KARACHI: Pakistani rupee gained 52 paisas against the dollar in early trade at the interbank foreign exchange market on Wednesday. The dollar is being traded at Rs175.20 at the opening of the interbank market. The exchange rate was closed at Rs175.72 on Tuesday, November 30, 2021. Currency dealers said that the appreciation in the local … Read more
KARACHI: The Pakistan stocks opened on a bullish note as the KSE-100 index witnessed an increase of 249.15 points, or 0.55 per cent, in the first hour of trading on Wednesday. The Pakistan equity market on Tuesday witnessed profit-taking in the overbought market, as the investors remained concerned over surge in the Pakistan Investment Bond … Read more
RIYADH: More than SR8 billion ($2.13 billion) of foreign investment has poured into Saudi Arabia’s IT market, Arab News quoted Assistant Minister Munir El-Desouki, as saying. Speaking as part of a virtual Fintech tour, El-Desouki argued the telecom sector in the Kingdom is also now becoming attractive to outside investors. “With the unlimited support it … Read more
RIYADH: Saudi Arabia is taking more steps to develop and protect the Red Sea, which the kingdom deems to be a big contributor to the growth of its tourism industry, Arab News reported. The Saudi Cabinet approved on Tuesday the establishment of a new body to protect the coral reefs and sea turtles in the Red Sea, … Read more
LONDON: The gold mining industry is keen to show off its green credentials, Arab News reported. The World Gold Council has revealed that of the $60.1 billion its 33 members generated in revenue in 38 countries around the world last year, 63 per cent, or $37.9 billion of it remained in the nations where the mining operations … Read more
CAIRO: Saudi inflation rate is on the rise for the second month in a row, Arab News reported on Monday. The annual inflation rate reached 0.8 per cent in October, up from 0.6 per cent in September, according to data released by Saudi’s General Authority for Statistics (Gastat). Inflationary pressures were driven by higher prices of the … Read more
KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) officials have expressed concern over the negligible progress and slow pace of development on the China-Pakistan Economic Corridor (CPEC), a statement said. The FPCCI stressed the need for expediting the completion of projects associated with the multi-billion-dollar CPEC. The FPCCI’s presidential candidate for 2021/22 … Read more
WASHINGTON: About two dozen US business associations have urged the Biden administration to reduce tariffs on Chinese goods to provide relief to Americans amid rising inflation pressures. “Tariffs put in place over the last several years continue to disproportionately cause economic harm to US businesses, farmers, workers and families,” the business associations, led by the … Read more
The Iraqi government said it was organising a repatriation flight this Thursday for its citizens stuck on the Poland-Belarus border on a “voluntary” basis. “Iraq will carry out a first flight for those who wish to return voluntarily on the 18th” of November from Belarus, Iraqi foreign ministry spokesman Ahmed al-Sahaf told Iraqi television overnight Sunday to … Read more
DUBAI: Boeing’s new wide-body aircraft, 777X, is being showcased at a major aerospace exhibition in Dubai, marking the jet’s international debut as it prepares to fly commercially by the end of 2023. The company is currently flying 4 models of the jet for testing, which Boeing claims to be the “world’s largest and most efficient … Read more
CAIRO: In a bid to switch to clean energy, Egyptian authorities signed an agreement with a private sector company to develop a mechanism to manage the operations of electric vehicles in the country, Arab News reported. The Engineering Automotive Industry Co, a subsidiary of the Holding Company for Metallurgical Industries with Bright Skies. Minister of Public Business … Read more
RIYADH: Russian oil firm Rosneft has reported an increase in net income for the third quarter this year by 35 per cent, to 314 billion rubles ($4.3 billion), Arab News reported. The company’s earnings before interest, taxes, depreciation, and amortisation increased by 11.7 per cent to 638 billion roubles ($8.8 billion) in the third quarter, compared with … Read more
RIYADH: Emirates Islamic, the Dubai-based bank, has said it has closed a $500 million five-year Sukuk issuance deal as part of its $2.5 billion Certificate Issuance Programme, Arab News reported. The issuance, rated A+ by Fitch, is listed on the Nasdaq Dubai and Euronext Dublin’s regulated market. The order book amounted to $1.2 billion, which is 2.4 … Read more
RIYADH: The Saudi Ports Authority, or Mawani, has signed an agreement with Cruise Saudi and Globe Marine Services Company to develop a cruise terminal and berths at ports in Dammam and Yanbu, Arab News reported. Under the agreement, a new cruise terminal and two berths will be developed at the King Abdul Aziz Port in Dammam. Two … Read more
DUBAI: The UAE Ministry of Defence has signed a contract to purchase two Airbus A330 Multi Role Tanker Transport (MRTT) for 2.6 billion dirhams ($680 million), Arab News reported. The new aerial re-fuelling tanker aircraft will add to the ministry’s existing fleet of three A330 MRTTs, it announced in a press conference. The ministry also signed deals … Read more
RIYADH: Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, founder and chairman of the Board of Mohammed bin Salman Misk Foundation, has announced the launch of Prince Mohammed Bin Salman Non Profit City, the first non-profit city in the world, to be a model for the development of the non-profit sector globally and an … Read more
Aircraft engine maker Rolls-Royce and the UAE’s Etihad Airways signed a comprehensive agreement to facilitate the development of sustainable aviation, Arab News reported. The agreement comes as part of Etihad’s broader strategic sustainability programme and targets the application of electrification technologies and hybrid systems, for commuter aircraft and the fast-emerging urban air mobility (UAMs) sector. “Our long-standing … Read more
WARSAW: The body of a young Syrian man has been found in a forest close to the border between Poland and Belarus, Polish police said on Saturday. The death brings to 11 the number of migrants found dead on both sides since the crisis began in the summer, according to aid groups. “The body of a young Syrian … Read more
AGAREB, Tunisie: As tear gas and protest cries filled the air in the Tunisian town of Agareb, Mabrouka Ben Ibrahim vowed to demonstrate for her daughter, whose death she blames on a nearby rubbish dump. Yousra, 21, died in 2019 after being bitten by a mosquito that came from the toxic trash site, Ben Ibrahim said. “I … Read more
GENEVA: Europe reported almost two million new Covid-19 infections last week, the largest weekly case count in the region since the start of the pandemic, the World Health Organisation (WHO) said here on Friday. There were also almost 27,000 coronavirus-related deaths in Europe, more than half of all Covid-19 deaths in the world last week, … Read more
NEW DELHI: India’s top court on Saturday suggested the federal government and the local government in New Delhi may consider imposing a lockdown of two days in the national capital in view of the high pollution levels. Indian capital city New Delhi is among the topmost polluted cities in the world. Industrial activities and vehicular … Read more
BEIJING: A Pakistan-China Economic and Business Forum was organised at the Pakistan Embassy, Beijing to help Chinese potential investment partners to fully understand Pakistan’s industrial investment policies. The forum was jointly organised by the Pakistan Embassy, Beijing, by Beijing Nordic Exhibition Co, Ltd and Shanghai Huiguan Culture Media Co, Ltd. Addressing on the occasion, Pakistan’s … Read more
BEIJING: Pakistan exported 37.4 tonnes of fresh and dried mangoes to China during January to September 2021, which is 10 times more than the 3.6 tonnes exported during the same period last year. Even so, it is still less than 0.36 per cent of China’s total imports of 10,500 tonnes of mangoes from January to … Read more
PARIS: What exactly does one do after leaking thousands of documents from the world’s most powerful social media company? For Frances Haugen, the answer is obvious: start a youth movement. Facebook has faced stinging criticism over the whistleblower’s document drop, not least the revelations that the company knew its Instagram photo app had the potential … Read more
ISLAMABAD: Foodpanda, Pakistan’s leading food delivery company, and also the country’s leading e-commerce platform, launched a pilot project to test food delivery through a customised drone, a statement said. Conducted in association with the office of the deputy commissioner Islamabad, the test flight of the drone, named ‘Pandafly’, took place in the F-9 Park Islamabad. … Read more
KARACHI: The Sui Southern Gas Company (SSGC) and the Sui Northern Gas Pipeline Limited (SNGPL) signed a memorandum of understanding for jointly exploring opportunities for improving business sustainability, efficiency and productivity of the meter manufacturing plant located in SSGC, Karachi, a statement said. Ali J Hamdani, managing director of SNGPL and Imran Maniar, managing director … Read more
KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has expressed dismay over the incessantly unstable exchange rate and offered help to control inflation, a statement said on Friday. FPCCI president Mian Nasser Hyatt Maggo said that unstable exchange rate is making the importers of raw materials and commodities suffer huge losses and fueling … Read more
WELLINGTON: New Zealand Prime Minister Jacinda Ardern reaffirmed her confidence in multilateral cooperation in the Asia-Pacific region and called for consistent joint efforts to tackle the most important regional challenges at the 28th Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting on Saturday (local time). Addressing the meeting, Ardern, who chairs APEC in 2021, underscored the … Read more
