News Archives for Latest - 2023-10-25

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Archive - 2023-10-25

Business & Economy

Pakistan to hear ‘good news’ regarding PayPal, Stripe payment gateways soon: Dr Saif

Dr Umar Saif, Pakistan’s caretaker federal minister for IT and Telecommunications, said on Wednesday that the...

Updated 26 Oct, 2023 12:17am

Middle East

Israel-Hamas war already affecting regional economies: IMF head

RIYADH: The raging war between Israel and Hamas is already battering the economies of nearby countries, the managing...

Updated 25 Oct, 2023 10:56pm

Europe

Putin oversees test firing of ballistic missiles: Kremlin

MOSCOW: Russian President Vladimir Putin on Wednesday oversaw ballistic missile drills remotely, the Kremlin said,...

Published 25 Oct, 2023 10:52pm

Business & Economy

July-Sept: profit repatriation from Pakistan rises massively by 266% YoY

Stands at $212.9mn during three-month period

Updated 25 Oct, 2023 10:46pm

World

UN to vote on Russian, US resolutions on Gaza war

UNITED NATIONS: A divided UN Security Council will vote Wednesday on competing draft resolutions on the Israel-Hamas...

Published 25 Oct, 2023 10:37pm

Middle East

Israel intensifies bombing of southern Gaza, world leaders urge pause to let aid in for Palestinians

Palestinian anger over killings has been increased by a sense of betrayal as many of those who obeyed the order to move south are also being killed

Updated 25 Oct, 2023 10:33pm

Forex

Enforcement action: SBP imposes over Rs83mn in penalties on four banks

The State Bank of Pakistan (SBP) imposed penalties worth Rs83.2 million on four banks during the quarter ending...

Updated 25 Oct, 2023 10:32pm

USA

US mortgage rates soar to highest in more than 23 years

The interest rate on the most popular U.S. home loan last week jumped to the highest since September 2000, marking...

Updated 25 Oct, 2023 10:22pm

Companies

After Toyota, Honda Atlas also reduces car prices in Pakistan

Honda Atlas Cars is the latest to announce reduction in car prices by up to Rs300,000, in line with rupee’s...

Published 25 Oct, 2023 09:49pm

South Asia

India resumes issuing visas to Canadians after spat

OTTAWA: India will reopen visa services for Canadians, its embassy in Ottawa announced Wednesday, a move that could...

Published 25 Oct, 2023 09:07pm

Middle East

UN chief says ‘shocked’ by ‘misrepresentations’ of Mideast remarks

UNITED NATIONS: United Nations Secretary-General Antonio Guterres on Wednesday rejected the “misrepresentations” of...

Updated 25 Oct, 2023 08:55pm

Cricket

Maxwell, Warner star as Australia hand Dutch record World Cup rout

NEW DELHI: Glenn Maxwell’s fastest World Cup century off 40 balls and 104 by David Warner led Australia to a record...

Updated 25 Oct, 2023 08:38pm

Pakistan

Govt declines to produce PTI chief before ECP

ISLAMABAD: What appears to be an embarrassment to the Election Commission of Pakistan (ECP), the federal government...

Updated 25 Oct, 2023 08:13pm

Money & Banking

UBS to cut Credit Suisse investment bank staff in Spanish overhaul

ZURICH: UBS is cutting nearly half of the staff it inherited from Credit Suisse in Spain in the latest restructuring...

Published 25 Oct, 2023 08:13pm

Money & Banking

Barclays to lay off dozens of US consumer bank employees

NEW YORK: Barclays Plc is laying off dozens of staff in its U.S. consumer banking division as part of a global drive...

Published 25 Oct, 2023 08:10pm

Stocks

Most Gulf markets gain amid easing Mideast woes

Most stock markets in the Gulf ended higher on Wednesday, recovering from their recent losses, as diplomatic efforts...

Published 25 Oct, 2023 08:04pm

Middle East

Indian conglomerate Essar plans regional hub in Saudi Arabia

RIYADH: Indian conglomerate Essar Group plans to make Saudi Arabia a hub to drive its expansion locally and...

Published 25 Oct, 2023 07:58pm

Energy

Oil steadies as demand fears counter Middle East conflict

LONDON: Oil benchmark Brent hovered around $88 a barrel on Wednesday as demand worries stemming from gloomy economic...

Updated 25 Oct, 2023 07:49pm

Stocks

S&P 500, Nasdaq dip as Alphabet slides

The Nasdaq and the S&P 500 slipped on Wednesday as tech giant Alphabet slumped after its cloud division missed...

Published 25 Oct, 2023 07:41pm

Stocks

KSE-100 closes higher on earnings euphoria

The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index closed higher on Wednesday, gaining nearly 150 points on...

Published 25 Oct, 2023 07:35pm

Stocks

Sri Lanka shares end lower as financials, communication services drag

CSE All-Share index settled 1.09% lower at 10,614.46

Published 25 Oct, 2023 07:34pm

Forex

Inter-bank: rupee falls marginally, settles at 279.88 against US dollar

Currency depreciates 0.16% on Wednesday

Updated 25 Oct, 2023 07:32pm

Cricket

Sri Lanka ‘fight fire with fire’ as Mathews eyes new England shock

BENGALURU: Former captain Angelo Mathews said Sri Lanka will “fight fire with fire” against England as the veteran...

Published 25 Oct, 2023 07:22pm

Stocks

US stocks pressured by mixed earnings, Capitol Hill turmoil

NEW YORK: Wall Street stocks mostly fell early Wednesday following mixed earnings reports, while markets monitored...

Published 25 Oct, 2023 06:56pm

Pakistan

Imran Khan moves IHC against indictment in cipher case

Former prime minister and Pakistan Tehreek-e-Insaf (PTI) Chief Imran Khan filed on Wednesday a petition in the...

Published 25 Oct, 2023 06:33pm

Movies & Music

Richard Roundtree, America’s ‘first Black action hero,’ dead at 81

WASHINGTON: American actor Richard Roundtree, heralded as “the first Black action hero” for his starring role in the...

Published 25 Oct, 2023 06:44pm

Forex

Open-market: downtrend continues as rupee closes lower for 4th straight session

The Pakistani rupee closed weaker against the US dollar in the open market for the fourth consecutive session on...

Updated 25 Oct, 2023 06:08pm

Middle East

Iran’s Khamenei says US ‘directing’ Israel bombing of Gaza

TEHRAN: Iran’s supreme leader Ayatollah Ali Khamenei on Wednesday accused the United States of “directing” strikes...

Published 25 Oct, 2023 05:53pm

Asia

Record 114 million people now displaced worldwide: UN

GENEVA: The number of people worldwide living in forced displacement from their homes is estimated to have exceeded...

Published 25 Oct, 2023 05:47pm

Europe

Erdogan says Hamas is not a terrorist organisation

ANKARA: Turkish President Tayyip Erdogan, in his strongest comments yet on the Gaza conflict, said on Wednesday the...

Published 25 Oct, 2023 05:06pm

Middle East

6,546 Palestinians killed in Israeli strikes on Gaza including 2,704 children since Oct.7

GAZA: At least 6,546 Palestinians, including 2,704 children, were killed and 17,439 wounded in Israeli strikes since...

Published 25 Oct, 2023 04:59pm

Stocks

India’s blue-chips log worst losing streak in nearly eight months

BENGALURU: Indian shares posted their longest daily losing run in nearly eight months on Wednesday as worries over...

Published 25 Oct, 2023 04:50pm

Commodities

Copper falls as stronger dollar offsets China stimulus

LONDON: Copper prices fell in London on Wednesday as a stronger dollar and further signs of stagnating euro zone...

Published 25 Oct, 2023 04:46pm

Money & Banking

HBL’s profit-before-tax for 9MCY23 rises to Rs83.5bn

HBL declared another record quarterly profit for Q3CY23 with a profit before tax (PBT) of Rs 32.0 billion, stated a...

Published 25 Oct, 2023 04:45pm

Commodities

Palm oil rebounds despite export decline, strong ringgit

SINGAPORE: Malaysian palm oil futures staged a rebound and rose at closing on Wednesday, though a decline in exports...

Published 25 Oct, 2023 04:44pm

Commodities

Gold drops Rs750 per tola in Pakistan

Gold rates in Pakistan further decreased on Wednesday, in line with decline in the international rate. The yellow...

Published 25 Oct, 2023 04:28pm

Money & Banking

UBL’s profit up 128% during July-September

United Bank Limited (UBL), one of the country’s largest commercial banks, posted earnings of Rs15.04 billion for the...

Published 25 Oct, 2023 04:06pm

Energy

HUBCO’s profit soars 93% in 1QFY24

Hub Power Company Limited (HUBCO), Pakistan’s largest Independent Power Producer (IPP), saw its profit jump by over...

Published 25 Oct, 2023 03:55pm

Arts

Palestinian sings to ‘block out’ roar of Israel strikes

GAZA STRIP, Palestinian Territories: Jawaher al-Aqraa says it will be a “miracle” if she survives the Gaza war but...

Published 25 Oct, 2023 03:47pm

Middle East

Tropical cyclone kills two, displaces 10,000 in Yemen

ADEN: A tropical cyclone has killed at least two people in war-torn Yemen and displaced around 10,000 others,...

Published 25 Oct, 2023 03:44pm

Middle East

Gaza needs billions in aid to reverse years of restrictions: UN trade body

GENEVA: Gaza needs billions of dollars in international economic aid to compensate for years of restrictions that...

Published 25 Oct, 2023 03:34pm

Forex

Sterling weakens as soft data supports BoE rate view

LONDON: The British pound extended the previous day’s losses on Wednesday after gloomy economic data affirmed the...

Published 25 Oct, 2023 03:25pm

Middle East

Qatar’s PM hopes for breakthrough on hostages’ release ‘soon’

DOHA: Qatar’s prime minister said on Wednesday there was some progress on hostage negotiations after Palestinian...

Published 25 Oct, 2023 03:22pm

Europe

Erdogan says Israel must halt attacks on Gaza, calls for ceasefire

ANKARA: Turkiye President Tayyip Erdogan on Wednesday urged an immediate ceasefire between Israeli and Palestinian...

Published 25 Oct, 2023 03:07pm

Sports

Moeen backs England to end slump with aggressive approach

BENGALURU: England may need to take a leaf out of the test side’s “Bazball” playbook and reignite their 50-overs...

Published 25 Oct, 2023 03:10pm

Sports

Cricket World Cup: England v Sri Lanka head-to-head record

BENGALURU: England v Sri Lanka ODI record ahead of their Cricket World Cup group game at the M. Chinnaswamy Stadium,...

Published 25 Oct, 2023 02:43pm

Stocks

Hong Kong stocks finish higher

HONG KONG: Hong Kong stocks rose Wednesday after China unveiled plans for massive infrastructure spending as leaders...

Updated 25 Oct, 2023 02:40pm

Middle East

France’s Macron to meet Sisi in Egypt Wednesday

AMMAN: French President Emmanuel Macron is to hold talks in Cairo later Wednesday with Egyptian counterpart Abdel...

Published 25 Oct, 2023 02:38pm

Forex

Russian rouble climbs to over six-week high past 93 vs dollar

MOSCOW: The Russian rouble strengthened to a more than six-week high past 93 to the dollar in early trade on...

Published 25 Oct, 2023 01:55pm

Luxury

Hermes sales beat expectations as US, Europe shoppers splurge on Birkin bags

PARIS: Sales at Hermes rose briskly in the third quarter, beating expectations and outshining rivals as economic...

Published 25 Oct, 2023 01:51pm

Forex

South African rand slightly stronger against muted dollar

JOHANNESBURG: The South African rand edged higher in early trade on Wednesday against a muted dollar and was set to...

Published 25 Oct, 2023 01:31pm

Stocks

Japan’s Nikkei gains for 2nd day on Wall Street rise, China stimulus

TOKYO: Japan’s Nikkei share average rose on Wednesday, continuing its rebound from a three-week low, as it tracked...

Updated 25 Oct, 2023 01:29pm

Business & Finance

Israel to amend budget, Gaza war direct cost at $246mn daily

OCCUPIED JERUSALEM: Israeli Finance Minister Bezalel Smotrich said on Wednesday the 2023-2024 national budget was...

Published 25 Oct, 2023 01:27pm

Energy

TotalEnergies targets FID on Matola LNG by Sept 2024

CAPE TOWN: French energy company TotalEnergies expects to take a final investment decision (FID) on a planned new...

Published 25 Oct, 2023 01:23pm

Real Estate

Evergrande did not file court documents by requested time

HONG KONG: China Evergrande Group did not submit defence documents to a Hong Kong court before a deadline that comes...

Published 25 Oct, 2023 12:55pm

Stocks

European shares slip on mixed earnings, energy stocks drag

European shares slipped on Wednesday as investors digested a slew of mixed earnings reports from the region, while...

Published 25 Oct, 2023 12:52pm

Stocks

FTSE 100 slips as Reckitt results offset mining boost

UK’s FTSE 100 slipped on Wednesday as a rise in industrial mining stocks was offset by a drop in shares of Reckitt...

Published 25 Oct, 2023 12:49pm

Forex

Ugandan shilling weakens on uptick in importer demand

KAMPALA: The Ugandan shilling traded weaker on Wednesday, undermined by an uptick in demand from energy and other...

Published 25 Oct, 2023 12:46pm

Sports

Arteta ‘worried’ after Jesus injury mars superb display

SEVILLE: Arsenal coach Mikel Arteta said he was “worried” about Gabriel Jesus after the Brazilian forward was taken...

Published 25 Oct, 2023 12:42pm

Sports

Ronaldo stunners edge AFC Champions League seven-goal thriller

RIYADH: Cristiano Ronaldo rolled back the years to score two stunning goals and propel his Al Nassr side to a...

Published 25 Oct, 2023 12:36pm

Technology

China to send youngest-ever crew to space station

JIUQUAN: China will send its youngest-ever crew of astronauts to the Tiangong space station this week, officials...

Published 25 Oct, 2023 12:30pm

South Asia

Two killed, nearly 275,000 flee Bangladesh cyclone

COX’S BAZAR: Nearly 275,000 people in Bangladesh fled to shelters on Wednesday as Cyclone Hamoon barrelled into the...

Published 25 Oct, 2023 12:26pm

Europe

Russian defence minister visits Ukraine military zone

MOSCOW: Russia’s Defence Minister Sergei Shoigou visited Ukraine to inspect a command post and meet senior officers,...

Published 25 Oct, 2023 12:21pm

Forex

Australian dollar jumps, bonds slump on risk of rate rise

SYDNEY: The Australian dollar jumped on Wednesday after a surprisingly high reading for inflation stoked speculation...

Published 25 Oct, 2023 12:00pm

Asia

China willing to cooperate with US, manage differences: Xi

BEIJING: Chinese President Xi Jinping said on Wednesday that China is willing to cooperate with the United States as...

Published 25 Oct, 2023 11:55am

Bullion Rate

China’s Jan-Sept gold consumption climbs over 7% on rising investment interest

BEIJING: China’s gold consumption in the first three quarters of 2023 climbed 7.32% from a year earlier on...

Published 25 Oct, 2023 11:51am

Commodities

Corn rises from near 2-week low, US harvest pace limits gains

SINGAPORE: Chicago corn edged higher on Wednesday, with the market recovering from last session’s near two-week low...

Published 25 Oct, 2023 11:49am

Commodities

Palm oil falls to 2-week low on stronger ringgit, rival oil weakness

SINGAPORE: Malaysian palm oil futures fell for a third consecutive session on Wednesday, weighed down by a stronger...

Published 25 Oct, 2023 11:44am

Stocks

China stocks rally on $137bn sovereign bond issue plan

HONG KONG: Chinese stocks rose on Wednesday after the country’s top parliamentary body approved an additional 1...

Published 25 Oct, 2023 11:40am

Sports

South Africa’s sizzling top six set the standard at World Cup

South Africa flew into the Cricket World Cup a little under the radar but the awesome range of their power hitting...

Published 25 Oct, 2023 11:37am

Middle East

Israeli drone strike in West Bank kills three Palestinians, officials say

RAMALLAH: Israeli forces on an overnight raid in the occupied West Bank came under fire by a group of Palestinians...

Published 25 Oct, 2023 11:33am

Europe

Ukraine says drone debris damages critical facility in west

KYIV: A critical infrastructure facility in western Ukraine’s Khmelnytskiy region was damaged during an overnight...

Published 25 Oct, 2023 11:24am

Financial

UniCredit to have more than 10bn euros in excess capital by end-2023

ROME: UniCredit will have more than 10 billion euros ($10.60 billion) in excess capital by end-2023 and will...

Published 25 Oct, 2023 11:20am

Sports

Vinicius Jr ‘back to his best,’ says Real Madrid boss Ancelotti

Vinicius Jr has returned to his best form after the winger produced a fine performance to help Real Madrid claim a...

Published 25 Oct, 2023 11:18am

Markets

Deutsche Bank Q3 profit falls 8%, but more optimistic on revenue

FRANKFURT: Deutsche Bank on Wednesday posted a better-than-expected 8% drop in third-quarter profit, as revenue at...

Published 25 Oct, 2023 11:15am

Markets

Country Garden default on dollar bond declared for first time

Chinese developer Country Garden Holdings has been deemed in default on a US dollar bond for the first time,...

Published 25 Oct, 2023 11:13am

Middle East

Syria says Israeli attack kills eight soldiers

BEIRUT: An Israeli attack on military positions in southwest Syria on Wednesday killed eight soldiers and wounded...

Published 25 Oct, 2023 11:10am

World

Mexico braces for Category 5 hurricane, risk of ‘catastrophic’ damage

ACAPULCO: Mexico’s southern coast braced for Hurricane Otis on Wednesday as the Category 5 storm barreled towards...

Published 25 Oct, 2023 11:06am

Middle East

World leaders seek pause to Israel-Hamas fighting to allow aid into Gaza

GAZA/OCCUPIED JERUSALEM: The United States and Russia led international calls for a pause in fighting between Israel...

Published 25 Oct, 2023 10:57am

Energy

China affirms 1bn ton cap on crude oil refining capacity for 2025

BEIJING/SINGAPORE: China will cap its crude oil refining capacity at 1 billion metric tons by 2025 to streamline its...

Published 25 Oct, 2023 10:45am

Mutual Funds

India bond yields decline as oil, US peers ease from their highs

MUMBAI: Indian government bond yields were lower on Wednesday, after a holiday, tracking a drop in oil prices as...

Published 25 Oct, 2023 10:33am

Commodities

Shanghai copper climbs to two-week high on upbeat demand outlook

BEIJING: Copper prices in Shanghai climbed to a two-week peak on Wednesday, underpinned by better demand outlook...

Published 25 Oct, 2023 10:30am

Stocks

Asian stocks bounce on China spending plans; inflation jolts Aussie

SINGAPORE: China led Asia’s stock markets higher on Wednesday as investors cheered the approval of a trillion-yuan...

Published 25 Oct, 2023 10:27am

Forex

China’s yuan slips as dollar strength offsets Beijing’s fiscal stimulus

SHANGHAI: China’s yuan slipped against the dollar on Wednesday, as the greenback’s broad strength in global markets...

Published 25 Oct, 2023 10:06am

Stocks

Metals lead rise in Indian shares amid global rebound

BENGALURU: Metals led Indian shares higher amid a rebound in global stocks, as US Treasury yields eased and crude...

Published 25 Oct, 2023 10:03am

Stocks

Australian shares rise ahead of CPI data as miners gain

Australian shares rose on Wednesday, helped by strong gains in mining stocks on hopes of fresh fiscal stimulus in...

Published 25 Oct, 2023 09:59am

Caretakers look forward to good rabi season

Caretaker PM Anwaar-ul-Haq Kakar directs relevant ministries to prepare and submit a comprehensive plan for uninterrupted supply of fertiliser for Rabi crop

Updated 25 Oct, 2023 09:59am

Forex

Dollar bounces, euro heavy on US/euro zone growth outlook divergence

SINGAPORE: The dollar was on the front foot on Wednesday, drawing support from yet another resilient US economic ...

Published 25 Oct, 2023 09:56am

Customs’ values on import of 26 types of spices, herbs, gums fixed

ISLAMABAD: Directorate General of Customs Valuation Karachi has fixed new Customs values on the import of 26...

Updated 25 Oct, 2023 09:33am

Proposed power evacuation plan: There’re many ifs and buts

ISLAMABAD: National Transmission and Despatch Company (NTDC) has raised many ‘Ifs’ and ‘buts’ on proposed power...

Updated 25 Oct, 2023 09:32am

Business & Finance

SBP working towards minimising Rs8.79trn currency in circulation

KARACHI: The State Bank of Pakistan (SBP) is working on fast pace to minimise the current Rs 8.79 trillion currency...

Updated 25 Oct, 2023 09:25am

Removal of anomalies in valuation tables: FTO directs FBR to activate ‘DGIP’

ISLAMABAD: The Federal Tax Ombudsman (FTO) has directed the Federal Board of Revenue (FBR) to immediately activate...

Updated 25 Oct, 2023 09:22am

Optical fibre along ROW: SIFC-formed panel sets Rs30 per meter rate

ISLAMABAD: The Cabinet Secretary-led committee constituted by the Executive Committee of the Special Investment...

Updated 25 Oct, 2023 09:07am

CASA-1000, SEZs and other projects: Cash-strapped NTDC submits Rs510bn revised investment plan

ISLAMABAD: The cash-strapped National Transmission Despatch Company (NTDC) has submitted revised three-year, ie,...

Updated 25 Oct, 2023 09:06am

Nepra ‘baffled’ by Discos’ power acquisition programme

ISLAMABAD: The Power Distribution Companies (Discos) combined five-year Power Acquisition Program (PAP) 2022-23 to...

Updated 25 Oct, 2023 09:05am

Business & Finance

Towel exporters demand payment of sales tax refunds

KARACHI: Syed Usman Ali, the Senior Vice Chairman of the Towel Manufacturers Association of Pakistan, has voiced...

Updated 25 Oct, 2023 08:47am

SBP expects increase in home remittances

KARACHI: With a significant increase in the labour migration, the State Bank of Pakistan (SBP) is expecting...

Updated 25 Oct, 2023 08:42am

BR’s refresher: your morning briefing for the day

Important updates from October 24, 2023

Published 25 Oct, 2023 08:42am

Special flights to commence this week: 3,000 Afghans who aided coalition forces to be relocated to UK

KARACHI: Special flights will be commenced from Islamabad this week to relocate nearly 3,000 Afghan refugees to the...

Updated 25 Oct, 2023 08:41am

IMF team to visit country on Nov 2

KARACHI: An International Monetary Fund (IMF) mission will visit Pakistan on Nov. 2 to discuss the first review of...

Updated 25 Oct, 2023 08:41am

BR Research

FDI still too small to make a difference

Many countries have fallen short of their FDI targets in the wake of global economic turmoil including India....

Published 25 Oct, 2023 08:03am

BR Research

Cherat: Steady does it

Amid an economic downturn, somehow the cement industry is on a financial mend—not that cement companies did not...

Published 25 Oct, 2023 08:02am

BR Research

Bannu Woolen Mills Limited

Bannu Woolen Mills Limited (PSX: BNWM) was incorporated in Pakistan as a public limited company in 1960. It was...

Published 25 Oct, 2023 08:01am

Commodities

Gold extends decline

BENGALURU: Gold extended its retreat on Tuesday, moving further away from a five-month high hit last week, hurt by a...

Updated 25 Oct, 2023 06:57am

World

UN pleads for Gazans’ safety, cites humanitarian law violations

UNITED NATIONS: United Nations Secretary-General Antonio Guterres pleaded on Tuesday for civilians to be protected ...

Updated 25 Oct, 2023 06:53am

World

Blinken warns Iran that US will respond ‘decisively’ to any attack

UNITED NATIONS: Secretary of State Antony Blinken on Tuesday warned Iran that the United States would respond...

Updated 25 Oct, 2023 06:50am

Letters

Pak-Afghan tensions: major breakthrough?

In a highly important development, China’s special envoy for Afghanistan affairs Yue Xiaoyong met with ...

Updated 25 Oct, 2023 06:49am

Opinion

Navigating deep malaise

Why is corruption so pervasive in Pakistan? Why do civil institutions consistently fail to deliver? Why is there a...

Updated 25 Oct, 2023 06:39am

Opinion

The quick fix

The people of Pakistan are beaten by frightening inflation and rising prices, and now the terror attacks on the...