News Archives for Latest - 2023-07-05

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Archive - 2023-07-05

Business & Economy

IMF’s Executive Board meeting on Pakistan set for July 12

The Fund is set to discuss a nine-month stand-by arrangement for Pakistan as the previous Extended Fund Facility expired on June 30

Updated 06 Jul, 2023 09:55am

World

Biden to discuss NATO bid with Sweden PM Kristersson

WASHINGTON: U.S. President Joe Biden will sit down with Sweden's prime minister, Ulf Kristersson, later on Wednesday...

Published 05 Jul, 2023 10:47pm

Pakistan

Pakistan summons Swedish Charge d’Affairs to protest desecration of Holy Quran

Country voices serious concerns over Islamophobic incident

Published 05 Jul, 2023 10:43pm

World

US forces prevented Iran from seizing two tankers near Oman: Pentagon

WASHINGTON: The US military said Wednesday it had blocked two attempts by the Iranian navy to seize commercial...

Published 05 Jul, 2023 10:22pm

Movies & Music

Hello? Don’t throw stuff at us, Adele urges fans

NEW YORK: Adele warned her Las Vegas residency audience not to throw things onstage, addressing the spate of recent...

Published 05 Jul, 2023 10:12pm

Pakistan

Three soldiers martyred in suicide bombing in Miranshah: ISPR

The explosion critically injures three civilians

Published 05 Jul, 2023 10:05pm

Middle East

UAE’s RAKEZ inks cooperation deal with Israel’s IMA

DUBAI: The UAE and Israel will look to expand mutual investment and manufacturing under a deal signed on Wednesday...

Updated 05 Jul, 2023 09:35pm

Stocks

UK shares fall as fears over global demand, China weakness sap mood

London’s FTSE 100 fell for the third straight session on Wednesday, as energy and financial stocks declined after...

Published 05 Jul, 2023 09:35pm

Pakistan

'Record-breaking' rain lashes Lahore, killing at least 6

Met Office says showers are expected to continue intermittently in Lahore for next 24 hours

Updated 05 Jul, 2023 09:34pm

Financial

Rupee sustains losses, settles at 277.41 against US dollar

Currency depreciates 0.71% in inter-bank market
Trades between 278 and 281 in open market

Updated 05 Jul, 2023 09:32pm

Business & Economy

PCAA, association spar over ‘exorbitant’ UK exam fee for pilots

A private association of aircraft owners and operators and Pakistan Civil Aviation Authority (PCAA) are currently...

Published 05 Jul, 2023 09:11pm

Energy

Oil prices rise ahead of U.S. holiday demand indicators

BENGALURU: U.S. crude oil gained 3% on Wednesday, narrowing the price gap with global benchmark Brent in a...

Updated 05 Jul, 2023 09:18pm

Cricket

Bangladesh vs Afghanistan 1st ODI

CHITTAGONG, BANGLADESH: Left-arm pacer Fazalhaq Farooqi claimed 3-24 as Afghanistan restricted Bangladesh to 169-9...

Published 05 Jul, 2023 09:09pm

Stocks

Technology, financials stocks drag Toronto shares lower

Canada’s main stock index fell on Wednesday, led by declines in technology and financials, while investors awaited...

Published 05 Jul, 2023 08:48pm

Sports

Babar Azam slips to 6th place in ICC men’s Test ranking

New Zealand skipper Kane Williamson reclaims the top spot while Steve Smith jumps to second place

Updated 05 Jul, 2023 08:25pm

Stocks

Wall Street slips as investors await Fed minutes

Wall Street’s main indexes slipped on Wednesday as investors awaited minutes of the Federal Reserve’s June meeting...

Published 05 Jul, 2023 07:34pm

Pakistan

China denounces Holy Quran desecration act in Sweden, says it opposes any form of Islamophobia

Chinese foreign ministry says so-called freedom of speech should not be used as a reason to incite civilization clash

Updated 05 Jul, 2023 07:20pm

Stocks

Profit-taking erases gains, KSE-100 ends flat

Benchmark index settles 4.18 points or 0.01% lower

Updated 05 Jul, 2023 07:10pm

Cricket

West Indies ease to consolation win over Oman

HARARE: The West Indies rebounded from their failure to qualify for this year’s Cricket World Cup by cruising to a...

Published 05 Jul, 2023 06:57pm

Europe

Backlash after Macron calls to ‘cut off’ social media

PARIS: President Emmanuel Macron’s government faced a backlash Wednesday after the centrist leader called for powers...

Published 05 Jul, 2023 06:22pm

Europe

Britain’s Afghan probe investigating UK special forces

LONDON: Britain’s defence minister on Wednesday said allegations of unlawful killings in Afghanistan being examined...

Published 05 Jul, 2023 06:16pm

South Asia

Schools remain shut in India’s violence-hit Manipur despite reopening order

GUWAHATI: Nearly all schools remained shut in India’s violence-hit Manipur state despite a government order to...

Published 05 Jul, 2023 06:08pm

Energy

Saudi says oil cuts show not at odds with Russia

VIENNA: Saudi Arabia on Wednesday dismissed talk of discord with oil ally Russia, praising their coordinated...

Published 05 Jul, 2023 06:01pm

Energy

India in talks to supply 10mn tonnes of green hydrogen to EU

NEW DELHI: India has hosted talks on a possible deal to supply 10 million metric tonnes of green hydrogen to the...

Published 05 Jul, 2023 05:56pm

Europe

Russia says it struck Ukrainian forces near Bakhmut

Russia said on Wednesday its forces had struck three Ukrainian army groups near Bakhmut, amid conflicting reports...

Published 05 Jul, 2023 05:41pm

Stocks

Sri Lankan shares end higher as industrials, communication services rise

BENGALURU: Sri Lankan shares closed higher on Wednesday, aided by a rise in industrial and communication services...

Published 05 Jul, 2023 05:33pm

Commodities

Copper and other base metals fall on weak demand outlook

LONDON: Prices for copper and other base metals fell in London on Wednesday under pressure from global services...

Published 05 Jul, 2023 05:31pm

Business & Economy

US apprised of IMF’s $3bn Stand-By Arrangement for Pakistan

Federal Minister for Finance and Revenue Ishaq Dar met with US Ambassador to Pakistan Donald Blome on Wednesday, and...

Updated 05 Jul, 2023 04:27pm

Energy

Circular debt payment: here is the list of IPPs and their respective amounts

The Central Power Purchasing Authority (CPPA) has disbursed nearly Rs142 billion to Independent Power Plants (IPPs)...

Published 05 Jul, 2023 04:11pm

Cricket

England omit Anderson for third Ashes Test

LEEDS: England have left out all-time leading wicket-taker James Anderson in one of three changes to their side for...

Published 05 Jul, 2023 03:48pm

Stocks

Indian shares close flat as auto, consumer stocks offset slide in financials

BENGALURU: Indian shares were little changed on Wednesday as a rise in auto and consumer stocks offset the slide in...

Published 05 Jul, 2023 03:45pm

20pc hike in salaries notified: Govt sure it will win judiciary over in the end?

ISLAMABAD: Acting President Sadiq Sanjrani has issued a notification on Tuesday notifying 20 percent increase in the...

Updated 05 Jul, 2023 03:44pm

Forex

Indian rupee logs worst session in a month; traders eye Fed minutes

BENGALURU: The Indian rupee on Wednesday logged its worst session in a month on persistent dollar demand from...

Updated 05 Jul, 2023 03:42pm

Markets

OBS Group nearing deal for Bayer pharma assets in Pakistan for Rs7bn: report

OBS looking to purchase a manufacturing facility in Lahore and 12 pharmaceutical brands

Updated 05 Jul, 2023 03:39pm

Pakistan

10 years of CPEC: PM Shehbaz says project has transformed country’s economic landscape

Expresses hope that CPEC will once again kickstart growth in various sectors including agriculture and IT

Updated 05 Jul, 2023 03:37pm

Luxury

Chanel takes haute couture to riverside for Paris show

PARIS: Chanel creative director Virginie Viard chose a quai on the Right bank of the bustling Seine River for her...

Published 05 Jul, 2023 02:18pm

Forex

Sterling edges lower as traders question BoE rate policies

LONDON: Sterling edged lower on Wednesday as traders considered whether the British currency will be hurt by several...

Published 05 Jul, 2023 02:12pm

Europe

Zelensky says Russia planning ‘dangerous provocations’ at nuclear plant

KYIV: Ukrainian President Volodymyr Zelensky on Tuesday told his French counterpart Emmanuel Macron that Russia was...

Published 05 Jul, 2023 02:03pm

Forex

Russian rouble weakens back towards 90 vs dollar

The Russian rouble weakened on Wednesday, heading back towards the 90 mark against the dollar, with demand for...

Published 05 Jul, 2023 01:55pm

Cricket

Afghanistan opt to bowl in first Bangladesh ODI

CHITTAGONG: Afghanistan captain Hashmatullah Shahidi won the toss and elected to bowl first Wednesday in the first...

Published 05 Jul, 2023 01:50pm

Stocks

Japan’s Nikkei slips as investors lock in profits, Fast Retailing drags

TOKYO: Japan’s Nikkei share average fell for a second day on Wednesday as investors booked profits after a recent...

Published 05 Jul, 2023 12:55pm

Forex

South African rand flat ahead of local PMI data, FOMC meeting minutes

JOHANNESBURG: The South African rand was little changed in early trade on Wednesday ahead of S&P Global’s...

Published 05 Jul, 2023 12:52pm

Stocks

Australian shares slip as heavyweight financials drag

Australian shares ended lower on Wednesday, dragged by heavyweight banking stocks, a day after the country’s central...

Published 05 Jul, 2023 12:42pm

Business & Finance

Turkish monthly inflation jumps 3.9% in June after post-election lira drop

ISTANBUL: Turkish monthly inflation jumped 3.92% in June, still less than expected, as it was stoked by a plunge in...

Published 05 Jul, 2023 12:35pm

Stocks

UK shares open lower as mining, China-focussed stocks slip

British shares opened lower on Wednesday as mining stocks retreated on lower metal prices, while other China-exposed...

Published 05 Jul, 2023 12:27pm

Stocks

European stock markets drop at open

LONDON: Europe’s main stock markets retreated at the start of trading Wednesday following losses in Asia on...

Published 05 Jul, 2023 12:19pm

Federal govt employees: Up to 35pc ad hoc relief allowance notified

ISLAMABAD: The federal government has notified up to 35 percent Ad-hoc Relief Allowance 2023 to all the federal...

Updated 05 Jul, 2023 11:57am

Energy

Pakistan’s PARCO issues fuel oil sales tender for July

SINGAPORE: Pakistan’s Pak-Arab Refinery Limited (PARCO) has offered fuel oil for July loading in its latest tender,...

Published 05 Jul, 2023 11:52am

Asia

Torrential rains kill at least 15 in southwest China

BEIJING: Fifteen people are dead and four are missing after torrential rain lashed the Chinese metropolis of...

Published 05 Jul, 2023 11:50am

Commodities

Palm oil little changed in anticipation of better exports, higher June stocks

KUALA LUMPUR: Malaysian palm oil futures reversed early gains on Wednesday after trading in a tight range, as...

Published 05 Jul, 2023 11:33am

Imported fuel for power generation: Nepra blames forex scarcity for load-shedding

Nepra Chairman Tauseef H Farooqi says 63 percent of generation is based on imported fuels

Updated 05 Jul, 2023 11:22am

Asia

Thai headline inflation at 22-month low, lowers 2023 price rise forecast

BANGKOK: Thailand’s annual headline inflation unexpectedly rose in June but at its slowest pace in 22 months, and...

Published 05 Jul, 2023 11:21am

Asia

Yellen’s China visit aims at ‘new normal’ with Beijing

WASHINGTON: U.S. Treasury Secretary Janet Yellen’s first trip to China will focus on recalibrating ties between the...

Published 05 Jul, 2023 10:44am

Mutual Funds

Indian bond yields stuck in narrow range as directional cues absent

MUMBAI: Indian government bond yields were in a narrow range for a third straight session on Wednesday, with traders...

Published 05 Jul, 2023 10:38am

Forex

China’s yuan eases after disappointing service activity data

SHANGHAI: China’s yuan weakened on Wednesday after a private survey showed services activity expanded at the slowest...

Published 05 Jul, 2023 10:36am

Cricket

Root appeals for calm, predicts Bairstow backlash in Leeds

LEEDS: England batter Joe Root has appealed for calm in the wake of Jonny Bairstow’s controversial dismissal at...

Published 05 Jul, 2023 10:33am

South Asia

India June services growth remained strong despite high price inflation

BENGALURU: India’s service sector growth weakened to a three-month low but remained resilient in June amid strong...

Published 05 Jul, 2023 10:30am

USA

Monday world’s hottest day on record, initial measurements show

PARIS: Monday was the world’s hottest day on record, exceeding an average of 17 degrees Celsius (62.6 degrees...

Published 05 Jul, 2023 10:21am

Football

Ancelotti to coach Brazil from 2024 Copa America: source

SAO PAULO: Real Madrid’s Italian coach Carlo Ancelotti will take over as head coach of Brazil’s national team for...

Published 05 Jul, 2023 10:07am

Europe

Ukraine says destroyed Russian ‘formation’ in Donetsk

KYIV: Ukraine’s military said it had destroyed a Russian “formation” in Russian-controlled Makiivka in the frontline...

Published 05 Jul, 2023 10:03am

Stocks

Asian markets drop as China data indicates further weakness

HONG KONG: Asian markets sank Wednesday as another round of data showed China’s economy continued to struggle in...

Published 05 Jul, 2023 09:57am

BR Research

Inflation, food, and the Dar(k) magic

The finance ministry has finally discovered that laws of mathematics function in Pakistan exactly as they do...

Published 05 Jul, 2023 09:56am

BR Research

Telecom FDI still in the blue

While the disappointing run in the telecommunications industry’s foreign direct investment (FDI) continues, slight...

Published 05 Jul, 2023 09:54am

Cricket

Agarkar named India’s chief cricket selector

NEW DELHI: Former pace bowler Ajit Agarkar has been appointed chief selector of Indian men’s cricket after being...

Published 05 Jul, 2023 09:53am

BR Research

Metropolitan Steel Corporation Limited

Metropolitan Steel Corporation Limited (PSX: MSCL) was incorporated in Pakistan as a public limited company in 1955....

Published 05 Jul, 2023 09:50am

Commodities

Mexico says corn production will rise in 2023 amid US trade tensions

MEXICO CITY: Mexico’s corn production is estimated at about 28.5 million metric tons this year, its agriculture...

Published 05 Jul, 2023 09:38am

Forex

Dollar steady before Fed minutes; yen hovers below intervention zone

TOKYO: The dollar drifted near the middle of its range of the past three weeks against major peers on Wednesday, as...

Published 05 Jul, 2023 09:33am

Europe

Putin says Russian economy faring better than expected

President Vladimir Putin said late on Tuesday that the Russian economy was performing better than expected after...

Published 05 Jul, 2023 09:26am

Forex

Australia, NZ dollars hit a Chinese speed bump as rally stalls

SYDNEY: The Australian and New Zealand dollars stalled on Wednesday as a surprisingly soft reading on Chinese...

Published 05 Jul, 2023 09:23am

Commodities

Gold trades in narrow range as markets wait for Fed minutes

Gold stuck to a narrow range on Wednesday as investors awaited the release of the U.S. Federal Reserve’s latest...

Published 05 Jul, 2023 09:20am

Europe

IAEA head Grossi meets with local residents ahead of visit to wrecked Fukushima plant

TOKYO: International Atomic Energy Agency (IAEA) chief Rafael Grossi met residents on Wednesday to assuage concerns...

Published 05 Jul, 2023 09:16am

Liquidity risks remain high despite IMF deal: Moody’s

ISLAMABAD: The government’s liquidity risks remain high despite the International Monetary Fund (IMF) staff-level...

Updated 05 Jul, 2023 08:59am

Fraudulent clearances of imported goods: FBR sets up fact-finding committee

ISLAMABAD: The Federal Board of Revenue (FBR) has constituted a three-member fact-finding committee to probe...

Updated 05 Jul, 2023 08:58am

‘Yaum-e-Taqaddus-e-Quran’ on 7th

ISLAMABAD: The government would observe Yaum-e-Taqaddus-e-Quran on July 7 to hold countrywide protests...

Updated 05 Jul, 2023 08:56am

Rate of advance income tax for commercial importers hiked

KARACHI: The government has increased the rate of advance income tax for commercial importers from 5.5% to 6%....

Updated 05 Jul, 2023 08:55am

Rs1.25/unit raise in Discos’ tariffs allowed

ISLAMABAD: National Electric Power Regulatory Authority (Nepra) on Tuesday approved an average increase of Rs 1.25...

Updated 05 Jul, 2023 08:54am

Sale and purchase of immovable properties: FBR implements revised rates of withholding tax

ISLAMABAD: The Federal Board of Revenue (FBR) from July 1, 2023, implemented upward revised rates of withholding...

Updated 05 Jul, 2023 08:53am

Business & Finance

KE submits business case on running JPCL-1 on Thar coal

ISLAMABAD: K-Electric (KE) has submitted a business case of conversion of unit-1 of Jamshoro Power Company Limited...

Updated 05 Jul, 2023 08:52am

Pakistan’s Hindu doctors get registered in India’s Gujarat

KARACHI: As many as 132 Pakistani Hindu doctors have been registered as full-time medical practitioners in Gujarat,...

Updated 05 Jul, 2023 08:48am

BR’s refresher: your morning briefing for the day

Important updates from July 4, 2023

Published 05 Jul, 2023 08:45am

Opinion

Super tax and tax on bonus: misinterpretation of basic accounting—I

In the Finance Act 2023 many amendments have been proposed. This article is restricted to two important measures...