Business

ISTANBUL: Turkiye’s annual inflation rate approached 65 per cent in December, reaching a new high for 2023 and putting the country on course to meet an expected peak of 70-75pc in May. President Recep Tayyip Erdogan’s new team of market-friendly economists expects inflation to start falling from near-record highs within four months. The rate reached a decades-long high of 85pc …

BENGALURU: Tesla delivered a record number of electric vehicles in the fourth quarter, beating market estimates and meeting its 2023 target, but lost its spot as the top EV maker by sales to China’s BYD. Tesla delivered 484,507 EVs in the October-to-December period, falling short of the 526,409 vehicles that Warren Buffett-backed BYD handed over — mostly in China — …

KARACHI: After staging the second-best single-day rally the other day, the stock market on Tuesday faltered on profit-taking triggered by a spike in headline inflation and growing uncertainty about upcoming general elections. However, the benchmark KSE 100 index closed above the 64,000 level. Beating the government’s projection of 21pc with a big margin, the first-half inflation for FY24 surged to …

ISLAMABAD: Merchandise exports grew for the fourth consecutive month in December, reaching an 18-month high, indicating a recovery of export-led industrial growth. In absolute terms, the export proceeds were recorded at $2.82 billion in December against $2.30bn over the corresponding month last year, indicating a growth of 22.21pc, data released by the Pakistan Bureau of Statistics showed on Tuesday. On …

KARACHI: The rupee snapped its 13-session winning streak as it lost three paise against the US dollar to Rs281.89 in the interbank market on Tuesday. However, market experts said the meagre gain didn’t reflect a comeback of the bullish dollar which hit an all-time high of Rs307 against the local currency on Sept 5, 2023. “The depreciation is negligible and does not …

SINGAPORE: Bitcoin galloped past $45,000 on Tuesday, for the first time since April 2022, as the world’s biggest cryptocurrency started the new year with a bang, buoyed by optimism around the possible approval of exchange-traded spot bitcoin funds. Bitcoin touched a 21-month peak of $45,922, having gained 156 per cent last year in its strongest yearly performance since 2020. It …

KARACHI: The first half of FY24 ended on a dismal note for the petroleum sector due to a 15 per cent drop in sales of petroleum products to 7.686 million tonnes from nine million tonnes in the same period last fiscal year. Petrol sales posted a drop of 7pc to 3.57m tonnes during the July-December period from 3.83m tonnes in …

KARACHI: Pakistan’s kinno export this season is likely to shrink by 50 per cent from 450,000 tonnes a few years ago. The country would earn only $100 million instead of $220m despite a good crop of 2.75m tonnes versus 1.75m tonnes last year. The issues of quality and shelf life have deeply impacted the exports.“From the last year, the quality …

KARACHI: Extending its winning streak for the third consecutive session after suffering the biggest-ever single-day fall on Dec 27, bulls staged a spectacular rally on the first day of the new calendar year of 2024, again tossing the KSE-100 index above 64,000-point level on Monday. Topline Securities Ltd Chief Executive Officer Muhammed Sohail told Dawn that the release of funds to Independent …

ISLAMABAD: The Asian Development Bank will assist seven countries of Central and West Asia, including Pakistan, to enhance the role of the private sector in the delivery of inclusive, accessible, adequate, affordable and climate-resilient housing ecosystems that also champion the needs of disadvantaged population groups. Approving the regional technical assistance of $500,000, the ADB says its team will explore private …