News Archives for Latest - 2024-06-11

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Archive - 2024-06-11

Technology

Economic Survey 2023-24: mobile phones dominate as Pakistan’s telecom sector imports stand at $1.62bn

Imports by Pakistan’s telecom sector soared by 117.9%, jumping to $1.623 billion during July-March FY2024, according...

Updated 11 Jun, 2024 11:57pm

Business & Economy

Aurangzeb says some rollovers, return of commercial bank borrowing ways to manage external debt in FY25

Finance Minister Muhammad Aurangzeb sounded a confident tone, saying that Pakistan will meet its external debt...

Updated 11 Jun, 2024 11:56pm

Industry

Capacity utilisation of Pakistan’s cement industry drops to lowest on record

At around 55%, this is the lowest level since at least FY2007

Updated 11 Jun, 2024 11:53pm

Business & Economy

Key highlights of Pakistan Economic Survey 2023-24

Finance Minister Muhammad Aurangzeb unveiled the Pakistan Economic Survey 2023-24 on Tuesday, recapping the annual...

Updated 11 Jun, 2024 11:50pm

Business & Economy

No sacred cows, no strategic SOEs, says Aurangzeb as he unveils Pakistan Economic Survey 2023-24

Pakistan missed its GDP growth target in outgoing fiscal year

Updated 11 Jun, 2024 11:48pm

Technology

Pakistan’s ICT exports soar to $2.28bn, reveals Economic Survey 2023-24

Pakistan’s Information and Communication Technology (ICT) sector exports remittances have surged 17.44% to $2.283...

Published 11 Jun, 2024 11:23pm

Europe

German court dismisses request to block arms exports to Israel

BERLIN: A Berlin court on Tuesday rejected an urgent request by a number of Palestinian Gaza residents to stop the...

Published 11 Jun, 2024 11:21pm

Cricket

Pakistan beat Canada by 7 wickets to stay alive at T20 World Cup

Mohammad Rizwan’s unbeaten fifty helped Pakistan beat Canada by seven wickets in a must-win T20 World Cup 2024 game...

Updated 11 Jun, 2024 11:14pm

World

President’s son Hunter Biden lied about drug use to buy gun, jury finds

WILMINGTON: President Joe Biden’s son Hunter Biden was convicted by a jury on Tuesday of lying about his drug use to...

Published 11 Jun, 2024 11:02pm

Stocks

Pakistan Stock Exchange (PSX) announces Eid-ul-Azha 2024 holidays

The Pakistan Stock Exchange Limited (PSX) has announced that it will remain closed from Monday, June 17, 2024, till...

Published 11 Jun, 2024 10:48pm

World

World Bank says global growth stabilising but well below pre-pandemic levels

Global economy to avoid third consecutive drop in real GDP growth since major post-pandemic jump in 2021

Updated 11 Jun, 2024 09:58pm

Cotton & Textile

‘Intensified competition with China’ dents Pakistan’s textile sector: Economic Survey 2023-24

Intensified competition with China and weakened external demand hit Pakistan’s textile sector, which remained at the...

Published 11 Jun, 2024 09:53pm

Stocks

London’s FTSE 100 logs worst day in nearly two months as financials, miners weigh

London’s FTSE 100 fell 1% on Tuesday, weighed down by financial stocks tracking broder losses in European markets as...

Published 11 Jun, 2024 09:28pm

Business & Economy

Economic Survey 2023-24: Pakistan’s GDP per capita increases to $1,680, size of economy at $375bn

Pakistan’s GDP per capita (or per capita income) witnessed a rebound this fiscal year, standing at $1,680 compared...

Published 11 Jun, 2024 09:28pm

Energy

Oil edges up as OPEC sees relatively strong growth in 2024 oil demand

HOUSTON: Oil prices edged slightly higher on Tuesday as OPEC stuck to its forecast for relatively strong growth in...

Updated 11 Jun, 2024 09:25pm

Follow Business Recorder’s entire coverage of Pakistan Economic Survey 2023-24 here

Published 11 Jun, 2024 08:58pm

Money & Banking

US Fed likely to lower rate cut expectations for 2024

WASHINGTON: The US Federal Reserve kicked off a two-day meeting to set interest rates on Tuesday, with policymakers...

Published 11 Jun, 2024 08:25pm

Markets

Dr Shamshad appointed chairperson of PSX board

Former State Bank of Pakistan (SBP) governor and ex-caretaker finance minister Dr Shamshad Akhtar was appointed as...

Updated 11 Jun, 2024 07:53pm

Business & Economy

World Bank approves $1bn financing for Dasu Hydropower Project

The World Bank’s Board of Executive Directors approved $1 billion as the second round of additional financing for...

Updated 11 Jun, 2024 07:52pm

Europe

Finland sees first NATO deployment as its jets join mission in Romania

CONSTANTA: Finland on Tuesday made its first deployment for NATO since joining the alliance in April 2023, sending...

Published 11 Jun, 2024 07:19pm

Stocks

Investors get over cut in key policy rate, anxious over budget as KSE-100 falls below 73,000

Rumours over anti-growth measures overshadow impact of rate cut

Updated 11 Jun, 2024 07:19pm

Exchange

Rupee sees marginal decline against US dollar

Currency settles at 278.50 in inter-bank market

Updated 11 Jun, 2024 07:13pm

Stocks

US stocks dip ahead of inflation data

NEW YORK: Wall Street stocks dipped early Tuesday as markets took a cautious approach ahead of a Federal Reserve...

Published 11 Jun, 2024 07:02pm

Stocks

Gulf bourses end mixed ahead of US Fed meet; Egypt rises

Stock markets in the Gulf put in a mixed performance on Tuesday as investors turned cautious ahead of a key U.S....

Published 11 Jun, 2024 07:01pm

Pakistan

Govt announces Eid-ul-Adha holidays from June 17-19

The federal government on Tuesday announced three holidays for Eid-ul-Adha, Aaj News reported. The holidays will...

Published 11 Jun, 2024 06:58pm

Life & Style

Ronaldo and Nadal’s restaurant Tatel opens in Dubai

Tennis legend Rafael Nadal and football star Cristiano Ronaldo have brought their global chain, Tatel, to downtown...

Published 11 Jun, 2024 06:52pm

Middle East

US to give $404mn in new aid for Palestinians: Blinken

SWEIMEH: Secretary of State Antony Blinken on Tuesday announced $404 million in new US assistance for the...

Published 11 Jun, 2024 06:45pm

Pakistan

In meeting with UN chief, Dar calls for immediate ceasefire in Gaza

Dar in Jordan to attend high-level conference 'Call for Action: Urgent Humanitarian Response for Gaza'

Published 11 Jun, 2024 06:42pm

Pakistan

11 terrorists killed in Lakki Marwat IBO: ISPR

Operation launched in response to recent Improvised Explosive Device explosion that claimed seven lives

Updated 11 Jun, 2024 06:36pm

Pakistan

High-powered delegation from China to soon visit Pakistan: PM Shehbaz

Prime Minister Shehbaz Sharif said on Tuesday that a high-powered delegation from China will soon visit Pakistan. He...

Updated 11 Jun, 2024 05:46pm

Sports

Tickets for Ronaldo’s Portugal training session on offer for up to 800 euros

BERLIN: Tickets to watch Portugal’s Cristiano Ronaldo train with the national team in an open session on Friday at...

Published 11 Jun, 2024 05:37pm

Pakistan

Pakistan imposes one document regime at Chaman border

A decision was taken to stop the transshipment of contraband and illegal crossings of people

Published 11 Jun, 2024 05:29pm

Stocks

Consumer discretionary stocks fuel gains in Sri Lankan shares

BENGALURU: Sri Lankan shares closed higher for the sixth straight session on Tuesday, aided by gains in consumer...

Published 11 Jun, 2024 05:29pm

Stocks

European stocks, euro extend losses on political turmoil

LONDON: European equities and the euro extended a sell-off Tuesday, fuelled by EU political uncertainty, while Asian...

Updated 11 Jun, 2024 05:24pm

Movies & Music

‘Friends’ themed experience sets up permanent home in London

A themed experience based on the iconic television sitcom, ‘Friends’ is setting up permanently in London, reported...

Updated 11 Jun, 2024 05:16pm

Companies

General Motors approves new $6 billion share buyback plan

General Motors on Tuesday announced a new $6 billion share buyback plan, just over a month after the automaker...

Published 11 Jun, 2024 05:16pm

Middle East

49 migrants dead after boat sinks off Yemen: UN agency

DUBAI: A boat carrying more than 200 migrants sank off Yemen, leaving at least 49 dead, mostly women and children,...

Published 11 Jun, 2024 05:12pm

Pakistan

SC orders closure of Monal, other restaurants on Margalla Hills

Summons Capital Development Authority chairman

Published 11 Jun, 2024 05:03pm

Commodities

Gold price per tola increases Rs1,900 in Pakistan

Gold prices increased in Pakistan on Tuesday in line with an increase in the international rate. In the local...

Published 11 Jun, 2024 05:03pm

Perspectives

Pakistan’s salaried group is rightly anxious ahead of the budget

Having contributed nearly Rs330 billion in 11 months of outgoing fiscal year, reports suggest there is even higher taxation on the cards

Published 11 Jun, 2024 04:59pm

Stocks

Indian shares remain muted ahead of Fed decision, inflation data

BENGALURU: Indian shares closed flat on Tuesday, coming off a sharp rise last week, as investors moved on from...

Published 11 Jun, 2024 04:54pm

Commodities

Copper hits 7-week low on weak yuan, rising stockpiles

LONDON: Copper prices in London hit their lowest in seven weeks on Tuesday under pressure from a weaker yuan, which...

Published 11 Jun, 2024 04:51pm

Commodities

Palm oil ticks up on lower rapeseed projections

SINGAPORE: Malaysian palm oil futures rose Tuesday, reversing midday losses, as lower rapeseed projections...

Published 11 Jun, 2024 04:48pm

Africa

Malawi vice president Chilima killed in plane crash

BLANTYRE: Malawi’s Vice President Saulos Klaus Chilima and nine others on board a military aircraft that went...

Published 11 Jun, 2024 04:13pm

Sports

Emma Raducanu happy with fitness, looking forward to grass court season

Former US Open champion Emma Raducanu said she no longer has any doubts when she hits the ball after recovering from...

Published 11 Jun, 2024 04:06pm

South Asia

India wants to resolve issue of ‘years-old cross-border terrorism’ with Pakistan: FM Jaishankar

MUMBAI: India said on Tuesday New Delhi would “want to find a solution to the issue of years-old cross-border...

Updated 11 Jun, 2024 03:59pm

Forex

Kenyan shilling unchanged; tea, coffee dollar inflows to lift it

NAIROBI: Kenya’s shilling was unchanged on Tuesday, with dollar inflows from tea, coffee and horticulture exports...

Published 11 Jun, 2024 03:27pm

Business & Finance

Singapore Airlines offers $10,000 to passengers hurt by turbulence

SINGAPORE: Singapore Airlines said Tuesday it has offered $10,000 compensation to passengers who suffered minor...

Updated 11 Jun, 2024 03:26pm

Middle East

Hamas accepts UN ceasefire resolution, ready to negotiate over details, official says

CAIRO: Hamas accepts a UN Security Council ceasefire resolution and is ready to negotiate over the details, senior...

Published 11 Jun, 2024 03:22pm

Middle East

Jordan hosts emergency aid summit for war-torn Gaza

AMMAN: Jordan hosts a summit Tuesday on the urgent humanitarian response for Palestinians enduring more than eight...

Updated 11 Jun, 2024 03:21pm

Europe

Gaza civilian killings during Israel’s freeing of hostages could be war crimes, UN says

GENEVA: The UN human rights office said on Tuesday the killings of civilians in Gaza during the Israeli aggression...

Published 11 Jun, 2024 03:06pm

Stocks

Mainland China shares end at near two-month lows, Hong Kong down

SHANGHAI: Mainland China stocks ended lower on Tuesday, the first trading day after a long weekend break, with two...

Published 11 Jun, 2024 03:17pm

Stocks

Gulf markets mixed in early trade; Fed meet in focus

Stock markets in the Gulf were mixed in early trading on Tuesday, as investors awaited a key US inflation reading...

Published 11 Jun, 2024 03:14pm

Forex

Uganda shilling firmer; farm export FX inflows help

KAMPALA: The Ugandan shilling was stronger on Tuesday, underpinned by dollar inflows from agricultural commodity...

Published 11 Jun, 2024 03:12pm

Europe

At NATO allies summit, Latvia touts coordinated Ukraine approach, without Hungary

RIGA: NATO’s eastern flank leaders will have a more coordinated approach towards supporting Ukraine after the...

Published 11 Jun, 2024 03:01pm

Luxury

G7 to meet in luxury Italian oasis favoured by Madonna

ROME: A luxury southern Italian resort frequented by Madonna and Justin Timberlake will host the G7 leaders this...

Published 11 Jun, 2024 02:41pm

Travel

Tourists get taste of old Japan at hidden ‘snack bars’

TOKYO: Down a Tokyo street lined with bright signs, up narrow stairs and behind a windowless door is a “snack bar”...

Published 11 Jun, 2024 02:22pm

Sports

Poland striker worries worsen as Lewandowski limps off before Euro 2024

WARSAW: Poland’s talismanic striker Robert Lewandowski came off injured on Monday after 32 minutes as they won their...

Published 11 Jun, 2024 01:49pm

Sports

Netherlands brush aside Iceland in Euro warm up

ROTTERDAM: The Netherlands beat Iceland 4-0 on Monday in Rotterdam in their final warm-up match before leaving for...

Published 11 Jun, 2024 01:46pm

Sports

Inconsistent Clark frustrated ahead of defending US Open title

PINEHURST: Defending US Open champion Wyndham Clark is frustrated because he has not played consistently in recent...

Published 11 Jun, 2024 01:44pm

Forex

Indian firms ramped up forex hedging in volatile election-results week

MUMBAI: The Indian rupee’s choppy trading last week in the wake of the national election results prompted importers...

Published 11 Jun, 2024 01:38pm

Stocks

London stocks up as labour market data shows signs of cooling

British equities opened on a positive note on Tuesday as investors cheered further signs of a cooling labour market...

Published 11 Jun, 2024 01:35pm

Forex

South African rand gains as unity government talks continue

JOHANNESBURG: The South African rand gained in early trade on Tuesday, as political parties continued talks to try...

Published 11 Jun, 2024 01:33pm

Europe

We will pave way for Ukraine into EU: German foreign minister

BERLIN: A conference on Ukraine’s post-war recovery in Berlin will pave the way for Ukraine to join the European...

Published 11 Jun, 2024 01:31pm

Business & Finance

ECB’s Rehn sees considerable progress in bringing inflation down to target

HELSINKI: The European Central Bank’s monetary policy has successfully dampened price pressures, Finnish ECB...

Published 11 Jun, 2024 01:28pm

Asia

Rare elephant twins born in dramatic birth in Thailand

AYUTTHAYA: An elephant in Thailand has delivered a rare set of twins in a dramatic birth that left a carer injured...

Published 11 Jun, 2024 01:04pm

Europe

Russian military jet crashes killing two pilots

MOSCOW: A Russian military jet crashed during a training flight in the Caucasus region of North Ossetia, killing two...

Published 11 Jun, 2024 01:01pm

Mutual Funds

JGB yields fall as market bets BOJ’s tapering to be gradual

TOKYO: Japanese government bond yields fell on Tuesday ahead of the Bank of Japan’s (BOJ) policy meeting this week,...

Published 11 Jun, 2024 12:36pm

Commodities

Palm oil surrenders gains on weaker rivals, exports concerns

SINGAPORE: Malaysian palm oil futures reversed course to fall on Tuesday on weaker rival oils and lower export...

Published 11 Jun, 2024 12:33pm

Business & Finance

UBS and Credit Suisse’s Swiss units could merge by July 1, executive says

ZURICH: The merger of the Swiss units of UBS and Credit Suisse could be completed as early as July 1, a senior...

Published 11 Jun, 2024 12:30pm

South Asia

India’s Modi prevails over allies in cabinet line-up

NEW DELHI: Indian Prime Minister Narendra Modi has retained all key cabinet ministers in their portfolios in the new...

Published 11 Jun, 2024 12:17pm

Business & Finance

Moody’s fires France credit rating warning over snap elections

LONDON: France’s snap parliamentary elections are negative for the country’s credit score, ratings agency Moody’s...

Published 11 Jun, 2024 12:12pm

Middle East

Israeli forces kill 4 Palestinians in West Bank

RAMALLAH: Israeli forces killed four Palestinians on Monday in the occupied West Bank, the Palestinian Authority...

Published 11 Jun, 2024 12:02pm

Stocks

Hong Kong stocks open with losses

HONG KONG: Hong Kong stocks sank at the open on Tuesday as investors returned from a long weekend break to play...

Published 11 Jun, 2024 11:55am

Europe

UK’s Sunak to unveil manifesto promising ‘financial security’

LONDON: British Prime Minister Rishi Sunak is due to unveil his Conservative party manifesto on Tuesday, promising...

Published 11 Jun, 2024 11:53am

Europe

Russia reports battlefield gains ahead of Ukraine summit

KYIV: Russia on Monday claimed the capture of another village in Ukraine’s eastern Donetsk region, the latest in a...

Published 11 Jun, 2024 11:36am

Stocks

Asian markets mixed ahead of key Fed announcement

HONG KONG: Asian markets were mixed Tuesday as traders shifted nervously while awaiting the Federal Reserve’s policy...

Published 11 Jun, 2024 11:23am

Middle East

Antony Blinken in Israel to push ceasefire plan for Gaza

TEL AVIV: US Secretary of State Antony Blinken will hold talks with key Israeli opposition figures on Tuesday, a day...

Published 11 Jun, 2024 11:10am

Asia

South Korea fires warning shots after North Korea soldiers briefly cross border

SEOUL: South Korean troops fired warning shots after North Korean soldiers briefly crossed the border this week,...

Published 11 Jun, 2024 11:00am

Asia

North China bakes under searing heatwave

BEIJING: An extreme heat warning was in place in Beijing on Tuesday as temperatures soared across northern China,...

Published 11 Jun, 2024 10:56am

Commodities

Wheat recovers from one-month low; soybeans gain for second session

SINGAPORE: Chicago wheat rose on Tuesday, as the market recovered from its lowest levels since early May on...

Published 11 Jun, 2024 10:43am

Bullion Rate

Gold edges lower as traders eye US inflation data, Fed meeting June

Gold inched lower on Tuesday as investors awaited US inflation data and the Federal Reserve’s policy announcement...

Published 11 Jun, 2024 10:36am

Stocks

Miners, financials drag Australia shares lower; US CPI, Fed policy eyed

Australian shares were set to snap a three-day rally on Tuesday, weighed by losses in miners and financials, as...

Published 11 Jun, 2024 10:32am

Commodities

South Korean mills buy 50,000 T wheat from the US, pass on Canada

HAMBURG: A group of South Korean flour mills bought an estimated 50,000 metric tons of milling wheat to be sourced...

Published 11 Jun, 2024 10:29am

Business & Finance

IMF reaches staff level agreement with Kenya, urges fiscal consolidation

NAIROBI: Kenya has reached a staff level agreement with the International Monetary Fund on Tuesday, the organisation...

Published 11 Jun, 2024 10:28am

Stocks

Indian shares subdued as US data, Fed decision in focus

BENGALURU: Indian shares were subdued on Tuesday as lacklustre performances in heavyweight financials partially...

Published 11 Jun, 2024 10:10am

Forex

Dollar firm ahead of key inflation test, Fed forecast update

TOKYO: The dollar hovered near a one-month peak against the euro and pushed to a one-week high versus the yen on...

Published 11 Jun, 2024 10:05am

Rs3.792trn development outlay approved

PM Shehbaz Sharif chairs meeting of the National Economic Council

Updated 11 Jun, 2024 09:34am

O/N reverse repo rate will be 21.5pc

KARACHI: The State Bank of Pakistan (SBP) has decided to decrease policy rate (target rate) from 22 percent to 20.50...

Updated 11 Jun, 2024 09:21am

Solar PV panels: Duties on plant, machinery and raw material to go away

ISLAMABAD: The government is likely to remove duties on the import of plant, machinery, equipment and raw materials...

Updated 11 Jun, 2024 09:18am

Pakistan

Govt to allocate Rs418.8bn to hydel, water projects

ISLAMABAD: The federal government has decided to earmark Rs 418.8 billion for 58 hydel and water sector projects/...

Updated 11 Jun, 2024 09:16am

PSMA allowed, albeit conditionally, export of sugar

ISLAMABAD: The government has conditionally allowed the Pakistan Sugar Mills Association (PSMA) to export 150,000...

Updated 11 Jun, 2024 09:14am

BSP faces delay amid pending IMF agreement

ISLAMABAD: Talks with the International Monetary Fund (IMF) for the next programme, with an agreement on targets...

Updated 11 Jun, 2024 09:13am

GST rate to stay unchanged at 18pc

ISLAMABAD: The standard rate of sales tax would remain unchanged at 18 percent from July 1, 2024. Sources told...

Updated 11 Jun, 2024 08:41am

Business & Finance

Expert and industry views on rate cut

KARACHI: Central bank cut its key interest rate by 150 basis points on Monday in a widely expected move, marking its...

Updated 11 Jun, 2024 08:39am

July-March economic survey envisages 3.5pc growth

ISLAMABAD: Prime Minister Shehbaz Sharif-led coalition government is to unveil Economic Survey 2023-24 for nine...

Updated 11 Jun, 2024 08:39am

Business & Finance

Finally, policy rate cut 150bps to 20.5pc

KARACHI: After maintaining a policy rate at all-time high level of 22 percent for almost a year, the Monetary Policy...

Updated 11 Jun, 2024 08:38am

Exporters reject ‘final, normal tax regimes’

KARACHI: The value-added textile exporters on Monday dismissed the proposed “imposition” of Final Tax and Normal Tax...

Updated 11 Jun, 2024 08:37am

Perspectives

The budget is around the corner, but there is no expectation of ‘out-of-box’ solutions

Analysts and followers expect govt to tax the groups that are already contributing with little to no hope on a widening tax net

Published 11 Jun, 2024 08:30am

BR’s refresher: your morning briefing for the day

Important updates from June 10, 2024

Published 11 Jun, 2024 08:23am

BR Research

Bold on policy cut, timid on targets

The SBP took the correct decision to reduce the policy rate by 150 bps to 20.5 percent. However, the coherence in...

Published 11 Jun, 2024 08:14am

BR Research

Remittances shining again

As expected, remittances from overseas Pakistanis saw a surge on May 24. However, the monthly inflows rose to record...

Published 11 Jun, 2024 08:13am

BR Research

Baluchistan Wheels Limited

Baluchistan Wheels Limited (PSX: BWHL) was incorporated in Pakistan as a public limited company in 1980. The...

Published 11 Jun, 2024 08:10am

Editorials

Shallow easing?

EDITORIAL: Monetary Policy Committee (MPC) in its scheduled meeting yesterday reduced the policy rate by 150 basis...