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European shares closed lower on Friday as Israel’s wide-scale strike against Iran triggered a broad market selloff, with investors rushing to safe-haven assets amid an already uncertain trade environment. The pan-European STOXX 600 index fell 0.9%, briefly hitting its lowest level in three-weeks. The index also marked its fifth consecutive declining session and longest losing streak since September 2024. Israel launched a barrage of strikes across Iran, saying it had attacked nuclear facilities and missile factories. The news sent global risk assets lower and investors moved into traditional safe havens like the dollar and gold. Though Washington said it had…
The US dollar is heading for its biggest one-day profit in a month as investors run to buy up the US dollar once more for safety after Israel launched strikes against Iran, prompting Iran to launch drones in response. Military Escalation Israel said it targeted a large network of military bases in Iran, with Iran responding by launching a large flock of anti-Israel drones. Despite the attack, US and Iranian officials are still scheduled to talk in Oman on Sunday to discuss a nuclear deal and stop Iran’s uranium enrichment. Dollar Regains Haven Status At…
Chime made a successful public debut on the Nasdaq Thursday as shares of the fintech name popped 37% — one of many wins for the IPO market in June. Chime’s high-profile initial public offering came on the heels of space tech company Voyager Technologies and stablecoin issuer Circle debuting on Wednesday and last Thursday , respectively. Voyager surged 82% on its first day; Circle flew 168%. Other deals also are in the pipeline, with forthcoming listings from crypto exchange Gemini and cancer diagnostics firm Caris Life Sciences, which is targeting a valuation of up to $5.3 billion. The string of…
ISLAMABAD: The International Finance Corporation will provide a $400 million subordinated loan for Pakistan’s Reko Diq copper-gold mine, according to an IFC disclosure on Friday. The loan adds to a $300 million commitment announced in April, bringing IFC’s total financing for the project to $700 million. The estimated cost of the mine is $6.6 billion, to be funded through a mix of debt and equity from a consortium of lenders. “The estimated total Project cost is $6.6bn, and it will be financed using a combination of debt and equity,” the disclosure said, adding that other parallel lenders will provide the…
The Khyber Pakhtunkhwa (KP) government on Friday presented Rs2.12 trillion surplus budget for the fiscal year 2025-26 with no new tax and an increase of 10% in salary and 7% in pension of its employees. Presenting the annual budget, Finance Minister KP Aftab Alam said the estimated annual expenditures for the new fiscal year would be Rs1.962 trillion with a surplus of Rs157 billion. Giving the break-up, the minister said the government was expecting to get Rs292.340 billion from the federal government for the merged tribal districts including Rs80 billion current budget grant, Rs39.600 annual development programme, Rs50 billion under…
The Sindh government has announced to tax “all services” excluding essential and social services, aiming to “expand the sales tax base and also reduce possible tariff disputes and litigations”, according to budget documents released on Friday. The provincial government announced its budget for the financial year 2025-26 on Friday, with Chief Minister Murad Ali Shah unveiling proposals for Rs3.45 trillion total outlay, with a deficit of Rs38.46 billion. According to Sindh Revenue Board (SRB) website, the general rate of Sindh Sales Tax on services is 15% with the exception of telecommunication services, which are liable to be taxed at 19.5%.…
A woman shops at a supermarket on April 30, 2025 in Arlington, Virginia.Sha Hanting | China News Service | Getty ImagesConsumers in the early part of June took a considerably less pessimistic about the economy and potential surges in inflation as progress appeared possible in the global trade war, according to a University of Michigan survey Friday.The university’s closely watched Surveys of Consumers showed across-the-board rebounds from previously dour readings, while respondents also sharply cut back their outlook for near-term inflation.For the headline index of consumer sentiment, the gauge was at 60.5, well ahead of the Dow Jones estimate for…
Henderson Land Development, one of Hong Kong’s largest developers, has leased a 223,437 sq ft space in its prized mixed-use project in Central to Jane Street Asia in one of the largest leasing transactions in the city’s main business district in decades.The rent for the space, across six floors in New Central Harbourfront, will be HK$137 (US$17.45) per square foot per month, or HK$30.6 million per month, excluding fees. The transaction, which makes the quant trading firm the anchor tenant of the development, is equivalent to 70 per cent of the office and ancillary portion of the first phase of…
In sending two aircraft carriers to the western Pacific concurrently for the first time, Beijing is learning to coordinate the vessels in open ocean, a tactic it would likely use to deter US forces in a Taiwan conflict, according to defence analysts.The two carriers – the Liaoning and Shandong – were spotted in the waters, having entered the western Pacific via separate courses over the past two weeks.They are believed to have practised dispersing, concentrating and communicating in the complex high-seas area.By Friday, Chinese military authorities had not yet declared an end to the exercise. 01:39China says Fujian carrier is…
The US dollar is heading for its biggest one-day profit in a month as investors run to buy up the US dollar once more for safety after Israel launched strikes against Iran, prompting Iran to launch drones in response. Military Escalation Israel said it targeted a large network of military bases in Iran, with Iran responding by launching a large flock of anti-Israel drones. Despite the attack, US and Iranian officials are still scheduled to talk in Oman on Sunday to discuss a nuclear deal and stop Iran’s uranium enrichment. Dollar Regains Haven Status At…