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Another bruising week on Wall Street gave us a chance to open up our wallet and pick up a number of stocks on sale. The week ahead will offer investors a fresh look at inflation at a time of growing economic and trade policy uncertainty. The S & P 500 and Nasdaq Composite sank 3.1% and 3.45% for the week, respectively, their third weekly loss in a row and their fifth out of the past six. The Dow Jones Industrial Average slipped 2.37%. A flurry of tariff headlines once again weighed on the stock market. Investors are trying to keep…
Saudi Arabia’s stock market ended higher on Sunday, snapping a three-day losing streak, in response to Friday’s rise in oil prices . Oil prices – a catalyst for the Gulf’s financial markets – gained on Friday but retreated from session highs after U.S. President Donald Trump threatened sanctions on Russia if it fails to reach a cease-fire with Ukraine. Saudi Arabia’s benchmark index added 0.2%, helped by a 1.5% rebound in oil behemoth Saudi Aramco. Aramco has been falling since Tuesday when the firm reported a drop in annual profit and signalled it will slash its dividend payouts by nearly…
Michael RaceBusiness reporter, BBC NewsGetty ImagesThe chancellor will give an update on her plans for the UK economy when she gives a statement alongside an economic forecast on 26 March.Rachel Reeves has previously ruled out further tax rises, but faces difficult choices because of the performance of the UK economy and world events. What is the Spring Statement and when is it?The Office for Budget Responsibility (OBR), which monitors the government’s spending plans and performance, will publish its forecast on the UK economy on Wednesday 26 March.It will also provide estimates on the cost of living for households and whether…
Chinese electric vehicle (EV) maker Xpeng Motors hopes to make Hong Kong a launch pad for its autonomous driving technology beyond mainland China, but the ambition will depend on the city’s willingness to create a more open regulatory environment for new technologies.Hong Kong should keep up with the mainland or be more ambitious in terms of regulations for emerging technologies, including autonomous driving and flying vehicles, He Xiaopeng, chairman and CEO of Xpeng and a National People’s Congress (NPC) deputy, said on Saturday amid the ongoing “two sessions”.“What I’m really looking forward to is whether Xpeng’s autonomous driving can be…
Just days after China lowered its annual consumer inflation control target from around 3 per cent to around 2 per cent – following two years in which the actual reading has languished at 0.2 per cent – the National Bureau of Statistics said February’s consumer price index (CPI) fell 0.7 per cent year on year.The inflation gauge for the first two months of this year – including the movable Lunar New Year holiday – dropped 0.1 per cent compared with the same period last year, the bureau announced on Sunday.Economists polled by Chinese financial data provider Wind had forecast the…
KARACHI: Despite some benchmark slippages, better-than-expected smooth talks with the visiting International Monetary Fund (IMF) mission for the release of the second tranche of $1.1 billion enthused positive vibes among equity investors about the economic outlook, aiding the benchmark index maintain a bullish performance in the outgoing week. Despite early volatility, the market turned bullish on reports that the government plans to reduce energy sector circular debt by negotiating a loan deal with the banks. Arif Habib Ltd (AHL) said the market wrapped up the week positively, supported by improved domestic liquidity and favourable investor sentiment surrounding discussions on the…
ISLAMABAD: The removal of government support prices, along with low domestic rates, has affected the current sowing season, causing wheat farmers to switch to more profitable vegetables and cash crops, such as mustard and pulses. The Country Brief on Pakistan, published by the UN Food and Agriculture Organisation (FAO), says the area planted declined year-on-year since the government removed the minimum support price in May 2024. The FAO report made available on Saturday says that wheat production in 2025 will depend on the performance of the rainy season until April. According to the report, despite well-below-average cumulative precipitation amounts and…
ISLAMABAD: The value-added textile and clothing sector has asked the government to lower tax rates to boost export competitiveness. This demand was part of a string of proposals submitted to the finance ministry by the Pakistan Textile Exporter Association (PTEA) for incorporation in the budget 2025-26. The value-added manufacturers urged the government to remove the double taxation on the export sector. The exports have started declining, worrying industry players. In the last budget, the association maintained that banks collected 1pc advance tax against export proceeds, which is declared as a minimum tax instead of a final tax. Simultaneously, an advance…
KARACHI: Inflows of remittances are higher than ever and the exchange companies alone could accumulate $5 billion by the end of Ramazan, said exchange companies on Saturday. “We have already sold $3.5 to $4bn to the banks during the first 8 months of FY25 while Ramazan would add more to the total,” said Zafar Paracha, Secretary General of the Exchange Companies Association of Pakistan. The country received $20.9bn in remittances in July-January FY25 compared to $15.8bn a year ago, up 32.27pc, exceeding the $5bn growth projection for FY25 in the first seven months. “We are sure by the end of…
COLOMBO: International Monetary Fund (IMF) chief Kristalina Georgieva pledged to support Sri Lanka’s economic recovery, praising the cash-strapped nation’s “remarkable turnaround” during online talks with its president. The International Monetary Fund Managing director promised unspecified help to the South Asian nation during a virtual meeting with President Anura Kumara Dissanayake, his office said on Saturday. “The economy has stabilised and is now performing well,” Georgieva said during her overnight meeting with Dissanayake, according to a video clip shared by the Sri Lankan presidency. “This is so important for people, especially for poor people. We see a remarkable turnaround from the…