News Archives for Latest - 2024-05-13

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Archive - 2024-05-13

Industry

Car sales in Pakistan surge 12% MoM in April

Car sales in Pakistan increased 12% on a monthly basis in April 2024, as the total number of units sold in the said...

Published 13 May, 2024 11:10pm

Commodities

Wheat crisis: PM suspends PASSCO higher-ups

Prime Minister Shehbaz Sharif on Monday ordered the suspension of the Managing Director and General Manager...

Updated 13 May, 2024 11:12pm

Stocks

KSE-100 closes nearly 1% higher amid rate cut hopes, settles at record high of 73,799

Index also touches 74,000 for first time in history, but fails to sustain level

Updated 13 May, 2024 11:12pm

Pakistan

Pakistan, US pledge to continue counter-terrorism cooperation

Pakistan and the United States have vowed to continue counter-terrorism efforts while pledging to work together to...

Published 13 May, 2024 10:59pm

World

Israeli protesters block aid convoy headed to Gaza

JERUSALEM: Israeli protesters blocked aid trucks headed for Gaza on Monday, strewing food packages on the road in...

Published 13 May, 2024 10:46pm

Markets

Citi expects Pakistan to strike new $8bn IMF deal by end-July

Recommends going long on the country's 2027 international bond

Updated 13 May, 2024 10:28pm

Europe

No threat of ground assault on Kharkiv, Ukraine says

KYIV: Ukraine sees no risk of a ground assault on the northeastern city of Kharkiv, despite a new offensive against...

Published 13 May, 2024 10:17pm

Business & Economy

Pakistan, IMF mission begin discussions on further engagement

In a key development, Pakistan government and the visiting International Monetary Fund (IMF) mission began on Monday...

Published 13 May, 2024 09:55pm

Asia

'Significant' Chinese response to US tariffs possible: Yellen

FREDERICKSBURG: Beijing could possibly issue a “significant” response to US tariffs on Chinese goods, Treasury...

Published 13 May, 2024 09:17pm

Companies

CAA says news of resumption of flights to Europe premature

Says delegation left for Brussels on May 12 to attend forthcoming meeting of Air Safety Committee

Updated 13 May, 2024 09:14pm

Sports

Swiatek battles past Kerber as climate protesters invade courts

ROME: Iga Swiatek saw off Angelique Kerber 7-5, 6-3 at the Rome Open on Monday to set up a quarter-final clash with...

Published 13 May, 2024 09:12pm

Pakistan

AJK: PM Shehbaz approves immediate provision of Rs23bn to region

Prime Minister Shehbaz Sharif approved on Monday the immediate provision of Rs23 billion to Azad Jammu and Kashmir...

Updated 13 May, 2024 08:18pm

Pakistan

PM Shehbaz resigns as PML-N president, makes way for brother Nawaz

Premier says time has come for Nawaz Sharif to resume his 'rightful place' as party president

Updated 13 May, 2024 08:00pm

Middle East

India, Iran sign 10-year agreement to develop port project

TEHRAN: India and Iran on Monday signed a 10-year contract to develop and equip the strategic Chabahar port in Iran...

Published 13 May, 2024 07:37pm

Stocks

US stocks rise ahead of inflation data, Walmart results

NEW YORK: Wall Street stocks climbed early Monday, adding to last week’s gains ahead of key US inflation data...

Published 13 May, 2024 07:32pm

Forex

Rupee registers marginal fall against US dollar

Currency settles at 278.20 against the greenback in the inter-bank market

Updated 13 May, 2024 07:29pm

Money & Banking

US Fed vice chair says interest rates should remain on pause

WASHINGTON: The US central bank should keep interest rates at their current “restrictive” levels until it sees real...

Published 13 May, 2024 07:29pm

Pakistan

ECP suspends lawmakers elected on reserved seats denied to SIC

Following the Supreme Court’s order, the Election Commission of Pakistan (ECP) on Monday suspended the lawmakers...

Published 13 May, 2024 06:59pm

Sports

Guardiola urges Man City to seize chance to make Premier League history

LONDON: Pep Guardiola said “history is in front of us” as he prepares his Manchester City team for a potentially...

Published 13 May, 2024 06:51pm

Energy

Brent hovers above $83 as inflation data takes centre stage

LONDON: Oil prices edged higher on Monday after losing about $1 a barrel in the previous session on signs that U.S....

Updated 13 May, 2024 06:30pm

Companies

‘Less than last year’: Emirates Group employees get 20 weeks’ bonus after record profit

The Emirates Group has awarded its employees a bonus worth 20 weeks of their salary, reported Khaleej Times, citing...

Published 13 May, 2024 06:07pm

Middle East

Gazans strive to study as war shatters education system

AL-MAWASI: Pupils sitting cross-legged on the sand take classes in a tent near Khan Younis in Gaza. Two sisters...

Updated 13 May, 2024 05:47pm

Pakistan

Pakistan, Saudi Arabia partners in progress, prosperity: PM Shehbaz

Premier says both countries have identified areas of cooperation

Published 13 May, 2024 05:28pm

Middle East

Israeli forces step up aggression on Gaza’s Jabalia refugee camp, Rafah

CAIRO: Israeli tanks, under cover from heavy fire from air and ground, pushed aggression further into Jabalia in the...

Updated 13 May, 2024 05:22pm

Middle East

Emirates Group books record $5.1bn annual profit

DUBAI: Dubai’s Emirates Group announced annual profits of $5.1 billion on Monday, a rise of 71 percent, as the...

Updated 13 May, 2024 05:20pm

Stocks

Service Long March Tyres commits investment of around $108mn to double capacity in Pakistan

Shows intent to invest another $108mn to start new project exporting specialised tyres from Pakistan to EU, US

Updated 13 May, 2024 05:17pm

Sports

Tchouameni ‘not ruled out’ for Champions League final: Madrid coach Ancelotti

MADRID: Real Madrid coach Carlo Ancelotti said Monday injured midfielder Aurelien Tchouameni was ‘not ruled out’...

Published 13 May, 2024 05:15pm

Commodities

Gold price per tola decreases Rs1,200 in Pakistan

Gold prices decreased in Pakistan on Monday in line with the decline in the international rate. In the local market,...

Updated 13 May, 2024 05:10pm

Arts

Khaadi named ‘Retail Brand of the Year’ at Hum Style Awards 2024

Cricketer Shoaib Malik deemed 'Most Stylish Sports Personality'

Published 13 May, 2024 04:59pm

Movies & Music

Seinfeld speech at Duke commencement prompts walkout protesting his support for Israel

Dozens of students walked out of Duke University’s commencement ceremony on Sunday as some chanted “free Palestine”...

Published 13 May, 2024 04:54pm

Pakistan

Deputy PM Dar arrives in Beijing for strategic dialogue

Will co-chair Fifth Pakistan-China Foreign Ministers’ Strategic Dialogue

Updated 13 May, 2024 04:52pm

Sports

Osaka’s Rome run ended by Zheng in last 16

ROME: Naomi Osaka’s return to the Rome Open ended at the last 16 on Monday after the four-time Grand Slam champion...

Published 13 May, 2024 04:48pm

Sports

Bournemouth boss Iraola signs new contract

LONDON: Bournemouth manager Andoni Iraola has signed a new contract, extending his stay at the Premier League club...

Published 13 May, 2024 04:44pm

Forex

Sterling steady above $1.25 before labour market data

LONDON: The British pound was steady on Monday, holding above $1.25 against the dollar before key labour market data...

Published 13 May, 2024 04:13pm

Commodities

Chicago wheat hits new nine-month highs on Russian crop worry, then falls

HAMBURG: Chicago wheat hit new nine-month highs on Monday on concern frosts could damage crops in top exporter...

Published 13 May, 2024 04:09pm

Europe

Ukraine FM visits Serbia for first time since Russian invasion

BELGRADE: Ukraine’s foreign minister Dmytro Kuleba kicked off an official visit to Serbia on Monday, where he was...

Published 13 May, 2024 03:30pm

Sports

Saudi Arabia’s billion-dollar football league a work in progress

RIYADH: Anyone expecting immediate results from Saudi Arabia’s unprecedented splurge on football stars was probably...

Published 13 May, 2024 03:29pm

Europe

Ukraine strikes Russian energy facilities near border: Ukraine source

KYIV: Ukrainian forces struck an oil terminal and electrical substation in western Russia, a security source in Kyiv...

Published 13 May, 2024 03:23pm

Asia

Indonesia flood death toll rises to 43 with 15 missing

TANAH DATAR: The death toll from flash floods and cold lava flow from a volcano in western Indonesia over the...

Published 13 May, 2024 03:21pm

South Asia

Survivors hunt for the missing days after Afghanistan floods

FULOOL: Survivors of flash floods in Afghanistan’s northern Baghlan province were still searching for the missing on...

Published 13 May, 2024 03:17pm

Travel

Faithful descend on Portugal’s Fatima to pray for peace as wars rage

FATIMA, Portugal: As wars rage in Ukraine, Gaza and elsewhere, tens of thousands of faithful prayed for peace on...

Published 13 May, 2024 03:07pm

Stocks

Most Gulf bourses up in early trade

Most stock markets in the Gulf were up on Monday in early trading, amid steady oil prices, while investors awaited...

Published 13 May, 2024 02:09pm

Stocks

China stocks slip after weak credit data, US tariffs news

SHANGHAI: China stocks slipped on Monday, weighed down by weak credit growth data and news of fresh U.S. tariffs...

Updated 13 May, 2024 01:42pm

Forex

Kenyan shilling stable, to firm due to tea sector dollar inflows

NAIROBI: Kenya’s shilling was stable on Monday with traders expecting the currency to gain ground during the...

Published 13 May, 2024 01:07pm

Stocks

London stocks edge up ahead of more earnings, BoE speak

London’s FTSE 100 inched up on Monday, extending gains after a series of record highs last week, as investors turned...

Published 13 May, 2024 01:05pm

Stocks

Europe’s STOXX 600 opens higher as travel and leisure sector shines

Europe’s STOXX 600 index edged higher on Monday as travel and leisure stocks led sectoral gains, with this week’s...

Published 13 May, 2024 01:02pm

Stocks

Japanese shares fall ahead of earnings reports; rising yields weigh

TOKYO: Japanese shares ended lower on Monday as investors grew cautious ahead of corporate earnings reports, while...

Updated 13 May, 2024 12:28pm

Stocks

Australian shares end flat as miners offset losses in banks, energy; US CPI on tap

Australian shares closed flat on Monday, as miners offset losses in banks and energy stocks, while traders exercised...

Updated 13 May, 2024 12:25pm

Stocks

South Korean shares close down on US inflation worries

KOSPI closed down 0.42 points, or 0.02%, at 2,727.21

Updated 13 May, 2024 12:21pm

Currency

South African rand stable ahead of US inflation data this week

JOHANNESBURG: The South African rand was little changed in early trade on Monday, ahead of U.S. inflation data due...

Published 13 May, 2024 12:17pm

Financial

JGB yields jump to multi-year highs as BOJ cuts bond purchases

TOKYO: Japanese government bond yields jumped to multi-year highs on Monday after the Bank of Japan (BOJ)...

Published 13 May, 2024 12:00pm

Currency

NZ dollar slips, futures rise as inflation expectations fall

SYDNEY: The New Zealand dollar fell and futures rose on Monday after a sharp fall in inflation expectations...

Published 13 May, 2024 11:53am

Currency

Indian rupee dips on weak Asia, more equity losses

MUMBAI: The Indian rupee was marginally weaker on Monday, dragged by the decline in Asian peers and a further drop...

Published 13 May, 2024 11:49am

Commodities

Palm trades higher on rival oils, market awaits for export data

JAKARTA: Malaysian palm oil futures extended gains on Monday as the market tracked strength in rival oils at Dalian...

Published 13 May, 2024 11:46am

Companies

Amazon to invest $1.3bn in France, create 3,000 jobs

STOCKHOLM: Amazon said on Monday it would invest more than 1.2 billion euros ($1.3 billion) in its French operations...

Published 13 May, 2024 11:41am

Commodities

Most base metals slip as data from top consumer China disappoints

BEIJING: Prices of most base metals opened lower on Monday after lacklustre economic data from China, the world’s...

Published 13 May, 2024 11:22am

Commodities

Japan rubber futures rise on weaker yen, weather concerns

SINGAPORE: Japanese rubber futures rose on Monday amid a weaker yen And severe weather conditions in top producer...

Published 13 May, 2024 11:19am

Ali Pervez will join team: Aurangzeb

LAHORE: Pakistan Muslim League-Nawaz (PML-N) leader Ali Pervez Malik MNA is joining the government economic team....

Updated 13 May, 2024 11:17am

With heavy agenda, SIFC to meet tomorrow

ISLAMABAD: The Special Investment Facilitation Council (SIFC) is all set to hold session-II of 9th meeting of new...

Updated 13 May, 2024 11:12am

South Asia

India to sign 10-year pact with Iran for Chabahar port management

NEW DELHI: India is likely to sign an agreement with Iran on Monday to manage the southeastern Iranian port of...

Published 13 May, 2024 10:53am

Commodities

Iron ore consolidates as weak China data partially offsets bond issuance

BEIJING: Iron ore futures prices held their ground on Monday, as weaker-than-expected credit data in top consumer...

Published 13 May, 2024 10:34am

Currency

China’s yuan drops to 2-week low on weak credit growth, US tariff threat

SHANGHAI: China’s yuan slipped to a two-week low against the dollar as weak domestic credit data reinforced the need...

Published 13 May, 2024 10:29am

Europe

Russia says it downs 16 Ukraine-launched missiles, 31 drones

The Russian defence ministry said on Monday that its air defence systems destroyed 16 missiles and 31 drones that...

Published 13 May, 2024 10:26am

Commodities

Gold prices steady as traders brace for key US inflation data

Gold prices held steady on Monday as investors awaited key U.S. inflation reports, which could shed more light on...

Published 13 May, 2024 10:17am

Commodities

Chicago wheat drops 1% on profit-taking; soy, corn slip

CANBERRA: Chicago wheat futures took a breather on Monday as traders locked in profits after prices climbed to...

Published 13 May, 2024 10:14am

Aurangzeb spells out priorities

Says improving tax-to-GDP ratio, fast privatisation of state-owned enterprises and overhauling energy sector are priorities of the government

Updated 13 May, 2024 10:12am

Stocks

Asia stocks edge to 15-month top, US inflation looms large

SYDNEY: Asian shares crept to 15-month highs on Monday in a week where inflation figures could make or break hopes...

Published 13 May, 2024 10:08am

Stocks

Indian shares fall as Tata Motors slides; inflation data awaited

BENGALURU: Indian shares opened lower on Monday, led by a drop in Tata Motors after the automaker forecast flat...

Published 13 May, 2024 09:58am

Forex

Currency market calm as US inflation data holds focus this week

TOKYO: Major currencies were steady on Monday with the dollar consolidating against peers, as market participants...

Published 13 May, 2024 09:50am

Experts for energy conservation, industrialisation

LAHORE: During a session on “Powering Pakistan’s Future: Strategies to Address the Energy Crisis” jointly organized...

Updated 13 May, 2024 09:28am

Blocking SIM cards of non-filers: LTO Islamabad to assist FBR

ISLAMABAD: Large Taxpayer Office (LTO) Islamabad would fully assist the Federal Board of Revenue (FBR) to enforce...

Updated 13 May, 2024 09:26am

AJK: President, PM for resolving issues through dialogue

ISLAMABAD: President Asif Ali Zardari has urged all the stakeholders to exercise restraint and resolve the issues in...

Updated 13 May, 2024 09:22am

Foreign companies: BoI seeks details of special deployment policy from SBP

ISLAMABAD: Board of Investment (BoI) is said to have sought details of Local Deployment Policy from the State Bank...

Updated 13 May, 2024 09:21am

Economist urges broader reforms in tax administration

LAHORE: Former Finance Minister Dr Hafiz A Pasha has expressed the hope that Pakistan might achieve 13 percent tax...

Updated 13 May, 2024 09:04am

Govt urged to adopt QR code-based TTS

ISLAMABAD: Pakistan Polypropylene Woven Sack Manufactures Association has proposed the government that QR code-based...

Updated 13 May, 2024 09:04am

Egypt says to support South Africa ICJ case against Israel

CAIRO: Egypt on Sunday announced its intention to formally support South Africa’s case at the International Court of...

Updated 13 May, 2024 09:04am

FPCCI seeks comprehensive tax reforms

LAHORE: To address the issue of tax collection, Federation of Pakistan Chambers of Commerce and Industry (FPCCI)...

Updated 13 May, 2024 09:03am

BR’s refresher: your morning briefing for the day

Important updates from May 11 and May 12, 2024

Published 13 May, 2024 09:03am

BR Research

Power load-shedding must end

As the power regulator approved Rs2.84/unit on account of monthly Fuel Charges Adjustment (FCA) for March 2024 –...

Published 13 May, 2024 08:58am

BR Research

Punjab Oil Mills Limited

Punjab Oil Mills (PSX: POML) is incorporated as a public limited company in Pakistan. The principal activity of the...

Published 13 May, 2024 08:53am

Opinion

Strategy for sustainable growth: Energy-efficient textile industry

Since 2000, there has been a significant outburst in the global energy consumption, paralleled by Pakistan’s rising...