News Archives for Latest - 2023-07-27

Interest Rates

BOJ to discuss allowing long-term rates to rise above 0.5% cap: Nikkei

TOKYO: The Bank of Japan will discuss allowing long-term interest rates to rise above its 0.5% cap by a certain...

Published 27 Jul, 2023 10:54pm

Forex

SBP-held foreign exchange reserves fall $541mn, stand at $8.19bn

Reserves fall on weekly basis due to due to external debt repayments, says central bank

Updated 27 Jul, 2023 10:49pm

Energy

Pakistan oil companies sign MoU to collaborate with Saudi Aramco on $10bn refinery

Project will have significant foreign investment from energy giants through equity participation

Updated 27 Jul, 2023 10:48pm

World

China giving economic lifeline to Russia: US intelligence

WASHINGTON: China's economic ties with Russia have helped limit the effect of punishing Western sanctions imposed...

Published 27 Jul, 2023 10:44pm

Stocks

Euro zone blue-chip shares at 15-year high as ECB fans rate pause hopes

Eurozone blue-chip shares rallied to their highest in more than 15 years on Thursday as investors anticipated the...

Published 27 Jul, 2023 09:37pm

Stocks

UK stocks rise on media stocks boost, global rate pause hopes

British stock indexes closed higher on Thursday, with Informa leading gains in media stocks, while hopes of a pause...

Published 27 Jul, 2023 09:35pm

Movies & Music

Filmmaker Mohammed Naqvi appointed head of Pakistan Academy Selection Committee

Will replace two-time Oscar winning filmmaker Sharmeen Obaid-Chinoy who served on the committee for a decade

Published 27 Jul, 2023 09:01pm

Forex

Back-to-back gains: rupee settles at 286.45 against US dollar

Currency appreciates 0.21% in inter-bank market

Updated 27 Jul, 2023 08:56pm

World

UN chief warns Earth in ‘era of global boiling’

UNITED NATIONS: UN chief Antonio Guterres on Thursday pleaded for immediate radical action on climate change, saying...

Published 27 Jul, 2023 08:26pm

South Asia

Blinken, Austin visit Australia on last leg of Pacific blitz

BRISBANE: US Secretary of State Antony Blinken and Pentagon chief Lloyd Austin will meet top Australian officials...

Published 27 Jul, 2023 08:19pm

Commodities

Global coal demand to stay near record in 2023: IEA

PARIS: Global coal consumption hit a record last year and is set to stay near those levels in 2023, the...

Published 27 Jul, 2023 08:05pm

Pakistan

Ali Muhammad Khan released from Mardan jail

PTI welcomes former state minister's release after 80 days of imprisonment in 'bogus cases'

Published 27 Jul, 2023 07:51pm

Pakistan

PM Shehbaz vows to uplift Balochistan, inaugurates several development projects

Says laptop quota for Balochistan had been increased to 14% against the 6% population share

Published 27 Jul, 2023 07:30pm

Stocks

Most Gulf markets fall following Fed rate hike; Qatar gains

Most stock markets in the Gulf ended lower on Thursday, as regional central banks increased key interest rates...

Published 27 Jul, 2023 07:33pm

Stocks

Wall Street rises on Meta boost, soft landing hopes

Wall Street’s main indexes surged on Thursday on hopes that the Federal Reserve’s policy tightening was ending and...

Published 27 Jul, 2023 07:28pm

Europe

Four killed in helicopter crash in Siberia

MOSCOW: A helicopter crash Thursday in the southern Siberian region of Altai killed four people, the Russian...

Published 27 Jul, 2023 07:05pm

South Asia

China open to deepen partnership with Indonesia, says Xi

BEIJING: China is willing to deepen its strategic cooperation with Indonesia, state media cited President Xi Jinping...

Published 27 Jul, 2023 06:42pm

Commodities

Copper creeps higher on hopes US rate hikes are over

LONDON: Copper prices edged higher on Thursday on optimism that U.S. interest rates have peaked, but the gains were...

Published 27 Jul, 2023 06:30pm

Money & Banking

ECB cuts rates paid to banks on minimum reserves

FRANKFURT: The European Central Bank cut the interest rate it pays to banks on their minimum reserves to zero,...

Published 27 Jul, 2023 06:18pm

Money & Banking

Foreign lenders in talks to finance part of Adani Group’s Ambuja debt

BENGALURU: Barclays, Deutsche Bank AG and Standard Chartered are in talks to collectively lend between $600 million...

Published 27 Jul, 2023 06:15pm

Stocks

Indian blue-chip shares reverse to end lower as financials, autos weigh

BENGALURU: Indian blue-chip shares reversed earlier gains to finish lower on Thursday, dragged by financials and...

Published 27 Jul, 2023 06:10pm

Stocks

Sri Lankan shares end higher as financials, industrials rise

BENGALURU: Sri Lankan shares closed higher on Thursday, aided by gains in financial and industrial stocks. The CSE...

Published 27 Jul, 2023 06:07pm

Money & Banking

ECB raises rates to 23-year high; keeps options open for September

FRANKFURT: The European Central Bank raised interest rates for the ninth consecutive time on Thursday and kept the...

Published 27 Jul, 2023 06:04pm

Cricket

Noman bags 7 as Pakistan crush Sri Lanka to sweep series

COLOMBO: Noman Ali took seven wickets to lead Pakistan’s rout of Sri Lanka by an innings and 222 runs to clinch the...

Updated 27 Jul, 2023 05:56pm

Pakistan

Senate passes Army Act amendment bill

It proposes up to five years in jail for anyone who discloses sensitive information regarding security of the country or the army

Updated 27 Jul, 2023 05:56pm

Money & Banking

Pakistan’s agriculture sector: HBL Zarai Services Limited to be incorporated

The board of Habib Bank Limited (HBL), one of the country’s largest banks, has approved the incorporation of ‘HBL...

Published 27 Jul, 2023 05:52pm

Movies & Music

Sinead O’Connor, singer of ‘Nothing Compares 2 U,’ dead at 56

DUBLIN: Sinead O’Connor, the Irish singer known for her stirring voice, 1990 chart-topping hit ‘Nothing Compares 2...

Published 27 Jul, 2023 05:08pm

Asia

China slams ‘malicious hype’ over FM Qin Gang’s dismissal

BEIJING: China said Thursday it opposed “malicious hype” concerning this week’s removal of foreign minister Qin...

Updated 27 Jul, 2023 05:08pm

Energy

OGDCL, PSO ink agreement for ‘greenfield refinery project’ in Balochistan

MoU signed between both companies for cooperation/collaboration and joint investment strategy for setting up project under consortium arrangement with foreign investors

Updated 27 Jul, 2023 05:06pm

Stocks

Despite profit-booking: KSE-100 closes over 47,000, first time since Nov 2021

PSO, OGDC, and PPL see heavy buying interest
Index settles at 47,077 after increase of 394.47 points

Updated 27 Jul, 2023 04:59pm

Asia

23 dead, six missing as boat capsizes in Philippine lake: rescuers

MANILA: A small boat capsized in a lake near the Philippine capital on Thursday, killing 23 people on board and...

Published 27 Jul, 2023 03:59pm

Business & Economy

China’s EXIM Bank has rolled over $2.4bn loans, says Ishaq Dar

Pakistan will only make interest payments in both years, the finance minister adds

Updated 27 Jul, 2023 03:47pm

Life & Style

Zara founder Ortega’s real estate fortune hit $20bn in 2022

MADRID: The investment firm of Spanish billionaire Amancio Ortega, the founder of fashion giant Inditex, on Thursday...

Published 27 Jul, 2023 03:27pm

Money & Banking

Enforcement action: SBP imposes over Rs350mn in penalties on six banks

Enforcement actions come during quarter ended June 30, 2023

Updated 27 Jul, 2023 03:18pm

Sports

India’s Siraj rested from West Indies ODIs

NEW DELHI: Fast bowler Mohammed Siraj has been released from India’s squad for the three-match one-day international...

Published 27 Jul, 2023 03:05pm

Europe

Spanish unemployment rate falls to lowest level since 2008

MADRID: Spain’s unemployment rate fell in the second quarter of 2023 to its lowest level since 2008, official data...

Published 27 Jul, 2023 02:53pm

Sports

Australia bowl first as Murphy recalled for Ashes finale

LONDON: Australia captain Pat Cummins won his first toss of the series and decided to bowl first in the fifth and...

Published 27 Jul, 2023 02:51pm

Luxury

Crown jewel carries weight of UK’s colonial past

LONDON: The star of Britain’s crown jewels, the Koh-i-Noor diamond, is back on view after a notable absence from...

Published 27 Jul, 2023 02:45pm

Stocks

Most Gulf markets gain on oil, corporate earnings; Saudi falls

Most major stock markets in the Gulf rose in early trade on Thursday, supported by corporate earnings and rising oil...

Published 27 Jul, 2023 02:41pm

Stocks

UK stocks rise as media stocks gain, Shell drags energy index

UK’s FTSE 100 edged higher on Thursday as gains in media stocks, led by upbeat outlook from Informa and investors’...

Published 27 Jul, 2023 02:39pm

Financial

Turkiye’s central bank raises year-end inflation forecast to 58%

ANKARA: Turkiye’s central bank raised its end-2023 inflation forecast to 58.0% from 22.3% in its previous report,...

Published 27 Jul, 2023 02:37pm

Energy

Oil climbs close to April peak on tighter supply

LONDON: Oil climbed almost 1% on Thursday, recouping losses from the previous session, supported by supply tightness...

Updated 27 Jul, 2023 01:48pm

Companies

Volkswagen profits dip as it struggles in China

FRANKFURT: Volkswagen said Thursday its profits slipped in the second quarter as it battles to regain ground in...

Published 27 Jul, 2023 01:16pm

Middle East

Israel troops kill Palestinian teen in occupied West Bank: ministry

RAMALLAH: Israeli troops killed a Palestinian teenager during an overnight raid in the occupied West Bank, the...

Published 27 Jul, 2023 01:14pm

Europe

Strike kills one, damages port infrastructure in Odesa region

KYIV: An overnight Russian missile strike on port infrastructure in southern Ukraine’s Odesa region on the Black Sea...

Published 27 Jul, 2023 01:13pm

Stocks

European stock markets climb before ECB rate call

LONDON: European stock markets rose in early trading Thursday awaiting an interest-rate decision from the European...

Published 27 Jul, 2023 01:10pm

Europe

Putin hosts African leaders in Russia after grain deal exit

MOSCOW: The Russian president will on Thursday host leaders of African countries for a summit in his native Saint...

Published 27 Jul, 2023 12:47pm

Energy

TotalEnergies profit sinks as oil, gas prices slide

PARIS: French group TotalEnergies on Thursday reported a drop in net profit in the second quarter as oil and gas...

Published 27 Jul, 2023 12:37pm

Sports

‘Mortal sin’ not to relish England World Cup test

SYDNEY: Denmark coach Lars Sondergaard told his players on Thursday that it would be “a mortal sin” not to relish...

Published 27 Jul, 2023 12:25pm

Energy

Shell net profit slides as energy prices weaken

LONDON: British energy giant Shell on Thursday said its net profit slumped in the second quarter on weaker energy...

Published 27 Jul, 2023 12:15pm

South Asia

Norwegian woman, Nepali guide set record for summit of 14 ‘super peaks’: team

ISLAMABAD: A Norwegian woman and her Nepali guide set the record Thursday for the fastest summit of all 14 of the...

Published 27 Jul, 2023 12:12pm

Europe

Greece races to tackle wildfires as winds resume

VÓLOS: Greek fire crews on Thursday raced to put out wildfires around the country that have raged for two weeks and...

Published 27 Jul, 2023 11:57am

Europe

France’s Macron denounces ‘new imperialism’ in Pacific

PORT VILA: French President Emmanuel Macron denounced “new imperialism” in the Pacific during a landmark visit to...

Published 27 Jul, 2023 11:43am

South Asia

Sri Lanka massacres that triggered civil war haunt 40 years later

COLOMBO: Forty years ago, mobs in Sri Lanka burned 13 people alive, part of a week-long pogrom that turbocharged...

Published 27 Jul, 2023 11:40am

Business & Finance

German consumer mood improves as inflation slows

BERLIN: German consumer confidence rose heading into August, a key survey showed Thursday, as once red-hot inflation...

Published 27 Jul, 2023 11:31am

Forex

Australia, NZ dollars draw support as global tightening nears an end

SYDNEY: The Australian and New Zealand dollars edged higher on Thursday as a well-flagged rise in US rates proved...

Published 27 Jul, 2023 11:20am

Financial

BOJ to keep ultra-low rates, may debate fine-tuning yield cap

TOKYO: As aggressive US interest rate hikes look like they might be nearing an end, Japan’s central bank faces its...

Published 27 Jul, 2023 11:13am

Stocks

Asian shares climb after Fed hikes as expected; eyes on Europe, Japan

SYDNEY: Asian shares advanced and the dollar fell on Thursday after a well-flagged US rate rise delivered no major...

Published 27 Jul, 2023 11:09am

USA

US not seeking permanent base in Papua New Guinea: defence secretary

US Secretary of Defence Lloyd Austin said on Thursday during a visit to Papua New Guinea that Washington was not...

Published 27 Jul, 2023 11:04am

Forex

Indian rupee to rise post what is seen as Fed’s last rate hike

MUMBAI: The Indian rupee is expected to appreciate slightly at open on Thursday helped by the dollar’s losses after...

Published 27 Jul, 2023 10:58am

Technology

Samsung to extend production cuts after $7bn chip loss in H1

SEOUL: Samsung Electronics on Thursday struck a cautious note on the global semiconductor outlook, announcing plans...

Published 27 Jul, 2023 10:52am

Commodities

Palm slides for third day on stronger ringgit

SINGAPORE: Malaysian palm oil futures dipped for a third straight session on Thursday, dragged down by a firmer...

Published 27 Jul, 2023 10:49am

Asia

North Korea’s Kim shows off banned missiles to Russian minister

SEOUL: Russia’s defence minister accompanied North Korean leader Kim Jong Un to a defence exhibition that featured...

Published 27 Jul, 2023 10:46am

Stocks

Australian shares rise to 5-month high on tech, financials boost

Australian shares rose on Thursday, boosted by technology stocks and financials, a day after data showed inflation...

Published 27 Jul, 2023 10:38am

Commodities

Copper rises on easing dollar as Fed’s rate-hike cycle seen ending

Copper prices rose on Thursday as a softer dollar made metals traded in the US currency cheaper for buyers using...

Published 27 Jul, 2023 10:34am

Bullion Rate

Gold hits 1-week high on softer dollar after Powell’s comment

Gold prices rose to a one-week high on Thursday, supported by a slightly weaker dollar, while traders digested...

Published 27 Jul, 2023 10:31am

Commodities

Wheat recoups some losses on Black Sea supply concerns, corn falls

SINGAPORE: Chicago wheat futures edged higher on Thursday, recouping some deep losses from the previous session as...

Published 27 Jul, 2023 10:25am

Business & Finance

Moderate US economic growth expected in second quarter

WASHINGTON: The US economy likely maintained a moderate pace of growth in the second quarter as labor market...

Published 27 Jul, 2023 10:23am

Sports

Champions United States held 1-1 by Dutch in World Cup thriller

WELLINGTON: A second-half goal from co-captain Lindsey Horan allowed the United States to battle back for a 1-1 draw...

Published 27 Jul, 2023 10:12am

Economy, engagement with global institutions: Caretaker setup given extra powers ahead of elections

PML-N successfully persuades allies for the passage of bill by joint sitting of parliament

Updated 27 Jul, 2023 10:04am

Forex

China’s yuan touches 2-week high after Fed rate decision

SHANGHAI/SINGAPORE: China’s yuan strengthened to a two-week high against the dollar on Thursday, underpinned by...

Published 27 Jul, 2023 10:03am

Pakistan

Bilawal takes up issue of disruption of grain supply chain with Lavrov

ISLAMABAD: Foreign Minister Bilawal Bhutto-Zardari on Wednesday reached out to his Russian counterpart Sergei Lavrov...

Updated 27 Jul, 2023 10:03am

Investment Board Ordinance 2001: Cabinet approves draft amendment bill

ISLAMABAD: The federal cabinet has approved the draft amendment bill of the Investment Board Ordinance 2001 for the...

Updated 27 Jul, 2023 10:02am

Pakistan

Toshakhana case: SC rejects PTI chief’s plea to stay criminal proceedings

ISLAMABAD: The Supreme Court declined Pakistan Tehreek-e-Insaf Chairman’s plea to stay the criminal proceedings...

Updated 27 Jul, 2023 10:01am

Business & Finance

Foreign investors: Repatriation of profit, dividend dives to 18-year low

KARACHI: The repatriation of profit and dividend by foreign investors plunged by 80 percent, ie, to 18 years lowest...

Updated 27 Jul, 2023 10:01am

Energy

Russia starts crude shipments to Africa, boosts fuel sales

Russia began shipping crude oil to Africa for the first time this year and more than tripled supplies of oil...

Published 27 Jul, 2023 10:01am

Stocks

Japan’s Nikkei edges up with BOJ in focus; Advantest, Nissan slide

TOKYO: Japan’s Nikkei share average inched higher on Thursday as market participants awaited the outcome of a...

Published 27 Jul, 2023 09:56am

Stocks

Indian shares open higher after Fed rate hike as expected

BENGALURU: Indian shares opened higher on Thursday, led by pharma stocks on strong quarterly results from Dr....

Published 27 Jul, 2023 09:53am

Forex

Dollar slips as Fed’s rate-hike cycle seen ending

SINGAPORE: The dollar was on the back foot on Thursday after the Federal Reserve delivered what some expected to be...

Published 27 Jul, 2023 09:51am

Mutual Funds

Indian bond yields ease as Fed’s latest hike seen as last

MUMBAI: Indian government bond yields were lower in early session on Thursday, tracking U.S peers on rising bets...

Published 27 Jul, 2023 09:44am

Stocks

Hong Kong stocks rise on tech boost, HKMA raises base rate

SHANGHAI: Hong Kong shares rose on Thursday, led by tech stocks, after local authorities increased the base rate...

Published 27 Jul, 2023 09:42am

Business & Finance

Interbank, open market: Import of cash USD to help narrow rate differences: expert

KARACHI: The permission of import of cash US dollars by Exchange Companies (ECs) will increase the dollar inflows...

Updated 27 Jul, 2023 09:23am

PM calls for devising extensive export policy

KARACHI: Prime Minister Shehbaz Sharif has called for formulating a comprehensive export policy in consultation with...

Updated 27 Jul, 2023 09:22am

Cabinet clears much-awaited bill: Up to $2m fine on violation of personal data provisions

ISLAMABAD: A fine which may extend to $2 million or an equivalent amount in Pakistani rupees would be levied on...

Updated 27 Jul, 2023 09:11am

Policy continuation, forex financing a must for growth

ISLAMABAD: The Finance Division has stated that prudent and effective economic decisions, political and economic...

Updated 27 Jul, 2023 09:10am

FBR seeks amendment to Sec 2(37) of ST Act

ISLAMABAD: The scope of ‘sales tax fraud’ is intended to be enlarged by the Federal Board of Revenue (FBR) by...

Updated 27 Jul, 2023 08:56am

Economy very much on track: PM

KARACHI: Prime Minister Shehbaz Sharif Wednesday said the country’s economy was on the course of progress as the...

Updated 27 Jul, 2023 08:55am

BR’s refresher: your morning briefing for the day

Important updates from July 26, 2023

Published 27 Jul, 2023 08:53am

Opinion

Taxing work and subsidising non-work

Turns out that there’s a Salaried Class Alliance (SCA), based in Karachi, which describes itself as a...

Updated 27 Jul, 2023 07:00am

Opinion

PARTLY FACETIOUS: Now politics is so boring

“It’s kinda boring these days.” “Get a life then?” “Politics used to be so entertaining and now it’s ...

Updated 27 Jul, 2023 06:54am

BR Research

Pakistan Telecommunication Company Limited

Pakistan Telecommunication Company Limited (PSX: PTC) was incorporated in Pakistan in 1995. The company is engaged...

Published 27 Jul, 2023 06:46am

BR Research

HBL: Profit streak continues

Banks are often a reflection of a country’s state of economy. Looking at HBL’s 1HCY23 financial results announced...

Published 27 Jul, 2023 06:32am

BR Research

Foreign bill discounting: good times are coming?

A raw material shortfall, exorbitant energy prices, liquidity squeeze, high interest rates, and catering global...

Published 27 Jul, 2023 06:28am

Pakistan

The Weather

KARACHI: The weather report on Wednesday (July 26, 2023) and the forecast for Thursday (July 27, 2023)....