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Finance ministry sees April inflation at 8-9%

April 30, 2026 5:45

Pakistan’s Federal Ministry of Finance has projected that inflation reading would remain in single digit, within the range of 8-9% for April 2026, disagreeing with local research houses that estimated the number to be returned into double digits in the month. “Amid ongoing supply chain constraints [due to geopolitical tension in Middle East], inflation is anticipated to remain within the range of 8-9% for April 2026,” the ministry said in its latest Monthly Economic Update & Outlook April 2026 published on Thursday. The consumer price index (CPI) inflation forecast for April 2026, however, was notably higher compared the 0.3% in same month of the last year and 7.3% recorded in the prior month of March 2026. The ministry said rising international oil prices were being translated domestically overtime, changing the baseline situation. Global oil price hit four year high at $126 per barrel on Thursday. On average during Jul-Mar FY2026, according to the ministry, inflation stood at 5.7% against 5.3% during the same period last year. Meanwhile, Insight Securities Head of Research Muhammad Shahroz said in a commentary that headline inflation could stand at 10.1% for April 2026. “The [expected] increase is mainly driven by low base effect coupled with elevated food and housing index. On month-on-month basis, inflation is expected to inch up by 1.7%. This surge is primarily driven by higher retail fuel price coupled with elevated LPG prices,“ he said. The rising inflation rate agreed State Bank of Pakistan (SBP) to increase its key policy rate by 100 basis points to 11.5% this week. This was the first hike in the past three years. Economy to remain firm despite ME conflict, says ministry The Ministry of Finance further said despite prevailing geopolitical uncertainties, key macroeconomic indicators had remained stable, including sustained growth momentum in large-scale manufacturing (LSM), particularly reflected in broad-based recovery in the automobiles sector, and rising cement dispatches, pointing to improving domestic demand. “Based on this momentum, economic activity is expected to remain firm,” it said. Despite the potential risk posed by Middle East war and consequently global commodity prices rise and supply chain disturbance, the external position was likely to remain stable, underpinned by higher remittance inflows and IT exports, the ministry said. Overall, the economy appeared well-positioned to continue its growth trajectory, supported by strengthening of macroeconomic fundamentals vis-a-vis appropriate and swift policy response to minimise the adverse impacts, the monthly outlook report said. [...]

Gold price per tola gains Rs4,400 in Pakistan

April 30, 2026 4:18

Gold prices in Pakistan increased on Thursday in line with their gain in the international market. In the local market, gold price per tola reached Rs483,962 after a gain of Rs4,400 during the day. Similarly, 10-gram gold was sold at Rs414,919 after it increased by Rs3,772 according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Wednesday, gold price per tola reached Rs479,562 after a decline of Rs5,500 during the day. The international rate of gold was up by $44 to reach $4,616 per ounce (with a premium of $20). Meanwhile, the price of silver increased by Rs55 to reach Rs7,821 per tola. [...]

Rupee inches upward against US dollar

April 30, 2026 3:59

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279.51, 279.50, 279.47, 279.46, 279.45, 279.42, 279.41, 279.40, 279.37, 279.36, 279.35, 279.32, 279.31, 279.30, 279.27, 279.26, 279.25, 279.22, 279.21, 279.20, 279.17, 279.16, 279.15, 279.12, 279.11, 279.10, 279.07, 279.06, 279.05, 279.02, 279.01, 279.00, 278.97, 278.96, 278.95, 278.92, 278.91, 278.90, 278.87, 278.86, 278.85, 278.82, 278.81, 278.80, 278.77 ], borderColor: 'black', borderWidth: 1, fill: false, pointRadius: 3 }] }, options: { responsive: true, plugins: { legend: { display: false } }, scales: { x: { title: { display: true, text: 'Date' } }, y: { title: { display: true, text: 'Closing Rate' } } } } }); The Pakistani rupee registered marginal gain, appreciating 0.01%, against the US dollar in the inter-bank market on Thursday. At close, the local currency settled at 278.77, a gain of Re0.03 against the greenback. On Wednesday, the local unit closed at 278.80. Meanwhile, the US dollar hovered near its highest in more than two weeks on Thursday. The dollar index was steady at 98.852 following a 0.3% gain on Wednesday, hovering near the highest level since April 13. The euro stood at $1.1689, and ‌sterling traded ⁠at $1.34877, both up roughly 0.1% so far in Asia. Global oil prices jumped to a four-year high of more than $126 a barrel on Thursday on concerns that the US-Iran war could worsen and lead to a protracted Middle East supply disruption that could hurt global economic growth, but later retreated. Inter-bank market rates for dollar on Thursday BID Rs 278.77 OFFER Rs 278.97 Open-market movement In the open market, the PKR gained 4 paise for buying and 3 paise for selling against USD, closing at 279.23 and 280.05, respectively. Against Euro, the PKR gained 51 paise for buying and 68 paise for selling, closing at 325.92 and 329.09, respectively. Against UAE Dirham, the PKR remained unchanged for buying and lost 1 paisa for selling, closing at 76.07 and 76.89, respectively. Against Saudi Riyal, the PKR lost 1 paisa for buying and gained 1 paisa for selling, closing at 74.37 and 75.08, respectively. Open-market rates for dollar on Thursday BID Rs 279.23 OFFER Rs 280.05 [...]

Meta shares plummet near 10% after earnings, Google skyrockets

April 30, 2026 3:43

NEW YORK: Meta shares tumbled nearly 10 percent at the opening Thursday on Wall Street, while Google-parent Alphabet surged more than six percent. The fluctuations came a day after the tech rivals reported quarterly earnings and showed starkly different investor reactions for their costly bets on artificial intelligence. Amazon and Microsoft, which also posted earnings on Wednesday, saw their shares fall over AI concerns, by two percent and 3.7 percent respectively. The earnings came as AI titans pump billions of dollars into cloud computing and artificial intelligence, vying to lead in a technology that they insist will transform all aspects of life. READ MORE: Wall St loses steam ahead of earnings, Fed meeting Investors have broadly lauded Google’s success in pivoting to AI and its solid revenue across major divisions. The tech giant reported a profit of $62.6 billion on revenue just shy of $110 billion, easily eclipsing the same period a year earlier and beating market expectations. Social media behemoth Meta, meanwhile, sent tremors through its results by announcing that expenses notched up to $33.4 billion as it chases “superintelligence,” including a hiring spree for top AI talent. The company also increased its projected capital spending – mainly for data centers – for the year by $10 billion, to a new range of $125 billion to $145 billion. Unlike Amazon, Microsoft and Google, which sell AI capabilities to cloud clients, Meta’s AI investments are not directly tied to a revenue stream. The company has moved to rein in costs to help fund its AI ambitions, announcing last week that it would cut roughly 8,000 jobs and leave 6,000 open roles unfilled. A few minutes into trading, the Dow Jones Industrial Average was up 0.8 percent at around 49,241. The broad-based S&P 500 gained 0.2 percent to about 7,151, while the tech-rich Nasdaq Composite Index was flat at around 24,665. [...]

Gulf shares slip on report of potential US military action against Iran

April 30, 2026 1:46

BENGALURU: Most Gulf stock markets fell on Thursday after a report that the United States was considering military strikes on Iran to try to break a deadlock in peace talks. U.S. President Donald Trump will be briefed on Thursday on plans for strikes on Iran, U.S.-based digital news company Axios reported late on Wednesday. The Abu Dhabi benchmark index dropped 1.2%, snapping a four-session winning streak, with nearly all sectors in negative territory. Losses were led by real estate and utilities stocks. Aldar Properties fell 4.5%, while NMDC Group declined 3.5% after reporting a 50% drop in first-quarter net profit, as higher logistics, insurance and fuel costs, along with project delays linked to regional geopolitical tensions, weighed on earnings. Broad-based losses in Dubai Dubai’s benchmark stock index slid 1.6%, dragged down by broad-based losses. Blue-chip developer Emaar Properties dropped 4.4%, while toll operator Salik Company fell 2.8%. “Markets in UAE recorded a correction as geopolitical concerns increased. Over the long term, the country could benefit from its capacity to increase oil production after leaving OPEC if disruptions in the region abate,” said George Pavel, general manager at Naga.com Middle East. The Qatari benchmark index declined 1.2%, with almost all stocks trading lower. Qatar National Bank , the region’s largest lender, shed 0.9%, while petrochemicals conglomerate Industries Qatar dropped 1.7% after reporting a decline in first-quarter profit as sales volumes weakened, largely due to lower production and shipping constraints amid continued regional uncertainty. Saudi Arabia’s benchmark stock index eased 0.5%, pressured by losses in communications, real estate and financial stocks. Saudi National Bank, the kingdom’s largest lender by assets, fell 1.6%, while Al Majed For Oud slumped 10%, its steepest percentage decline since listing in 2024, after the perfume maker posted a 9% drop in first-quarter net profit. However, gains in IT, materials and energy stocks limited losses on the Saudi index. Oil giant Saudi Aramco rose 0.7%, while National Shipping Company of Saudi Arabia, or Bahri, added 2.7% after the shipping firm reported a 303% jump in first-quarter net profit. Outside the Gulf, Egypt’s blue-chip index fell 1.1%, weighed down by a 3.7% drop in Fawry for Banking Technology and a 2.2% decline in Commercial International Bank . SAUDI ARABIA down 0.5% to 11,188 KUWAIT lost 0.6% to 9,382 QATAR down 1.2% to 10,488 EGYPT fell 1.2% to 51,761 BAHRAIN up 0.2% to 1,972 OMAN rose 1.2% to 8,369 ABU DHABI dropped 1.2% to 9,779 DUBAI down 1.6% to 5,766 [...]

Indian April gold imports fall to near 30-year low as tax demand hits shipments

April 30, 2026 1:37

MUMBAI: India’s April gold imports are set to fall to a near 30-year low of around 15 metric tons, industry and government sources said, because banks have been hit by an unexpected tax demand. Banks, which import most of India’s refined gold, have halted shipments since Indian customs began demanding a 3% integrated goods and services tax on the metal, said Surendra Mehta, secretary at the India Bullion and Jewellers Association. In 2017, when India adopted the IGST, gold-importing banks were exempted from paying the 3% levy. The tax demand now being imposed on banks follows a delay in issuing a formal government order authorising bullion imports by banks, Reuters reported earlier this month. India’s gold investment demand tops jewellery for first time ever in March quarter “Banks did not clear any gold from customs this month. A small quantity was cleared via the India International Bullion Exchange (IIBX),” said a government official, who declined to be named as they were not authorised to talk to the media. India’s tax authorities did not immediately respond to a request for comment on the IGST now being sought on gold imports by banks. India, the world’s second-largest gold consumer, imported 35 tons of gold in April 2025 and averaged about 60 tons a month in the 2025-26 fiscal year to March. The 15-ton figure for April is the lowest for the month in around three decades, excluding 2020 when the COVID-19 pandemic forced Indian jewellery shops to close, and could weigh on global gold prices, the sources said. India likely spent about $1.3 billion on gold imports in April, well below the monthly average of $6 billion in the last fiscal year, bank bullion dealers said, despite Indians celebrating Akshaya Tritiya, the second-biggest gold buying festival after Dhanteras, on April 19. India gems and jewellery exports fall to five-year low on US tariffs “Supplying banks brought gold into India in anticipation of demand during the Akshaya Tritiya festival, but it is now lying in vaults,” said a Mumbai-based bullion dealer at a private bank, adding that about 8 tons of gold was parked in vaults. Banks will only clear them after customs officials allow shipments without demanding GST, the dealer told Reuters. The sources said India’s GST demand on gold, along with the earlier delay in authorising banks to import bullion, could be aimed at slowing gold imports to help narrow the country’s trade deficit and support the rupee, which has been one of the worst-performing Asian currencies so far this year. Imports of gold dore, a semi-pure alloy, were also hit hard in April as refiners struggled with the government rejecting or deferring new import licence applications, said Harshad Ajmera, a refiner based in the eastern city of Kolkata. Jewellers had begun sourcing imported gold from the IIBX after banks halted imports, although volumes were small, said Chanda Venkatesh, managing director at CapsGold, a bullion merchant based in the southern city of Hyderabad. [...]

India central bank's FX forward book balloons to over $100 billion as Iran war pummels Indian rupee

April 30, 2026 1:30

MUMBAI: The Reserve Bank of India’s short dollar positions in the FX market ballooned to a record high $104 billion in March, data showed on Thursday, highlighting its efforts to defend the rupee from the threat posed by the Iran war to India’s economic outlook. The RBI’s short-dollar forward book expanded by $26.5 billion month-on-month by the end of March. The size of the forward book had previously peaked at $88.7 billion in February last year. A surge in energy prices spurred by the U.S.-Iran war has sent the rupee to a series of record lows. In the month to which the data pertains, the currency had declined over 4% and touched its then all-time low of 95.21. While using the forward market allows more flexibility in market interventions, limits volatility and smoothens the impact on rupee liquidity, analysts have also warned that it can become a potential drag on the currency. Indian refiners limit use of special FX credit line, sources say, spelling more rupee strain Even if fundamentals improve, the winding down of such positions could spur fresh dollar demand in the market. “The significant outflow of FPI equity investments at over USD 20bn YTD, together with a ramping up of India’s oil import bill, alongside a hefty short USD forward book remain major constraints on the currency,” analysts at Barclays said in a note. In addition to its market interventions which include dollar sales in the spot, forwards and non-deliverable forwards market, the RBI has also deployed rare regulatory measures to shield the rupee in recent weeks. These measures triggered a fleeting rally in the local currency, before a resurgence in crude oil prices put the rupee under pressure once again. Over the year so far, the rupee has declined more than 5%, extending losses to hit a record low of 95.33 per dollar on Thursday. [...]

IT, financials lead Sri Lankan shares lower

April 30, 2026 12:32

Sri Lankan shares closed lower on Thursday, dragged by broad-based losses across sectors led by financial and IT stocks, ahead of the release of April consumer price data. The CSE All Share index settled down 0.38% at 22,549.53. After the market closed, the Statistics Department said that the Colombo Consumer Price Index - a leading indicator for broader national prices - rose 5.4% year-on-year in April after a 2.2% rise in March, as energy costs climbed because of the Middle East war. HDFC Bank of Sri Lanka and LAUGFS Gas PLC were the top percentage losers on the CSE All Share index, falling 1.8% and 1.5%, respectively. Trading volume on the CSE All Share index fell to 155.8 million shares from 214.3 million in the previous session. The equity market’s turnover fell to 3.44 billion Sri Lankan rupees ($10.78 million) from 4.19 billion rupees in the previous session, according to exchange data. Foreign investors were net sellers, offloading stocks worth 345.7 million rupees, while domestic investors were net buyers, purchasing shares worth 3.17 billion rupees, the data showed. [...]

Asia rice: Muted demand, weak rupee push India prices lower

April 30, 2026 12:27

Indian rice export prices fell this week due to weak demand and as the rupee slipped to a record low, while neighbouring Bangladesh faced rising flood risks that threatened its summer harvest. India’s 5% broken parboiled variety was quoted this week at $337-$344 per ton, down from last week’s $344-$350. Indian 5% broken white rice was priced at $336-$340 per ton. “Demand from African countries remains weak due to higher freight rates. Indian sellers are cutting prices, factoring in the rupee’s decline, to attract buyers,” a Kolkata-based trader said. The Indian rupee fell to a record low of 95.33 per U.S. dollar on Thursday, effectively boosting traders’ returns from overseas sales. Meanwhile, heavy pre-monsoon rains and rising upstream flows from India have swollen rivers across northeastern Bangladesh, heightening the risk of fresh flooding at a critical point in the summer rice harvest, officials said. The threat comes as Bangladesh is grappling with higher rice prices, adding to concerns over food security for millions. Elsewhere, Thailand’s 5% broken rice was quoted at $390-$400 per tonne, a slightly wider range than last week’s $390-$395. Traders noted that demand for Thai rice has been relatively quiet, with orders coming mainly from Asian markets such as Malaysia. A Bangkok-based trader said Indonesia and the Philippines could provide additional demand in the coming weeks. Rising production costs, driven by higher prices for fertilizer, pesticides, and transportation, are likely to keep prices at current levels or higher, the same trader said. On the supply side, availability has been trickling out. Another trader said in the medium term, supply could tighten as farmers plant less rice due to higher input costs. [...]

India bonds return near March-end lows after volatile month; oil, Treasuries add to downside risks

April 30, 2026 12:17

MUMBAI: Indian government bonds ended April close to levels seen at the end of the month prior after declining on Thursday, as crude oil prices and Treasury yields surged, though dovish central bank policy helped calm some nerves. The local currency hit a record low on Thursday after Brent crude topped $126 a barrel, a level last seen in March 2022 after Russia invaded Ukraine. Higher oil prices are a key inflationary and fiscal risk for net energy importer India. The benchmark 6.48% 2035 bond yield closed at 7.0148% on Thursday, up from 6.9928% on Wednesday. The benchmark yield touched a high of 7.1421% and a low of 6.8648% over the course of the month, after ending March at 7.0345%. Even in a best case scenario of a lasting truce between the U.S. and Iran being reached soon, “we expect the fiscal and inflation impacts of recent geopolitical concerns to last much longer, which may in turn put pressure on currency and on fixed income yields over the medium term,” said Sudhir Agrawal, fund manager at SBI Mutual Fund. Brent crude oil prices remained above $100 per barrel for most of April with no peace deal in sight, even as the U.S. announced a two-week ceasefire with Iran on April 7 which it then extended indefinitely. The 10-year U.S. Treasury yield touched its highest level in five weeks earlier in the session, after the Federal Reserve’s most divided rate decision since 1992 dimmed the prospects for rate cuts, as rising energy prices stoke inflation worries. U.S. President Donald Trump spoke with oil companies about limiting the impact of a possible months-long blockade of Iranian ports. Iran for its part, has largely shut the Strait of Hormuz, which carries about a fifth of global energy supplies. For oil-import-dependent India, the Reserve Bank of India has said a 10% rise in oil prices above $85 could raise inflation by 50 basis points and cut growth by 15 basis points. The RBI had maintained status quo on policy rates and stance earlier this month and said it will maintain a comfortable liquidity surplus, assuaging fears of an early onset of a rate hiking cycle. Rates India’s overnight index swap rates surged sharply later in the month, after a dip in the first half, but still ended lower for this month on the central bank’s assurance. The one-year OIS rate ended at 5.9950%, while the two-year swap rate closed at 6.23% on Thursday. The five-year OIS rate settled at 6.61%. [...]

Copper climbs on China data; nickel set for best month in 2 years

April 30, 2026 12:04

LONDON: Copper prices rose on Thursday and were poised to snap a run of five straight daily declines after upbeat factory data in top consumer China, while nickel was heading for its biggest monthly jump in two years on tighter supply from Indonesia. Benchmark three-month copper on the London Metal Exchange was up 0.9% at $13,119.50 a metric ton as of 0935 GMT. The metal used in power, construction and manufacturing was on course for a 6.2% rise in April, which would be its best month of 2026 so far on hopes the Middle East war will be contained. China’s manufacturing sector expanded in April at its fastest pace since the end of 2020 thanks to surging new orders, a private survey showed, while copper stocks on the Shanghai Futures Exchange continue to be drawn down, falling 4.6% from last week to 192,025 tons. The SHFE is closed on Friday for the Labour Day holiday and will not reopen until May 6. Refined copper demand in China is forecast to grow by 2.8% this year, driven by ongoing grid investment and tighter scrap availability, CRU analyst Craig Lang said on a webinar. With global exchange stocks at their highest since the early 2000s, recent high copper prices have been driven by fund investment, Lang added. “Our view on copper prices is that prices will decline towards $11,000 by year-end, before recovering over the medium term,” he said. Additional price support is coming from supply-side risks to raw materials such as sulphur, ING said in a note. Nickel, meanwhile, was up 1% at $19,465 a ton and on course to gain 13.6% this month for its biggest monthly rise since April 2024 on tighter mine production quotas in Indonesia, where smelters are also feeling the sulphur squeeze. “Levels approaching $20,000/t increase the likelihood of additional supply being approved or reactivated,” Sucden Financial said. Aluminium fell 0.2% to $3,482.50, zinc added 1.2% to $3,354.50, lead edged up 0.3% to $1,954.50 and tin climbed 1.5% to $49,410. [...]

Palm oil reverses earlier gains and posts a weekly decline

April 30, 2026 11:35

JAKARTA: Malaysian palm oil futures reversed earlier gains and fell on Thursday, tracking weakness in crude oil prices and profit taking actions ahead of a long weekend. The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange lost 5 ringgit, or 0.11%, to 4,573 ringgit ($1,151.89) a metric ton at the close. The futures lost 0.52% for the week. The market will be closed for a public holiday on Friday, May 1. Dalian’s most-active soyoil contract rose 0.64%, while its palm oil contract gained 0.99%. Soyoil prices on the Chicago Board of Trade were down 0.58%. Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oils market. According to independent inspection company AmSpec Agri Malaysia, exports of Malaysian palm oil products for April fell 16.2% compared to March, while according to cargo surveyor Intertek Testing Services, it fell 15.3%. Indonesia’s crude palm oil output this year may drop by up to 2 million metric tons compared to 2025 due to El Nino-related dry weather and high fertiliser prices driven by the war in the Middle East, the head of the country’s palm oil producer association said on Wednesday. Indonesia has set its crude palm oil reference price at $1,049.58 per metric ton for May, up from April’s $989.63, a regulation from the Trade Ministry showed on Thursday. The ringgit, palm’s currency of trade, weakened 0.43% against the dollar, making the commodity cheaper for buyers holding foreign currencies. [...]

India's markets regulator approves change of control at RBL Bank in Emirates NBD stake deal

April 30, 2026 11:30

MUMBAI: India’s markets regulator has approved a change of control at RBL Bank, the lender said on Thursday, related to a proposed deal that would see Dubai’s Emirates NBD acquire a majority stake. The nod from the Securities and Exchange Board of India marks a key regulatory milestone for one of the largest cross-border deals in the country’s financial sector. A change of control in a listed company involves a shift in the right to appoint directors and manage policies and requires prior SEBI approval. Here are some details: SEBI granted approval in a letter dated April 29, according to a filing. Emirates NBD’s proposal to buy a 60% stake in RBL for $3 billion was announced in October 2025. India minister urges market regulator to boost global consultations, tackle cyber risks RBL said the deal remains subject to other regulatory approvals and conditions. India’s central bank approved the deal earlier this month, paving the way for Emirates NBD to acquire up to 74% of RBL share capital, subject to a minimum 51% holding, while capping voting rights at 26%. Post-transaction, RBL will be classified as a foreign bank subsidiary, with Emirates NBD as its parent, and governed by norms applicable to wholly-owned foreign subsidiaries. India’s competition regulator cleared the deal in January. [...]

Indian rupee's slide to record low puts Indian central bank back on the defensive

April 30, 2026 11:25

MUMBAI: The Indian rupee fell to a record low on Thursday, as investors fretted over the economic risks confronting India from a resurgence in crude oil prices to 2022 highs, threatening the inflation-economic growth balance for the net energy importer and sapping capital flows. The currency fell to 95.33 per dollar, down as much as 0.5% on the day, eclipsing its previous all-time low of 95.21 hit in late March. It subsequently pared losses to end at 94.91, only marginally weaker compared to the previous session. Oil-sensitive Asian peers such as the Indonesian rupiah also weakened on Thursday, after Brent crude futures climbed to $126.4 per barrel, the highest in four years, before turning lower on the day in a volatile session. The Indian rupee’s fall has wiped out gains spurred by the central bank’s use of rare currency-supportive regulatory measures late last month, leaving the currency flat month-on-month even after it rallied to 92.40 earlier in April. The reversal has prompted traders and analysts to suggest that fresh regulatory measures could be on the cards. If depreciation pressures persist, the Reserve Bank of India may consider measures to curb oil-related dollar demand from the spot currency market, curtailing imports of gold and tightening monetary policy to support the currency, said Vivek Rajpal, Asia macro strategist at JB Drax Honore. “India’s historical patterns also show that higher oil prices often feed into inflation and eventually force the Reserve Bank of India to respond.”Fundamental strain The Indian rupee has declined nearly over 5% so far in 2026, adding to similar sized drop last year, in a period where India’s external sector has faced persistent headwinds ranging from trade frictions with the U.S. to weakness in capital flows and most recently, the most severe energy supply disruption in history. Persistent weakness in the currency may also drive a negative feedback loop on foreign capital flows by eroding overseas investors’ returns while adding to inflationary pressures by lifting import prices, analysts say. Reflecting that anxiety, foreign investors have offloaded over $20 billion of Indian stocks and bonds over March and April so far, nearly double the $11.8 billion of outflows from the same markets over all of 2025. “After breaking through the key psychologically important level of USD/INR 95.0, risks of further INR weakness remain, with potential to hit our 2026 year-end forecast of 96.80 sooner than expected,” analysts at Barclays said in a note. The Indian rupee came under additional pressure on Thursday as a hawkish tilt in the U.S. Federal Reserve’s policy decision added to the strain from the rally in oil prices. The U.S. is pushing for other countries to form a coalition to restore the freedom of navigation in the Strait of Hormuz. [...]

Indian shares log best month in over two years as earnings, valuations temper oil-driven risks

April 30, 2026 11:20

Indian shares partly recovered from March’s steep selloff with gains in April, but Thursday’s decline highlighted lingering fragility as surging oil prices and a weakening rupee hurt sentiment. The Nifty 50 fell 0.74% to 23,997.55 and the BSE Sensex shed 0.75% to 76,913.50, while the rupee hit a record low after a jump in crude prices and a hawkish U.S. Federal Reserve. Indian markets will be shut on Friday for a holiday and reopen on Monday, May 4. Brent crude climbed to about $126 a barrel during the session, a four-year high, after Axios reported the U.S. military was set to brief President Donald Trump on new options against Iran. The move revived concerns over imported inflation and pressure on India’s external balances, weighing on equities and the rupee. Still, the Nifty and Sensex rose 7.5% and 6.9% in April, their best monthly performance since December 2023, partly recovering from March’s more than 11% slump. The mid-month Iran ceasefire, attractive valuations and an earnings season largely free of major negative surprises helped overpower record foreign outflows. All 16 major sectors logged monthly gains. The metal index jumped 15.2%, buoyed by global price strength amid supply concerns tied to the Iran situation. Fast-moving consumer goods advanced 12.2%, with Nestle India surging 24.2% to post its best monthly performance, supported by upbeat earnings and a steady growth outlook. Adani Enterprises jumped 36.9% and Adani Ports added 26.3% in April after the group sought to dismiss the U.S. Securities and Exchange Commission’s civil fraud case. The energy index gained 17%, as rising electricity demand and stable coal availability brightened the outlook for power producers. Financials rose 9.1%, led by HDFC Bank, ICICI Bank and Bajaj Finance on steady earnings. However, if oil remains elevated and earnings fail to improve, markets could quickly return to concerns over weak growth and stretched valuations, multiple brokerages, including HSBC and J.P. Morgan, said during the month as they cut their year-end Nifty 50 targets. “Another near-term risk is potential price increases after state election results on May 4, which could also push inflation higher, posing a risk to earnings and market sentiment,” said Mitesh Shah, chief executive officer of Equirus Family Office. Broader markets outperformed benchmarks in April, with small-caps and mid-caps rising 18.4% and 13.6%, respectively. “Valuations have cooled meaningfully from September 2024 in broader markets, and earnings have caught up enough in specific pockets, which has improved the attraction for small and mid-caps,” Shah said. [...]

Pakistan govt hikes petrol price by Rs6.51, diesel by Rs19.39 per litre

April 30, 2026 6:18

The government of Pakistan on Thursday increased the prices of petroleum products, raising petrol by Rs6.51 per litre and high-speed diesel by Rs19.39 per litre. According to a notification issued by the Ministry of Energy (Petroleum Division), the price of petrol (motor spirit) has been set at Rs399.86 per litre, up from Rs393.35. The price of high-speed diesel has been increased to Rs399.58 per litre from Rs380.19. The revised prices will come into effect from May 1 across the country. The move comes hours after the ministry rejected viral reports claiming that petrol pumps across the country would shut down from May 1, terming them baseless and misleading. In a statement, the Petroleum Division said the supply of petroleum products remains uninterrupted, and there are no plans for any closure of fuel stations. It urged the public to avoid spreading panic based on unverified information, warning that such negative propaganda only creates unnecessary anxiety among citizens. The division said that since the onset of tensions in the Middle East, fuel supply in the country has continued without disruption and remains stable. It added that the government is taking all necessary measures to ensure consistent availability of petroleum products in the future as well. [...]

SBP-held foreign exchange reserves rise by $730mn to $15.83bn

April 30, 2026 5:58

Pakistan’s foreign exchange reserves held by the State Bank of Pakistan (SBP) rose by $730 million to $15.83 billion during the week ended April 24, 2026, official data showed on Thursday. The country’s total liquid foreign reserves stood at $21.27 billion, the central bank said in a statement. Of these, $15.83 billion were held by the SBP, while $5.44 billion were held by commercial banks. “During the week ended on 24-Apr-2026, SBP’s FX reserves increased by US$ 730 million to US$ 15,827.9 million. The increase in SBP’s reserves is mainly due to receipt of Pakistan Eurobond proceeds,” the central bank said. [...]

ECB warns of risks from Mideast war as it holds rates

April 30, 2026 5:48

FRANKFURT: The European Central Bank held interest rates steady on Thursday and warned of growing risks to the growth and inflation outlook thanks to the war in the Middle East. Energy costs have spiked since the near-total closure of the Strait of Hormuz, through which about a fifth of the world’s oil and gas usually passes, following the outbreak of the US-Israeli war against Iran. Eurozone inflation is already picking up – it jumped to three percent in April, above the ECB’s two-percent target – but concerns about inflation have to be balanced against the risk of curbing lacklustre growth by making borrowing more expensive. “The upside risks to inflation and the downside risks to growth have intensified,” the ECB said in a statement announcing its decision. “The longer the war continues and the longer energy prices remain high, the stronger is the likely impact on broader inflation and the economy,” it said. READ MORE: ECB set to hold rates steady with eye on Iran crisis Ahead of the meeting, analysts had expected the ECB to keep its key deposit rate at two percent, where it has been since June last year, as the bank waits to see how the war plays out. Italian bank UniCredit wrote in a note that it did not “see the urgency” for the Frankfurt-based institution to act, particularly as inflation was around the ECB’s target before the conflict. “The weakening of the outlook for demand, particularly for private consumption, reinforces the case for the ECB to be patient,” it said. Eurozone economic growth slowed to 0.1 percent in the first three months of the year, official data showed Thursday, while figures since the outbreak of the war have pointed to falling consumer and investor confidence and weakening business activity. Looking to June Other central banks have also taken a cautious approach. The Federal Reserve held interest rates steady Wednesday, faced with its own difficult mix of a weakening labour market and rising inflation, marking its third pause in a row. The Bank of England also froze borrowing costs after its meeting Thursday at the same time as cutting its forecasts for UK growth this year and next. All eyes will be on President Christine Lagarde’s post-rate call press conference for clues as to the path forward, with some betting on a rate rise in June as inflation picks up. “Any hints about a June move will be taken on board,” ING bank economist Carsten Brzeski said ahead of the meeting. ‘Not in a rush’ Much of the inflation and growth outlook depends on whether Iran and the United States can come to a lasting agreement that secures transit of energy supplies through the Strait of Hormuz, a factor over which the ECB has no control. Speaking in Berlin earlier this month, Lagarde said the institution was facing “double uncertainty” in that it was unclear both how long the shock would last and what its effect on the broader economy would be. ECB officials have been keen to stress the difference between the situation now and that after Russia’s invasion of Ukraine in 2022, when some criticised the central bank for moving too slowly in its response to surging inflation. At that time, an energy shock coupled with post-pandemic supply chain woes and tight labour markets pushed eurozone inflation to record highs. Bank of Latvia governor Martins Kazaks, a member of the ECB’s rate-setting governing council, had told the Financial Times ahead of the decision that the bank was “not in a rush”. “We still have the large luxury of collecting data and forming our view”, he said. [...]

Finance ministry sees April inflation at 8-9%

April 30, 2026 5:45

PIA set for full privatisation as consortium moves to acquire remaining stake

April 30, 2026 4:55

A consortium led by Arif Habib Corporation Limited has formally moved to acquire the remaining 25 percent stake in Pakistan International Airlines Corporation Limited (PIACL), setting the stage for full privatisation of the national carrier, the Privatisation Commission said on Thursday. Management control is expected to be transferred on or before May 25, 2026, subject to the fulfilment of conditions outlined in the Share Purchase and Subscription Agreement (SPSA) signed on January 29, 2026. READ MORE: New shareholder added: Fauji Fertilizer becomes part of PIA Equity Limited The consortium has submitted a notice of intent to exercise its call option for the remaining shares, along with a standby letter of credit, in line with the agreement. Total private-sector investment in the transaction is estimated at around Rs180 billion, including at least Rs55 billion to be paid to the government and about Rs125 billion to be injected into the airline as fresh equity. READ MORE: Arif Habib consortium acquires remaining 25% stake in PIA The equity injection is expected to support fleet modernisation, route expansion, and improvements in customer service and operational efficiency. The consortium also includes Fatima Fertilizer Company Limited, Fauji Fertilizer Company, Lake City Holdings (Pvt) Limited, The City School (Pvt) Limited, and AKD Group Holdings (Pvt) Limited. The Privatisation Commission said all parties are working to complete the required conditions ahead of the first closing date. [...]

Unilever's India unit hikes prices, cuts costs to offset war-led strain; Q4 profit up

April 30, 2026 4:51

Hindustan Unilever Ltd said on Thursday it is relying on cost cuts and price increases to counter commodity volatility stemming from the Middle East war, after reporting an 18% jump in quarterly profit. Rising raw material costs, driven by a war-led spike in crude prices, are expected to squeeze margins for consumer goods makers, with India particularly vulnerable as the world’s third-largest oil consumer depends heavily on Middle East energy imports. Material cost inflation is roughly at 8% to 10%, while price hikes that Hindustan Unilever has implemented so far are between 2% and 5%, finance chief Niranjan Gupta said on an earnings call. The company is reducing pack sizes for certain products and raising prices for some others, while stepping up cost cuts, including in advertising, to offset what it called “short-term impacts from Middle East situation.” “Hindustan Unilever and peers face a margin squeeze: input costs are rising quickly, but consumer resistance, competition, and the need to protect volumes prevent full and immediate pass-through,” consumer goods consultant Akshay D’Souza said. Unilever’s India arm to invest up to $221 million in high-growth categories Shares fell 4% post-results, making the stock the third-biggest loser on the benchmark Nifty 50 in a broadly weaker market. The pressures reflect a broader industry trend, with peers such as bottled water maker Bisleri and Fortune cooking oil maker AWL Agri Business also leaning on price hikes to shield margins. The Dove soap maker, however, maintained its mid-term forecast for core earnings margin at 22.5%-23.5%. Also on Thursday, parent Unilever said it would raise prices as the Iran war drives up costs, even as it reported quarterly underlying sales growth ahead of analysts’ forecasts. For the March quarter, Hindustan Unilever’s profit rose to 29.30 billion rupees ($307.57 million), helped by consumption tax cuts, while revenue climbed 7% to 155.99 billion rupees. Margins on earnings before interest, tax, depreciation, and amortisation (EBITDA) improved 10 basis points year-on-year to 23.9%. Hindustan Unilever expects its fiscal 2027 performance to be better, as it sharpens its focus on premium products and doubles down on “fewer, bigger bets” including its Horlicks protein drink, it said. [...]

StanChart to sell bulk of Indian credit cards to Federal Bank

April 30, 2026 4:47

Standard Chartered will sell a portfolio of 450,000 Indian credit cards to Federal Bank, the latter said on Thursday, as the London-listed lender shifts focus to wealth business in Asia’s third-largest economy. StanChart, which earns most of its revenue in Asia, Africa and the Middle East, had about 640,000 credit cards in India as of March, according to the latest regulatory data. The lender is selling a part of its India portfolio, where customers only hold credit cards and don’t have a wider banking relationship, Reuters reported in March. StanChart had been reviewing offers from Federal Bank and peer Kotak Mahindra Bank. The deal with the Kerala-based Federal Bank is expected to close by the end of 2026. The deal value would depend on consent from customers and the balances at the time of transfer, Federal Bank said in a statement, adding that the portfolio is being valued at around 1.5 to 1.6 times implied equity. “This decision is in line with our strategic shift towards building deeper, multi-product relationships with our clients,” Aditya Mandloi, Standard Chartered’s head of wealth and retail banking in India and South Asia, said. The bank, which on Thursday posted a better-than-expected 17% profit gain, has been selling non-core businesses in India. Last year, Standard Chartered sold its India personal loan business, valued at $488 million at the time, to Kotak Mahindra Bank. For Federal Bank, the acquisition represents “a compelling and strategic addition” to its retail credit franchise, chief executive KVS Manian said. The Indian lender has over 2 million credit card customers. Shares of Standard Chartered UK-listed shares were trading up 0.3% while Federal Bank shares were up 0.7% as on 0950 GMT. India has 118 million outstanding credit cards with the likes of HDFC Bank, SBI Card and ICICI Bank among the prominent issuers. [...]

Truck rentals in India fall due to low industry activity

April 30, 2026 4:44

NEW DELHI: Truck rentals in India dropped by 4% to 5% in April after a sharp 9% to 10% decline in March on key routes due to Iran war and low supplies from the key manufacturing hub, the Indian Foundation of Transport Research and Training (IFTRT) said. IFTRT said there is a decline of about 15% to 20% in dispatches from manufacturing hubs, particularly small and medium enterprises that account for about 70% of the intra and inter-state cargoes Increased arrivals of wheat, pulses and summer fruits and vegetables boosted agri-logistics demand by 20% to 25%, leading to a shifting of capacity to wholesale markets to offset losses in industrial freight, it said IFTRT said that while local diesel prices have not been raised, truck tyre prices have risen by 4% to 5% in the last 4 to 6 weeks, increasing operational expenses of the fleet owners [...]

Gold price per tola gains Rs4,400 in Pakistan

April 30, 2026 4:18

Rupee inches upward against US dollar

April 30, 2026 3:59

PTCL refutes reports of potential change in investment position of e& in Pakistan

April 30, 2026 2:26

The Pakistan Telecommunication Company Limited (PTCL) on Thursday rejected reports claiming that UAE telecom giant Etisalat was “reviewing its exposure to Pakistan’s telecom sector”, which could lead to its exit from the PTCL. “The company would like to reject the baseless and speculative reports and is not aware of the sources referenced in these reports. As a publicly listed entity, PTCL emphasises the importance of accurate and responsible reporting, as unverified information may lead to unnecessary market speculation,” the PTCL said in a statement. “PTCL’s shareholders remain fully committed to the company’s long-term strategy and growth trajectory. This is reflected in key strategic initiatives, including the acquisition of Telenor Pakistan and Orion Towers, Ufone’s 5G spectrum acquisition, and the continued expansion of the company’s fiber network across the country,” the statement read. In 2006, Pakistan privatised the PTCL by selling a 26% stake and management control to Etisalat International Pakistan for $2.6 billion. While initially hailed as a landmark reform, the deal has been plagued by a prolonged dispute over the transfer of properties, with approximately $799 million still withheld by Etisalat. In January 2026, Pakistan Deputy Prime Minister and Foreign Minister Ishaq Dar reached Dubai to meet with the management of Etisalat, seeking to resolve the long-standing dispute. Pakistan sought a prompt settlement of the unresolved issue. Earlier this month, the Transparency International Pakistan (TIP) urged the Adviser to the Prime Minister on Privatisation, Muhammad Ali, to direct the Pakistan Telecommunication Authority (PTA) to recover outstanding dues from Etisalat. [...]

Indian cement maker ACC's profit falls as costs squeeze margins

April 30, 2026 2:00

Adani Group-owned Indian cement maker ACC’s fourth-quarter profit slumped 66.2% to 2.49 billion rupees ($26.2 million) on Thursday, as higher input costs offset strong volume growth. Revenue rose 17.6% to 70.54 billion rupees, helped by an 8% growth in cement sales volumes The firm’s total expenses rose 22.1% to 67.44 billion rupees, while operating EBITDA margin fell to 8.8% from 13.6% a year ago Cost pressures from fuel, diesel, packaging bags and rupee depreciation linked to the Middle East conflict impacted ACC’s earnings, with the impact expected to continue into the first half of fiscal 2027 Rise in demand in the fiscal year is expected to remain around 5% amid monsoon risks and fuel-price volatility, ACC said Indian cement industry has faced headwinds from election delays, extended monsoon season, and Middle East-driven input cost inflation over the past few quarters, per Nomura On Monday, India’s largest cement maker and peer UltraTech Cement topped analysts expectation for fourth-quarter profit [...]

Indian Godrej Agrovet profit jumps on core business growth, land sale gain

April 30, 2026 1:53

India’s Godrej Agrovet posted a 48% jump in quarterly profit on Thursday, helped by strong growth in its animal feed and crop protection segments, as well as a one-time gain from the sale of land. Here are some details: Total revenue rose 9.3% to 23.33 billion rupees during the quarter. Revenue from animal nutrition, the company’s largest segment accounting for over 50% of quarterly revenue, rose 10.8% to 12.70 billion rupees. Crop protection revenue climbed 15.6%, recovering from weather disruptions in the prior quarter; palm oil and dairy businesses remained under pressure. Total expenses for the Godrej Industries’ unit rose 10%. Consolidated profit stood at 1.05 billion rupees, up from 707.8 million rupees a year earlier. Profit was also lifted by a one-time gain of 334.8 million rupees from the sale of land. [...]

Gulf shares slip on report of potential US military action against Iran

April 30, 2026 1:46

India considers stronger safeguards as online fraud surges

April 30, 2026 1:43

NEW DELHI: India’s central bank is seeking recommendations to tackle a surge in online fraud as scammers siphon off billions of dollars annually from users of its widely used digital payments network. The South Asian country’s vast digital payment ecosystem has received global acclaim as a model of low-cost innovation and financial inclusion. But it has also spawned online crimes, with fraudsters cheating users of nearly $3 billion in 2025 – a nearly 40-fold increase since 2021. “The potential of digital payments is impeded by complaints related to frauds,” the Reserve Bank of India said in a note published earlier this month that sought suggestions for stronger defences against frauds. Users can send the bank recommendations until May 9. READ MORE: India widens banks’ disclosure of offshore Indian rupee trades Most scams are a result of “manipulation of users through social engineering, coercion, or impersonation” rather than a “technical compromise of systems”, according to the central bank. Instances of fraudsters posing online as law enforcement officials and blackmailing people to transfer huge amounts of money are notoriously rampant in the world’s most populated country. “Almost all sections of society especially the vulnerable groups such as senior citizens have fallen prey to” online fraud, the note said. “Therefore, there is an urgent need to put in place systems and processes to address these issues.” Among the measures being considered by the central bank is “a short delay” before the execution of payments above a certain amount. “It can act as a preventive control by disrupting the fraudster’s psychological influence over the victim and by giving the payer an opportunity to reconsider the transaction,” the bank reasoned. The bank said it was also considering an extra layer of authentication by a “trusted person for high-value digital transactions”. Over the past decade, digital transaction volumes in India have increased by 38-fold, while transaction values have more than tripled, according to the central bank’s data. [...]

Israel defence minister says country may have to 'act again' against Iran

April 30, 2026 7:12

JERUSALEM: Israel’s defence minister on Thursday said his country may soon have to “act again” against Iran, to ensure the Islamic republic “does not once again become a threat to Israel”. “US President Donald Trump, in coordination with (Israeli) Prime Minister Benjamin Netanyahu, is leading the efforts to achieve the campaign’s objectives, to ensure that Iran does not once again become a threat to Israel, the United States and the free world in the future,” Israel Katz said during a military ceremony, according to a statement from his office. Also read: Israel’s defence minister vows to kill Iran leaders “We support this effort and are providing the necessary support, but it is possible that we may soon have to act again to ensure these objectives are met,” he added. [...]

13 terrorists killed in foiled infiltration attempts along Afghanistan border: ISPR

April 30, 2026 6:25

Pakistan’s security forces killed 13 terrorists in two separate operations while foiling infiltration attempts along the Pakistan-Afghanistan border in the northwest Khyber Pakhtunkhwa province, the military’s media wing said on Thursday. According to the Inter-Services Public Relations (ISPR), the incidents took place on April 28-29 in Mohmand and North Waziristan districts. In the first operation in Mohmand, security forces detected the movement of a group of terrorists attempting to cross into Pakistan. Troops engaged them effectively, killing eight terrorists during the exchange of fire. READ MORE: Security forces kill 22 Indian sponsored terrorists in Khyber district: ISPR In a separate incident in North Waziristan, another infiltration attempt was thwarted, with five terrorists killed after an intense gun battle, the ISPR said. The ISPR said sanitisation operations are ongoing in the areas to eliminate any remaining terrorists. It added that security forces remain committed to defending the country’s borders and will continue counter-terrorism operations under the “Azm-e-Istehkam” campaign to eliminate what it called foreign-sponsored terrorism. [...]

Pakistan govt hikes petrol price by Rs6.51, diesel by Rs19.39 per litre

April 30, 2026 6:18

SBP-held foreign exchange reserves rise by $730mn to $15.83bn

April 30, 2026 5:58

Iran threatens painful response if US resumes attacks, oil prices seesaw

April 30, 2026 5:56

WASHINGTON/DUBAI:- Iran said on Thursday it would respond with “long and painful strikes” on U.S. positions if Washington renewed attacks, and also reasserted its control over the Strait of Hormuz, complicating U.S. plans for a coalition to reopen the waterway. Two months into the U.S.-Israeli war with Iran, the vital sea channel remains closed, choking off 20% of the world’s oil and gas supplies. That has sent global energy prices surging and heightened concerns about the risks of an economic downturn. Efforts to resolve the conflict have hit an impasse, with a ceasefire in place since April 8 but Iran still blocking the strait in response to a U.S. naval blockade of Iran’s oil exports, the country’s economic lifeline. U.S. President Donald Trump is slated to receive a briefing on Thursday on plans for a series of fresh military strikes on Iran to compel it to negotiate an end to the conflict, a U.S. official told Reuters. Such options have long been part of U.S. planning but the proposed briefing, first reported by news site Axios late on Wednesday, spurred big gains in oil prices, with the benchmark Brent crude contract hitting more than $126 a barrel at one point. It later slipped back to around $113 a barrel. Any U.S. attack on Iran, even if limited, will usher in “long and painful strikes” on U.S. regional positions, a senior Revolutionary Guards official said. “We’ve seen what happened to your regional bases, we will see the same thing happen to your warships,” Aerospace Force Commander Majid Mousavi was quoted by Iranian media as saying. Iran aims to maintain its hold over Strait Supreme Leader Mojtaba Khamenei said in a written message to Iranians that Tehran would eliminate “the enemies’ abuses of the waterway” under new management of the strait, indicating that the country intended to maintain its hold over it. “Foreigners who come from thousands of kilometres away…have no place there except at the bottom of its waters,” he said. Iran’s parliament speaker and foreign minister also alluded to Iranian control over the strait. Brent prices have doubled since the war began on February 28, driving inflation and sending pump prices to politically painful levels worldwide. U.N. Secretary-General Antonio Guterres warned that if the disruption caused by the closure dragged on through mid-year, global growth would fall, inflation would rise and tens of millions more people would be pushed into poverty and extreme hunger. “The longer this vital artery is choked, the harder it will be to reverse the damage,” he told reporters in New York. As well as blocking almost all but its own shipping through the strait, Iran launched drones and missiles at Israel and U.S. bases, infrastructure and U.S.-linked companies in Gulf states. Amazon said restoring normal operations for its cloud regions in Bahrain and the United Arab Emirates could take months after damage last month from the conflict, which has killed thousands in Iran and across the Middle East. Another plan to be shared with Trump involves using ground forces to take over part of the Strait of Hormuz to reopen it to commercial shipping, Axios said. Trump is also considering extending the U.S. blockade on Iran or declaring a unilateral victory, officials have said. In a sign the U.S. was also envisaging a scenario where hostilities cease, the State Department cable invited partner countries to ‌join a new coalition called Maritime Freedom Construct (MFC) to enable ships to navigate the strait. “The MFC constitutes a critical first step in the establishment of a post-conflict maritime security architecture for the Middle East,” said the cable, which was due to be delivered orally to partner nations by May 1. France, Britain and other countries have held talks on contributing to such a coalition but said they were willing to help open the Strait only when the conflict ends. Japan speaks to Iran about safe passage through strait Mediator Pakistan was trying to avoid escalation while the two sides exchange messages on a potential deal, a Pakistani source said on Wednesday. Trump has said Iran cannot have a nuclear weapon, while Tehran says its nuclear ambitions are peaceful. Iran’s latest offer for resolving the war, suspended since April 8 under a ceasefire deal, would set aside discussion of its nuclear program until the conflict is formally ended and shipping issues resolved. That did not meet Trump’s demand to tackle the nuclear issue at the outset. The Pakistani source said the United States had shared “observations” on the Iranian proposal and it was now up to Iran to respond. “(The) Iranians asked for time till the end of the week,” the source told Reuters. German Chancellor Friedrich Merz said Tehran should stop playing for time, and Japanese Prime Minister Sanae Takaichi said she had spoken to Iranian President Masoud Pezeshkian to ensure the safe passage of a Japanese-related vessel and all others through the strait. Pezeshkian told Takaichi that Tehran would resume the path of diplomacy once Washington changed its behaviour. Weeks of conflict have strained the Iranian economy but analysts said its ruling clerics and Revolutionary Guards could use their iron grip on the country to hold out. [...]

FIFA chief Infantino confirms Iran playing at World Cup in US

April 30, 2026 5:56

VANCOUVER: FIFA President Gianni Infantino reiterated that Iran will play at this year’s World Cup on Thursday as he addressed the global football governing body’s Congress in Vancouver. Also read: Iran participating in World Cup, FIFA president confirms “Let me start by the outset, confirming straightaway that of course Iran will be participating at the FIFA World Cup 2026,” Infantino said as he opened his address to delegates. “And of course, Iran will play the United States of America.” [...]

287 nominations for Nobel Peace Prize: institute

April 30, 2026 5:56

OSLO: The Norwegian Nobel Institute on Thursday announced that 287 nominations had been submitted for this year’s Nobel Peace Prize. The list comprised 208 individuals and 79 organisations, it said, without identifying them. While fewer than the record 376 registered in 2016, the institute said the number remained “consistently high”. “In an increasingly conflictual world, there is no lack of candidates whose principled commitment and innovative action points towards a brighter future,” the institute said in a statement. READ MORE: Trump links Greenland threat to Nobel Peace Prize snub, EU prepares to retaliate In line with Nobel statutes, the identity of the nominees is kept confidential for 50 years. But those eligible to nominate – including former laureates, lawmakers and cabinet ministers from any country in the world, and some university professors – are free to reveal the name of the person or organisation they have proposed. Some of the names disclosed for this year’s prize, to be announced on October 9, are Ukrainian President Volodymyr Zelensky, Swedish climate activist Greta Thunberg and international institutions like the International Criminal Court. Several people have also stated that they have nominated US President Donald Trump, who had campaigned hard to win last year’s peace prize for what he said were his efforts to stop eight wars. Trump was not shy about venting his frustration about being passed over, as the prize committee instead chose to honour Venezuelan opposition leader Maria Corina Machado. But Machado did dedicate her award to Trump, and in an unusual move gave him her prize medal in January. The Nobel Peace Prize committee however stressed that the medal itself was not the prize, and the honour is inseparable from the person who won it. Nominations have to be submitted by January 31 each year, but committee members can add names to the list of candidates during their first meeting after the deadline, which was held on February 26, the institute said. [...]

Lebanon says Israeli strikes kill 9 people, including 2 children

April 30, 2026 5:55

BEIRUT: Israeli strikes on south Lebanon killed nine people including two children, the health ministry said Thursday, shortly after the president decried what he described as ongoing Israeli violations of a nearly two-week ceasefire. Israel has pressed its attacks on Lebanon as the fragile ceasefire, announced after a round of direct talks between the Lebanese and Israeli ambassadors in Washington, neared its two-week mark. “Israeli enemy strikes on south Lebanon led, in an initial toll, to nine martyrs, among them two children and five women, and 23 wounded, among them eight children and seven women,” the health ministry said in a statement. READ MORE: Over 1.2mn people in Lebanon to face acute hunger due to war: report Speaking to a delegation from the International Federation of Red Cross and Red Crescent Societies, President Joseph Aoun had earlier slammed “continuing Israeli violations” in south Lebanon. He said these were occurring “despite the ceasefire, as do demolitions of homes and places of worship, while the number of killed and wounded rises day after day”. On Thursday, an Israeli army spokesperson called for the evacuation of eight southern villages ahead of planned military action there. Shortly after the ceasefire began on April 17, Israel declared a so-called “Yellow Line” – a strip of Lebanese territory about 10 kilometres deep along the border, where it has been operating and demolishing villages. “Pressure must be exerted on Israel to ensure it respects international laws and conventions and ceases targeting civilians, paramedics, civil defence, and humanitarian health and relief organisations,” Aoun told the delegation, on a day when three paramedics killed by Israel were buried. Lebanese state media reported a series of Israeli airstrikes across southern Lebanon on Thursday. Hezbollah has claimed a number of operations targeting Israeli forces in southern Lebanon as well as rockets launched towards northern Israel, since the start of the ceasefire. The text of the ceasefire, published by the US State Department, grants Israel the right to act against “planned, imminent or ongoing attacks”. Hezbollah rejects that language, saying it was never presented to Lebanon’s cabinet, in which members of the group are represented. Aoun said on Wednesday that “this wording appeared in a statement issued by the US State Department, and it is the same text that was adopted in November 2024” as part of the ceasefire agreement ending the previous war between the two sides. He added that “all parties” at the time had agreed to the text. In response, parliament speaker Nabih Berri, an ally of Hezbollah, said in a statement on Wednesday that Aoun’s remarks were “inaccurate, to say the least, and this also applies to the November 2024 agreement”. [...]

Bank of England hold rate steady, signals possible hikes

April 30, 2026 5:51

LONDON: The Bank of England on Thursday left its benchmark interest rate unchanged at 3.75 percent, but signalled hikes could be needed if the Middle East war continues to drive up inflation. The central bank also cut its forecasts for UK growth in 2026 and 2027 as the global energy shock weighs on the economy. BoE governor Andrew Bailey said the interest rate was at a “reasonable place given the situation of the economy and the unpredictability of events in the Middle East.” “Whatever happens, our job is to make sure that inflation gets back to the two percent target after the initial impact of the war on energy prices has passed,” he added. READ MORE: Stock markets are too high and set to fall, BOE deputy governor tells BBC The central bank now estimates gross domestic product growth to hit 0.7 or 0.8 percent this year and 0.8 or 1.0 percent in 2027. It had previously forecast GDP output of 0.9 percent this year and 1.5 percent in 2027. The BoE took the unusual step of publishing three forward-looking scenarios for the UK economy. All three suggest that rates will need to rise, but in the worst-case scenario, inflation could climb to 6.2 percent in the first quarter of 2027. In that scenario, the oil price would have to stay around $130 a barrel for an extended period, with gas prices soaring further. Policymakers including Bailey voted 8-1 to hold the benchmark rate on Thursday, with one dissenter voting in favour of hiking by 0.25 percentage points. The decision came as the European Central Bank prepared to hold interest rates steady again as policymakers weigh concerns about higher inflation against weakening growth. The Federal Reserve held interest rates steady Wednesday, its third pause in a row, as it also waits for the full impacts of the war to become clear. The BoE last cut its interest rate by a quarter-point to 3.75 percent at its policy meeting in December. [...]

ECB warns of risks from Mideast war as it holds rates

April 30, 2026 5:48

Finance ministry sees April inflation at 8-9%

April 30, 2026 5:45

PIA set for full privatisation as consortium moves to acquire remaining stake

April 30, 2026 4:55

Unilever's India unit hikes prices, cuts costs to offset war-led strain; Q4 profit up

April 30, 2026 4:51

StanChart to sell bulk of Indian credit cards to Federal Bank

April 30, 2026 4:47

Truck rentals in India fall due to low industry activity

April 30, 2026 4:44

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Oil’s surge to $125 a barrel just made the next bet for traders a lot harder

April 30, 2026 8:37

Global oil prices topped $125 a barrel this week — their highest in almost four years [...]

Nvidia used to benefit from AI spending increases. So why did the stock just slide?

April 30, 2026 8:34

Investors seem worried about the potential for increased competition in the AI-chip market. [...]

How a screw-up by Social Security cost widows and widowers over $50 million

April 30, 2026 8:26

Thousands have been short-changed of their Social Security payments as a result of blunders by the Social Security Administration [...]

America’s protein obsession rages on. Chipotle, Hershey and others are capitalizing.

April 30, 2026 8:22

Americans are on a health and weight-loss kick, and they’re increasingly turning to protein to get the most out of what they eat. [...]

Lilly is selling $12.9 billion of GLP-1 drugs every three months — and expects to sell even more

April 30, 2026 8:22

Eli Lilly said its tirzepatide franchise had another stellar quarter. [...]

I use a wheelchair and my apartment elevator has been broken for 16 days. I haven’t been reimbursed for my hotel. Do I have a legal case?

April 30, 2026 8:18

“I was supposed to be able to move back on Friday, but it’s looking less certain now, and the property manager has been providing fewer updates recently.” [...]

Trump signs order creating retirement plans for workers who lack them

April 30, 2026 8:07

President Donald Trump signed an executive order Thursday to create access to retirement plans for millions of workers whose employers don’t provide one. [...]

Can one bad week ruin your retirement savings? How about three bad years?

April 30, 2026 6:56