Category: bussines

LONDON/DUBAI: Despite falling prices and expectations of weaker demand, OPEC+ has agreed to accelerate oil production hikes for a second consecutive month, raising output in June by 411,000 barrels per day, the group said on Saturday. Following an online meeting lasting just over an hour, the producer group announced the supply increase, saying the fundamentals of the oil market were healthy and inventories were low. Oil prices fell to a four-year low in April below $60 per barrel after OPEC+ announced a bigger-than-expected production boost for May, and as US…

Read More

NEW DELHI: As diplomatic tensions between the two nuclear-armed nations flared in the wake of a deadly attack on tourists in Indian Illegally Occupied Kashmir (IIOJK) region, India said it has banned the import of goods originating from or transiting via Pakistan. India’s Directorate General of Foreign Trade in a notification said the ban will take effect immediately. “This restriction is imposed in the interest of national security and public policy,” it said. A provision in this regard has been added in Foreign Trade Policy (FTP) 2023 “to prohibit direct…

Read More

NEW DELHI/KARACHI: Amid escalating tensions between the South Asian neighbours over a deadly attack in Indian Illegally Occupied Jammu and Kashmir (IIOJK), India has asked the International Monetary Fund (IMF) to review loans disbursed to Pakistan, an Indian government source told Reuters on Friday. India and Pakistan have announced a raft of measures after an attack on tourists in the IIOJK last week killed 26 men and there is a fear that the latest crisis between the nuclear-armed rivals could spiral into a military conflict. Islamabad has denied any role and called…

Read More

KARACHI: Pakistan’s headline inflation dropped to just 0.3% year-on-year (YoY) in April 2025 — a historic low — compared to 17.3% in the same month last year and 0.7% in March, according to data released by the Pakistan Bureau of Statistics (PBS). The sharp decline was primarily driven by broad-based reductions in food and energy prices. Brokerage house Arif Habib Limited noted that the latest reading marks the lowest inflation level ever recorded in the country. National Consumer Price Index table. — X/@ArifHabibLtd On a month-on-month (MoM) basis, the Consumer…

Read More

BEIJING: Beijing is “evaluating” an offer from Washington to hold talks over US President Donald Trump’s 145% tariffs, China’s Commerce Ministry said on Friday, although it warned the United States not to engage in “extortion and coercion”. Washington and Beijing have been locked in a cat-and-mouse game over tariffs, with both sides unwilling to be seen to back down in a trade war that has roiled global markets and upended supply chains. The Commerce Ministry said the United States has approached China to seek talks over Trump’s tariffs and Beijing’s…

Read More

Air India expects to face around $600 million in additional costs if a ban from Pakistan’s airspace lasts for a year, and has asked the federal government to compensate it for the hit, a company letter seen by Reuters shows. Indian airlines are bracing for higher fuel costs and longer journey times after Pakistan shut its airspace to the country’s carriers in a tit-for-tat retaliation following an attack on tourists in Indian Illegally Occupied Jammu and Kashmir (IIOJK) last week. Air India on April 27 asked the Indian government for a “subsidy…

Read More

Job growth in the United States is expected to have slowed in April amid increased economic uncertainty stemming from President Donald Trump’s aggressive tariff policies. Despite this, companies continue to retain workers, keeping the labour market steady for the time being. The forthcoming employment report from the Labour Department, scheduled for release on Friday, is likely to be viewed as outdated, failing to provide a clear picture of the current economy, especially after gross domestic product contracted in the first quarter. This downturn was largely influenced by a surge in…

Read More

The stock market rebounded decisively on Friday as bullish sentiment returned to the market. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index surged to an intraday high of 113,928.51, gaining 2,601.94 points or 2.34% from the previous close of 111,326.57. The session’s low was recorded at 112,820.07, still up by 1,493.50 points or 1.34%. On Wednesday, the KSE-100 index suffered heavy losses, falling by 3,545.61 points or 3.09% to close at 111,326.57. The day’s high stood at 114,066.13 points, while the low touched 110,631.84 points, marking one of the sharpest…

Read More

Amid growing investor concerns over Elon Musk’s extended absences, divisive politics, and the EV manufacturer’s declining sales and profit, Tesla’s board defends its chief executive Musk on Thursday, asserting he had the board’s trust. The board responded after a Wall Street Journal article claimed that the board had contemplated replacing Musk, which board chair Robyn Denholm refuted. Denholm has come under fire for her hefty salary and her inability to hold Musk accountable to shareowners. The latest Musk drama underscores the unique dilemma Tesla’s board faces in managing him as…

Read More

SAN FRANCISCO: Apple could lose $900 million this quarter because of trade tariffs announced early this year by US President Donald Trump, chief executive Tim Cook has warned, stressing their impact was “limited” at the start of this year. Apple on Thursday reported first-quarter profit above expectations. Cook said he expected “a majority of iPhones sold in the US will have India as their country of origin,” adding that Apple’s products were exempt from Trump’s most severe reciprocal tariffs for now. “We are not able to precisely estimate the impact…

Read More