Business

SAN FRANCISCO: Elon Musk has accused Twitter of fraud, alleging the social media platform misled him about key aspects of its business before he agreed to a $44 billion buyout, as their court battle heats up. The Tesla boss lodged the claim late on Thursday as he fights back against Twitter’s lawsuit seeking to force him to close the deal, which …

KARACHI: Arif Habib Dolmen REIT Management Ltd is going to launch as many as four real estate investment trusts (REITs) within the next quarter, according to company CEO Muhammad Ejaz. REITs are collective investment schemes that take money from investors and deploy it in real estate projects. Speaking to Dawn on the sidelines of a corporate event on Thursday, Mr Ejaz said …

LONDON: Britain will sink into a lengthy recession later this year as inflation rockets even higher, the Bank of England forecast on Thursday as it unveiled the biggest interest rate hike since 1995. The move comes as Britons endure a cost-of-living crisis that has dominated the race to succeed Boris Johnson following his resignation as prime minister. The BoE’s Monetary …

ISLAMABAD: For ensuring tight fiscal control, the government has put restrictions on technical supplementary grants (TSGs) in the first quarter and imposed a ban on supplementary expenditure, both for developmental and current expenditure, throughout the current fiscal year, except in extreme and exceptional cases. “To remain within the approved budgetary allocation, no additional funds through a supplementary grant (SG) shall …

The rupee, which has been on an upward trend for more than a week now, continued strengthening against the dollar in the interbank market on Friday. The local currency gained Rs2.11, or 0.94 per cent, against the dollar to close at Rs224.04. Saad bin Naseer, director of Mettis Global, a web-based financial data and analytics portal, said the PKR was stable …

Finance Minister Miftah Ismail said on Friday that the government would control imports for the next three months, even if it came at the cost of slower growth. “I will not allow imports to increase for three months and, in the meantime, we will come up with a policy. I understand that growth will be reduced for a bit but …

The State Bank of Pakistan (SBP) has imposed fines amounting to Rs131.42 million on three banks for violating regulatory instructions related to customer due diligence (CDD)/know your customer (KYC) policy, among other things. The penalties were part of significant enforcement actions taken by the central bank during the quarter that ended on June 30. The highest fine of Rs85.148m was …

Russia became India’s third-largest coal supplier in July, with imports rising by over a fifth compared with June to a record 2.06 million tonnes, data from Indian consultancy Coalmint showed. Russia has historically been the sixth-largest supplier of coal to India, behind Indonesia, South Africa, Australia, and the United States, with Mozambique and Colombia alternatingly featuring in the top five. …

KARACHI: The State Bank of Pakistan (SBP) on Wednesday said it has started a crackdown on exchange companies (ECs) in the light of findings from ongoing inspections and mystery shopping. In a statement, the central bank stated that due to recent volatility in the exchange rate and the difference between the interbank rate and the rate offered by ECs and …

WASHINGTON; Rese­archers have found that decay of tissues after death can be halted and cell functions restored based on early experiments in pigs that may eventually help increase the number of transplantable human organs. Sixty minutes after stopping the heart in the anaesthetised animals, Yale researchers were able to restart the circulation using a specialised machine and a synthetic fluid …