

Published 22 Mar, 2023 12:14pm

Stocks

Hong Kong stocks rally at open

HONG KONG: Hong Kong shares opened on the front foot Wednesday morning following another strong lead from Wall...

Published 22 Mar, 2023 11:53am

Financial

Swiss sweat over size of new superbank

ZURICH: The arranged marriage of UBS and Credit Suisse will create the biggest bank Switzerland has ever seen, with...

Published 22 Mar, 2023 11:21am

Stocks

Asia tracks Wall St rally as Fed decision replaces bank worries

HONG KONG: Asia extended a global equities rally Wednesday as more pledges of government support soothed worries...

Published 22 Mar, 2023 11:14am

Forex

Rupee strengthens against US dollar, settles at 283.20

Currency appreciates 0.25% in inter-bank market

Updated 22 Mar, 2023 06:52pm

Real Estate

China Evergrande set to unveil offshore debt restructuring proposal

HONG KONG: China Evergrande Group is set to unveil on Wednesday a restructuring proposal for its $22.7 billion...

Published 22 Mar, 2023 10:48am

Stocks

Japan’s Nikkei jumps nearly 2% as bank fears ease; Rakuten surges

TOKYO: Japan’s financial stocks joined a global rally on Wednesday to help lift the Nikkei share average by 1.9%,...

Updated 22 Mar, 2023 12:50pm

Stocks

Indian shares open higher ahead of the Fed rate decision

BENGALURU: Indian shares opened higher on Wednesday, tracking a rise in global peers as concerns over banking eased...

Published 22 Mar, 2023 10:37am

Commodities

Copper largely flat ahead of Fed rate decision

BEIJING: Copper prices were little changed on Wednesday amid cautious sentiment ahead of the US Federal Reserve’s...

Published 22 Mar, 2023 10:34am

Stocks

Australian shares close higher as investors await Fed’s rate decision

Australian shares ended higher on Wednesday, mirroring gains in global markets, on hopes that the US Federal...

Updated 22 Mar, 2023 12:59pm

Energy

US oil may test resistance at $69.84

SINGAPORE: US oil may test a resistance at $69.84 per barrel, a break above which could lead to a gain to $70.87....

Published 22 Mar, 2023 10:19am

Commodities

Palm oil may test support at 3,736 ringgit

SINGAPORE: Palm oil may test a support at 3,736 ringgit per tonne, a break below which could open the way towards...

Published 22 Mar, 2023 10:15am

Energy

Brent oil may bounce further into $75.89-$76.43 range

Brent oil may bounce further into $75.89-$76.43 per barrel, due to the completion of a five-wave cycle. The cycle...

Published 22 Mar, 2023 10:13am

Bullion Rate

Spot gold may bounce into $1,951-$1,958 range

SINGAPORE: Spot gold may bounce into a range of $1,951 to $1,958 per ounce, as it has stabilized around a support at...

Published 22 Mar, 2023 10:12am

Forex

Dollar subdued ahead of Fed rate decision

SINGAPORE: The dollar was pinned near five-week lows on Wednesday ahead of the conclusion of the US Federal...

Published 22 Mar, 2023 10:10am

Forex

Australia, NZ dollars struggle as US, European interest rate outlook rises

SYDNEY: The Australian and New Zealand dollars struggled on Wednesday after markets swung back to expecting more...

Published 22 Mar, 2023 10:07am

Energy

Oil up 1% despite crude build, as dollar weakens ahead of Fed rate move

NEW YORK: Oil prices rose about 1% to a one-week high on Wednesday despite a surprise weekly build in U.S. crude...

Updated 22 Mar, 2023 09:09pm

Stocks

China, HK stocks extend rally as banking fears ease, Fed comes into focus

HONG KONG: China and Hong Kong stocks rallied for a second day after US banking stocks rebounded overnight on hopes...

Published 22 Mar, 2023 09:59am

Money & Banking

Bank holiday

KARACHI: The State Bank of Pakistan (SBP) will remain closed for public dealing on Friday, March 24, 2023, which...

Published 22 Mar, 2023 07:41am

HBFCL sell-off: PC Board briefed on pre-qualification body’s report

ISLAMABAD: The Privatisation Commission (PC) Board was briefed about the report of the pre-qualification committee...

Published 22 Mar, 2023 07:34am

Forex

REER Index falls to 86.45 in Feb

KARACHI: Pakistan’s Real Effective Exchange Rate (REER) Index depreciated to 86.45 in February 2023 as compared to...

Published 22 Mar, 2023 07:30am

Requirements of maintaining ECR, BMR abolished: Rating requirements for securities brokers simplified

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has simplified the rating requirements for...

Published 22 Mar, 2023 07:26am

Money & Banking

Bank AL Habib declares 70pc cash dividend

MULTAN: The Annual General Meeting of Bank AL Habib Limited was held at its registered office in Multan on March 21....