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KARACHI: Mashreq Bank Pakistan – one of the two retail digital banks operating in the country – has put a big focus on channeling workers’ remittances into the country from abroad and introduced profit on current accounts for the first time in Pakistan. The bank says it will offer up to 5% profit per annum on current accounts. “Mashreq NEO introduces Shariah-compliant remunerative current account with a market-first profit rate for customers of up to 5% per annum and Islamic savings account delivering the best-in-market return of up to 10%, and competitive rates on conventional variants,” Shahzad Khokhar, Head of…

Every weekday the CNBC Investing Club with Jim Cramer holds a “Morning Meeting” livestream at 10:20 a.m. ET. Here’s a recap of Monday’s key moments. 1. The S & P 500 and Nasdaq each surged Monday on the back of Alphabet ‘s gains and expectations for a third Fed interest rate in 2025. Shares of the Google parent jumped more than 4% on excitement about the launch of Gemini 3, which also sparked debate about whether it is superior to OpenAI’s ChatGPT. Jim Cramer said, “The rate cut story is really behind a lot of these moves” as well. After…

The Japanese yen was the weakest major currency against the broadly softer US dollar on Monday as investors waited for any sign of official buying from Tokyo to slow the currency’s slide.   A national holiday in Japan reduced liquidity during the Asian session, keeping the yen down 0.3% at 156.89 per dollar and close to the ten-month low it hit last week.   The yen continues to face pressure from a combination of highly accommodative fiscal policy and some of the lowest interest rates in the world. It found brief support on Friday after rebounding from ten-month lows, following…

The Japanese yen was the weakest major currency against the broadly softer US dollar on Monday as investors waited for any sign of official buying from Tokyo to slow the currency’s slide.   A national holiday in Japan reduced liquidity during the Asian session, keeping the yen down 0.3% at 156.89 per dollar and close to the ten-month low it hit last week.   The yen continues to face pressure from a combination of highly accommodative fiscal policy and some of the lowest interest rates in the world. It found brief support on Friday after rebounding from ten-month lows, following…

Chinese President Xi Jinping and US President Donald Trump held a phone conversation on Monday to reaffirm bilateral ties and discuss Taiwan and Ukraine issues.The telephone call came after a series of fast-changing geopolitical developments in recent weeks. China has got into an escalating row with Japan over Prime Minister Sanae Takaichi’s comments on Taiwan, and the US has announced a 28-point peace proposal to end the Russia-Ukraine war, which started in February 2022.Xi clarified Beijing’s official position on the Taiwan issue, emphasising that the reincorporation of Taiwan is a key part of global relations forged over the past 80…

China has brought online the world’s first commercial supercritical carbon dioxide power generator – a revolutionary clean energy technology pioneered by the China National Nuclear Corporation (CNNC).This power generator, which uses carbon dioxide instead of steam to transfer heat, has been connected to the grid from a steel production plant in China’s southwestern province of Guizhou to produce electricity from waste heat, according to a social media post by CNNC’s Nuclear Power Institute of China on November 10.Once operational, the two 15-megawatt power units are expected to be 50 per cent more efficient at capturing and using waste heat from…

The Japanese yen was the weakest major currency against the broadly softer US dollar on Monday as investors waited for any sign of official buying from Tokyo to slow the currency’s slide.   A national holiday in Japan reduced liquidity during the Asian session, keeping the yen down 0.3% at 156.89 per dollar and close to the ten-month low it hit last week.   The yen continues to face pressure from a combination of highly accommodative fiscal policy and some of the lowest interest rates in the world. It found brief support on Friday after rebounding from ten-month lows, following…

KARACHI: Pakistan has moved to strengthen bilateral maritime ties with Bangladesh by proposing the establishment of a formal cooperation framework between their national shipping corporations. Pakistan’s Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry presented the proposal in a meeting in London with Brigadier General (Retd.) Dr. M. Sakhawat Hussain, Adviser for Shipping of Bangladesh. Chaudhry proposed the establishment of a formal cooperation framework between the Pakistan National Shipping Corporation (PNSC) and the Bangladesh Shipping Corporation (BSC) to deepen maritime collaboration between the two countries, the maritime ministry said on Monday. Vitol, Cnergyico make Pakistan’s biggest single delivery of…

My top 10 things to watch Monday, Nov. 24 1. The S & P 500 was headed for a higher open early this morning as the stock market attempted to rally during this shortened holiday trading week. It’s a rebound that started on Friday after dovish remarks from New York Fed President John Williams boosted hopes of a December interest rate cut. Government shutdown-delayed September data on retail sales and producer prices will be released this week. This is also the final trading week of November — and as of Friday’s close, the S & P 500 lost 3.5% for…

Catch up on some of SCMP’s biggest China stories of the day. If you would like to see more of our reporting, please consider subscribing.1. Beijing blasts Japan’s ‘extremely dangerous’ missile deployment near TaiwanBeijing has blasted Japan’s missile deployment on an island only 110km (68 miles) away from Taiwan as “extremely dangerous”, saying it stokes regional tensions and military confrontation amid deteriorating ties between the two Asian powers.2. As US-China rivalry redefines economic warfare, EU scrambles for its dictionaryMore than two years after launching its economic security strategy and with the world swept up in economic warfare, the European Union…