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Archive - 2018-02-02
Airbus tests self-flying taxi
Industry

Airbus tests self-flying taxi

PARIS: Airbus said Friday that it had successfully held the first test flights of the Vahana, an electric, pilotless fly
Published 02 Feb, 2018 01:15pm
Eurozone stock markets slide
Financial

Eurozone stock markets slide

LONDON: Eurozone stock markets slumped on Friday as the euro continued to pressure the dollar and traders awaited key US
Published 02 Feb, 2018 01:10pm
Fast food and palm oil
Miscellaneous

Fast food and palm oil

The Pakistan Edible Oil Conference (PEOC) held last month emphasized on the growth of palm oil consumption in Pakistan.
Published 02 Feb, 2018 07:47am
PRL’s challenges
Oil and Gas

PRL’s challenges

Pakistan Refinery Limited’s (PSX: PRL) came out of the negative earnings phase in FY16, and the right issue in FY15 and
Published 02 Feb, 2018 07:42am
NY cocoa to rise to $2,065
Commodities

NY cocoa to rise to $2,065

SINGAPORE: New York March cocoa is expected to rise to $2,065 per tonne, as it has cleared a resistance at $2,015. Th
Published 02 Feb, 2018 07:40am
Ferrari races to new records in 2017
Exchange

Ferrari races to new records in 2017

Ferrari said Thursday that 2017 was "another record year" for the Italian luxury car maker, as it is raced into the pole position for increased profitability and output again this year and a further reduction in its debt. Ferrari said in a statement that
Published 02 Feb, 2018 12:00am
Italian Olympic committee step in to run oversee crisis-ridden FA

Italian Olympic committee step in to run oversee crisis-ridden FA

Italy's Olympic Committee (CONI) on Thursday appointed Roberto Fabbricini as commissioner to oversee the crisis-ridden Italian football federation (FIGC). CONI secretary general Fabbricini will be assisted by former AC Milan star Alessandro "Billy" Costac
Published 02 Feb, 2018 12:00am
Atlas Khan calls for establishment of modern squash academies

Atlas Khan calls for establishment of modern squash academies

Atlas Khan, gold medalist of the World Team Championship in Otto, Canada and elder brother of former World Squash Champion Jansher Khan, Thursday said that for achieving lost glory focus would be given to establish modern squash academies across Pakistan.
Published 02 Feb, 2018 12:00am
Eurozone manufacturing boom rolls on into new year: PMI
Currency

Eurozone manufacturing boom rolls on into new year: PMI

The eurozone's booming manufacturing industry raced into 2018, churning out goods last month at one of the fastest paces in over 20 years, a survey showed, suggesting the economic recovery still has momentum. In 2017 the bloc's economy was a surprise glob
Published 02 Feb, 2018 12:00am
Alibaba net profit soars 35 percent as Singles Day pays off
Exchange

Alibaba net profit soars 35 percent as Singles Day pays off

Chinese e-commerce giant Alibaba Thursday posted a 35 percent surge in net profit in the third quarter, fuelled by a record-breaking sales bonanza during its annual Singles Day shopping festival. The company said profit jumped to 24.1 billion yuan ($3.7 b
Published 02 Feb, 2018 12:00am
Alibaba net profit soars 35 percent as Singles Day pays off
Exchange

Alibaba net profit soars 35 percent as Singles Day pays off

Chinese e-commerce giant Alibaba Thursday posted a 35 percent surge in net profit in the third quarter, fuelled by a record-breaking sales bonanza during its annual Singles Day shopping festival. The company said profit jumped to 24.1 billion yuan ($3.7 b
Published 02 Feb, 2018 12:00am
Shell profit soars on oil price recovery

Shell profit soars on oil price recovery

Royal Dutch Shell said Thursday that a major recovery in oil prices enabled it to nearly triple profits in 2017. The Anglo-Dutch energy giant said in a statement that net or bottom-line earnings soared to just under $13 billion last year from $4.6 billion
Published 02 Feb, 2018 12:00am
Shell profit soars on oil price recovery

Shell profit soars on oil price recovery

Royal Dutch Shell said Thursday that a major recovery in oil prices enabled it to nearly triple profits in 2017. The Anglo-Dutch energy giant said in a statement that net or bottom-line earnings soared to just under $13 billion last year from $4.6 billion
Published 02 Feb, 2018 12:00am
World Bank funds fight against Baghdad water woes

World Bank funds fight against Baghdad water woes

The Iraqi capital's decrepit water network will be overhauled under a $210 million World Bank project aimed at tackling chronic supply shortages and outbreaks of disease. Five million people are expected to benefit from the work, which includes steps to s
Published 02 Feb, 2018 12:00am
Australia toughens foreign investment rules

Australia toughens foreign investment rules

Australia announced tougher restrictions on foreign buyers of agricultural land and electricity infrastructure on Thursday amid fears over rising Chinese influence. Foreign investors now need to demonstrate when purchasing farmland worth more than Aus$15
Published 02 Feb, 2018 12:00am
Unilever posts rising 2017 profits

Unilever posts rising 2017 profits

Food and consumer products giant Unilever Thursday posted soaring 2017 profits of 6.5 billion euros ($8.05 billion), after a year of "major change" when it spurned a Kraft Heinz takeover bid. The announcement came a day after Unilever announced it was add
Published 02 Feb, 2018 12:00am
Unilever posts rising 2017 profits

Unilever posts rising 2017 profits

Food and consumer products giant Unilever Thursday posted soaring 2017 profits of 6.5 billion euros ($8.05 billion), after a year of "major change" when it spurned a Kraft Heinz takeover bid. The announcement came a day after Unilever announced it was add
Published 02 Feb, 2018 12:00am
Microsoft reports loss due to tax charge

Microsoft reports loss due to tax charge

Microsoft on Wednesday reported a hefty loss in the past quarter, as it set aside billions of dollars for taxes on profits it expects to bring back to the United States following passage of a major tax overhaul. The technology giant said its loss for the
Published 02 Feb, 2018 12:00am
US factory activity cools; job market remains strong

US factory activity cools; job market remains strong

US factory activity slowed in January amid a fall in new orders, but an unexpected drop in the number of Americans filing for unemployment benefits last week pointed to sustained labour market strength that should underpin domestic demand. The economy's h
Published 02 Feb, 2018 12:00am
Nokia widens losses in 2017
Exchange

Nokia widens losses in 2017

Nokia said Thursday that its net loss widened in 2017, but that underlying profits improved, enabling the Finnish mobile phone maker to raise its forecasts for the coming years as operators prepare to roll out new lightning-fast 5G technology. Nokia said
Published 02 Feb, 2018 12:00am
Vodafone drags UK shares into third day of sell-off

Vodafone drags UK shares into third day of sell-off

Vodafone posted a disappointing trading update on Wednesday and dragged British shares into a third day of losses as outsourcing firms failed to recover after Capita's profit warning during the previous session. The FTSE 100 fell 0.6 percent to a six-week
Published 02 Feb, 2018 12:00am
Southeast Asian stocks: Singapore, Thailand climb; Vietnam plummets

Southeast Asian stocks: Singapore, Thailand climb; Vietnam plummets

Singapore and Thai stock markets closed higher on Thursday, drawing support from the financial and energy sectors, while Southeast Asia's top year-to-date percentage gainer, Vietnam, fell for the third session in four. Broader Asian shares slipped after C
Published 02 Feb, 2018 12:00am
Sri Lankan shares climb

Sri Lankan shares climb

Sri Lankan shares rose for a second straight session on Thursday to their highest close in more than three weeks as foreign buying boosted sentiment, brokers said. The Colombo stock index ended up 0.34 percent at 6,498.45, its highest close since January
Published 02 Feb, 2018 12:00am
European stocks slide on fresh bond jitters

European stocks slide on fresh bond jitters

European shares fell on Thursday, reversing earlier gains, on worries that the bond market will sell off further after US policymakers raised their forecast for inflation. The pan-European STOXX 600 closed 0.5 percent lower, its fourth straight day of los
Published 02 Feb, 2018 12:00am
China stocks fall
Exchange

China stocks fall

China stocks fell on Thursday, with the start-up index closing at a more than six-month low, as investors dumped firms which are expected to report weak 2017 earnings and took profits ahead of the upcoming long Lunar New Year holidays. The market was litt
Published 02 Feb, 2018 12:00am
Indian shares fall

Indian shares fall

Indian shares ended lower for a third straight session on Thursday, after the government's 2018/19 budget set a capital gains tax on long-term equity investments, although investors welcomed higher spending in key areas of the economy such as agriculture.
Published 02 Feb, 2018 12:00am
Australian shares up; New Zealand slips

Australian shares up; New Zealand slips

Australian shares rose on Thursday, underpinned by strong gains in mining stocks and financials, with sentiment boosted by news of robust expansion in Australian manufacturing last month. The S&P/ASX 200 index climbed 0.9 percent or 52.4 points to 6,090.1
Published 02 Feb, 2018 12:00am
Borrowing plan, Fed flattens US yield curve

Borrowing plan, Fed flattens US yield curve

The spread between longer-dated US Treasury yields and short-dated ones contracted to the slimmest in over a decade on Wednesday as the government favoured selling more short-dated debt than longer-dated issues to finance the projected rise in its budget
Published 02 Feb, 2018 12:00am
Borrowing plan, Fed flattens US yield curve

Borrowing plan, Fed flattens US yield curve

The spread between longer-dated US Treasury yields and short-dated ones contracted to the slimmest in over a decade on Wednesday as the government favoured selling more short-dated debt than longer-dated issues to finance the projected rise in its budget
Published 02 Feb, 2018 12:00am
Wall Street ends off day's highs as Fed sees inflation rising
Exchange

Wall Street ends off day's highs as Fed sees inflation rising

US stocks finished marginally higher on Wednesday as indexes gave up early gains after the Federal Reserve said it sees inflation rising this year, signalling it remains on track to boost interest rates again in March. The Fed kept rates unchanged but, in
Published 02 Feb, 2018 12:00am
Tokyo's main index snaps six-day losing streak

Tokyo's main index snaps six-day losing streak

Tokyo's benchmark index snapped a six-day losing streak Thursday, supported by a stable yen and modest gains on Wall Street with investor focus shifting to upcoming corporate earnings announcements. The Nikkei 225 index, which the previous day fell for a
Published 02 Feb, 2018 12:00am
Hong Kong shares weaken

Hong Kong shares weaken

Hong Kong shares tracked Asian markets lower as energy and finance stocks led the decline. At close of trade, the Hang Seng index was down 245.18 points or 0.75 percent at 32,642.09. The Hang Seng China Enterprises index fell 0.94 percent to 13,434.14. Th
Published 02 Feb, 2018 12:00am
Gulf markets mostly up but surprise Q4 loss hits Saudi's Ma'aden

Gulf markets mostly up but surprise Q4 loss hits Saudi's Ma'aden

Gulf stock markets were mostly firm on Thursday but blue chip Saudi Arabian Mining Co (Ma'aden) fell in response to a surprise fourth-quarter loss. The Saudi index edged up 0.1 percent with gainers outnumbering advancers by 100 to 76. Ma'aden slipped 4.9
Published 02 Feb, 2018 12:00am
Aussie, kiwi ease
Currency

Aussie, kiwi ease

The Australian dollar eased for a fourth straight session on Thursday following weaker-than-expected economic data and as the US dollar climbed on expectations of faster interest rate rises in the world's largest economy. The Australian dollar was down 0.
Published 02 Feb, 2018 12:00am
Sterling extend gains
Currency

Sterling extend gains

Sterling rose for a third straight day on Thursday as investors bet the Bank of England would take on a more hawkish tone at a policy meeting next week. Recent data on the British economy have been mildly encouraging and BoE Governor Mark Carney has sound
Published 02 Feb, 2018 12:00am
Asian currencies slip
Currency

Asian currencies slip

Asian currencies slipped against the dollar on Thursday, with the South Korean won leading the retreat after the Federal Reserve took a confident stance on inflation expectations in a boost to interest rate hawks. The dollar's receding yield advantage as
Published 02 Feb, 2018 12:00am
Bangladesh's interbank forex rates

Bangladesh's interbank forex rates

Interbank buy/sell rates for the taka against the dollar on Thursday. 82.90-82.90 (Previous 82.90-82.90).
Published 02 Feb, 2018 12:00am
Sri Lankan rupee hits record low
Currency

Sri Lankan rupee hits record low

The Sri Lankan rupee hit a record low on Thursday due to dollar demand from banks and importers, but the rupee rebounded after exporters sold the greenback later in the session, dealers said. The spot rupee which traded at a record low of 154.28 per dolla
Published 02 Feb, 2018 12:00am
Dollar rises in New York after Fed statement, euro falls
Currency

Dollar rises in New York after Fed statement, euro falls

The US dollar turned positive on Wednesday after the Federal Reserve left interest rates unchanged but said it expected inflation to rise this year, while the euro turned negative and last hovered near flat. The Fed ended a two-day meeting on monetary pol
Published 02 Feb, 2018 12:00am
Early trade in New York: dollar pares gains against yen
Exchange

Early trade in New York: dollar pares gains against yen

The dollar failed to hold onto its gains against a basket of currencies on Thursday, the day after the Federal Reserve said it expected inflation to rise this year. The greenback also pared its gains against the yen as US and European stocks fell.
Published 02 Feb, 2018 12:00am
Dollar weakens in Europe
Currency

Dollar weakens in Europe

The dollar erased early gains on Thursday after Federal Reserve comments about rising inflation this year failed to lift the currency from near its three-year lows. After its worst monthly performance since mid-2016, the dollar rose in Asian trading befor
Published 02 Feb, 2018 12:00am
Dollar steadies in Asia
Currency

Dollar steadies in Asia

The dollar held steady against a basket of major currencies on Thursday after the Federal Reserve signalled its confidence about inflation and growth in the world's biggest economy, reinforcing views it will raise rates several more times this year.
Published 02 Feb, 2018 12:00am
Japan factory output rises, points to solid fourth quarter GDP growth

Japan factory output rises, points to solid fourth quarter GDP growth

Japan's industrial output grew in December at the fastest pace in eight months, and up for a third straight month, in a sign that its humming factories have likely driven economic expansion for an eighth consecutive quarter. Trade ministry data out on Wed
Published 02 Feb, 2018 12:00am
Hong Kong retail sales rise in 2017 as tourism picks up

Hong Kong retail sales rise in 2017 as tourism picks up

Hong Kong retail sales ended a three-year slump in 2017, growing by 2.2 percent thanks to an uptick in tourist arrivals from mainland China plus strong property and share prices that boosted sentiment. Retail sales increased to HK$446.1 billion ($57.04 bi
Published 02 Feb, 2018 12:00am
Turkey's 2017 tourism revenues jump

Turkey's 2017 tourism revenues jump

Turkey's tourism revenues jumped by nearly a fifth to $26 billion in 2017, boosted by a five-fold surge in the number of Russian tourists, data showed on Wednesday, as improving diplomatic ties with Moscow helped the industry. Tourism revenues are a major
Published 02 Feb, 2018 12:00am
BP discovers North Sea oil and gas

BP discovers North Sea oil and gas

British energy major BP on Wednesday announced oil and gas discoveries in the North Sea, in a boost for the company and local industry. The discoveries were made in Capercaillie in the central North Sea, and in Achmelvich, west of Shetland, the company sa
Published 02 Feb, 2018 12:00am
France could launch voluntary redundancy plan for government employees

France could launch voluntary redundancy plan for government employees

Some French government employees could be offered voluntary redundancy as President Emmanuel Macron pursues plans to shrink the state in a country with one of the highest public spending ratios in the world. Spelling out for the first time since Macron's
Published 02 Feb, 2018 12:00am
UK car output drops for first time since 2009, investment slumps

UK car output drops for first time since 2009, investment slumps

British car production fell last year for the first time since 2009 and investment slumped by a third as uncertainty over Brexit cut domestic demand and companies' new spending plans, an industry body said on Wednesday. Production was down 3 percent at 1.
Published 02 Feb, 2018 12:00am
Volkswagen hid 'devastating' result from diesel exhaust tests on monkeys

Volkswagen hid 'devastating' result from diesel exhaust tests on monkeys

German auto giant Volkswagen tried to keep secret the results of a diesel emissions test on monkeys because it showed a worse health impact than expected, a news report said Wednesday. The firm's suppression of the widely-condemned study emerged on the sa
Published 02 Feb, 2018 12:00am
Correction in prices pulls down cotton market
Currency

Correction in prices pulls down cotton market

A major decline in cotton prices, both globally and in the domestic market, has resulted in pulling down the cotton markets signifying an overdue correction at most origins. Traders said in Karachi on Thursday that domestic lint prices have conceded Rs 70
Published 02 Feb, 2018 12:00am
Correction in prices pulls down cotton market
Currency

Correction in prices pulls down cotton market

A major decline in cotton prices, both globally and in the domestic market, has resulted in pulling down the cotton markets signifying an overdue correction at most origins. Traders said in Karachi on Thursday that domestic lint prices have conceded Rs 70
Published 02 Feb, 2018 12:00am
Seed cotton prices fall
Cotton

Seed cotton prices fall

Seed cotton prices dropped modestly on the local market on Thursday in the process of improved trading activity, dealers said. The official spot rate was unmoved at Rs 7,300, they added. In ready session, over 10,000 bales of cotton changed hands between
Published 02 Feb, 2018 12:00am
Activities at Karachi and Qasim Ports

Activities at Karachi and Qasim Ports

The Karachi Port handled 178,015 tonnes of cargo comprising 120,424 tonnes of import cargo and 57,591 tonnes of export cargo including 7,169 loaded and empty containers during the last 24 hours ending at 0700 hours on Thursday. The total import cargo of 1
Published 02 Feb, 2018 12:00am
Canadian canola futures rise

Canadian canola futures rise

ICE Canadian canola futures rose on Tuesday for a second straight day, following soyabeans higher on concerns about dry Argentine weather in soy-growing areas. Lack of export demand kept canola's gains in check, a trader said. March canola added $2.10 at
Published 02 Feb, 2018 12:00am
China's soyameal futures jump
Exchange

China's soyameal futures jump

China's soyameal futures jumped more than 1 percent on Monday, as speculative money piled in on expectations that feed producers would step up buying to build up stocks ahead of China's Spring Festival. The most active soyameal futures contract on the Dal
Published 02 Feb, 2018 12:00am
Bangladesh tea prices down

Bangladesh tea prices down

Tea prices dipped sharply at Bangladesh's weekly auction, dragged down by inferior leaf quality despite lower volumes on offer. Bangladeshi tea fetched an average price of 215.21 taka ($2.80) per kg at Tuesday's auction compared with a revised price of 22
Published 02 Feb, 2018 12:00am
PMEX daily trading report
Exchange

PMEX daily trading report

On Wednesday at Pakistan Mercantile Exchange Limited, PMEX Commodity Index closed at 3,337. The traded value of Metals, Energy and COTS/FX was recorded at PKR 8.079 billion and the number of lots traded was 12,794. Major business was contributed by gold a
Published 02 Feb, 2018 12:00am
New York cotton

New York cotton

The following were the fluctuations observed during the day:

Published 02 Feb, 2018 12:00am
New York cotton

New York cotton

The following were the fluctuations observed during the day:

Published 02 Feb, 2018 12:00am
State Bank of Pakistan conversion rates
Exchange

State Bank of Pakistan conversion rates

Rates applicable for conversion into rupees of Foreign Currency Deposits, Dollar Bearer Certificates, Foreign Currency Bearer Certificates, Special US Dollar bonds and profits thereon by all banks and also for providing forward cover on foreign currency d
Published 02 Feb, 2018 12:00am
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