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The AGM highlighted ADIB’s strong business momentum and the exceptional 2024 performanceDuring the Annual General Assembly (AGM) of Abu Dhabi Islamic Bank (ADIB), shareholders deliberated and ratified all agenda items, which included the election of a new Board of Directors and the distribution of a cash dividend of 83 fils per share, equating to 83 percent of capital. This payout signifies a total distribution of AED3.030 billion ($825 million), representing 50 percent of the net profit for 2024, an increase from 71 fils per share in 2023.Highlighting strong business momentumIn addition to endorsing the dividend payout, the AGM underscored Abu…

U.S. Treasury yields were little changed on Tuesday as worries over the state of the U.S. economy persisted.At 6:34 a.m. ET, the benchmark 10-year Treasury yield was flat on the day at 4.219%. The 2-year Treasury yield was up less than a basis point at 3.9% after falling to its lowest level since October.One basis point is equal to 0.01%, and yields and prices move in opposite directions.On Tuesday, investors were concerned about the possibility of a recession hitting the U.S. economy, after U.S. President Donald Trump made remarks over the weekend that the economy is in a “period of transition.”With the impact of Trump’s…

Following the State Bank of Pakistan’s (SBP) decision to keep the interest rate unchanged at 12%, Karachi Interbank Offered Rate (KIBOR) rates for one-week to one-year tenors rose on Tuesday. KIBOR represents the average interest rate at which banks are willing to lend money to other banks. According to the data provided by Arif Habib Limited (AHL), on a day-on-day basis, the one-week KIBOR increased by 34 basis points (bps) to 12.41%, the two-week tenor rate jumped by 37bps to 12.4%, one-month KIBOR rose by 41bps to 12.35%, the three-month tenor rate was up by 19bps to 12.05%, six-month KIBOR…

The Japanese yen rose in Asian trade on Tuesday against major rivals, extending the gains for the second straight session against the dollar and hitting a five-month high on mounting risk aversion and haven demand with massive US stock selloffs.    The gains are also underpinned by a drop in US 10-year treasury yields, which boosted the odds of a Fed rate cut in the first half of the year.   The Price   The USD/JPY fell 0.5% today to 146.54 yen per dollar, the lowest since October 2024, with a session-high at 147.27.   The yen rose 0.5% on…

In both China and the United States, the rush to develop artificial intelligence is often viewed through a Cold War lens: as an arms race between two rival superpowers.But France – and Europe more broadly – aims to break out of this model. It is pursuing a “collaborative approach” to developing AI, and that means it is willing to work closely with both Beijing and Washington on key issues.In an interview with the Post, the French consul general in Hong Kong, Christile Drulhe, said that although “each country would like to develop its own ecosystem”, they share “a lot of…

In a key development, Finance Minister Muhammad Aurangzeb discussed the country’s debt management and restructuring with Mohammed Yahya, the United Nations Resident Coordinator at the Finance Division on Tuesday. Yahya was accompanied by Abdullah Fadil, a UNICEF Representative. Afke Bootsman, Head of UN Resident Coordinator Office and Luay Shabaneh, UNFPA Representative were also present. According to the statement, the meeting provided a platform for discussions on key issues including debt management, debt restructuring, climate financing, sustainable development goals (SDGs), and Pakistan’s transition to green energy. During the meeting, Aurangzeb emphasized that Pakistan faces two major existential challenges: climate change and…

Rupee’s Performance Against US Dollar Since 16 Jan 2025 The Pakistani rupee recorded marginal improvement against the US dollar, appreciating 0.04% in the inter-bank market on Tuesday. At close, the currency settled at 279.95, a gain of Re0.12 against the greenback. On Monday, the rupee had closed at 280.07. The last time the rupee closed below 280 against the US dollar was in January 2024. Internationally, the yen was investors’ safe harbour of choice on Tuesday and it traded near five-month highs as fears about a tariff-driven slowdown in US growth have rattled US stocks and the US dollar. The…

Zarrar Hasham Khan has been appointed as chairman of Pakistan Telecommunication Company Limited (PTCL), replacing Azfar Manzoor. The company disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Tuesday. “We have to inform you that Zarrar Hasham Khan has been appointed as chairman with effect from 2025-03-10 in place of Azfar Manzoor,” read the notice. Last year in September, Zarrar was appointed as Secretary Information Technology and Telecom Division. With over 20 years of experience in technology and telecommunications, Khan is a graduate of the Ghulam Ishaq Khan Institute and has furthered his education at prestigious…

Campaign posters hang outside of the polling station ahead of tomorrow’s general election on March 10, 2025 in Ilulissat, Greenland. Greenland will hold a general election on March 11 to elect the 31 members of its parliament, the Inatsisartut. Joe Raedle | Getty Images News | Getty ImagesGreenlanders are heading to the polls on Tuesday in a pivotal parliamentary election shaped by the perennial debate over independence from overseer Denmark — and by U.S. President Donald Trump’s ambitions to get hold of the island “one way or the other.”The majority of the Arctic island’s six main political parties support independence, and the…

The Pakistan Stock Exchange (PSX) saw a volatile session on Tuesday, as the benchmark KSE-100 Index swayed in both directions before closing the day marginally lower by 179 points. A topsy-turvy trading was observed throughout the trading session, with the KSE-100 hitting an intra-day high of 114,486.20 and an intra-day low of 113,610.31. At close, the KSE-100 settled at 114,177.65, a decrease of 178.69 points or 0.16%. “The KSE-100 witnessed a fierce tug-of-war between bulls and bears in today’s session. The market opened on a negative note, reacting sharply to the State Bank of Pakistan’s (SBP) decision to maintain the…