News Archives for Latest - 2023-07-12

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Business & Economy

IMF Executive Board approves $3bn Stand-By Arrangement for Pakistan

Board’s approval allows for an immediate disbursement of SDR894 million or about US$1.2 billion

Updated 12 Jul, 2023 11:57pm

Energy

Oil prices rise as mild US inflation data calms fear of Fed rate hike

Oil prices rose on Wednesday, with benchmark Brent futures breaching $80 a barrel for the first time since May, ...

Published 12 Jul, 2023 11:22pm

World

New Delhi evacuates hundreds over risk of flooding after record rainfall

NEW DELHI: India's capital New Delhi on Wednesday began evacuating hundreds of residents over the risk of flooding...

Published 12 Jul, 2023 11:14pm

Pakistan

9 soldiers martyred after militants attack Balochistan garrison: ISPR

Five heavily armed terrorists were also killed by security forces

Updated 12 Jul, 2023 10:51pm

Stocks

Miners, banks lift FTSE 100, cooling US inflation lifts sentiment

UK’s FTSE 100 rose on Wednesday as British banks gained after successfully clearing the Bank of England’s stress...

Published 12 Jul, 2023 09:57pm

Stocks

European shares jump as cooling US inflation boosts rate pause bets

European shares jumped on Wednesday as further evidence of easing consumer inflation in the United States boosted...

Published 12 Jul, 2023 09:55pm

Stocks

Toronto stocks rise as BoC hikes rates as expected, Wall St rallies

Toronto’s main stock index rose on Wednesday after the Bank of Canada raised interest rate by an expected 25-basis...

Published 12 Jul, 2023 09:15pm

Stocks

Wall St rallies as cooling inflation eases Fed rate hike fears

Wall Street rallied on Wednesday, led by gains in rate-sensitive megacap growth stocks after data showed inflation...

Published 12 Jul, 2023 09:12pm

Energy

Pakistan negotiating for a second discounted Russia crude shipment

ISLAMABAD: Pakistan is negotiating to buy a second shipment of discounted Russian crude oil, the South Asian...

Updated 12 Jul, 2023 08:08pm

Stocks

KSE-100 up over 350 points as bullish wave continues

Benchmark index settles above 45,500 level

Updated 12 Jul, 2023 08:05pm

Forex

Rupee inches higher, settles at 277.48 against US dollar

Currency appreciates 0.39% in inter-bank market

Updated 12 Jul, 2023 08:01pm

Pakistan

Current govt’s tenure to end on August 14: PM Shehbaz

Statement comes during launch ceremony of 'Pakistan Education Endowment Fund' in Islamabad

Updated 12 Jul, 2023 07:59pm

Business & Economy

UAE has deposited $1bn in Pakistan’s central bank: Ishaq Dar

Finance minister says SBP-held foreign exchange reserves have gotten another boost after $2bn inflow from Saudi Arabia

Updated 12 Jul, 2023 07:57pm

Pakistan

PM Shehbaz hopes IMF board will approve $3 billion bailout

Premier says his government had no choice but to accept the Fund's terms

Updated 12 Jul, 2023 07:57pm

Europe

Scholz: Germany won’t deliver Eurofighters to Saudi Arabia in near future

VILNIUS: Germany will not deliver Eurofighter combat aircraft to Saudi Arabia in the near future, German Chancellor...

Published 12 Jul, 2023 07:32pm

Stocks

Most Gulf markets in black ahead of US inflation data; Egypt eases

Most stock markets in the Gulf ended higher on Wednesday, as traders awaited a crucial U.S. inflation reading to...

Published 12 Jul, 2023 07:24pm

World

With 735mn people hungry, UN says world is ‘off track’ to meet its 2030 goal

About 735 million people worldwide faced chronic hunger in 2022, a figure much higher than before the COVID-19...

Published 12 Jul, 2023 07:18pm

South Asia

North Korea fires ICBM as South Korea, Japan leaders meet at NATO

SEOUL/TOKYO: North Korea fired an intercontinental ballistic missile (ICBM) off its east coast on Wednesday,...

Published 12 Jul, 2023 06:11pm

Energy

Oil stuck between supply strains and economic doubt

LONDON: Oil prices were little changed on Wednesday in a market caught between expectations supply cuts by the...

Updated 12 Jul, 2023 05:55pm

Companies

India’s Gujarat in talks with Foxconn for its semiconductor plant

AHMEDABAD: India’s Gujarat state is holding talks with Foxconn over a semiconductor plant, a top government official...

Published 12 Jul, 2023 05:45pm

Commodities

China credit data, lower dollar sustain copper prices

LONDON: Copper prices were supported by stronger credit data from top consumer China and a lower dollar on Wednesday...

Published 12 Jul, 2023 05:41pm

Markets

Searle partners with China’s Mabwell to sell Denosumab Biosimilars drugs in Pakistan

Searle Company Limited (Searle) has entered into a license agreement with China’s Mabwell Pharmaceuticals, under...

Published 12 Jul, 2023 05:39pm

South Asia

US urges China to stop harassing vessels in South China Sea

BEIJING: The United States has called on China to “cease its routine harassment” of vessels of other countries with...

Updated 12 Jul, 2023 05:10pm

Companies

India’s Adani aims to close planned $4bn fundraising by end-December

MUMBAI: India’s Adani Group is aiming to close its planned up to $4 billion fundraising before the end of 2023, and...

Published 12 Jul, 2023 04:55pm

Technology

India’s TCS posts 17% rise in Q1 profit, beats view on deal wins

BENGALURU: Tata Consultancy Services, India’s No.1 software services exporter, reported a better-than-expected 16.8%...

Published 12 Jul, 2023 04:42pm

Europe

Ukraine says NATO summit results are good, not ideal

VILNIUS: Ukrainian President Volodymyr Zelenskiy said on Wednesday the results of a NATO summit were good, but would...

Published 12 Jul, 2023 04:36pm

Stocks

Indian shares decline ahead of inflation data, IT earnings

BENGALURU: Indian shares swung between gains and losses before settling lower on Wednesday, as caution prevailed...

Published 12 Jul, 2023 04:31pm

Pakistan

10 killed in Lahore house fire

Incident occurred due to a short circuit

Updated 12 Jul, 2023 03:26pm

Literature

Milan Kundera, author of ‘The Unbearable Lightness of Being’, dies aged 94

PRAGUE: Czech-born writer Milan Kundera, author of the novel ‘The Unbearable Lightness of Being’ has died, public...

Published 12 Jul, 2023 02:55pm

Pakistan

US welcomes staff-level agreement between Pakistan and IMF

US State Dept spokesperson says 'our support for country's economic success is unwavering'

Updated 12 Jul, 2023 02:55pm

Europe

Desecration of Holy Quran in Sweden: UN rights body passes Pakistan motion on religious hatred

GENEVA: The United Nations Human Rights Council on Wednesday approved a disputed resolution on religious hatred in...

Published 12 Jul, 2023 02:50pm

Energy

Majority owners of offshore holding seek direct stake in Pakistan’s K-Electric

KARACHI: The majority shareholders of an offshore holding company that owns most of Pakistani power company...

Published 12 Jul, 2023 02:27pm

Stocks

European stock markets advance at open

LONDON: Europe’s stock markets opened higher Wednesday following a hesitant Asian session as dealers awaited key US...

Published 12 Jul, 2023 01:58pm

Financial

Bank of England says UK economy coping with higher rates

LONDON: Britain’s economy is so far proving resilient to the jump in interest rates but it will take time for the...

Published 12 Jul, 2023 01:45pm

Europe

Ukraine's Zelenskiy expects 'good news' from Scholz meeting in Vilnius

KYIV: Ukrainian President Volodymyr Zelenskiy said he had started a meeting with German Chancellor Olaf Scholz in ...

Published 12 Jul, 2023 01:38pm

Sports

Wimbledon Day 10: Quarter-finals guide

LONDON: Carlos Alcaraz targets his 10th straight win on grass as he bids to reach the Wimbledon semi-finals on...

Published 12 Jul, 2023 12:46pm

Movies & Music

Hollywood studios, actors agree to mediation as strike deadline looms

LOS ANGELES: Negotiators for the SAG-AFTRA actors union agreed late Tuesday to call in a federal mediator to try to...

Published 12 Jul, 2023 12:42pm

South Asia

India shoots for the moon with latest rocket launch

BENGALURU: India on Friday launches its latest attempt at an unmanned moon landing, the next frontier of a...

Published 12 Jul, 2023 12:41pm

Technology

Unlikely savior: Musk’s antics give Zuckerberg PR makeover

WASHINGTON: After years of bad press and scandal, Mark Zuckerberg is seeing his reputation spruced up in the fickle...

Published 12 Jul, 2023 12:34pm

Asia

North Korea fires ‘unidentified ballistic missile’: Seoul

SEOUL: North Korea has fired a ballistic missile, Seoul’s military said Wednesday, days after Pyongyang threatened...

Published 12 Jul, 2023 12:31pm

Sports

Major League Cricket aims for US breakthrough

MIAMI: The most ambitious attempt yet to establish professional cricket in the United States gets under way on...

Published 12 Jul, 2023 12:25pm

BR Research

SBP: hiding behind phantoms

Policy discourse must always make room for objective assessment of goals set, and results achieved.The primary...

Updated 12 Jul, 2023 12:20pm

Technology

NASA to unveil new Webb image on telescope’s first anniversary

WASHINGTON: NASA is set Wednesday to unveil a new image from the James Webb Space Telescope a year after it first...

Published 12 Jul, 2023 11:59am

Sports

England must defy injuries and dip in form to win World Cup

MANCHESTER: Injuries to key players and a dip in form have left England coach Sarina Wiegman with plenty to ponder...

Published 12 Jul, 2023 11:53am

Africa

Iran president holds talks with Kenya’s Ruto

NAIROBI: Iran President Ebrahim Raisi held talks with his Kenyan counterpart William Ruto on Wednesday as he kicked...

Published 12 Jul, 2023 11:46am

Sports

Rapinoe nervous but excited ahead of tilt at third World Cup crown

AUCKLAND: United States veteran Megan Rapinoe admitted Wednesday she was feeling nervous but is determined to enjoy...

Published 12 Jul, 2023 11:39am

Europe

Russia keeps air strikes on Kyiv as NATO meets

Russia launched a wave of kamikaze drone attacks on Kyiv and its region for a second night in row, Ukraine’s...

Published 12 Jul, 2023 11:26am

Bullion Rate

Gold rises on softer dollar, yields ahead of US inflation data

Gold prices rose on Wednesday after the dollar and bond yields retreated as investors awaited US inflation data that...

Published 12 Jul, 2023 11:20am

Forex

Indian rupee bias on upside on broad dollar selling before US inflation data

MUMBAI: The Indian rupee may rise more on Wednesday, aided by the US dollar’s broad decline in the lead-up to the...

Published 12 Jul, 2023 11:16am

Commodities

Soybeans rise 1%, up for 3rd session on fears of tighter world supplies

SINGAPORE: Chicago soybeans rose for a third consecutive session on Wednesday, climbing to a one-week high as a...

Published 12 Jul, 2023 11:13am

Asia

US climate envoy Kerry to visit China from July 16-19

BEIJING: John Kerry, the US special envoy on climate issues, will visit China from July 16-19, China’s Ministry of...

Published 12 Jul, 2023 11:09am

Sports

Zambia focused on football ahead of first Women’s World Cup campaign

Zambia will be focusing resolutely on the football in their first appearance at the Women’s World Cup, captain...

Published 12 Jul, 2023 11:02am

Sports

MCC suggests limiting ODIs, creating fund to boost Test cricket

LONDON: The Marylebone Cricket Club (MCC) has recommended limiting the number of one-day internationals after the...

Published 12 Jul, 2023 10:53am

Energy

Saudi output cuts help drive up one corner of global oil market

HOUSTON: Prices for sour crude oil have climbed globally this month after top exporter Saudi Arabia hiked prices and...

Published 12 Jul, 2023 10:46am

Forex

China’s yuan firms to 3-week high on PBOC’s strong fixing, dollar weakness

HONG KONG: China’s yuan firmed to its strongest in three weeks against a broadly weaker dollar on Wednesday, as...

Published 12 Jul, 2023 10:37am

Forex

Australia, NZ dollars rally, ignore dovish news

SYDNEY: The Australian and New Zealand dollars rallied on Wednesday as their US counterpart came under broad-based...

Published 12 Jul, 2023 10:32am

Mutual Funds

Indian bond yields flattish, await inflation clarity for rate hike cues

MUMBAI: Indian government bond yields were largely unchanged in the early session on Wednesday, as market...

Published 12 Jul, 2023 10:29am

Stocks

Asian shares rise, dollar dips as traders await US inflation data

SINGAPORE: Asian shares nudged higher and the dollar was at a two-month low on Wednesday ahead of crucial US...

Published 12 Jul, 2023 10:23am

Business & Finance

Back-to-school spending set for first decline in nine years as inflation bites

Back-to-school spending is expected to fall for the first time in nine years as shoppers across all income levels...

Published 12 Jul, 2023 10:19am

Europe

Russia’s Lavrov: Ukraine conflict will not end until West drops plans to defeat Moscow

The armed confrontation in Ukraine will continue until the West gives up plans to dominate and defeat Moscow,...

Published 12 Jul, 2023 10:15am

IMF Board scheduled to consider $3bn SBA today

IMF, according to media reports, has reportedly accepted $8.2 billion financing gap plan presented by the Ministry of Finance

Updated 12 Jul, 2023 10:13am

Asia

China lashes back at NATO criticism, warns it will protect its rights

BEIJING: Beijing lashed back at NATO’s accusation that China challenges the bloc’s interests and security, and...

Published 12 Jul, 2023 10:11am

Stocks

Hong Kong shares up on credit data surprise; China stocks slip

HONG KONG: Hong Kong stocks rose on Wednesday as stronger-than-expected credit figures in June partially lifted...

Published 12 Jul, 2023 10:05am

Technology

Indian online gaming companies’ shares fall on 28% tax blow

BENGALURU: Shares of Indian online gaming firms Nazara Technologies, Onmobile Global , and Delta Corp slid on...

Published 12 Jul, 2023 10:02am

Technology

India’s Wipro commits $1bn investment into AI

BENGALURU: Indian IT services provider Wipro Ltd said on Wednesday it planned to invest $1 billion into artificial...

Published 12 Jul, 2023 09:53am

Financial

NZ central bank hits pause at 5.5%, economists see easing in 2024

WELLINGTON: New Zealand’s central bank held the cash rate steady at 5.5% on Wednesday, hitting pause as expected and...

Published 12 Jul, 2023 09:49am

Stocks

Miners, energy stocks push Australian shares higher ahead of US inflation data

Australian shares rose on Wednesday, boosted by mining and energy stocks, but investors remained cautious ahead of...

Published 12 Jul, 2023 09:40am

Stocks

Indian shares open higher ahead of inflation data, earnings

BENGALURU: Indian shares opened higher on Wednesday, tracking Asian peers, with investors eyeing both domestic and...

Published 12 Jul, 2023 09:35am

Stocks

Nikkei hits one-month low as yen strength weighs

Japanese shares were the worst performers across Asia on Wednesday, with the Nikkei sliding to a one-month low as a...

Published 12 Jul, 2023 09:32am

Forex

Dollar slides ahead of US inflation data, sterling hits 15-month peak

SINGAPORE: The dollar sank to a two-month low against its major peers on Wednesday in the lead-up to a key US...

Published 12 Jul, 2023 09:29am

BR Research

Power tariffs: The rabbit hole

With Nepra’s decision to impose Rs1.25/unit in lieu of periodic adjustment for 3QFY23 to be collected in 1QFY24 ...

Published 12 Jul, 2023 09:25am

Asia

ASEAN ministers meet as Myanmar crisis tests bloc’s unity

JAKARTA: ASEAN foreign ministers on Wednesday held a retreat expected to address an intensifying conflict in...

Published 12 Jul, 2023 09:23am

BR Research

Habib Metropolitan Bank

Habib Metropolitan Bank (PSX: HMB) was incorporated in Pakistan as a public limited company in 1992. The bank is the...

Published 12 Jul, 2023 09:12am

Saudi deposits land just prior to key event

Pakistan receives deposits of $2 billion from Saudi Arabia

Updated 12 Jul, 2023 08:54am

Rs10bn women empowerment programme unveiled

ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday unveiled the Women Empowerment Programme which is being...

Updated 12 Jul, 2023 08:53am

PM acknowledges China’s support

ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday said that as ‘Iron Brothers’ and old friends, Pakistan and China...

Updated 12 Jul, 2023 08:52am

Suspected smugglers: Extensive powers granted to PCG, PMSA

ISLAMABAD: The Federal Board of Revenue (FBR) has given extensive powers to the Pakistan Coast Guards (PCG) and...

Updated 12 Jul, 2023 08:52am

Inward flows of dollars to create breathing space: ministry

ISLAMABAD: The Ministry of Industries and Production (MoI&P) Tuesday said it is still clueless about lifting of...

Updated 12 Jul, 2023 08:51am

$5bn Chashma-5 N-plant to produce power at Rs20 per unit: Country has swallowed a bitter pill?

ISLAMABAD: The dollar-deficient Pakistan is said to have accepted a bitter pill of $ 5 billion Chashma-5 (C-5)...

Updated 12 Jul, 2023 08:50am

ECNEC approves Rs377bn agri tube-well solarisation plan

ISLAMABAD: The Executive Committee of the National Economic Council (ECNEC) on Tuesday approved “Prime Minister’s...

Updated 12 Jul, 2023 08:50am

Holy Quran burning: Pakistan, other states call for accountability

GENEVA: Muslim states including Iran and Pakistan on Tuesday said desecration of the Holy Quran amounted to inciting...

Updated 12 Jul, 2023 08:49am

SC says taxing statute should be strictly construed regardless

ISLAMABAD: The Supreme Court held that a taxing statute should be construed strictly, even if the literal...

Updated 12 Jul, 2023 08:48am

Over 628 businessmen were beneficiaries in PTI govt: PAC disposes of issue of $3bn loans

ISLAMABAD: The Public Accounts Committee (PAC) on Tuesday disposed of the issue of $3 billion worth of loans to over...

Updated 12 Jul, 2023 08:48am

BR’s refresher: your morning briefing for the day

Important updates from July 11, 2023

Published 12 Jul, 2023 08:45am

World

Suspected crude oil transfer: Indonesia seizes Iran-flagged tanker

JAKARTA: Indonesian maritime authorities seized an Iranian-flagged tanker carrying more than 200,000 metric tons of...