News Archives for Latest - 2024-02-20

Europe

'Israeli' ship targeted by Houthis is Liberia-flagged, says Ambrey

CAIRO: British maritime security firm Ambrey said that a container ship targeted by Yemen's Houthis on Tuesday was...

Published 20 Feb, 2024 11:54pm

World

Qatar says Hamas confirms receipt of medical supplies for Gaza hostages

CAIRO: Hamas has confirmed receipt of a shipment of medicines under a deal brokered by Qatar and has begun...

Published 20 Feb, 2024 11:59pm

Energy

Solar firms say raising finances for projects ‘most difficult’

There are incentives as well as monetary benefits to do the right thing for the planet by opting for renewables such...

Published 20 Feb, 2024 11:32pm

World

US envoy to raise Hamas hostage deal, Rafah on Mideast trip

WASHINGTON: A US envoy will seek to advance a hostage deal and press for assurances from Israel on a Rafah offensive...

Published 20 Feb, 2024 11:18pm

World

Israeli offensive would turn Rafah into a ‘graveyard’: MSF US

WASHINGTON: An Israeli ground offensive in Rafah would turn the southern Gaza city into a “graveyard” and heighten...

Published 20 Feb, 2024 11:07pm

Companies

Fauji Foods Limited acquires Fauji Cereals business

The Competition Commission of Pakistan (CCP) has approved the acquisition of Fauji Foundation’s Fauji Cereals...

Published 20 Feb, 2024 10:29pm

Markets

Caretaker PM Kakar sees potential for international investors in Pakistan’s mineral sector

Addresses signing ceremony of joint venture agreement between Pakistan Mineral Development Corporation and US-based Miracle Saltworks Collective Inc. for state-of-the-art crushing and packaging plant in the country

Updated 20 Feb, 2024 10:09pm

Energy

Pakistan’s power generation cost sees 23% jump, generation dips in January

The cost of power generation in Pakistan saw a jump of 23% in January 2024, while generation declined by 2% as...

Updated 20 Feb, 2024 09:30pm

Middle East

US vetoes Security Council vote on Gaza ceasefire again, pushes alternative

The resolution, which Algeria had been working on for three weeks, had demanded an immediate humanitarian ceasefire that must be respected by all parties

Updated 20 Feb, 2024 09:29pm

Markets

Roshan Digital Account inflow dips, clocks in at $142mn in Jan

Total number of RDA accounts opened reach 659,806, up from 651,057 at December-end

Updated 20 Feb, 2024 09:28pm

Stocks

US stocks see gloomy start to the week

NEW YORK: Wall Street stocks opened lower on Tuesday after the three-day weekend, with markets showing a mixed...

Published 20 Feb, 2024 08:36pm

Pakistan

Security forces kills terrorist in DI Khan IBO: ISPR

Security forces on Tuesday killed a terrorist in an intelligence-based operation (IBO) in the Dera Ismail Khan...

Published 20 Feb, 2024 08:23pm

Sports

Klopp says Jota faces ‘months’ out as Liverpool injury crisis deepens

LIVERPOOL: Diogo Jota faces “months” on the sidelines after damaging his knee in Liverpool’s win at Brentford,...

Published 20 Feb, 2024 07:49pm

Stocks

Saudi bourse at 18-month high, geopolitical tensions limit gains

Most stock markets in the Gulf ended higher on Tuesday, with the Saudi index at an 18-month high, although the gains...

Published 20 Feb, 2024 07:43pm

Pakistan

Contempt case: IHC issues arrest warrant for Islamabad’s Deputy Commissioner

The Islamabad High Court (IHC) issued arrest warrant for the city’s deputy commissioner, Irfan Nawaz Memon in a...

Published 20 Feb, 2024 07:40pm

Stocks

After gaining over 700 points, KSE-100 ends session on flat note

Despite initial gains, the Pakistan Stock Exchange (PSX) ended the trading session on Tuesday on a flat note. During...

Updated 20 Feb, 2024 07:35pm

Pakistan

PTI demands 'immediate' resignation of CEC Sikandar Sultan Raja

Pakistan Tehreek-e-Insaf (PTI) leader Barrister Gohar Khan on Tuesday demanded the “immediate” resignation of Chief...

Updated 20 Feb, 2024 07:32pm

Forex

Rupee weakens against US dollar

Currency settles at 279.57 against the US dollar in inter-bank market

Updated 20 Feb, 2024 07:16pm

Commodities

Soybeans rise for second session; ample supplies curb gains

SINGAPORE/PARIS: Chicago soybean futures gained more ground on Tuesday, with the market climbing to its highest...

Published 20 Feb, 2024 06:59pm

Pakistan

‘I foresee a stalemate’: Bilawal says PPP adamant on govt formation stance

Delay in forming government is because of non-seriousness, Bilawal says

Updated 20 Feb, 2024 06:49pm

Energy

Oil dips as questions remain around demand

LONDON: Oil prices fell on Tuesday, with an uncertain outlook for global demand knocking value off crude futures...

Updated 20 Feb, 2024 06:21pm

Cotton & Textile

Textile giant Interloop’s profit surges 115% to Rs10bn in 1HFY24

Interloop Limited (ILP), one of Pakistan’s largest textile exporters, saw its profit jump by 115% to Rs9.86 billion...

Updated 20 Feb, 2024 06:20pm

Forex

Pound set for longest string of losses vs euro this year

LONDON: The pound headed for its longest stretch of losses against the euro this year on Tuesday after the governor...

Published 20 Feb, 2024 06:15pm

Europe

Russian drones kill five people, damage industrial facility, Ukraine says

Russian drone attacks on Tuesday killed five people from one family and damaged an industrial facility in Ukraine’s...

Published 20 Feb, 2024 06:02pm

Middle East

Gaza health crisis could kill 8,000 more by August even if fighting stops: report

LONDON: Even if the fighting in Gaza stopped now, about 8,000 more people could still die there over the next six...

Published 20 Feb, 2024 05:58pm

South Asia

India’s Gandhi bailed in defamation case over ‘murder’ remarks

LUCKNOW: An Indian court Tuesday bailed senior opposition leader Rahul Gandhi in a defamation case brought against...

Published 20 Feb, 2024 05:35pm

Sports

Alcaraz says he needs to improve ‘many things’ after Buenos Aires loss

RIO DE JANEIRO: Carlos Alcaraz says he needs to improve “many things” after suffering a surprise semi-final loss in...

Published 20 Feb, 2024 05:31pm

Middle East

Hamas chief in Cairo for Gaza truce talks

CAIRO: Hamas chief Ismail Haniyeh arrived in Cairo Tuesday for talks with Egyptian officials, the group said, days...

Published 20 Feb, 2024 05:27pm

Sports

Gattuso out as Marseille coach after five months

MARSEILLE: Marseille announced on Tuesday the departure of Italian coach Gennaro Gattuso after a six-match winless...

Published 20 Feb, 2024 05:18pm

Sports

Sabalenka crashes out to Vekic in Dubai opener

DUBAI: Reigning Australian Open champion Aryna Sabalenka suffered an opening round upset at the hands of familiar...

Published 20 Feb, 2024 05:15pm

South Asia

Rescue teams reach remote site of Afghanistan landslide

KABUL: Rescue teams on Tuesday reached the remote valley where a landslide buried dozens of people in eastern...

Published 20 Feb, 2024 05:12pm

World

Measles cases rose 79 percent globally last year: WHO

GENEVA: The World Health Organization voiced alarm Tuesday at the rapid spread of measles, with more than 306,000...

Published 20 Feb, 2024 05:08pm

Bullion Rate

Gold price per tola increases Rs150 in Pakistan

Gold prices witnessed a slight increase in the local market while the international rate remains unchanged on...

Published 20 Feb, 2024 03:58pm

Life & Style

Pivot from wedding gowns: Gaza tailors adapt to wartime needs

RAFAH, Gaza Strip: Two stylised images of women wearing glamorous wedding dresses adorn the front of a tailoring...

Published 20 Feb, 2024 03:14pm

Europe

WHO completes second Gaza hospital evacuation amid ongoing raid

GENEVA: The World Health Organization said on Tuesday it has completed a second evacuation mission from Gaza’s...

Published 20 Feb, 2024 03:13pm

Forex

Malaysian ringgit at 26-year low, yuan struggles for direction after China rate cut

Malaysia’s ringgit reached a 26-year-low on Tuesday as emerging Asian currencies weakened against the dollar, while...

Published 20 Feb, 2024 02:45pm

Stocks

Major Gulf markets ease on regional tensions

Most major stock markets in the Gulf fell in early trade on Tuesday on heightened tensions in the region, although...

Published 20 Feb, 2024 02:42pm

South Asia

India’s Zee Entertainment seeks to revive $10bn merger with Sony, ET reports

BENGALURU: India’s Zee Entertainment is making a final attempt to restart discussions with Japan’s Sony Group to...

Updated 20 Feb, 2024 02:30pm

Stocks

European shares open lower ahead of quarterly wages data

European shares opened lower on Tuesday as a potential boost in euro zone’s wage settlements clouded over bets of an...

Published 20 Feb, 2024 02:02pm

Stocks

Miners drag FTSE 100 lower; Barclays jumps on overhauling plans

The UK’s commodity-heavy FTSE 100 edged lower on Tuesday dragged by base metal miners on weaker copper prices,...

Published 20 Feb, 2024 02:01pm

Forex

South African rand weakens as traders cautious ahead of budget

JOHANNESBURG: The South African rand slipped on Tuesday, as traders refrained from making big bets ahead of domestic...

Published 20 Feb, 2024 01:24pm

Business & Finance

Barclays annual profit falls 6%, unveils overhaul to boost shares

LONDON: Barclays reported its annual profit fell 6%, in line with expectations, as Chief Executive C.S....

Published 20 Feb, 2024 01:20pm

Forex

Russian rouble hovers near 92 vs dollar

MOSCOW: The Russian rouble hovered near 92 against the dollar on Tuesday, settling after a few volatile sessions...

Published 20 Feb, 2024 01:17pm

Forex

Kenyan shilling firms, horticultural produce inflows help

NAIROBI: Kenya’s shilling firmed on Tuesday, helped by dollar inflows from non-governmental organisations and...

Published 20 Feb, 2024 01:15pm

Europe

Sweden donates another $680mn in military aid to Ukraine

STOCKHOLM: Sweden’s defence ministry said on Tuesday the Nordic country will donate military aid to Ukraine worth...

Published 20 Feb, 2024 01:10pm

Luxury

Burberry presents star-studded moody Autumnal collection

LONDON: Burberry’s creative director, Daniel Lee, on Monday showed his third brief at London Fashion Week, which is...

Published 20 Feb, 2024 01:10pm

Stocks

Hong Kong shares rise at open

HONG KONG: Hong Kong shares opened higher on Tuesday, after a cheery return for mainland Chinese stocks after the...

Published 20 Feb, 2024 01:04pm

Sports

Lionel Messi denies political snub was behind Hong Kong no-show

BEIJING: Lionel Messi denied his absence from a match in Hong Kong two weeks ago that angered China was a political...

Published 20 Feb, 2024 01:02pm

Business & Finance

Lab-grown diamonds put natural gems under pressure

SURAT: The glittering diamonds sparkle the same but there are key differences: mined natural gems are more than a...

Published 20 Feb, 2024 01:00pm

Asia

Vladimir Putin gifts North Korea’s Kim a Russian-made car: KCNA

SEOUL: Russian President Vladimir Putin has gifted North Korean leader Kim Jong Un a Russian-made car, Pyongyang’s...

Published 20 Feb, 2024 12:38pm

USA

UN Security Council vote on Gaza faces threat of US veto

UNITED NATIONS: The UN Security Council will vote on a new draft resolution Tuesday calling for an immediate...

Published 20 Feb, 2024 12:33pm

Sports

‘Underdogs’ New Zealand vow to ‘fight’ in T20 series with Australia

WELLINGTON: Captain Mitchell Santner vowed Tuesday that his “underdogs” New Zealand will put up a “fight” in their...

Published 20 Feb, 2024 12:28pm

Bullion Rate

Gold holds ground as focus turns to Fed minutes

Gold prices held steady on Tuesday despite a stronger dollar and elevated Treasury yields, as investors awaited the...

Published 20 Feb, 2024 12:12pm

Asia

G7 transport ministers to meet online on Red Sea crisis, Japan says

TOKYO: Transport ministers of G7 countries to hold an online conference on Tuesday at 1200 GMT to address the Red...

Published 20 Feb, 2024 12:10pm

Commodities

Palm oil tracks Dalian rivals higher, extends gains to second day

JAKARTA: Malaysian palm oil futures extended their gains to a second session on Tuesday, tracking rival vegetable...

Published 20 Feb, 2024 12:02pm

Forex

Indian rupee weighs weakness in Asia FX, rising US Treasury yields

MUMBAI: The Indian rupee is expected to broadly struggle on Tuesday on the back of losses in Asian peers and a rise...

Published 20 Feb, 2024 12:01pm

Sports

Man City boss Guardiola apologises to Phillips for comments about weight

Manchester City manager Pep Guardiola has apologised to Kalvin Phillips for saying the midfielder was overweight...

Published 20 Feb, 2024 12:00pm

Business & Finance

Airbus sees many ‘pinch points’ in aerospace supply chain, executive says

SINGAPORE: European planemaker Airbus sees many “pinch points” in the aerospace supply chain, a senior executive...

Published 20 Feb, 2024 11:59am

Refinery, petrochemical complex: PSO taps China’s Sinopec for partnership with Aramco

As per pre-feasibility study, project will have processing capacity of more than 300,000 bpd, will produce range of high-value petroleum products

Updated 20 Feb, 2024 11:59am

Business & Finance

Tibet Airlines orders 40 C919, 10 ARJ21 jets from China’s COMAC

SINGAPORE: China’s Tibet Airlines on Tuesday signed an order for 40 C919 narrowbody jets and 10 ARJ21 aircraft from...

Published 20 Feb, 2024 11:58am

Stocks

Nikkei’s rally pauses as record high beckons

TOKYO; Japan’s benchmark stocks struggled for traction on Tuesday, remaining stuck this week some 1% shy of their...

Published 20 Feb, 2024 11:56am

Business & Finance

Malaysia’s Jan exports rise 8.7% y/y, more than forecast

KUALA LUMPUR: Malaysia’s exports rose 8.7% in January from a year earlier, more than expected, government data...

Published 20 Feb, 2024 11:55am

Europe

Ukraine PM calls for fresh sanctions on Russia after Navalny’s death

TOKYO: Ukraine’s prime minister urged the European Union and Japan on Tuesday to impose fresh economic sanctions on...

Published 20 Feb, 2024 11:26am

Commodities

Copper dips on stronger dollar; China cuts mortgage reference rate

NEW DELHI: Copper prices edged lower on Tuesday, pressured by a stronger US dollar, while traders weighed demand...

Published 20 Feb, 2024 10:58am

Energy

Philippines’ First Gen seeks LNG cargo for March delivery

SINGAPORE: Philippine power producer First Gen Corp has issued a tender seeking a cargo of liquefied natural gas for...

Published 20 Feb, 2024 10:57am

Asia

Japan finmin says may have to skip G20 meet due to domestic issues

TOKYO: Japanese Finance Minister Shunichi Suzuki said on Tuesday that he might have to skip a gathering of financial...

Published 20 Feb, 2024 10:55am

Who will be Pakistan’s next finance minister?

ISLAMABAD: There is intense speculation in the federal capital as to who will be selected as Pakistan’s next finance...

Updated 20 Feb, 2024 10:55am

Business & Finance

ANZ’s $3.2 billion Suncorp bank unit buyout approved by tribunal

SYDNEY: ANZ Group’s A$4.9 billion ($3.2 billion) buyout of Suncorp’s banking business was cleared by the Australian...

Published 20 Feb, 2024 10:54am

Asia

China ready to work with EU to uphold free trade, multilateralism, foreign minister says

BEIJING: China is ready to work with the European Union to uphold free trade, practice multilateralism, and promote...

Published 20 Feb, 2024 10:52am

Europe

UK’s Prince William to recognise Middle East suffering, office says

LONDON: Britain’s Prince William will carry out a number of engagements to “recognise the human suffering” caused by...

Published 20 Feb, 2024 10:50am

Forex

Australia, NZ dollars slip as China rate cut fails to excite

SYDNEY: The Australian and New Zealand dollars edged lower on Tuesday as China’s big mortgage rate cut failed to...

Published 20 Feb, 2024 10:40am

Stocks

Australian shares flat as commodities counter gains in financials

Australian shares were muted on Tuesday as tepid performances in heavyweight commodities partially eclipsed gains in...

Published 20 Feb, 2024 10:38am

Stocks

Asia stocks struggle even as China slashes rates

SINGAPORE: Asian shares were pinned below 1-1/2 month highs on Tuesday as even a larger-than-expected interest rate...

Published 20 Feb, 2024 10:26am

Forex

Dollar firms past 150 yen as US, Japan rates outlook diverge

SINGAPORE: The yen was pinned near a three-month low against the dollar on Tuesday as sticky US inflation bolstered...

Published 20 Feb, 2024 10:10am

Sports

England coach McCullum backs struggling Bairstow to come good

England’s Jonny Bairstow has come in for criticism after scoring just 102 runs in three matches in India but coach...

Published 20 Feb, 2024 10:03am

Energy

China’s CNOOC receives approval for second LNG berth at Yancheng port

BEIJING: Chinese state-owned CNOOC has received government approval to build a second berth at its LNG receiving...

Published 20 Feb, 2024 10:00am

ADB initiates country portfolio review

ISLAMABAD: The Asian Development Bank (ADB) has initiated country portfolio review 2024 and is to begin preliminary...

Updated 20 Feb, 2024 09:57am

Mutual Funds

Thailand plans $1bn in overseas bonds, official says

BANGKOK: Thailand plans to issue up to $1 billion in overseas bonds, which would be the first time in more than two...

Published 20 Feb, 2024 09:57am

FBR begins budget preparation exercise for FY2024-25

Seeks budget proposals from all chambers of commerce and industry

Updated 20 Feb, 2024 09:57am

Stocks

Indian shares muted after five-session rally, tracking Asian peers

BENGALURU: Indian shares were muted on Tuesday, dragged by auto stocks following a recent rally, and tracking their...

Published 20 Feb, 2024 09:56am

Mutual Funds

Flattish India bond yields eye state debt sale for trigger

MUMBAI: Indian government bond yields were little changed in the early session on Tuesday as traders awaited a fresh...

Published 20 Feb, 2024 09:55am

Forex

Yuan holds steady after China’s mortgage reference rate cut

SHANGHAI: The yuan steadied after initially slumping to its weakest in three months in early trade on Tuesday,...

Published 20 Feb, 2024 09:54am

Commodities

Soybeans rise for second session on short-covering; ample supplies curb gains

SINGAPORE: Chicago soybean futures gained more ground on Tuesday, with the market climbing to its highest level in...

Published 20 Feb, 2024 09:53am

Business & Finance

Jul-Jan FDI inflow down 21pc to $689.5m YoY

KARACHI: Pakistan witnessed net FDI outflow of $173 million during January 2024 as compared to net inflow of $236.7...

Updated 20 Feb, 2024 09:42am

Cases related to Section 7E: Hearing on day-to-day basis from March 26th onwards: SC

ISLAMABAD: The Supreme Court has decided that from March 26th, it would hear cases related to Section 7E introduced...

Updated 20 Feb, 2024 09:41am

Senate body to discuss two major scandals of power projects today

ISLAMABAD: Senate Standing Committee on Power is all set to discuss two major scandals of power projects being...

Updated 20 Feb, 2024 09:40am

Next IMF programme: Fitch says political uncertainty may complicate efforts

ISLAMABAD: The close outcome of Pakistan’s elections and resulting near-term political uncertainty may complicate...

Updated 20 Feb, 2024 09:35am

Jul-Jan FDI inflow down 21pc to $689.5m YoY

KARACHI: Pakistan witnessed net FDI outflow of $173 million during January 2024 as compared to net inflow of $236.7...

Published 20 Feb, 2024 09:34am

Bank account attachments: FBR imposes curbs on tax recovery

KARACHI: The Federal Board of Revenue (FBR) has imposed restrictions on tax recovery through bank account...

Updated 20 Feb, 2024 09:33am

Jan CAD stands at $269m

KARACHI: Pakistan has recorded current account deficit (CAD) of $269 million in January 2024 as compared to current...

Updated 20 Feb, 2024 09:14am

Parties struggle to form coalition govt

ISLAMABAD: The deadlock on a possible power-sharing formula between Pakistan Muslim League-Nawaz (PML-N) and...

Updated 20 Feb, 2024 09:06am

BR Research

Current account roundup: 7MFY24

The current account posted a deficit of $269 million in Jan 2024 against a surplus of $404 million during Dec 2023....

Published 20 Feb, 2024 08:45am

BR Research

HUBC - earnings continue to rise

The Hub Power Company Limited (PSX: HUBC) has been benefitting from its diversification beyond the base plant and...

Published 20 Feb, 2024 08:43am

BR Research

Siddiqsons Tin Plate Limited

Siddiqsons Tin Plate Limited (PSX: STPL) was incorporated in Pakistan as a public limited company in 1996. The...

Published 20 Feb, 2024 08:40am

BR’s refresher: your morning briefing for the day

Important updates from February 19, 2024

Published 20 Feb, 2024 08:31am

Opinion

Pakistan’s economy – way forward for 2024-25

Further to my article in Business Recorder in February 2023 titled “Redefining Pakistan’s Economy” that entailed a...