Asian stock markets tumbled Friday as newly imposed U.S. tariffs triggered fresh concerns over global trade tensions and investor confidence, sending shockwaves across the Asia-Pacific region. In India, the benchmark Sensex fell 136.84 points, or 0.17%, closing at 81,048.74, while the Nifty 50 index shed 58.65 points, or 0.24%, to settle at 24,709.70. Both indexes … Read more
After four straight increases, petrol and diesel prices are expected to decrease by approximately Rs9 and Rs3.50 per litre, respectively, in the upcoming fortnight ending August 15, says industry sources on Tuesday. The petrol prices are expected to drop by Rs. 9.07 per litre, while diesel may see a reduction of Rs. 3.73 per litre … Read more
KARACHI: The traders have announced to stage a protest at 4pm at Babar market Landhi, against the unlawful encroachment activities being carried out with the support of authorities, an official said on Tuesday. While speaking to a delegation comprising of Babar Market President Shaheen Siddiqui, Vice President Waqar Ahmed, General Secretary Muhammad Uzair, Israr Ahmed … Read more
KARACHI: The Pakistani rupee fell for the second consecutive session against the dollar on Thursday, owing to the absence of economic fundamentals, hitting investors’ confidence, dealers said. The exchange rate witnessed a loss of 50 paisas against the dollar to reach Rs218.38 from the previous day’s closing of Rs217.88 in the interbank foreign exchange market. … Read more
KARACHI: Indus Motor Company (IMC) has not laid off any employees despite a halt in production due to restrictions on the import of completely knocked down (CKD) units. A decline in demand due to the impact of flood will also likely result in the volumes of the company dropping up to 50 per cent. The … Read more
KARACHI: The Pakistani rupee gained for the 10th consecutive session against the dollar on Thursday after Ishaq Dar vowed to bring the dollar below the Rs200 mark, dealers said. The exchange rate witnessed a gain of Rs2.01 to reach Rs221.93 against the dollar from the previous day’s closing of Rs223.94 at the interbank exchange market. … Read more
KARACHI: SSGC Alternate Energy (Pvt) Limited, a fully-owned subsidiary company of the Sui Southern Gas Company (SSGC) has been incorporated as a private limited company, under the Companies Act 2017, a statement said on Saturday. The business model of SSGC Alternate Energy will mainly revolve around the alternative energy projects such as renewable or environmental-friendly … Read more
KARACHI: The net profit of K-Electric recorded a decline of 28.9 per cent to reach Rs8.52 billion during the fiscal year 2022, compared with a net profit of Rs11.99 billion during the fiscal year 2021. The earnings per share (EPS) of the company remained Rs0.31/share in the fiscal year 2022, compared with the EPS of … Read more
KARACHI: The Karachi Port Trust (KPT) to allow de-stuffing and accommodation of cargo of the port users whose consignments have arrived at any of the private container terminals of the port and could not be transported upcountry, a statement said. As the transportation system is severely affected and goods could not be moved to upcountry … Read more
Peloton shares fell to an all-time low of $8.73 on Tuesday, down more than 70% year to date. 2,800 jobs were cut after the company’s spending sprogsped out of hand. The company also completed its first pay equity analysis with outside firm Aon. According to internal memos, Peloton improved incentives for employees with one-time cash … Read more
The world’s biggest online retailer Amazon has announced on Monday that it would be hiring 100,000 more workers in the United States as part of its fourth hiring spree of 2020 to cope up with the jump in demand for e-commerce during the pandemic. According to the details, Amazon in its announcement said the positions … Read more
Asian Share markets rose on Thursday after broader gains in the Wall street, with Investors in Asia await readings on services activity in China. According to the details, Australian S&P/ASX 200 futures rose 0.69% in early trading. While Japan’s Nikkei 225 futures added 0.04%. In addition to this,Hong Kong’s Hang Seng index futures lost 0.15%. Meanwhile E-mini … Read more
Asian Stocks weakened on Tuesday after Wall Street closed due to dipped dollar, with a prediction that rate to stay low for extended period. According to the details, Australia’s S&P/ASX 200 lost 0.89% in Tuesday trading, while Japan’s Nikkei 225 fell 0.22%, Hong Kong’s Hang Seng index futures lost 0.38%. The Dow Jones Industrial Average … Read more
Virgin Atlantic will in December start services between Britain and Pakistan, where local airlines face a ban on flying to most European destinations due to a scandal over unqualified pilots. Virgin, 51% owned by Richard Branson’s Virgin Group and 49% by US airline Delta, said its flights will go on sale next month, becoming the … Read more
Emirates announced to lay off more pilots and cabin crew this week in another round of job cuts. According to the details, The airline shrinks its workforce due to the coronavirus pandemic. A spokesperson for the Dubai-based airline said in a statement: “We can confirm that we are still in the process of implementing the … Read more
On Thursday, Asian markets rose following a record lead from Wall Street, with investors delighted by hopes after lockdown easing in Europe. According to details, Hong Kong led the gains on reopening after a one-day break and respite of the trade war between China and United States, markets remain positive for now. The Hang Seng Index … Read more
As many cosmetic companies around the world are facing backlash on social media in the wake of the Black Lives Matter movement, Hindustan Unilever Limited has announced to drop the word ‘Fair’ from its product “Fair & Lovely”. Hindustan Unilever Chairman Sanjiv Mehta said in a statement that “We are making our skincare portfolio more … Read more
The intensifying cold war between the United States US and China is bigger threat to the world than the coronavirus. According to a media report, these comments made by a prominent Economist Jeffrey Sachs. In his recent comments about the deteriorating trade and business situation, he said that the world is headed for a period … Read more
The French Carmaker company Renault has revealed the plan to slash 15,000 jobs worldwide as part of the plan after seeing sales plunge because of the global pandemic. Media reported that Some 4,600 jobs will go in France, and Renault has said six plants are under review for possible cuts and closure. Ms. Clotilde Delbos, … Read more
The Federal Board of Revenue (FBR) issued a notification on Tuesday (May 12), the board has given the new assignments to its five grade-21 officers. According to the details, newly appointed FBR Member (IR-Operations), chief commissioner, Regional Tax Office, Rawalpindi and chief commissioner, (Large Taxpayer’s Unit) are included in those officers. The Member (IR-Operations) Syed … Read more
According to the report, the rate of the gold fell down by Wednesday. Expecting that the supplies of the gold would be grow as the bullion refineries has resumed the operations, moreover, gradual improvements would be over take in the investors risk appetite as the country have begun to ease the Coronavirus restrictions. It has … Read more
British Airways (BA) has announced plans to reduce 12,000 jobs, nearly 30 percent of its workforce. Media reports said that Chief Executive Alex Cruz, who himself reportedly on a basic salary of over £1.3 million, wrote to staff, saying, “There is no government bailout standing by for BA and we cannot expect the taxpayer to offset … Read more
European multinational aerospace corporation Airbus warns its staff to brace for the deeper job cut adding that the survival o fthe company is at stake. Media reports said the European plane-maker Airbus warns and gave its staff the starkest assessment yet of damage from the coronavirus crisis. The administration told 135,000 employees to be ready … Read more
British Billionaire Sir Richard Branson yet again hit headlines after getting accused for obtaining great deal of money from UK Taxpayers. Ryanair Chief Executive Officer Michael O’Leary slammed Virgin Airline Boss for trying to “fleece” British taxpayers. According to Ryanair CEO British Billionaire Sir Richard Branson demanded a £500million loan to keep his Virgin Atlantic airline … Read more
A final OPEC+ oil supply pact that is to reduce 10 million barrels daily (BPD) awaits Mexico joining said energy minister of Saudia Arabia. The pact was agreed on Thursday. Sources further add on the story that a group called OPEC+ has Russia and other allies devised a plan. The plan includes cutting over the … Read more
Markets in Asia Pacific moving up after Wall Street’s best day in two weeks. CNN reported that Japan’s Nikkei advanced 2.3% in Tuesday trade. South Korea’s Kospi (KOSPI) increased 1%, and Hong Kong’s Hang Seng (HSI) moved up 0.8%. However Australia’s S&P/ASX 200 improved 0.2%. China’s Shanghai Composite (SHCOMP) increased 1.4%, reopening after Monday’s holiday. … Read more
American business and financial services Moody’s has stated that On March 26th, State Bank of Pakistan (SBP), the country’s central bank, cut its policy rate 150 basis points to 11%, reduced banks’ capital conservation buffers (CCB) 100 basis points to 1.5%, relaxed terms for new and existing loans and announced other forbearance measures to increase … Read more
Asian share markets were pinned down on Thursday, haunted by the rising U.S. coronavirus death toll, and with investors braced for more signs of economic pain in the world’s largest economy ahead of another likely record week of jobless claims. With hopes growing that the worst of the outbreak may have passed for China … Read more
