News Archives for Latest - 2023-12-04

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Archive - 2023-12-04

Business & Finance

Electricity consumers 'overcharged' in July & August: NEPRA report

Authority says it took 'serious notice' upon complaints reported in its offices from all over country regarding excessive, inflated, and wrong bills charged by distribution companies (Discos)

Updated 05 Dec, 2023 03:02am

Europe

Putin to visit UAE, Saudi Arabia this week

MOSCOW: Russian President Vladimir Putin will visit the United Arab Emirates and Saudi Arabia this week, Russian...

Published 04 Dec, 2023 10:55pm

Energy

Saudi Arabia says OPEC+ output cuts can continue past March if needed: Bloomberg

OPEC+ oil production cuts can “absolutely” continue past the first quarter if needed, Saudi Energy Minister Prince...

Published 04 Dec, 2023 10:50pm

Companies

Suzuki Motor proposes purchase of minority shareholders’ stake at minimum Rs406 per share

Development follows intention of PSMC's majority shareholder to buy back nearly 22.15mn shares

Updated 04 Dec, 2023 10:41pm

Forex

Open market: rupee gains further against US dollar

The Pakistani rupee strengthened further against the US dollar in the open market on Monday, while the local...

Updated 04 Dec, 2023 10:40pm

Stocks

KSE-100 retreats slightly after closing in on 63,000, still ends 1.3% higher

Gains over 800 points to settle at 62,493.05 on Monday

Updated 04 Dec, 2023 10:37pm

Pakistan

PM Kakar calls for timely completion of work to unlock climate funds

Says country needs to present its doable projects to attract climate finance

Updated 04 Dec, 2023 10:27pm

Pakistan

Imran Khan wants ‘ex-army general, US envoy’ to be summoned for cipher trial: lawyer

Special court to indict Imran Khan, Shah Mahmood Qureshi again on December 12

Updated 04 Dec, 2023 10:26pm

Pakistan

No crisis on election finances: Solangi

Caretaker Minister for Information and Broadcasting Murtaza Solangi clarified on Monday that there was no crisis in...

Updated 04 Dec, 2023 10:23pm

Middle East

Israel orders Gazans out of swathes of Khan Younis

Israel ordered people out of swathes of the main southern city in the Gaza Strip on Monday as it pressed its ground...

Updated 04 Dec, 2023 10:19pm

Sports

Haris Rauf, Usama Mir and Zaman Khan get NOCs for BBL 9

The Pakistan Cricket Board (PCB) on Monday issued no-objection certificates (NOCs) to fast bowlers Haris Rauf, Zaman...

Updated 04 Dec, 2023 10:01pm

Forex

Inter-bank: rupee registers 5th successive gain against US dollar

Currency appreciates 0.12%, settles at 284.53 against greenback

Updated 04 Dec, 2023 10:00pm

South Asia

India's Modi seen unstoppable after surprise state polls sweep

NEW DELHI: India’s opposition faces a “herculean task” in next year’s general elections against Indian Prime...

Updated 04 Dec, 2023 09:52pm

Asia

South Korea flies solid-fuel rocket amid space race with North Korea

South Korea on Monday successfully conducted a flight of a solid-fuel rocket carrying a satellite over the sea near...

Published 04 Dec, 2023 08:44pm

Stocks

Crypto stocks surge as bitcoin hits fresh 2023 high

Cryptocurrency-related stocks listed in the US surged on Monday, looking to extend their strong November gains, as...

Published 04 Dec, 2023 08:40pm

Technology

India’s Byju’s founder pledges homes for funds to pay staff: Bloomberg News

BENGALURU: Indian ed-tech company Byju’s founder Byju Raveendran has pledged his home and those owned by his family...

Published 04 Dec, 2023 07:45pm

Business & Finance

EU laws protect Polish central bank chief, ECB’s Lagarde says

FRANKFURT: European Union laws offer protection to the Polish central bank governor if the incoming government...

Published 04 Dec, 2023 07:43pm

Business & Finance

Ford’s US vehicle sales slip 0.5% in November

Ford Motor on Monday posted a 0.5% drop in US sales for November, as the automaker worked to restart some of its key...

Published 04 Dec, 2023 07:40pm

Stocks

Wall St retreats as traders await economic data for policy cues

Wall Street’s main indexes opened lower on Monday as investors turned wary ahead of a slew of economic data this...

Published 04 Dec, 2023 07:36pm

Stocks

Arif Habib Limited expects KSE-100 to hit 81,000 by December 2024

Fuelled by new-found optimism amid improved economic indicators, the Pakistan Stock Exchange’s (PSX) benchmark...

Updated 04 Dec, 2023 07:26pm

Movies & Music

Ranbir Kapoor’s ‘Animal’ tops box-office charts in opening weekend

Ranbir Kapoor’s ‘Animal’ topped global box-office charts over its opening weekend with $42.1 million, ahead of...

Published 04 Dec, 2023 07:12pm

Europe

Deputy Russian army corps commander is killed in Ukraine

MOSCOW: Major General Vladimir Zavadsky, deputy commander of Russia’s 14th Army Corps, has been killed in Ukraine, a...

Published 04 Dec, 2023 07:10pm

Europe

WHO board to hold emergency session on Gaza health situation

GENEVA: The World Health Organization will hold an extraordinary session of its Executive Board on Dec. 10 to...

Updated 04 Dec, 2023 07:01pm

Energy

Oil falls on demand fears and doubts over OPEC+ cuts

LONDON: Oil prices extended declines on Monday, pressured by investor scepticism over the latest OPEC+ decision on...

Updated 04 Dec, 2023 06:59pm

Business & Finance

Global banks face negative outlook, property stress in 2024: Moody’s

LONDON: Sluggish global growth, a higher risk of borrowers defaulting on loans and pressure on profitability mean...

Published 04 Dec, 2023 06:43pm

Movies & Music

Verizon announces Netflix, Max streaming bundle for customers

Monday it would offer streaming subscriptions to Netflix and Warner Bros Discovery-owned Max platforms as a bundle...

Published 04 Dec, 2023 06:43pm

Energy

Aramco chief says renewables still not enough to cover demand

DUBAI: Saudi oil giant Aramco’s Chief Executive on Monday told a panel on the sidelines of the COP28 climate summit...

Published 04 Dec, 2023 06:39pm

Stocks

Saudi bourse eases on falling oil prices, Qatar extends losses

Saudi Arabia’s stock market ended lower on Monday, snapping four sessions of gains, on falling oil prices, while the...

Published 04 Dec, 2023 06:37pm

Commodities

Bangladesh issues new tender to buy 50,000 T wheat

HAMBURG: Bangladesh’s state grains buyer has issued another international tender to purchase 50,000 metric tons of...

Published 04 Dec, 2023 06:36pm

Sports

Wiegman expects Scotland to be up for England game despite Olympic dream

GLASGOW: England manager Sarina Wiegman is not expecting Scotland to roll over against her side in Tuesday’s Women’s...

Published 04 Dec, 2023 06:34pm

Forex

Bitcoin rises above $42,000 for first time since April 2022

LONDON/SINGAPORE: Bitcoin rose on Monday, briefly surpassing $42,000 for the first time since April 2022, in a new...

Updated 04 Dec, 2023 06:32pm

Sports

New Zealand eye comeback final Test win in Bangladesh

DHAKA: New Zealand leg spinner Ish Sodhi said his side hoped to finish their long season away from home on a high by...

Published 04 Dec, 2023 06:19pm

Asia

Five bodies found after crash of Osprey off Japan: US military

TOKYO: US and Japanese rescuers found five bodies on Monday following the crash of an Osprey military aircraft last...

Published 04 Dec, 2023 06:16pm

Movies & Music

Spotify cuts 17% of jobs as economic growth slows

STOCKHOLM: Music streaming giant Spotify said Monday it would reduce the number of its employees by around 17...

Published 04 Dec, 2023 06:15pm

Sports

Real Madrid lose defender Carvajal to calf injury

MADRID: Real Madrid right-back Dani Carvajal is expected to miss the rest of the year after the club announced...

Published 04 Dec, 2023 06:15pm

Stocks

Sri Lanka shares end higher aided by financials, consumer staples

BENGALURU: Sri Lankan shares closed higher on Monday, aided by gains in financial and consumer staple stocks. The...

Published 04 Dec, 2023 05:57pm

Africa

Tanzania flood, landslide death toll rises to over 50

DAR ES SALAAM: The death toll from floods and landslides in northern Tanzania following torrential rains over the...

Published 04 Dec, 2023 05:56pm

Mutual Funds

Euro zone yields edge up from multi-month lows as markets bet on March ECB rate cut

LONDON: Euro zone government bond yields edged higher on Monday after earlier touching multi-month lows as market...

Published 04 Dec, 2023 05:54pm

Business & Finance

Telefonica seeks to cut 5,100 jobs in Spain by 2026, union says

MADRID: Telefonica told unions on Monday it sought to cut around 5,100 jobs in Spain by 2026 in an effort to reduce...

Published 04 Dec, 2023 05:52pm

Europe

UK PM Sunak committed to bringing net migration down ‘significantly’

LONDON: British Prime Minister Rishi Sunak believes net migration to the United Kingdom is too high and needs to be...

Published 04 Dec, 2023 05:51pm

Forex

Sterling struggles against stronger dollar

LONDON: Sterling fell against a broadly stronger dollar on Monday, as traders mulled what the Bank of England might...

Published 04 Dec, 2023 05:49pm

South Asia

At least 13 killed in gunfight in India’s Manipur

GUWAHATI: At least 13 people were killed in a gunfight between two unknown militant groups in India’s restive...

Published 04 Dec, 2023 05:48pm

Commodities

Raw sugar hits 3-1/2 month low, coffee slides

LONDON: Raw sugar futures on ICE hit a 3-1/2 month low on Monday, pressured by surging supplies in top producer...

Published 04 Dec, 2023 05:46pm

Commodities

India’s Nov palm oil imports jump 22% on lower prices

MUMBAI: India’s palm oil imports in November jumped more than a fifth from the previous month as refiners favoured...

Updated 04 Dec, 2023 05:43pm

Commodities

Copper slides as dollar strengthens and China doubts return

LONDON: Copper prices retreated on Monday as the dollar strengthened, with further pressure coming from an increase...

Updated 04 Dec, 2023 05:37pm

Pakistan

Imran blames Nawaz Sharif for May 9 violence in rare media remarks

Former premier says he was never offered talks and could stay behind bars for a long period

Published 04 Dec, 2023 05:32pm

Middle East

Palestinians lose jobs as Israeli firms seek foreign replacements

When Taha Amin-Ismail Khalifeh dialled into a conference call with his Israeli employer last month, the Palestinian...

Published 04 Dec, 2023 05:09pm

Companies

Cathay Pacific buys back 50% of government’s preference shares for $1.25bn

HONG KONG: Hong Kong’s Cathay Pacific Airways on Monday said it had bought back 50% of preference shares from the...

Published 04 Dec, 2023 05:02pm

Commodities

Gold takes a breather after record run on rate cut bets

Gold edged down after scaling a record high on Monday, with growing confidence that the US Federal reserve would cut...

Updated 04 Dec, 2023 05:00pm

Business & Finance

Lower Swiss inflation points to interest rate freeze

ZURICH: The Swiss National Bank has scope to keep its interest rate on hold at 1.75% next week before considering...

Published 04 Dec, 2023 04:58pm

Europe

UK’s Hunt says he hopes to reverse public investment freeze

LONDON: British finance minister Jeremy Hunt said on Monday that he hoped in future to reverse the decline in public...

Published 04 Dec, 2023 04:57pm

Bullion Rate

Gold rates remain unchanged in Pakistan

Gold rates in Pakistan remained unchanged on Monday, with a slight increase in the international rate. The yellow...

Published 04 Dec, 2023 04:45pm

South Asia

Iran, Cuba seek closer ties to confront US sanctions

TEHRAN: Iran and Cuba vowed Monday to strengthen relations and stand together against sanctions imposed on them by...

Published 04 Dec, 2023 04:41pm

Sports

O’Sullivan admits lack of ‘buzz’ after winning 8th UK Championship

YORK: Ronnie O’Sullivan said he gets more of a buzz from eating breakfast than winning the UK Championship after...

Published 04 Dec, 2023 04:39pm

Europe

Russia opening new fronts in Avdiivka battle: Ukraine

KYIV: Russian forces are assaulting the industrial town of Avdiivka in eastern Ukraine from two new directions,...

Published 04 Dec, 2023 04:38pm

Middle East

COP28’s UAE president says ‘we respect’ climate science

DUBAI: The Emirati president of the UN’s COP28 talks said Monday he respects climate science, after a leaked video...

Published 04 Dec, 2023 04:37pm

Middle East

Netanyahu graft trial resumes in Israel in midst of Gaza war

JERUSALEM: Israeli Prime Minister Benjamin Netanyahu’s corruption trial resumed on Monday, despite the country’s...

Published 04 Dec, 2023 04:33pm

Business & Finance

UK has record £16.9bn shortfall in defence budget: watchdog

LONDON: The UK’s defence department is facing a £16.9 billion ($21.4 billion) shortfall in its equipment budget due...

Published 04 Dec, 2023 04:31pm

Technology

Spanish media file 550mn euro lawsuit against Meta

MADRID: A group representing over 80 Spanish media outlets on Monday filed a 550-million-euro ($600 million) lawsuit...

Published 04 Dec, 2023 04:30pm

Stocks

India’s Nifty, Sensex touch new highs on key wins for the BJP

BENGALURU: Financial and energy stocks led Indian shares to new all-time highs on Monday as key wins for the ruling...

Updated 04 Dec, 2023 04:17pm

Stocks

Japan’s Nikkei sinks to 3-week low as stronger yen hurts autos

TOKYO: Japan’s Nikkei share average sank to a nearly three-week low on Monday as a stronger yen dented the earnings...

Updated 04 Dec, 2023 04:16pm

Stocks

Successful IMF review, stable monetary policy driving PSX: Ministry of Finance

The Ministry of Finance in its latest report has attributed the ongoing bullish wave at the Pakistan Stock Exchange...

Updated 04 Dec, 2023 04:04pm

Mutual Funds

Indian bond yields to track US peers lower, state poll outcome to aid sentiment

MUMBAI: Indian government bond yields are likely to dip in early trade at the start of the week, mirroring a sharp...

Published 04 Dec, 2023 03:58pm

Asia

Eleven climbers killed as Indonesia volcano erupts, survivors found

JAKARTA: Eleven climbers were found dead in Indonesia on Monday following the eruption at the weekend of the Marapi...

Updated 04 Dec, 2023 03:57pm

Forex

Dollar claws back some ground; bitcoin breaks $41,000

LONDON/TOKYO: The dollar ticked higher on Monday, regaining some ground after falling for three straight weeks on...

Updated 04 Dec, 2023 03:55pm

Stocks

Australian shares rise ahead of RBA meeting; Origin deal falls through

Australian shares ended higher on Monday, driven by commodity and financial stocks on expectations that the local...

Updated 04 Dec, 2023 03:53pm

Money & Banking

UAE banks pledge $200bn in green finance at COP28 climate talks

DUBAI: Banks in the United Arab Emirates on Monday pledged to mobilise 1 trillion dirhams, or around $200 billion,...

Published 04 Dec, 2023 03:28pm

Movies & Music

Life imitates art as George Clooney directs ‘The Boys in the Boat’

LONDON: Like the subjects of his new film, George Clooney took a chance on a group of actors to transform them into...

Published 04 Dec, 2023 03:04pm

Companies

Matco Foods sets up corn sugar plant in Karachi

Matco Foods Limited (MFL), one of the largest rice exporters in the country, has started operations of a plant in...

Published 04 Dec, 2023 02:39pm

South Asia

India shuts schools, evacuates thousands as Cyclone Michaung nears

CHENNAI: Authorities in southern India closed schools and offices, halted flights and evacuated coastal areas on...

Published 04 Dec, 2023 02:36pm

Travel

Travelers ready to set sail on cruises at record levels next year

NEW YORK/BENGALURU: Next year is looking like a banner year for cruise vacations, as travelers across all income and...

Published 04 Dec, 2023 01:56pm

Cricket

South Africa rest Bavuma for India limited-overs series

South Africa have rested batter Temba Bavuma for their home white-ball series against India this month after a poor...

Published 04 Dec, 2023 01:49pm

Movies & Music

Showbiz in 2023: Hollywood strikes, Beatles last song, ‘Swift effect’

LONDON: From strikes paralysing Hollywood to the Beatles releasing their last ever song, the world of entertainment...

Published 04 Dec, 2023 01:46pm

Stocks

Energy, miners drag UK’s FTSE 100 lower

The UK’s FTSE 100 fell in early trading on Monday as heavyweight energy stocks eased tracking declining crude prices...

Published 04 Dec, 2023 01:45pm

Stocks

European shares edge lower as miners, energy stocks drag

European shares fell on Monday after strong gains last week driven by escalating bets of interest rate cuts, as...

Published 04 Dec, 2023 01:43pm

Forex

Russian rouble eases as oil price weakens

MOSCOW: The Russian rouble was weaker in morning trade on Monday, under pressure from weaker oil prices. At 0832...

Published 04 Dec, 2023 01:41pm

Europe

Ukraine says shot down 18 Russian drones, one missile

KYIV: Ukraine’s air force said on Monday that it shot down 18 out of 23 Iranian-made Shahed drones and one missile...

Published 04 Dec, 2023 01:38pm

Europe

Magnitude 5.1 quake hits sea south of Istanbul

ISTANBUL: A magnitude 5.1 earthquake struck just south of Istanbul on Monday, rattling parts of Turkiye’s largest...

Published 04 Dec, 2023 01:36pm

Business & Finance

Turkish inflation near 62%, highest this year

ISTANBUL: Turkiye’s annual inflation rate edged up to 61.98% in November, data showed on Monday, just shy of...

Published 04 Dec, 2023 12:36pm

Cricket

‘Paid his dues’: Australia’s Khawaja goes in to bat for embattled Warner

MELBOURNE: Australia batsman Usman Khawaja has mounted a spirited defence of David Warner after former team mate...

Published 04 Dec, 2023 12:33pm

Middle East

UAE signs deal with Bill Gates’ nuclear company on advanced reactors: COP28

DUBAI: Bill Gates’ advanced nuclear reactor company TerraPower LLC and the United Arab Emirates’ state owned nuclear...

Published 04 Dec, 2023 11:56am

Energy

Ceasing operations in Pakistan: Engro Corporation rejects ‘false’ assertion

Engro Corporation Limited, one of Pakistan’s largest conglomerates, on Monday rejected ‘false information’...

Published 04 Dec, 2023 11:47am

Asia

China willing to continue strengthening cooperation with Belarus: state media

BEIJING: China is willing to continue strengthening its strategic cooperation with Belarus, President Xi Jinping was...

Published 04 Dec, 2023 11:46am

Investment modalities: Consensus reached with KSA

ISLAMABAD: Islamabad and Riyadh on Sunday reached a consensus on investment modalities, paving the way for...

Updated 04 Dec, 2023 11:44am

Govt bans issuance of LOIs for hydropower projects

ISLAMABAD: The federal government has reportedly slapped a ban on issuance of Letters of Interest (LoIs) for...

Updated 04 Dec, 2023 11:44am

Commodities

Chicago soybeans slip on Brazil rain forecast, corn and wheat lose steam

BEIIJNG: Chicago soybean futures ticked down on Monday as traders monitored the prospects of showers in...

Published 04 Dec, 2023 11:06am

Forex

Importers erode rupee’s tailwind from stronger Asia FX, election results

MUMBAI: The Indian rupee was slightly lower on Monday, as U.S. dollar demand from importers offset positive cues...

Published 04 Dec, 2023 11:04am

Commodities

Palm oil declines on weaker rivals, stronger ringgit

JAKARTA: Malaysian palm oil futures fell for a second straight session on Monday, tracking weakness in rival...

Published 04 Dec, 2023 11:02am

Forex

Australia, NZ dollars hit four-month highs, eyes on RBA

SYDNEY: The Australian and New Zealand dollars hit fresh four-month highs on Monday as markets wagered on early and...

Published 04 Dec, 2023 10:13am

Commodities

China’s yuan slips as market waits on economic data, key policy meetings

SHANGHAI: China’s yuan slipped against the dollar on Monday, as market participants adopted a cautious approach...

Published 04 Dec, 2023 10:11am

PM explains Pakistan’s climate challenge: It’s ‘primarily a water challenge’, needing attention

Says climate challenge needs immediate action

Updated 04 Dec, 2023 10:00am

Asia

Magnitude 6.9 quake latest to rattle southern Philippines

MANILA: A magnitude 6.9 earthquake struck off the coast of the southern Philippines early Monday, the United States...

Published 04 Dec, 2023 09:58am

Global regulators propose tougher scrutiny of voluntary carbon markets

LONDON: A global securities watchdog proposed 21 safety measures on Sunday to improve integrity, transparency and...

Updated 04 Dec, 2023 09:56am

Business & Finance

Getting NSC a must for transfer of KE shares

ISLAMABAD: The Ministry of Law and Justice has held that National Security Certificate (NSC) is obligatory for...

Updated 04 Dec, 2023 09:55am

Markets

Toyota plans to expand battery EV line-up in Europe to 6 models by 2026

TOKYO: Toyota Motor said on Monday it would increase its line-up of battery electric vehicles in Europe to six...

Published 04 Dec, 2023 09:45am

Commodities

Iron ore rangebound as investors await clear direction

BEIJING: Iron ore futures were wedged in a tight range on Monday, as investors exercised caution on mixed signals....

Published 04 Dec, 2023 09:44am

Pakistan

Expulsion of illegal Afghans: Three top US officials set to visit country

ISLAMABAD: Weeks after Pakistan sent a large number of illegal Afghan immigrants back to their crisis-wracked...

Updated 04 Dec, 2023 08:51am

Aspen chooses NY over London for $4bn IPO: FT

LONDON: Aspen Insurance is targeting its $4 billion initial public offering next year in New York instead of London...

Updated 04 Dec, 2023 08:47am

Houthis target two Israeli ships in Red Sea

SANAA: Yemen’s Iran-backed Huthi rebels on Sunday said they had attacked two ships off the Yemeni coast, adding the...

Updated 04 Dec, 2023 08:47am

BR’s refresher: your morning briefing for the day

Important updates from December 2 and December 3, 2023

Published 04 Dec, 2023 08:45am

National Assembly seats reduced by six

ISLAMABAD: Amidst accusations from some quarters of using a controversial exercise to redraw the voting map to...

Updated 04 Dec, 2023 08:46am

Paris attack leaves German tourist dead and two hurt

PARIS: A German tourist died and two other people, including a British citizen, were hurt after an attack by a man...

Updated 04 Dec, 2023 08:46am

Israeli bombing of Gaza intensifies

GAZA/CAIRO: Israeli forces bombed wide areas of the Gaza Strip on Sunday, killing and wounding dozens of...

Updated 04 Dec, 2023 08:46am

BR Research

Inflation: Rate cut seems farther away

The headline inflation inched up again. It stood at 29.2 percent in November 2023 and the monthly increase stood at...

Published 04 Dec, 2023 07:39am

BR Research

Opec’s cut: Not enough?

The immediate reaction to Opec’s meeting outcome has surprised many. Brent and WTI edged lower after the cartel...

Published 04 Dec, 2023 07:36am

BR Research

Oil and Gas Development Company Limited

Oil and Gas Development Company Limited (PSX: OGDC) is the largest E&P company in the country with operations...

Published 04 Dec, 2023 07:34am

Asia

Four killed in bomb attack on Catholic mass in Philippines

MARAWI (Philippines): At least four people were killed and dozens wounded in a bomb attack on a Catholic mass in the...

Updated 04 Dec, 2023 06:04am

Europe

Denmark calls in army to defend Jewish sites, citing terror threat

COPENHAGEN: Denmark will deploy army units to protect Jewish and Israeli sites in Copenhagen in response to an...

Updated 04 Dec, 2023 06:04am

Opinion

Leader’s dilemma: exclusivity versus inclusivity

The tremors of the post pandemic Covid shakeup are still reverberating in the corporate corridors. The world ...