Business & Finance - Business Recorder

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Business & Finance - 2023-09-26

Commodities

EU 2023/24 soybean imports up 2% by Sept 24, rapeseed down 41%

PARIS: European Union soybean imports so far in the 2023/24 season that started in July had reached 2.69 million...

Published 26 Sep, 2023 08:00pm

Wall St opens lower as rate worries keep Treasury yields elevated

Wall Street’s main indexes fell at open on Tuesday as investors continued to grapple with the prospects of a...

Published 26 Sep, 2023 07:24pm

Stocks

Toronto stocks slip at open as commodity stocks weigh

Canada’s main stock index opened lower on Tuesday after a fall in commodity prices weighed on energy and materials...

Published 26 Sep, 2023 07:22pm

Kenya walking ‘tightrope’ due to debt strains: JPMorgan

LONDON: Kenya’s mounting debt strains mean it is “walking a tightrope” to avoid a crisis, US investment bank...

Published 26 Sep, 2023 07:19pm

Stocks

KSE-100 closes in red, but volumes rise

The Pakistan Stock Exchange (PSX) experienced another range-bound session on Tuesday, as its benchmark KSE-100 Index...

Published 26 Sep, 2023 07:10pm

Financial

Sri Lanka’s revenue shortfall concerns IMF team

COLOMBO: The International Monetary Fund is concerned about a shortfall in revenue collection by Sri Lanka’s...

Published 26 Sep, 2023 06:12pm

Forex

Nigeria’s naira slumps to new low on black market

ABUJA: Nigeria’s naira fell to a new record low on the black market on Tuesday, traders said, driven by unmet...

Published 26 Sep, 2023 05:31pm

Currency

Afghanistan’s currency emerges as world’s best performer this quarter: report

Ruling Taliban have unleashed series of measures to keep afghani in stronghold

Updated 26 Sep, 2023 09:47pm

Alibaba plans to list logistics arm in Hong Kong IPO

BEIJING: Chinese e-commerce giant Alibaba said Tuesday it intends to spin off its logistics arm Cainiao through an...

Published 26 Sep, 2023 05:11pm

Companies

Gul Ahmed Textile Mills’ profit sees massive decline in FY23

Gul Ahmed Textile Mills Limited (GATM), a manufacturer of textile products, reported a massive fall in profits in...

Published 26 Sep, 2023 04:49pm

Commodities

Indonesia eyes to import 1mn tons of rice from China

JAKARTA: The Indonesian government is looking to import one million metric tons of rice from China in a bid to...

Published 26 Sep, 2023 04:48pm

Financial

First Abu Dhabi Bank to raise at least $750mn in dollar bonds

The United Arab Emirates’ largest lender, First Abu Dhabi Bank, is set to raise at least $750 million in Tier-2...

Published 26 Sep, 2023 04:47pm

Commodities

Algeria tenders to buy around 90,000 T corn, 30,000 T barley

HAMBURG: Algerian state agency ONAB has issued international tenders to purchase around 90,000 metric tons of animal...

Published 26 Sep, 2023 04:46pm

Financial

UniCredit picks headhunters to advise board on own slate of nominees

MILANO: UniCredit said on Tuesday it had mandated Egon Zehnder and Spencer Stuart as headhunters to support the...

Published 26 Sep, 2023 04:44pm

Companies

Adidas tests upper limit of running market with $500 shoe

LONDON: Adidas’ newest running shoes, worn by Ethiopia’s Tigist Assefa on Sunday to set a new women’s marathon world...

Published 26 Sep, 2023 04:43pm

Forex

Sterling nudges at March trough, a year on from ‘mini-budget’ record low

LONDON: The pound fell for a fifth day on Tuesday as rising US bond yields supported the dollar, but is still up 18%...

Published 26 Sep, 2023 04:42pm

Financial

UBS and China’s ICBC to explore banking, wealth management ties

HONG KONG: Swiss banking group UBS said on Tuesday it had signed a memorandum of understanding with the world’s...

Published 26 Sep, 2023 04:31pm

Commodities

India to cut floor price for basmati rice exports

NEW DELHI: India will cut the floor price for basmati rice exports in the coming days, sources familiar with the...

Published 26 Sep, 2023 04:07pm

Commodities

Tunisia gets offers in 100,000 T soft wheat tender

HAMBURG: The lowest price offered in the international tender from Tunisia’s state grains agency on Tuesday to...

Published 26 Sep, 2023 03:56pm

Business & Economy

Cumulative inflow under RDA hits $6.62bn: SBP

Total amount repatriated now stands at $1.48bn, while net liability is now at $1.13bn

Updated 26 Sep, 2023 06:56pm

Financial

BOJ’s Ueda tells panel it is important to nurture positive corporate signs

TOKYO: Bank of Japan Governor Kazuo Ueda told the government’s top economic council it was important to nurture...

Published 26 Sep, 2023 03:43pm

Commodities

Palm tepid as weaker crude offsets strong export data

SINGAPORE: Malaysian palm oil futures were flat on Tuesday, as the effect of a fall in crude oil prices was offset...

Published 26 Sep, 2023 02:06pm

Forex

Turkiye lira weakens to new record low vs dollar

ANKARA: The Turkiye lira weakened to a record low beyond 27.236 against the US dollar on Tuesday, due to...

Published 26 Sep, 2023 02:04pm

Forex

South African rand weakens at start of busy data week

JOHANNESBURG: The South African rand weakened in early trade on Tuesday as the US dollar rose, ahead of a leading...

Published 26 Sep, 2023 01:57pm

Higher rates will pressure European company, bank ratings: S&P

LONDON: Higher interest rates in Europe will put pressure on the credit ratings of the region’s companies and banks,...

Published 26 Sep, 2023 01:52pm

Stocks

London stocks extend losses, ASOS touches over 2-month low

London stocks extended declines from the previous session on Tuesday as worries of tighter macro conditions dampened...

Published 26 Sep, 2023 01:50pm

Stocks

Major Gulf bourses drop in early trade on weaker oil prices

Major Stock markets in the Gulf fell in early trade on Tuesday, tracking declines in oil prices, with the US Federal...

Published 26 Sep, 2023 01:47pm

Mutual Funds

Euro zone yields steady near recent multi-year highs

LONDON: Euro zone government bond yields held near multi-year highs on Tuesday as the narrative that global central...

Published 26 Sep, 2023 01:44pm

China’s August net gold imports via Hong Kong up 51.4% m/m

China’s net gold imports via Hong Kong rose by about 51.4% in August from the previous month, Hong Kong Census and...

Published 26 Sep, 2023 01:41pm

Stocks

European stock markets fall at open

LONDON: European stock markets opened lower Tuesday on stubborn concerns over the impact of another possible US...

Published 26 Sep, 2023 01:35pm

Ford pauses work on $3.5bn battery plant

NEW YORK: Ford is halting work on a major battery plant in the northern US state of Michigan, the automaker said...

Published 26 Sep, 2023 12:36pm

Currency

Open-market: rupee strengthens against US dollar

Closes at 291 and 288 on Tuesday

Updated 26 Sep, 2023 09:45pm

Forex

China’s yuan holds steady as PBOC sets aggressive fixing

SHANGHAI: China’s yuan was little moved on Tuesday, after the central bank set the official guidance rate at its...

Published 26 Sep, 2023 11:40am

Stocks

China and Hong Kong stocks fall on lingering economic, geopolitical worries

SHANGHAI: China and Hong Kong stocks fell on Tuesday as lingering economic worries and geopolitical tensions weighed...

Published 26 Sep, 2023 11:35am

Mutual Funds

JGB yields rise on higher US Treasuries, BOJ policy worries

TOKYO: Japanese government bond (JGB) yields rose on Tuesday, with the 10-year JGB yield hovering at a decade high,...

Published 26 Sep, 2023 11:30am

Commodities

South Korea’s KFA tenders for up to 136,000 T corn

HAMBURG: The Korea Feed Association (KFA) has issued an international tender to purchase up to 136,000 metric tons...

Published 26 Sep, 2023 11:23am

Forex

Indian rupee weakens tracking Asian peers; key support looms

MUMBAI: The Indian rupee weakened on Tuesday, tracking Asian peers, while elevated US Treasury yields also weighed...

Published 26 Sep, 2023 11:15am

Forex

Thai baht leads Asian currencies lower, pressured by dollar

Asian currencies fell on Tuesday, with Thailand’s baht and Indonesia’s rupiah leading losses, pressured by strength...

Published 26 Sep, 2023 11:11am

IMF board clears Suriname review, sees advance in China debt talks

NEW YORK: The board of the International Monetary Fund said on Monday it completed a third review of Suriname’s $630...

Published 26 Sep, 2023 10:55am

Stocks

US yields revisit highs, Asia stocks sag on hawkish Fed angst

TOKYO: US Treasury yields scaled a fresh 16-year peak on Tuesday, underpinning the dollar near a 10-month summit, as...

Published 26 Sep, 2023 10:51am

Currency

Rupee sees 15th successive session of appreciation, closes below 290 against US dollar

Local currency has gained 6% since it hit record low of 307.1 in inter-bank market on Sept 5

Updated 26 Sep, 2023 09:41pm

Bullion Rate

Gold lacklustre as investors await more data for Fed rate clues

Gold prices drifted lower on Tuesday as the US dollar and Treasury yields climbed, with investors awaiting a key...

Published 26 Sep, 2023 10:21am

Stocks

Australia, NZ dollars resilient as US yields surge

SYDNEY: The Australian and New Zealand dollar were resilient on Tuesday, even after US yields spiked to 16-year...

Published 26 Sep, 2023 10:10am

Stocks

Miner and gold stocks drag Australian shares lower

Australian shares slipped on Tuesday hurt by the losses in miners and gold stocks on weak commodity prices, while...

Published 26 Sep, 2023 10:08am

Stocks

Japan’s Nikkei dragged lower by chip shares amid rising US yields

TOKYO: Japan’s Nikkei share average fell on Tuesday dragged by declines in heavyweight chip-related shares, but...

Published 26 Sep, 2023 10:06am

Stocks

Indian shares subdued amid sustained foreign outflows

BENGALURU: Indian benchmarks were mostly unchanged at open on Tuesday, as broader risk sentiment remained subdued on...

Published 26 Sep, 2023 10:04am

Forex

Dollar at 10-month top as US yields spike; yen slides

SINGAPORE: The dollar stood by 10-month highs against a basket of major currencies on Tuesday, supported by US bond...

Published 26 Sep, 2023 10:02am

Energy

Oil prices edge higher as economic outlook balances tight supply

NEW YORK: Oil prices edged higher on Tuesday after reaching a two-week low earlier in the session, as investors...

Updated 26 Sep, 2023 08:44pm

Mutual Funds

India bond yields rise, as spike in Treasury yields hurts appetite

MUMBAI: Indian government bond yields rose in the early session on Tuesday as US Treasury yields scaled fresh highs,...

Published 26 Sep, 2023 09:56am

Stocks

China Evergrande shares tumble for second day after unit misses bond payment

HONG KONG: China Evergrande Group shares slid for a second consecutive session on Tuesday, dropping as much as 8%...

Published 26 Sep, 2023 09:55am

Industry

‘Ismmart Group’ schemes: SECP issues warning against investing

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has issued a warning advising the general ...

Published 26 Sep, 2023 07:01am

Pakistani-British businessmen: PM highlights positive economic indicators

ISLAMABAD: A delegation of prominent British Pakistani businessmen called on the Caretaker Prime Minister...