Business

BRUSSELS: The Euro­pean Commission warned Germany months ago against Chinese investment in Hamburg’s port, a source close to the matter told AFP on Saturday, as Chancellor Olaf Scholz faced criticism for reportedly backing the transaction. The source confirmed information in a report by the Handelsblatt daily that the EU executive had in spring given Berlin a thumbs-down to Chinese shipping giant Cosco …

KARACHI: Trading on the stock market commenced in the outgoing week on a negative note amid the hustle and bustle in the political arena, said Arif Habib Ltd. In addition, the rupee remained under pressure and closed at 220.84 against the greenback, down one per cent from a week ago. Furthermore, reserves of the State Bank of Pakistan (SBP) remained …

ISLAMABAD: The Federal Board of Revenue (FBR) on Saturday shared details of eight major actions implemented in the last four years that led the country out of the international watchdog’s so-called grey list. Meanwhile, Hammad Azhar, former PTI minister and head of the Pakistan team dealing with the Paris-based Financial Action Task Force (FATF), also spoke at length in interactions …

ISLAMABAD: Cricket fever is here again and apart from the actual event where 12 teams are playing against each other on Australian soil, another competition is set to take place in a different arena: digital platforms and companies trying to acquire new customers by offering live streams. Amid the growing shift from the traditional electronic media to online streaming, five …

KARACHI: Habib Bank Ltd CEO Muhammad Aurangzeb said on Saturday Pakistan shouldn’t seek relief on commercial debt after the devastation caused by the nationwide floods. Speaking at a conference organised by the Marketing Association of Pakistan, Mr Aurangzeb said failing to deliver on roughly $9-10 billion of commercial debt will knock the country out of the international capital markets. “We …

KARACHI: Shares traded in a range-bound manner on the Pakistan Stock Exchange on Friday amid political ambiguity. Arif Habib Ltd said the rising political temperature caused the index to trade sideways throughout the first half of the trading session. The rupee’s continued devaluation against the dollar also discouraged investors from taking positions. However, the index dropped by 343.4 points once …

KARACHI: Mari Petroleum Company Ltd recorded earnings of Rs12.7 billion for July-September, up 39.7 per cent from a year ago, a stock notice on Friday showed. Arif Habib Ltd said earnings witnessed a quarter-on-quarter jump of 127pc because of a 10pc super tax that the company charged in April-June on the pre-tax profit of 2021-22. Net quarterly sales increased 54pc …

LAHORE: Consumers will have to pay for the surplus power generation capacity regardless of the use, an amount that is set to rise from Rs900 billion now to Rs1.6 trillion by 2030, said a report released on Friday. The report, titled Pakistan Electricity Outlook 2022 and compiled by the Energy Institute of the Lahore University of Management Sciences (Lums), reveals …

ISLAMABAD: Food prices have pushed short-term inflation higher after a week of respite, with salt, bananas, tomatoes and powdered milk rising at the fastest pace, official data showed on Friday. The Sensitive Price Indicator (SPI), used to measure weekly inflation, increased to 0.35 per cent for the week ending Oct 20 over the preceding seven days. However, the weekly inflation …

LONDON: Global stocks wavered on Friday on renewed concerns about rising interest rates while the British pound slumped over the UK’s political drama. European stocks were mixed while Wall Street went from red to green after the open as investors weighed fresh company earnings and rising bond yields. “It’s not a good look right now in sovereign bond markets and …