News Archives for Latest - 2023-07-19

World

Turkey's Erdogan signs $50 billion in deals during UAE visit

ABU DHABI: The United Arab Emirates and Turkey inked on Wednesday several deals estimated to be worth $50.7 billion...

Published 19 Jul, 2023 11:21pm

World

US announces new $1.3bn military aid package for Ukraine

WASHINGTON: The United States on Wednesday announced a new $1.3 billion military aid package for Ukraine featuring...

Published 19 Jul, 2023 10:42pm

Technology

Apple tests generative AI tools to rival OpenAI’s ChatGPT: Bloomberg News

Apple is working on offerings based on artificial intelligence similar to OpenAI’s ChatGPT and Google’s Bard,...

Published 19 Jul, 2023 09:53pm

Stocks

British stocks rally, homebuilders clock best day since 2008

British stocks closed sharply higher on Wednesday, with homebuilders notching their biggest percentage gain since...

Published 19 Jul, 2023 09:37pm

Energy

Oil prices rise as US supply tightens, inflation worries ease

NEW YORK: Oil prices gained on Wednesday, buoyed by tighter U.S. crude supplies, China’s pledge to reinvigorate its...

Updated 19 Jul, 2023 09:34pm

Sports

Pakistan vs India clash set for September 2 as Asia Cup schedule confirmed

Tournament starts on August 30 in Multan, with Pakistan taking on Nepal

Updated 19 Jul, 2023 09:33pm

Cricket

England’s Broad joins 600 Test wicket club

MANCHESTER: England’s Stuart Broad became just the fifth bowler to take 600 Test wickets when he dismissed...

Published 19 Jul, 2023 08:47pm

Forex

IMF says dollar’s rise hit emerging markets harder than advanced economies

WASHINGTON: Emerging market economies bore the brunt of the strongest U.S. dollar in two decades in 2022, a rise...

Published 19 Jul, 2023 08:30pm

Asia

US needs ‘Kissinger-style wisdom’ in its China policies: Wang Yi

BEIJING: The United States needs “Kissinger-style diplomatic wisdom” in its China policies, top Chinese diplomat...

Published 19 Jul, 2023 08:25pm

Pakistan

At least 11 killed in wall collapse in Islamabad amid heavy rains

Pakistan Meteorological Department predicts heavy rain today throughout Punjab

Updated 19 Jul, 2023 08:19pm

Stocks

KSE-100 closes marginally positive as banks, oil/gas sectors help

The KSE-100 sustained on Wednesday its level over the 45,000-point mark, closing positive for the first time after...

Published 19 Jul, 2023 08:04pm

South Asia

Sri Lanka parliament passes anti-corruption bill without vote

COLOMBO: Sri Lanka’s parliament approved an anti-corruption bill on Wednesday, aimed at improving governance in the...

Published 19 Jul, 2023 08:07pm

Money & Banking

For Pakistan’s agriculture sector: HBL to establish subsidiary

Habib Bank Limited (HBL), one of the country’s largest banks, said that it intends to establish a subsidiary to...

Updated 19 Jul, 2023 07:43pm

Forex

Rupee registers fourth straight loss, settles at 283.8 against US dollar

Currency depreciates 0.27% in inter-bank market

Updated 19 Jul, 2023 07:41pm

Technology

‘Asset-light’: startup Jugnu, after raising $22.5mn in 2022, scales back operations

Jugnu, which pitched itself as a B2B ecommerce startup and announced a fund-raise of $22.5 million in March 2022,...

Updated 19 Jul, 2023 07:37pm

Pakistan

PTI chief hatched cipher conspiracy to benefit politically, says Rana Sanaullah

Interior minister says PTI chief should be brought to justice for violating the Official Secret Act and keeping a secret document in his private possession

Updated 19 Jul, 2023 07:31pm

Markets

Atlas Honda sees $25mn in exports in MY24: Ismail Iqbal Securities

Atlas Honda Limited (ATLH), manufacturer of motorcycles in Pakistan, expects its exports to hit nearly $25 million...

Updated 19 Jul, 2023 07:30pm

Europe

IMF says Russia exit from Ukraine grain deal risks adding to global food inflation

WASHINGTON: The International Monetary Fund on Wednesday said Russia’s exit from a deal allowing Ukrainian exports...

Published 19 Jul, 2023 07:26pm

Pakistan

Ukrainian foreign minister to arrive in Pakistan tomorrow

Dmytro Kuleba will meet PM Shehbaz and hold detailed talks with his counterpart Bilawal Bhutto Zardari, says FO

Published 19 Jul, 2023 07:06pm

Stocks

Most Gulf markets in red on weak economic forecast; Qatar gains

Most stock markets in the Gulf ended lower on Wednesday, following a droopy economic forecast about the region, with...

Published 19 Jul, 2023 07:17pm

Stocks

US stocks extend gains ahead of Tesla, Netflix results

NEW YORK: Wall Street stocks opened higher on Wednesday, extending a bullish run ahead of earnings later in the day...

Published 19 Jul, 2023 07:11pm

Companies

India’s Tata chooses UK for $5bn Jaguar Land Rover gigafactory

LONDON: India’s Tata Group will build an electric vehicle battery plant in Britain to supply its Jaguar Land Rover...

Published 19 Jul, 2023 06:56pm

Cricket

Australia keep England at bay after Broad strikes in fourth Test

MANCHESTER: Marnus Labuschagne and Steve Smith held firm after England’s Stuart Broad closed in on 600 Test wickets...

Updated 19 Jul, 2023 06:25pm

Europe

Kyiv says 60,000 tonnes of grain destroyed in Odesa attack

KYIV: Kyiv on Wednesday said Russia had destroyed 60,000 tonnes of grain meant for export in overnight strikes...

Published 19 Jul, 2023 06:21pm

Cricket

Pakistan lose three wickets in 131-run chase against Sri Lanka

GALLE: Pakistan lost three wickets in a tricky 131-run chase on day four of the rain-hit opening Test on Wednesday,...

Updated 19 Jul, 2023 06:17pm

Pakistan

Punjab govt imposes Section 144 for Ashura

Restriction to remain effective from July 20 to 29 across the province

Published 19 Jul, 2023 06:16pm

Money & Banking

Goldman profit slides to three-year low on consumer losses

Goldman Sachs Group reported a bigger-than-expected drop in second-quarter profit as a retreat from consumer...

Published 19 Jul, 2023 06:12pm

Energy

India’s Russian oil imports hit new high in June, but growth slows: trade

NEW DELHI: India’s imports of Russian oil edged up to an all-time high in June, though growing at the slowest pace...

Published 19 Jul, 2023 06:09pm

Commodities

Gold near 8-week high on bets US rate hikes nearly over

Gold prices on Wednesday were near eight-week highs reached in the previous session after economic data raised...

Published 19 Jul, 2023 06:06pm

Travel

Pakistani passport retains status as fourth-worst in the world

The Henley Passport Index released its rankings for Q3 2023

Updated 19 Jul, 2023 06:03pm

Middle East

UAE’s Abu Dhabi sees strong industrial sector growth amid diversification push

ABU DHABI: Abu Dhabi, the capital of major oil exporter United Arab Emirates, plans to double the contribution from...

Published 19 Jul, 2023 05:51pm

Markets

Pakistan dollar bonds fall as govt says will open criminal proceedings against Imran

LONDON: Pakistan sovereign bonds dropped as much as 2 cents on the dollar on Wednesday, with shorter-dated...

Published 19 Jul, 2023 05:43pm

Europe

Zelensky says Russia ‘targeted’ grain deal sites

KYIV: President Volodymyr Zelensky on Wednesday said Russian strikes had “deliberately” hit sites in Ukraine used to...

Published 19 Jul, 2023 05:17pm

Europe

Russia’s Putin will not attend BRICS summit: S.Africa

JOHANNESBURG: Russian President Vladimir Putin will not attend a BRICS nations summit in South Africa next month,...

Published 19 Jul, 2023 05:05pm

Business & Economy

FY23: ADB says Pakistan’s economy weighed down by tighter monetary, fiscal policies

The Asian Development Bank (ADB) on Wednesday said Pakistan’s economic growth in the fiscal year 2023 remained lower...

Published 19 Jul, 2023 04:30pm

Pakistan

Military trials: SC adjourns hearing till Friday

Attorney General for Pakistan Mansoor Usman says incidents of May 9 had caused losses of Rs2.5 billion

Updated 19 Jul, 2023 04:35pm

Money & Banking

Pakistan’s central bank designates NBP, HBL & UBL as D-SIBs

The State Bank of Pakistan (SBP) on Wednesday announced the designation of Domestic Systemically Important Banks...

Published 19 Jul, 2023 04:32pm

Financial

India should cash in on ‘China plus one’ strategy: World Bank chief

NEW DELHI: India has an opportunity to cash in on global companies’ efforts to build factories outside China, the...

Published 19 Jul, 2023 03:21pm

Companies

Dolmen City REIT announces 18.1% annualised dividend for FY23

The Board of Directors of Dolmen City REIT (DCR) declared and approved a final cash dividend of Rs0.50 per unit, in...

Published 19 Jul, 2023 03:16pm

Financial

Credit Suisse to lay off more than 40 employees in China securities unit

HONG KONG: Credit Suisse is set to launch a new round of layoffs which may impact more than 40 employees in one of...

Published 19 Jul, 2023 03:15pm

South Asia

Afghan women protest against beauty parlour ban

KABUL: Security officials shot in the air and used firehoses Wednesday to disperse dozens of Afghan women protesting...

Published 19 Jul, 2023 02:33pm

Forex

Russian rouble slides to near 16-month low vs euro

The rouble fell to a near 16-month low against the euro on Wednesday and weakened against the dollar and yuan, with...

Published 19 Jul, 2023 02:22pm

Technology

Google says court order on Disney app fee in India temporary

NEW DELHI/BENGALURU: Google said on Wednesday an Indian court’s directive ordering the company to charge a lower 4%...

Published 19 Jul, 2023 02:21pm

USA

Biden, Vatican envoy discuss Ukraine war

WASHINGTON: US President Joe Biden and a Vatican envoy discussed the Russian invasion of Ukraine and deportation of...

Published 19 Jul, 2023 01:09pm

Financial

ADB cuts inflation forecast for developing Asia

MANILA: The Asian Development Bank cut its inflation forecast for developing Asia on Wednesday, as food and fuel...

Published 19 Jul, 2023 01:07pm

Sports

Five memorable India-West Indies Test matches

NEW DELHI: The West Indies still hold the advantage over India in Test matches with a 30-23 record despite their...

Published 19 Jul, 2023 01:05pm

Luxury

Why China could become the luxury industry’s next sore spot

SHANGHAI/PARIS: The luxury goods industry has relied heavily on China and North America for growth in recent years,...

Published 19 Jul, 2023 01:04pm

USA

Trump says he expects to be indicted in Capitol riot probe

WASHINGTON: Former US president Donald Trump said Tuesday he expected to be charged over the January 6 attack on the...

Published 19 Jul, 2023 12:59pm

Sports

World Cup will ‘wake up’ New Zealand’s love of football: coach

AUCKLAND: Staging the Women’s World Cup will “wake up” New Zealand’s passion for football, the co-hosts’ coach Jitka...

Published 19 Jul, 2023 12:49pm

Sports

Infantino urges fans to ‘seize moment’ on eve of Women’s World Cup

AUCKLAND: FIFA president Gianni Infantino urged fans to “seize the moment” Wednesday and snap up Women’s World Cup...

Published 19 Jul, 2023 12:47pm

Middle East

Turkiye’s Erdogan caps economy-driven Gulf tour in UAE

DUBAI: Turkiye President Recep Tayyip Erdogan has arrived in the United Arab Emirates, the final leg of a Gulf trip...

Published 19 Jul, 2023 12:42pm

Technology

Tata to invest over £4bn in UK electric battery factory

LONDON: Indian conglomerate Tata Group will invest over £4 billion ($5.2 billion) in a giant battery plant in...

Published 19 Jul, 2023 12:31pm

Stocks

European stock markets rally at open

LONDON: Europe’s main stock markets jumped at the start of trading Wednesday following rallies on Wall Street and in...

Published 19 Jul, 2023 12:26pm

South Asia

India’s Yamuna river laps walls of Taj Mahal after heavy rain

AGRA: A river that runs through the northern Indian state of Uttar Pradesh has risen to lap the compound walls of...

Published 19 Jul, 2023 12:20pm

Financial

UK inflation rate falls to 7.9% in June

LONDON: British annual consumer price inflation fell to a lower than expected 7.9% in June, figures from the Office...

Published 19 Jul, 2023 12:11pm

Financial

UK’s Hunt: Still a long way to go in battle against inflation

LONDON: British finance minister Jeremy Hunt said there was still a long way to go to reduce inflation towards...

Published 19 Jul, 2023 12:08pm

Middle East

Two Syrian soldiers killed in Israeli missile strike

DAMASCUS: Israeli missile strikes near the Syrian capital Damascus killed two Syrian soldiers and “caused some...

Published 19 Jul, 2023 12:06pm

Asia

US soldier flees into North Korea in new crisis over the nuclear-armed state

PAJU/WASHINGTON: The US military was scrambling to establish the fate of an American soldier who made an...

Published 19 Jul, 2023 11:53am

Europe

Fire at military base in Crimea forces evacuations, highway closure

A fire that broke out at the military training grounds in the Kirovske district on the Crimean Peninsula has forced...

Published 19 Jul, 2023 11:50am

Forex

NZ dollar supported by stubborn inflation, Aussie looks to jobs

SYDNEY: The New Zealand dollar blipped higher on Wednesday after an uncomfortably hot reading on inflation pushed...

Published 19 Jul, 2023 11:47am

Financial

RBNZ Q2 sectoral factor model inflation +5.8% y/y

SYDNEY: The Reserve Bank of New Zealand (RBNZ) said on Wednesday that its sectoral factor model of core inflation...

Published 19 Jul, 2023 11:46am

Asia

US envoy John Kerry tells China to separate climate from politics

BEIJING: Climate change is a “universal threat” that should be handled separately from broader diplomatic issues, US...

Published 19 Jul, 2023 11:45am

Companies

Nissan, Renault ready to announce new alliance deal in days

TOKYO: Nissan and Renault will make an announcement in the coming days on their restructured alliance and have...

Published 19 Jul, 2023 11:42am

Europe

Russia strikes Ukraine’s Odesa port in ‘hellish’ attack: official

Russia launched a massive air attack on the Ukranian port of Odesa for a second night in row, which one Ukrainian...

Published 19 Jul, 2023 11:41am

Energy

Global power demand growth to rebound in 2024 after slowdown, IEA says

PARIS: An ongoing energy crisis and an economic downturn is expected to slow global power demand growth in 2023, but...

Published 19 Jul, 2023 11:36am

Stocks

Indian shares open higher ahead of key earnings

BENGALURU: Indian shares opened higher on Wednesday, aided by broad sectoral gains, amid improved global cues, with...

Published 19 Jul, 2023 11:34am

Stocks

Japan’s Nikkei jumps to two-week high on Wall Street rally, dovish BOJ

TOKYO: Japan’s Nikkei share average rose to a two-week high on Wednesday, lifted by a rally on Wall Street and...

Published 19 Jul, 2023 11:33am

Commodities

Soybeans, corn, wheat rise on US dryness, Ukraine supply woes

SINGAPORE: Chicago soybean and corn futures gained more ground on Wednesday, with forecasts of dry weather in the US...

Published 19 Jul, 2023 11:32am

Forex

Indian rupee to track yuan’s slide at open, eyes 82.20/USD

MUMBAI: The Indian rupee is expected to decline on Wednesday, pressured by the yuan’s fall on worries over China’s...

Published 19 Jul, 2023 11:31am

Mutual Funds

Indian bond yields seen little changed as traders eye fresh cues

MUMBAI: Indian government bond yields are likely to be largely unchanged in the early session on Wednesday, after...

Published 19 Jul, 2023 11:29am

Energy

Bangladesh in talks with Malaysian firm for LNG supply

DHAKA: Bangladesh is in talks with a Malaysian firm to secure more supplies of liquefied natural gas (LNG), industry...

Published 19 Jul, 2023 11:28am

Stocks

Asia stocks split as US-China outlooks diverge

SYDNEY: Asia’s stock markets were mixed on Wednesday with growth concerns dragging on China’s equities while shares...

Published 19 Jul, 2023 11:26am

Stocks

Commodity stocks push Australian shares higher

Australian shares rose on Wednesday after a two-session slide, helped by mining and energy stocks on strong...

Published 19 Jul, 2023 11:25am

Forex

Thai baht gains ahead of PM vote, other Asian currencies drift lower

The Thai baht was the only Asian emerging market currency to make gains on Wednesday, with investors hopeful that a...

Published 19 Jul, 2023 11:24am

USA

Accident at Mexico coal mine kills 2, labor ministry says

MEXICO CITY: Two workers were killed after an accident at a coal mine in the Mexican state of Coahuila on Tuesday,...

Published 19 Jul, 2023 11:21am

Stocks

China, Hong Kong stocks extend losses, focus on stimulus

HONG KONG: China and Hong stocks extended losses on Wednesday, with frail economic data continuing to weigh on...

Published 19 Jul, 2023 11:19am

Energy

Vietnam approves $31.7bn plan to expand fuel storage capacity by 2030

HANOI: Vietnam has approved a plan to expand its national fuel storage capacity by 2030, with investment of up to...

Published 19 Jul, 2023 11:18am

Commodities

Copper under pressure on lackluster demand outlook

BEIJING: Prices of copper slid on Wednesday, amid gloomy demand outlook in top consumer China and expectations of...

Published 19 Jul, 2023 11:16am

PML-N, PPP, PTI gave written assurances: IMF

ISLAMABAD: The International Monetary Fund (IMF) on Tuesday said that Pakistan’s major political parties including...

Updated 19 Jul, 2023 11:15am

Bullion Rate

Gold retreats on dollar uptick, traders bet on Fed pause

Gold prices eased on Wednesday from a 1-1/2-month high touched in the previous session, dragged by a slightly...

Published 19 Jul, 2023 11:15am

Forex

China’s yuan weakens past key threshold to one-week low on heavy dollar demand

SHANGHAI/SINGAPORE: China’s yuan weakened to a more than one-week low against the dollar on Wednesday, breaching a...

Published 19 Jul, 2023 11:14am

Forex

Dollar tentative, kiwi jumps as NZ inflation data tempers rate doves

SINGAPORE: The dollar held just above an over one-year low on Wednesday as traders assessed the US rate outlook,...

Published 19 Jul, 2023 11:13am

Sports

PCB says men’s team to play 10 additional T20Is against New Zealand

LAHORE: The Pakistan Cricket Board (PCB) Tuesday announced its men’s side will play 10 additional T20Is against New...

Updated 19 Jul, 2023 11:11am

LoI to IMF: govt pledges fiscal discipline

Says it will restrain non-priority spending including through energy sector measures aimed at credibly containing energy sector subsidies, the public wage bill, and pensions

Updated 19 Jul, 2023 09:56am

No more tax amenities, exemptions: 10 structural benchmarks set for SBA

ISLAMABAD: The International Monetary Fund (IMF) has set 10 structural benchmarks (SBs) for stand-by arrangement...

Updated 19 Jul, 2023 09:54am

Business & Finance

Textile group exports decline 14.63pc to $16.501bn YoY

ISLAMABAD: The country’s textile group exports declined by around 14.63 percent during the fiscal year 2022-23 and...

Updated 19 Jul, 2023 09:45am

8pc of GDP: IMF projects $28.361bn gross external financing needs

ISLAMABAD: The International Monetary Fund (IMF) has projected Pakistan’s gross external financing needs at $28.361...

Updated 19 Jul, 2023 09:43am

Discos and FCA: CPPA-G and KE seek positive adjustment in tariffs

ISLAMABAD: The Central Power Purchasing Agency-Guaranteed (CPPA-G) and K-Electric have sought a positive adjustment...

Updated 19 Jul, 2023 09:42am

Historic! FY23 seafood exports hit $496m mark

KARACHI: Pakistan’s seafood export hits the highest mark of $496 million in 2022-23 because of the rupee...

Updated 19 Jul, 2023 09:31am

Key policy rate: Govt ready to consider further action in MPC meeting: IMF

ISLAMABAD: The government has committed to the International Monetary Fund (IMF) that the policy rate was raised to...

Updated 19 Jul, 2023 09:18am

Additional revenue: Govt committed to targeting agri and construction sectors

ISLAMABAD: The government has committed to the International Monetary Fund (IMF) to sustainably raise additional...

Updated 19 Jul, 2023 09:11am

Imported diplomatic vehicles: FBR creates special category for sale

ISLAMABAD: The diplomatic missions and embassies can now locally sell their used imported vehicles in Pakistan after...

Updated 19 Jul, 2023 09:01am

BR’s refresher: your morning briefing for the day

Important updates from July 18, 2023

Published 19 Jul, 2023 08:56am

‘Civilians cannot be put to the rigour of military courts’: CJP

ISLAMABAD: Chief Justice Umar Ata Bandial expressing concern over the trial of civilians by the military courts as...

Updated 19 Jul, 2023 08:54am

BR Research

Microfinance remaining buoyant

The microfinance sector in Pakistan has experienced notable growth and development over the past few decades despite...

Published 19 Jul, 2023 08:15am

BR Research

Current account roundup FY23

The current account posted a surplus ($334 million for June 23) for the fourth consecutive month – the 2HFY23...

Published 19 Jul, 2023 08:12am

BR Research

Otsuka Pakistan Limited

Otsuka Pakistan Limited (PSX: OTSU) was incorporated in Pakistan as a public limited company in 1988. The principal...

Published 19 Jul, 2023 08:08am

Opinion

Tax targets versus tax gap — II

The State should not collect advance taxes from those who are not chargeable to tax. Provisions like section 236 of...