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Fed holds rates steady, cites elevated inflation; three dissents against 'easing bias'
April 29, 2026 6:43
Fed holds rates steady, cites elevated inflation; three dissents against 'easing bias'

WASHINGTON: The Federal Reserve held interest rates steady on Wednesday, but in its most divided decision since 1992 noted rising concerns about inflation in a policy statement that drew three dissents from officials who no longer feel the U.S. central bank should communicate a bias towards lowering borrowing costs. A fourth dissent at the meeting came in favor of a quarter-percentage-point rate cut. “Inflation is elevated, in part reflecting the recent increase in global energy prices,” the Fed said in its policy statement, a shift from previous language saying that inflation was just “somewhat” elevated. “Developments in the Middle East are contributing to a high level of uncertainty about the economic outlook.” The 8-4 vote was the most divisive since October 6, 1992, and shows the breadth of opinion incoming Fed Chair Kevin Warsh will face in pursuing rate cuts that President Donald Trump says he expects from his chosen successor to Jerome Powell, whose term as central bank chief ends on May 15. Though the latest policy statement retained language about how the Fed would assess the “extent and timing of additional adjustments” to rates, a phrase that pointed to future cuts as the next likely move, three policymakers objected. Also read: Fed minutes of March meeting could flesh out how policymakers view war risks to economy Cleveland Fed President Beth Hammack, Minneapolis Fed President Neel Kashkari and Dallas Fed President Lorie Logan, while supportive of holding the policy rate steady in the current 3.50%-3.75% range, “did not support inclusion of an easing bias in the statement at this time” and voted against the new statement. With global oil prices lodged above $100 a barrel due to the U.S.-backed war against Iran, the Fed has been hard-pressed to determine if the impact is likely to be seen more through depressed growth or higher inflation, keeping the policy rate in the range where it has been since December despite repeated demands by Trump for looser monetary policy. Alongside elevated inflation, “the unemployment rate has been little changed in recent months” while the economy continues to expand “at a solid pace,” the Fed said. FED leadership transition The new statement is likely the last to be issued under Powell’s leadership. Earlier on Wednesday, the Republican-controlled Senate Banking Committee voted to advance Warsh’s nomination on a party-line 13-11 vote. The Senate is expected to confirm Warsh next month. Powell is scheduled to hold a press conference at 2:30 p.m. EDT (1830 GMT) to elaborate on the results of the meeting and the economic outlook, and may also address whether he plans to remain at the Fed as a governor in a separate term that runs through January of 2028. The minutes of the Fed’s March 17-18 meeting noted a growing number of policymakers were open to the idea that the central bank’s next move might be a rate increase, and the number of hawkish dissents may prompt investors to boost bets that borrowing costs will rise this year. Since the March meeting, inflation has shown signs of rising, with officials concerned that sustained high global oil prices could evolve from a one-time price shock to a jump in underlying pressure on prices. Fed Governor Stephen Miran, in what may also be his last meeting, again dissented in favor of a quarter-percentage-point rate cut, as he has done at every meeting since moving to the central bank from his prior job as one of Trump’s top economic advisers. [...]

Pakistan approves national policy on vaccine production
April 29, 2026 5:46
Pakistan approves national policy on vaccine production

The federal cabinet approved on Wednesday a national policy on vaccine production in Pakistan, aiming to reduce reliance on imported vaccines, cut import bill, and make the country self-sufficient in the immunisation production. According to a press statement issued by the Prime Minister’s Office (PMO), the federal cabinet meeting, chaired by Prime Minister Shehbaz Sharif, highlighted “The objective of the policy is to reduce reliance on imports of vaccines, save valuable foreign exchange, and make the country self-sufficient in vaccine production”. The meeting also approved the formation of a special committee under the supervision of the Drug Regulatory Authority of Pakistan (DRAP) to determine pricing and ensure quality standards. Also read: Govt said to have approved prices for 35 life-saving advanced drugs after two-year delay The country currently receives vaccines at concessional rates through global partners, including Gavi, World Health Organisation (WHO), United Nations International Children’s Emergency Fund (UNICEF), and the Bill & Melinda Gates Foundation. Pakistan government currently bears around 51% of the cost of vaccine procurement –estimated at $400 million to $500 million a year – while 49% is covered by international partners. However, this support will gradually decline, and by 2030-31, Pakistan will be required to fully finance vaccine procurement on its own, said Federal Health Minister Syed Mustafa Kamal the other day. Pakistan Pharmaceutical Manufacturers Association (PPMA) former chairman Dr Kaiser Waheed and Dow Institute of Life Sciences (DILS) director Dr Izhar Hussain said the success of the national policy would depend whether the government had given surety in the policy to buy vaccines from local manufacturers, as shelf life of the booster doses remain, especially vaccines for children. As per them, it is the government that pays for vaccines and make them available to people free of cost in most of the cases. “There is section of the people who do not want to pay for vaccines as they remain unaware about their importance,” Dr Waheed said. Earlier, the Minister Kamal stepped up collaboration with global partners, including Saudi Arabia and Indonesia, to establish a local vaccine manufacturing plant in the country. The move was aimed at averting a potential medical and financial crisis by achieving self-sufficiency in vaccine production as the supply of subsidised booster doses to the country from international partners comes to an end by 2031. [...]

US stocks dip ahead of Fed decision, tech giant results
April 29, 2026 4:19
US stocks dip ahead of Fed decision, tech giant results

NEW YORK: Wall Street stocks dipped early Wednesday ahead of a Federal Reserve decision on interest rates and a deluge of earnings from tech giants. While the Fed is expected to keep rates unchanged, there is intrigue over whether Chair Jerome Powell intends to stay on the Fed board when his term as chairman ends. A Senate panel is scheduled to vote Wednesday on whether to confirm Powell’s designated successor, Kevin Warsh. After the market closes, tech giants Microsoft, Amazon, Meta and Google parent Alphabet are all due to report results. READ MORE: Wall St indexes enter earnings-heavy week on cautious footing About 20 minutes into trading, the Dow Jones Industrial Average was down 0.5 percent at 48,877.75. The broad-based S&P 500 slid 0.2 percent to 7,126.98, while the tech-rich Nasdaq Composite Index slipped 0.1 percent to 24,635.78. The tech earnings reports come as investors grapple with questions about whether companies are building too much costly artificial intelligence capacity. Interactive Brokers’ Steve Sosnick said investors may not welcome announcements of trimmed investment “because that would imply that maybe this is just not as profitable of a venture as everybody thinks.” Sosnick also noted that oil prices keep rising as the Middle East war grinds on but stocks are “ignoring” the increase. [...]

Most Gulf markets rise as investors assess Iran stalemate, UAE OPEC exit
April 29, 2026 2:58
Most Gulf markets rise as investors assess Iran stalemate, UAE OPEC exit

Most stock markets in the Gulf closed higher on Wednesday as investors assessed the stalemate in the Iran conflict and the United Arab Emirates’ decision to leave OPEC. The UAE said on Tuesday that it would exit the oil producers group. As one of OPEC’s largest producers, the UAE’s departure weakens the group’s grip on global oil supply and deepens its rift with Saudi Arabia, OPEC’s de facto leader. The UAE’s exit from the oil cartel may also allow the Gulf state to raise production once exports resume, since it would no longer be bound by OPEC quotas. Speculation that the UAE would leave OPEC had persisted for years. With vast reserves and among the world’s lowest production costs, it can remain profitable even during extended periods of low prices. In Abu Dhabi, the share index rose 0.7%, lifted by a rally in companies tied to oil major Abu Dhabi National Oil Company (ADNOC). ADNOC Drilling surged 8.1%, ADNOC Gas gained 3.7%, ADNOC Logistics & Services jumped 7.8% and Fertiglobe - the largest producer of nitrogen fertilisers in the Middle East and North Africa - ended 10.3% higher. Milad Azar, market analyst at XTB MENA, said the UAE’s move raised hopes that higher long-term exports would support the market and the broader economy. Meanwhile, Americana Restaurants International soared 12.4%, a day after reporting a steep rise in first-quarter profit. Dubai’s main share index edged 0.1% higher, helped by a 2% rise in toll operator Salik . Saudi Arabia’s benchmark index gained 0.5%, led by a 2.4% rise in Saudi Telecom Company as the firm reported a rise in quarterly profit. Oil major Saudi Aramco added 0.4%. Brent crude futures for June rose $3.33, or 3%, to $114.60 a barrel, on media reports the U.S. will extend its blockade of Iranian ports, likely prolonging supply disruption from the Middle East producing region. The Qatari index eased 0.1%. Outside the Gulf, Egypt’s blue-chip index added 0.3%. Saudi Arabia rose 0.5% to 11,238 Abu Dhabi gained 0.7% to 9,901 Dubai edged 0.1% higher to 5,861 Qatar was down 0.1% to 10,612 Egypt up 0.3% to 52,383 Bahrain added 0.5% to 1,967 Oman was up 0.5% to 8,268 Kuwait increased 0.3% to 9,434 [...]

TotalEnergies first-quarter profits surge amid Middle East war
April 29, 2026 2:56
TotalEnergies first-quarter profits surge amid Middle East war

PARIS: French oil and gas giant TotalEnergies said Wednesday net profit rose 51 percent in the first quarter to $5.8 billion, boosted by higher oil prices linked to the war in the Middle East, drawing criticism from climate groups. Growth in its oil and gas production in Brazil, Libya and Australia allowed the group to offset losses in the Gulf region, which is normally equivalent to 15 percent of its total oil and gas business, the company said in a statement, while also highlighting its “ability to capitalize on rising prices”. READ MORE: Macron reaffirms efforts to reopen Strait of Hormuz, as TotalEnergies warns of energy shortages The company’s oil and gas production rose four percent in the quarter, with the amount of liquefied natural gas transported by sea gaining 12 percent. TotalEnergies also said its trading arm had produced “a very strong performance.” In early April, the Financial Times reported that TotalEnergies had earned more than one billion dollars by buying almost all of the exportable oil cargoes in the Middle East, at a time when US-Israeli attacks on Iran had closed the key Strait of Hormuz and sent oil prices soaring. “TotalEnergies’ war profits highlight our persistent dependence on fossil fuels, whose soaring prices once again benefit shareholders at the expense of consumers,” reacted Antoine Bouhey, campaign coordinator at Reclaim Finance. Meanwhile Greenpeace France denounced a “cynical logic” while “households pay the high price at the pump.” Soaring gas prices have revived a political debate in Europe on taxing windfall profits made on high oil prices, an idea to which French Prime Minister Sebastien Lecornu said in early April that he had “no objection in principle”. TotalEnergies also said it had partially restarted its Satorp refinery in eastern Saudi Arabia in mid-April, after it had shut the facility following air strikes in early April. The group increased its dividend to 0.90 euros a share from 0.85 euros. [...]

Wall Street slips ahead of Big Tech earnings, Fed meeting
April 29, 2026 2:37
Wall Street slips ahead of Big Tech earnings, Fed meeting

Wall Street’s main indexes fell on Wednesday as investors treaded carefully ahead of several Big Tech earnings reports and a Federal Reserve meeting expected to be the last for Jerome Powell as its Chair. Amazon, Meta Platforms, Microsoft and Google-parent Alphabet are set to report after the closing bell, when investors will gauge how their AI bets are paying off. The results could shape investor confidence in one of the most resilient pockets of the financial markets, after sentiment was slightly dampened following a Wall Street Journal report that said OpenAI had missed its internal targets for weekly users and revenue, reviving fears about the AI spending spree of tech heavyweights. “Tech has had an impressive rebound so far this quarter. The question now is whether mega-cap tech can help push this rally to new heights,” said Bret Kenwell, U.S. investment analyst at eToro. “Semiconductors have done much of the heavy lifting. There’s clearly powerful momentum behind the group, but even the strongest rallies need time to reset.” The Philadelphia SE Semiconductor Index rose 1.5%, and has gained 43.6% so far this year. Amazon added 0.4%, while Microsoft and Meta slipped 1% and 0.7% respectively. Alphabet was down 0.2%. The S&P 500 healthcare sector declined the most on the benchmark, falling 0.8%. GE Healthcare and Humana dropped 12.7% and 4.6%, respectively. At 09:50 a.m. ET, the Dow Jones Industrial Average fell 274.77 points, or 0.56%, to 48,867.16, the S&P 500 lost 13 points, or 0.18%, to 7,125.80 and the Nasdaq Composite lost 40.82 points, or 0.17%, to 24,622.04. Ten of the main S&P 500 sectors were in the red. Powell’s curtain call? Investors will also tune in to Fed Chair Jerome Powell’s final press conference as the head of the U.S. central bank. Republican Senator Thom Tillis dropped his objection to the Senate confirmation of Kevin Warsh, whom President Donald Trump had nominated to succeed Powell, after the Department of Justice ended an investigation into Powell that Tillis felt was a threat to the Fed’s independence. Traders expect the central bank to leave rates unchanged, but will closely parse Powell’s remarks. The Fed has said it was monitoring risks tied to the conflict, and with tensions in the Middle East showing few signs of easing, some investors worry policymakers may have to factor them more heavily into their outlook. “While Powell’s signals may be taken with some caution, given that this should be his last press conference, the risks are that he errs on the hawkish side,” wrote ING Economics’ FX strategist Francesco Pesole. Iran’s latest proposal for ending the two-month war would set aside discussion of its nuclear program until the conflict was concluded and shipping disputes resolved. Trump, however, said he was unhappy with the offer. The Wall Street Journal reported that Trump had instructed aides to prepare for an extended blockade of Iran’s ports. Meanwhile, U.S. single-family homebuilding increased to a 13-month high in March, exceeding expectations of economists polled by Reuters, data showed on Wednesday. Permits for future construction, however, fell sharply. Among individual stocks, online brokerage Robinhood Markets fell 11% after missing expectations for first-quarter profit. Shares of data-storage companies climbed following an upbeat fourth-quarter forecast from Seagate Technology. Seagate jumped 15.9%, while peers Micron Technology, Sandisk and Western Digital gained 3.6%, 8.2%, and 9.1%, respectively. Coffee giant Starbucks rose 6% after raising its annual profit forecast. Payments-processing firms Visa and Mastercard added 9.2% and 3.6%, respectively, after Visa raised its forecast for full-year earnings. NXP Semiconductors jumped 25% after it said it expects second-quarter revenue and profit above Wall Street expectations. Declining issues outnumbered advancers by a 2.14-to-1 ratio on the NYSE and by a 2.29-to-1 ratio on the Nasdaq. The S&P 500 posted 10 new 52-week highs and 17 new lows while the Nasdaq Composite recorded 39 new highs and 58 new lows. [...]

Gold price per tola drops by Rs5,500 in Pakistan
April 29, 2026 2:31
Gold price per tola drops by Rs5,500 in Pakistan

Gold prices in Pakistan decreased on Wednesday in line with their loss in the international market. In the local market, gold price per tola reached Rs479,562 after a decline of Rs5,500 during the day. Similarly, 10-gram gold was sold at Rs411,147 after it fell by Rs4,715, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Tuesday, gold price per tola reached Rs485,062 after a loss of Rs8,900 during the day. The international rate of gold declined by $55 to reach $4,572 per ounce (with a premium of $20). Meanwhile, the price of silver also decreased by Rs45 to reach Rs7,766 per tola. [...]

Pakistan’s weekly oil import bill jumps to $800mn amid US-Iran conflict, says PM
April 29, 2026 2:03
Pakistan’s weekly oil import bill jumps to $800mn amid US-Iran conflict, says PM

Prime Minister Shehbaz Sharif on Wednesday said that Pakistan’s oil import bill has surged sharply by around 167% to $800 million per week, up from around $300 million before the ongoing regional conflict. The prime minister disclosed this while addressing the cabinet on Wednesday. “International oil prices have surged again. This Friday, we will announce new domestic prices based on the international market situation. This is a very challenging situation,” said Shehbaz. Oil rises on reports US will extend Iran blockade, prolonging Mideast supply disruptions The prime minister lauded the role of Petroleum Minister Ali Pervaiz Malik and his team. “As a result of their joint efforts, unlike other countries, there were no long queues or panic buying in Pakistan, and the situation has remained stable.” “Before the war, our weekly oil import bill was around $300 million. Today, it has reached $800 million. “Therefore, conservation efforts are ongoing,” he said. On the other hand, PM Shehbaz shared that the oil consumption had significantly decreased in the country compared to previous weeks. Oil prices rose on ‌Wednesday, extending a multi-day rally, on reports that the US will extend its blockade of Iranian ports, likely prolonging supply disruptions from the key Middle East producing region. Brent crude futures for June rose 52 cents, ​or 0.47%, to $111.78 a barrel at 0154 GMT, climbing for an eighth day. The June contract ​expires on Thursday, and the more active July contract was at $104.84, up 0.4%. PM Shehbaz said that the government stabilised the economy at the macro level and it was moving towards growth. “However, this sudden war has dented the collective efforts of the past two years. This is beyond our control, but we pray that this conflict ends and peace is restored.” On privatisation front, the prime minister shared that he recently reviewed the progress on PIA. Pakistan remains committed to serve as ‘honest and sincere facilitator’, says PM Shehbaz “The good news is that, according to privatisation advisor Muhammad Ali, there will be no additional burden on the national exchequer, and the matter is being resolved.” He shared that he had also asked the committee interacting with provinces to begin consultations for extending subsidies. “While provinces have already supported the agriculture sector, we must request them to continue subsidies for public transport and other sectors,” he said. [...]

Rupee registers gain against US dollar
April 29, 2026 1:56
Rupee registers gain against US dollar

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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 ], 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 against the US dollar in the inter-bank market on Wednesday. At close, the local currency settled at 278.80, a gain of Re0.01 against the greenback. On Tuesday, the local unit closed at 278.81. Prime Minister Shehbaz Sharif on Wednesday said Pakistan’s oil import bill had surged sharply by around 167% to $800 million per week, up from around $300 million before ongoing conflict in the Middle East. Internationally, the dollar firmed on Wednesday and currencies held tight ranges in thinned Asia trade, with markets in Japan closed for a holiday and a slew of major central bank decisions still on deck. Against the dollar, the euro last bought $1.1716 while sterling was little changed at $1.3523, as both currencies edged further away from their highs hit earlier this ​month. Against a basket of currencies, the dollar held to a small overnight gain and steadied ​at 98.57. The Canadian dollar strengthened slightly to C$1.3676, ahead of the Bank of Canada’s rate decision also due on Wednesday. Oil prices rose almost 4% on Wednesday, with ‌the Brent contract hitting a one-month high, after a media report said that the US will extend its blockade of Iranian ports, likely prolonging Middle East supply disruptions. Brent crude futures for June rose $4.24, or 3.81%, to $115.50 a barrel by 1255 GMT, ​climbing for an eighth day to the highest level since March 31. The June contract expires ​on Thursday and the more active July contract was up 3.86% at $108.43. US West Texas ⁠Intermediate (WTI) futures for June rose $4.03, or 4.03%, to $103.96 a barrel, the highest since April 13. The contract ​has risen on seven of the past eight days. Inter-bank market rates for dollar on Wednesday BID Rs 278.80 OFFER Rs 279.00 Open-market movement In the open market, the PKR remained unchanged for buying and gained 1 paisa for selling against USD, closing at 279.27 and 280.08, respectively. Against Euro, the PKR gained 10 paise for buying and 2 paise for selling, closing at 326.43 and 329.77, respectively. Against UAE Dirham, the PKR remained unchanged for buying and lost 1 paisa for selling, closing at 76.07 and 76.88, respectively. Against Saudi Riyal, the PKR lost 1 paisa for buying and gained 1 paisa for selling, closing at 74.36 and 75.09, respectively. Open-market rates for dollar on Wednesday BID Rs 279.27 OFFER Rs 280.08 [...]

Copper rises for first time in five days on China buying, disruption fears
April 29, 2026 12:37
Copper rises for first time in five days on China buying, disruption fears

Copper climbed for the first time in five days on Wednesday as Chinese buying and concerns over disruption to sulphuric acid and diesel supplies supported prices, even as industry data showed the refined copper market was in a significant surplus. Benchmark three-month copper on the London Metal Exchange was up 0.3% at $13,072 a metric ton in official open outcry activity. SP Angel analyst John Meyer said prices were being supported by concerns over shortages of sulphuric acid, which is used to make around 20% of the world’s copper, due to the ongoing conflict in the Middle East. “China banned acid exports and copper miners in Chile get a certain amount of their acid from China,” Meyer said. Chile is the world’s biggest mined copper producer. Miners are also concerned about diesel shortages, a trader said, adding that Chinese consumers have been buying copper whenever the price dips, “especially ahead of a holiday.” The Shanghai Futures Exchange will close on Friday for the Labour Day holiday and not reopen until May 6. Still, the global refined copper market was in a 276,000-ton surplus in February, the International Copper Study Group said on Tuesday. “We see the refined copper oversupply in 2025 being sustained in 2026 and 2027,” BNP Paribas said in a note. The bank is nonetheless raising its copper price forecasts for both years, with a base case for prices to hit about $14,000 a ton this quarter. Funds’ interest in the metal “continues to support prices well above fundamentally justified levels,” BNP Paribas said. Nickel was flat at $19,450 a ton after earlier touching its highest since June 2024. The battery metal has been supported by production cuts in Indonesia, where the sulphur squeeze is also being felt. Aluminium rose 0.5% to $3,555, not far off the four-year high of $3,672 struck on April 16 due to shortages from the Middle East, while zinc fell 1.1% to $3,322, lead was flat at $1,957 and tin gained 1.7% to $49,775. [...]

Bajaj Finance posts higher profit on loan growth, lower provisions
April 29, 2026 12:26
Bajaj Finance posts higher profit on loan growth, lower provisions

BENGALURU: India’s Bajaj Finance posted a 22% rise in fourth-quarter profit on Wednesday, helped by lower bad loan provisions and steady loan growth. The non-banking financial company’s consolidated net profit rose to 54.65 billion rupees for the quarter ended March 31, largely in line with analysts’ estimate of 54.9 billion rupees, per data compiled by LSEG. The company, India’s largest non-bank lender by market value, has been grappling with elevated bad loans, particularly in its micro, small and medium enterprises (MSME) segment, saw its provisions drop as it adopted a more cautious lending approach to riskier segments. Bajaj Housing Finance posts 14% profit rise, margins under pressure Bajaj Finance’s loan losses and provisions fell to 20.08 billion rupees compared to 21.67 billion rupees a year earlier. It reported a 22% year-on-year rise in asset under management for the fourth quarter, with new loan bookings up 20.5%, the company said earlier this month. [...]

Indian bonds slip as oil surges, Fed outcome looms
April 29, 2026 12:18
Indian bonds slip as oil surges, Fed outcome looms

MUMBAI: Indian government bonds fell on Wednesday as surging oil prices stoked inflation and supply concerns ahead of the Federal Reserve’s policy decision, while the rupee slumped. Oil prices rose 3% on Wednesday, with the Brent contract hitting a one-month high at $114.36 on media reports that the U.S. will extend its blockade of Iranian ports. The benchmark 6.48% 2035 bond yield settled at 6.9928%, higher for a third day, compared with 6.9837% on Tuesday. It briefly rose to 7% during the session before easing, with traders citing resistance at that level. “We continue to expect the 10-year yield to inch towards a range of 7-7.50% in the second half of the year,” HDFC Bank economists Sakshi Gupta and Deepthi Mathew said in a note, adding that the government bond curve is likely to steepen further in the near-term, with ample liquidity supporting short-end yields while inflation worries, higher global yields and foreign outflows will keep long-end yields elevated. Banking system liquidity has averaged close to 4 trillion rupees in April, per CCIL data. Traders held off buying ahead of New Delhi’s 290 billion-rupee ($3.06 billion) debt sale on Thursday and avoided risk before Friday’s market holiday. Traders also stayed pat ahead of the U.S. Fed’s policy outcome due late Wednesday, where it is widely expected to hold rates steady. Rates India’s overnight index swaps extended their rise as a sharp surge in oil dampened sentiment. The one-year OIS rate was up 3 bps at 5.99%, while the two-year swap rate rose 2 bps to 6.24%. The liquid five-year OIS rate was higher by 2.25 bps at 6.6150%. [...]

Sri Lankan shares end flat as utilities losses offset healthcare gains
April 29, 2026 12:13
Sri Lankan shares end flat as utilities losses offset healthcare gains

Sri Lankan shares closed little changed on Wednesday, as losses in IT and utilities stocks countered gains in healthcare. The CSE All Share index settled 0.07% higher at 22,635.00. SMB Finance PLC and Serendib Land PLC were the top percentage gainers on the CSE All Share index, rising 12.5% and 9.9%, respectively. Singhe Hospitals PLC bucked the trend among healthcare peers and along with Renuka Foods PLC wasa top percentage loser on the CSE All Share index, with the two cos falling 3.4% and 1.3%, respectively. Trading volume on the CSE All Share index rose to 214.3 million shares from 127.9 million in the previous session. The equity market’s turnover rose to 4.19 billion Sri Lankan rupees ($13.11 million) from 3.1 billion rupees in the previous session, according to exchange data. Foreign investors were net sellers, offloading stocks worth 474.2 million rupees, while domestic investors were net buyers, purchasing shares worth 4.05 billion rupees, the data showed. [...]

India's gold investment demand tops jewellery for first time ever in March quarter
April 29, 2026 11:54
India's gold investment demand tops jewellery for first time ever in March quarter

MUMBAI: India’s investment demand for gold surpassed jewellery consumption for the first time on record in the March quarter, as investors turned to the precious metal amid subdued equity market returns, the World Gold Council (WGC) said on Wednesday. Stronger investment demand in the world’s second-largest consumer of gold partly offset a decline in jewellery buying, hit by a rally in prices, helping keep overall demand stable, the WGC said. “For the first time investment demand surpassed jewellery demand,” Sachin Jain, chief executive of the WGC’s Indian operations, told Reuters. “Investment demand will become increasingly prominent in the coming quarters, with both financial and retail investors showing more interest in gold.” India’s gold-buying festival sees tepid demand on price surge Investment demand in the March quarter surged 52% from a year earlier to 82 metric tons, while jewellery demand fell 19.5% to 66 tons, the World Gold Council (WGC) said in a report published on Wednesday. Total gold consumption in the country rose 10.2% to 151 metric tons during the quarter, according to the data. For the first time, investment demand accounted for a larger share of total consumption than jewellery, rising to 54.3% in the quarter. Investment demand typically accounts for about a quarter of India’s total gold consumption, but rising prices have been prompting investors to buy coins, bars, and gold exchange-traded funds (ETFs). Inflows into gold ETFs jumped 186% in the March quarter from a year earlier to a record 20 tons, the WGC said. India’s gold demand to fall in 2026 as jewellery slump offsets investment rise Weak stock market performance in recent quarters has been drawing investors to gold ETFs, and the trend is likely to continue, Jain said. Domestic gold prices have nearly doubled since the start of 2025, while India’s benchmark Nifty 50 has risen 2.4% during the period. [...]

India's DSP favours short and ultra-long debt to manage geopolitical risk, exec says
April 29, 2026 11:49
India's DSP favours short and ultra-long debt to manage geopolitical risk, exec says

MUMBAI: DSP Mutual Fund is turning to Indian corporate bonds with maturities of up to three years and government debt greater than 30 years to shield its portfolio from risks arising from the Iran, according to its head of fixed income. The preference reflects a differentiated view of how exposed various parts of India’s bond yield curve are to selling pressure driven by higher crude oil prices. India’s 10-year bond yield is has risen by 31 basis points since the U.S.-Israeli war on Iran began, pressured by a more than 50% surge in Brent crude price, a key fiscal and inflationary risk for one of the world’s largest energy importers. While abundant liquidity provided by the central bank should continue to pull down yields on shorter-term debt, longer maturities are vulnerable to war-related shifts in market sentiment, Sandeep Yadav, head of fixed income at DSP said in an interview last week. “The RBI has given markets a lot of comfort that it is not hawkish by any standard, which has helped rates on commercial papers, certificates of deposit and corporate bonds,” said Yadav, who oversees$7.6 billion of debt investments. Cities near Mumbai to issue bonds for the first time, bankers say India’s banking system liquidity surplus has averaged about 4 trillion rupees ($42.22 billion) in April, more than double the size of liquidity surplus in the month prior, helped by a pick up in government spending. Ultra-long government bonds Yadav sees the more frequently traded10-15 year government bonds struggling to sustain any rally, with investors reluctant to take on “duration risks” until markets are confident that a U.S.–Iran ceasefire will hold. Duration risks relate to the greater interest rate risk longer maturity bonds carry. That’s even after RBI Governor Sanjay Malhotra said it was “quite possible” that interest rates would remain low for an extended period. DSP’s Yadav sees better value in ultra-long government bonds, considering them less vulnerable to geopolitical swings than 10- to 15- year debt. Lower issuance of notes with ultra-long maturities will also likely drive down the spread in their yields over the 10-year benchmark, he said. New Delhi said last month it would cut issuance of bonds with maturities of 30 to 50 years to 24.9% in April–September 2026 from 35% in the same period last year. [...]

Fed holds rates steady, cites elevated inflation; three dissents against 'easing bias'
April 29, 2026 6:43
Fed holds rates steady, cites elevated inflation; three dissents against 'easing bias'

WASHINGTON: The Federal Reserve held interest rates steady on Wednesday, but in its most divided decision since 1992 noted rising concerns about inflation in a policy statement that drew three dissents from officials who no longer feel the U.S. central bank should communicate a bias towards lowering borrowing costs. A fourth dissent at the meeting came in favor of a quarter-percentage-point rate cut. “Inflation is elevated, in part reflecting the recent increase in global energy prices,” the Fed said in its policy statement, a shift from previous language saying that inflation was just “somewhat” elevated. “Developments in the Middle East are contributing to a high level of uncertainty about the economic outlook.” The 8-4 vote was the most divisive since October 6, 1992, and shows the breadth of opinion incoming Fed Chair Kevin Warsh will face in pursuing rate cuts that President Donald Trump says he expects from his chosen successor to Jerome Powell, whose term as central bank chief ends on May 15. Though the latest policy statement retained language about how the Fed would assess the “extent and timing of additional adjustments” to rates, a phrase that pointed to future cuts as the next likely move, three policymakers objected. Also read: Fed minutes of March meeting could flesh out how policymakers view war risks to economy Cleveland Fed President Beth Hammack, Minneapolis Fed President Neel Kashkari and Dallas Fed President Lorie Logan, while supportive of holding the policy rate steady in the current 3.50%-3.75% range, “did not support inclusion of an easing bias in the statement at this time” and voted against the new statement. With global oil prices lodged above $100 a barrel due to the U.S.-backed war against Iran, the Fed has been hard-pressed to determine if the impact is likely to be seen more through depressed growth or higher inflation, keeping the policy rate in the range where it has been since December despite repeated demands by Trump for looser monetary policy. Alongside elevated inflation, “the unemployment rate has been little changed in recent months” while the economy continues to expand “at a solid pace,” the Fed said. FED leadership transition The new statement is likely the last to be issued under Powell’s leadership. Earlier on Wednesday, the Republican-controlled Senate Banking Committee voted to advance Warsh’s nomination on a party-line 13-11 vote. The Senate is expected to confirm Warsh next month. Powell is scheduled to hold a press conference at 2:30 p.m. EDT (1830 GMT) to elaborate on the results of the meeting and the economic outlook, and may also address whether he plans to remain at the Fed as a governor in a separate term that runs through January of 2028. The minutes of the Fed’s March 17-18 meeting noted a growing number of policymakers were open to the idea that the central bank’s next move might be a rate increase, and the number of hawkish dissents may prompt investors to boost bets that borrowing costs will rise this year. Since the March meeting, inflation has shown signs of rising, with officials concerned that sustained high global oil prices could evolve from a one-time price shock to a jump in underlying pressure on prices. Fed Governor Stephen Miran, in what may also be his last meeting, again dissented in favor of a quarter-percentage-point rate cut, as he has done at every meeting since moving to the central bank from his prior job as one of Trump’s top economic advisers. [...]

Gohar Ejaz says interest rate hikes miss root causes of inflation
April 29, 2026 6:08
Gohar Ejaz says interest rate hikes miss root causes of inflation

Former caretaker federal minister Gohar Ejaz on Wednesday questioned the effectiveness of monetary tightening in tackling Pakistan’s fuel-driven inflation, arguing that raising interest rates would only inflate debt servicing costs without addressing the root causes of price pressures. Earlier this week, the State Bank of Pakistan (SBP) increased the policy rate by 100 basis points (bps) to 11.50% in its third Monetary Policy Committee (MPC) meeting of 2026. This was the central bank’s first hike in almost three years. However, Gohar Ejaz said the increase in the policy rate could not influence international fuel prices, which “remain the primary driver of domestic inflation amid ongoing global conflicts and supply disruptions”. Citing the views of Nobel laureate Joseph Stiglitz, Ejaz stressed that supply-side shocks, particularly those stemming from global commodity and energy markets, were not effectively managed through higher interest rates. “Monetary tightening cannot bring down imported inflation,” he said, adding that such policies risk suppressing economic activity without delivering meaningful relief to consumers. He questioned whether the SBP decision to hike rates could either reduce fuel consumption significantly or alter international pricing dynamics, arguing that the answer in both cases was “clearly no”. Highlighting the fiscal consequences, Ejaz warned that every one percent increase in borrowing costs adds approximately Rs600 billion to the government’s annual interest payments. “At a time when debt servicing is already projected to exceed Rs8 trillion this fiscal year, such policy moves will only deepen fiscal stress,” he noted. Ejaz further cautioned that the ballooning cost of debt would inevitably translate into additional taxation, placing a heavier burden on citizens already grappling with high inflation and stagnant incomes. “This is not just a monetary issue—it is a fiscal and structural crisis.” He urged policymakers to rethink the reliance on interest rate hikes as a primary tool for inflation control and instead focus on supply-side interventions, energy reforms, and measures to enhance domestic production. “Without addressing structural inefficiencies and external vulnerabilities, tightening monetary policy will only exacerbate the economic slowdown,” the former caretaker minister said. [...]

Pakistan approves national policy on vaccine production
April 29, 2026 5:46
Pakistan approves national policy on vaccine production

The federal cabinet approved on Wednesday a national policy on vaccine production in Pakistan, aiming to reduce reliance on imported vaccines, cut import bill, and make the country self-sufficient in the immunisation production. According to a press statement issued by the Prime Minister’s Office (PMO), the federal cabinet meeting, chaired by Prime Minister Shehbaz Sharif, highlighted “The objective of the policy is to reduce reliance on imports of vaccines, save valuable foreign exchange, and make the country self-sufficient in vaccine production”. The meeting also approved the formation of a special committee under the supervision of the Drug Regulatory Authority of Pakistan (DRAP) to determine pricing and ensure quality standards. Also read: Govt said to have approved prices for 35 life-saving advanced drugs after two-year delay The country currently receives vaccines at concessional rates through global partners, including Gavi, World Health Organisation (WHO), United Nations International Children’s Emergency Fund (UNICEF), and the Bill & Melinda Gates Foundation. Pakistan government currently bears around 51% of the cost of vaccine procurement –estimated at $400 million to $500 million a year – while 49% is covered by international partners. However, this support will gradually decline, and by 2030-31, Pakistan will be required to fully finance vaccine procurement on its own, said Federal Health Minister Syed Mustafa Kamal the other day. Pakistan Pharmaceutical Manufacturers Association (PPMA) former chairman Dr Kaiser Waheed and Dow Institute of Life Sciences (DILS) director Dr Izhar Hussain said the success of the national policy would depend whether the government had given surety in the policy to buy vaccines from local manufacturers, as shelf life of the booster doses remain, especially vaccines for children. As per them, it is the government that pays for vaccines and make them available to people free of cost in most of the cases. “There is section of the people who do not want to pay for vaccines as they remain unaware about their importance,” Dr Waheed said. Earlier, the Minister Kamal stepped up collaboration with global partners, including Saudi Arabia and Indonesia, to establish a local vaccine manufacturing plant in the country. The move was aimed at averting a potential medical and financial crisis by achieving self-sufficiency in vaccine production as the supply of subsidised booster doses to the country from international partners comes to an end by 2031. [...]

Pakistan, EU bank sign €100mln agreement for Sindh flood housing reconstruction
April 29, 2026 5:04
Pakistan, EU bank sign €100mln agreement for Sindh flood housing reconstruction

The Government of Pakistan and the European Investment Bank (EIB) have signed a €100 million agreement to support the Sindh Flood Emergency Housing Reconstruction Project, the Ministry of Economic Affairs said in a statement. The project will help rebuild homes for families affected by the 2022 floods in rural Sindh. The agreement was signed by Muhammad Humair Karim Kidwai, Federal Secretary for the Ministry of Economic Affairs, and a senior official from the EIB during the EU–Pakistan Business Forum. Raimundas Karoblis, the EU’s Ambassador to Pakistan, witnessed the signing. The project aims to rebuild 1.7 million homes in Sindh. The €100 million from the EIB will be used to construct 116,580 housing units, benefiting 40% of rural households in the province. The total cost of the project is estimated at €1.9 billion, with additional funding from the World Bank, Asian Development Bank, Islamic Development Bank, and the Government of Sindh. This agreement comes as Pakistan focuses on strengthening its resilience to future climate disasters. The project is part of a global effort to support Pakistan’s long-term recovery, ensuring communities are better prepared for the impacts of climate change. It reflects a shared commitment to building back better and enhancing climate resilience in the region. The initiative is not only about rebuilding homes but also improving infrastructure, which is crucial for Pakistan’s sustainable recovery. With international support, the project aims to provide essential housing, strengthen communities, and promote long-term climate resilience in Sindh. [...]

Pakistan can rise as regional economic power through maritime reforms, says minister
April 29, 2026 3:31
Pakistan can rise as regional economic power through maritime reforms, says minister

Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry said on Wednesday that Pakistan could become a rising regional economic power with comprehensive maritime reforms. Speaking at a seminar on the geopolitical impact on maritime trade in the Indian Ocean region, he highlighted the strategic importance of the Indian Ocean as a key link between the Middle East, Asia, Africa, and Europe, according to a statement from the Maritime ministry. Chaudhry stressed that tensions in the Indian Ocean had far-reaching implications, not just for trade, but for global economies and regional stability. He outlined the formation of a high-level committee, following directives from Prime Minister Shehbaz Sharif, to transform Karachi Port, Port Qasim, and Gwadar Port into a trans-shipment hub. Read More: Ministry, KPT chief lauded for safeguarding exporters’ interests Recent reforms with the Federal Board of Revenue (FBR) have introduced risk management techniques to replace 100% scanning, cutting clearance times and facilitating operations for small traders. Karachi Port set a new monthly record with 111,300 TEUs of trans-shipment cargo in March. A TEU or Twenty-foot Equivalent Unit is an exact unit of measurement used to determine cargo capacity for container ships and terminals. This measurement is derived from the dimensions of a 20ft standardised shipping container. Port Qasim managed 3,485 TEUs, and Gwadar Port handled its first dedicated trans-shipment shipment, with four such vessels arriving so far, according to the ministry statement. Chaudhry emphasised that the actions, including reducing charges for exporters and eliminating container congestion, had helped Pakistan build shipping resilience. He said the country’s ports were ready to face future challenges, ensuring continuity in trade and oil supply. Karachi Port Trust Chairman Rear Admiral Shahid Ahmed confirmed that four new trains would operate from Karachi Port to Pipri starting September, alongside operational edible oil terminals and ferry services. He added that Karachi Port was prepared for the next 50 years. “The government remains focused on strengthening Pakistan’s position as a key maritime trade hub for regional connectivity,” the minister said. [...]

PC Board recommends transaction structure for ZTBL privatisation
April 29, 2026 3:23
PC Board recommends transaction structure for ZTBL privatisation

The Privatisation Commission (PC) Board endorsed on Wednesday proposed transaction structure and a comprehensive restructuring plan for Zarai Taraqiati Bank Limited (ZTBL), following a detailed presentation by the financial advisers, according to a PC statement. In its 251st meeting held on Wednesday under the chairmanship of Muhammad Ali, Adviser to the Prime Minister on Privatisation, the Board made key recommendations to the Cabinet Committee on Privatisation (CCoP) regarding the privatisation of ZTBL. Also read: Privatisation Commission signs financial advisory pact for ZTBL sell-off “The Board endorsed the proposed transaction structure and a comprehensive restructuring plan for Zarai Taraqiati Bank Limited, following a detailed presentation by the financial advisers. The proposals were refined after extensive deliberations, with a focus on maximising value for the Government of Pakistan,” the statement read. “These recommendations will now be submitted to the CCoP for consideration at its forthcoming meeting.” [...]

CCP approves PIA acquisition by Arif Habib-led consortium
April 29, 2026 2:58
CCP approves PIA acquisition by Arif Habib-led consortium

The Competition Commission of Pakistan (CCP) has approved the acquisition of Pakistan International Airlines (PIA) by PIA Equity Limited — a consortium of companies, including Arif Habib Corporation, Fatima Fertilizer, Lake City Holdings, City Schools, and AKD Group. The approval follows a Phase-I competition assessment under the Competition Act, 2010. This acquisition is part of the Government of Pakistan’s privatization initiative and aims to revitalize PIA, reducing its reliance on government support. Read More: Arif Habib consortium acquires remaining 25% stake in PIA The CCP found that Pakistan’s aviation sector remains competitive, with key international and domestic players. The transaction was classified as a conglomerate merger, showing no overlap or risk to market competition. The Commission concluded that the deal would enhance efficiency and service quality in the aviation sector. While approved from a competition perspective, the transaction remains subject to further regulatory requirements. The CCP continues to support initiatives that promote market transparency and economic growth in Pakistan. [...]

Most Gulf markets rise as investors assess Iran stalemate, UAE OPEC exit
April 29, 2026 2:58
Most Gulf markets rise as investors assess Iran stalemate, UAE OPEC exit

Most stock markets in the Gulf closed higher on Wednesday as investors assessed the stalemate in the Iran conflict and the United Arab Emirates’ decision to leave OPEC. The UAE said on Tuesday that it would exit the oil producers group. As one of OPEC’s largest producers, the UAE’s departure weakens the group’s grip on global oil supply and deepens its rift with Saudi Arabia, OPEC’s de facto leader. The UAE’s exit from the oil cartel may also allow the Gulf state to raise production once exports resume, since it would no longer be bound by OPEC quotas. Speculation that the UAE would leave OPEC had persisted for years. With vast reserves and among the world’s lowest production costs, it can remain profitable even during extended periods of low prices. In Abu Dhabi, the share index rose 0.7%, lifted by a rally in companies tied to oil major Abu Dhabi National Oil Company (ADNOC). ADNOC Drilling surged 8.1%, ADNOC Gas gained 3.7%, ADNOC Logistics & Services jumped 7.8% and Fertiglobe - the largest producer of nitrogen fertilisers in the Middle East and North Africa - ended 10.3% higher. Milad Azar, market analyst at XTB MENA, said the UAE’s move raised hopes that higher long-term exports would support the market and the broader economy. Meanwhile, Americana Restaurants International soared 12.4%, a day after reporting a steep rise in first-quarter profit. Dubai’s main share index edged 0.1% higher, helped by a 2% rise in toll operator Salik . Saudi Arabia’s benchmark index gained 0.5%, led by a 2.4% rise in Saudi Telecom Company as the firm reported a rise in quarterly profit. Oil major Saudi Aramco added 0.4%. Brent crude futures for June rose $3.33, or 3%, to $114.60 a barrel, on media reports the U.S. will extend its blockade of Iranian ports, likely prolonging supply disruption from the Middle East producing region. The Qatari index eased 0.1%. Outside the Gulf, Egypt’s blue-chip index added 0.3%. Saudi Arabia rose 0.5% to 11,238 Abu Dhabi gained 0.7% to 9,901 Dubai edged 0.1% higher to 5,861 Qatar was down 0.1% to 10,612 Egypt up 0.3% to 52,383 Bahrain added 0.5% to 1,967 Oman was up 0.5% to 8,268 Kuwait increased 0.3% to 9,434 [...]

TotalEnergies first-quarter profits surge amid Middle East war
April 29, 2026 2:56
TotalEnergies first-quarter profits surge amid Middle East war

PARIS: French oil and gas giant TotalEnergies said Wednesday net profit rose 51 percent in the first quarter to $5.8 billion, boosted by higher oil prices linked to the war in the Middle East, drawing criticism from climate groups. Growth in its oil and gas production in Brazil, Libya and Australia allowed the group to offset losses in the Gulf region, which is normally equivalent to 15 percent of its total oil and gas business, the company said in a statement, while also highlighting its “ability to capitalize on rising prices”. READ MORE: Macron reaffirms efforts to reopen Strait of Hormuz, as TotalEnergies warns of energy shortages The company’s oil and gas production rose four percent in the quarter, with the amount of liquefied natural gas transported by sea gaining 12 percent. TotalEnergies also said its trading arm had produced “a very strong performance.” In early April, the Financial Times reported that TotalEnergies had earned more than one billion dollars by buying almost all of the exportable oil cargoes in the Middle East, at a time when US-Israeli attacks on Iran had closed the key Strait of Hormuz and sent oil prices soaring. “TotalEnergies’ war profits highlight our persistent dependence on fossil fuels, whose soaring prices once again benefit shareholders at the expense of consumers,” reacted Antoine Bouhey, campaign coordinator at Reclaim Finance. Meanwhile Greenpeace France denounced a “cynical logic” while “households pay the high price at the pump.” Soaring gas prices have revived a political debate in Europe on taxing windfall profits made on high oil prices, an idea to which French Prime Minister Sebastien Lecornu said in early April that he had “no objection in principle”. TotalEnergies also said it had partially restarted its Satorp refinery in eastern Saudi Arabia in mid-April, after it had shut the facility following air strikes in early April. The group increased its dividend to 0.90 euros a share from 0.85 euros. [...]

Trump met with oil firms on possible months-long extension of Iran blockade
April 29, 2026 2:46
Trump met with oil firms on possible months-long extension of Iran blockade

WASHINGTON: U.S. President Donald Trump met with top officials from Chevron and other energy companies on Tuesday to talk about steps that could be taken to calm oil markets if it is necessary to continue the blockade of Iranian ports for months, a White House official said on Wednesday. The talks centered on U.S. oil production, oil futures, shipping and natural gas, the official said. Chevron’s spokesperson said its CEO Mike Wirth attended the gathering to discuss global oil markets, which have been roiled by the U.S.-Israeli war against Iran. Vice President JD Vance, Treasury Secretary Scott Bessent, Trump’s Chief of Staff Susie Wiles, special envoy Steve Witkoff and Trump’s son-in-law Jared Kushner were also at the meeting, which was first reported by Axios. High oil prices are a risk for Trump’s fellow Republicans ahead of the midterm congressional elections in November. “The executives all spoke highly of the actions President Trump has taken to unleash American energy dominance, and said the President is doing all the right things right now,” the White House official said. The Trump administration last week granted a 90-day waiver extension to a shipping law called the Jones Act to allow foreign-flagged vessels to move commodities such as oil products and fertilizer between U.S. ports. Trump claims Iran tells him it’s in ‘state of collapse’ The administration this month has also invoked the Defense Production Act authorizing the Pentagon and the Department of Energy to take actions including purchases to expand domestic energy in an attempt to lower prices for consumers. The White House official said Trump meets regularly with energy executives to get their feedback on domestic and global energy markets. The administration could take additional steps including relaxing pollution regulations at refineries, in an attempt to lower fuel prices. [...]

Wall Street slips ahead of Big Tech earnings, Fed meeting
April 29, 2026 2:37
Wall Street slips ahead of Big Tech earnings, Fed meeting

Wall Street’s main indexes fell on Wednesday as investors treaded carefully ahead of several Big Tech earnings reports and a Federal Reserve meeting expected to be the last for Jerome Powell as its Chair. Amazon, Meta Platforms, Microsoft and Google-parent Alphabet are set to report after the closing bell, when investors will gauge how their AI bets are paying off. The results could shape investor confidence in one of the most resilient pockets of the financial markets, after sentiment was slightly dampened following a Wall Street Journal report that said OpenAI had missed its internal targets for weekly users and revenue, reviving fears about the AI spending spree of tech heavyweights. “Tech has had an impressive rebound so far this quarter. The question now is whether mega-cap tech can help push this rally to new heights,” said Bret Kenwell, U.S. investment analyst at eToro. “Semiconductors have done much of the heavy lifting. There’s clearly powerful momentum behind the group, but even the strongest rallies need time to reset.” The Philadelphia SE Semiconductor Index rose 1.5%, and has gained 43.6% so far this year. Amazon added 0.4%, while Microsoft and Meta slipped 1% and 0.7% respectively. Alphabet was down 0.2%. The S&P 500 healthcare sector declined the most on the benchmark, falling 0.8%. GE Healthcare and Humana dropped 12.7% and 4.6%, respectively. At 09:50 a.m. ET, the Dow Jones Industrial Average fell 274.77 points, or 0.56%, to 48,867.16, the S&P 500 lost 13 points, or 0.18%, to 7,125.80 and the Nasdaq Composite lost 40.82 points, or 0.17%, to 24,622.04. Ten of the main S&P 500 sectors were in the red. Powell’s curtain call? Investors will also tune in to Fed Chair Jerome Powell’s final press conference as the head of the U.S. central bank. Republican Senator Thom Tillis dropped his objection to the Senate confirmation of Kevin Warsh, whom President Donald Trump had nominated to succeed Powell, after the Department of Justice ended an investigation into Powell that Tillis felt was a threat to the Fed’s independence. Traders expect the central bank to leave rates unchanged, but will closely parse Powell’s remarks. The Fed has said it was monitoring risks tied to the conflict, and with tensions in the Middle East showing few signs of easing, some investors worry policymakers may have to factor them more heavily into their outlook. “While Powell’s signals may be taken with some caution, given that this should be his last press conference, the risks are that he errs on the hawkish side,” wrote ING Economics’ FX strategist Francesco Pesole. Iran’s latest proposal for ending the two-month war would set aside discussion of its nuclear program until the conflict was concluded and shipping disputes resolved. Trump, however, said he was unhappy with the offer. The Wall Street Journal reported that Trump had instructed aides to prepare for an extended blockade of Iran’s ports. Meanwhile, U.S. single-family homebuilding increased to a 13-month high in March, exceeding expectations of economists polled by Reuters, data showed on Wednesday. Permits for future construction, however, fell sharply. Among individual stocks, online brokerage Robinhood Markets fell 11% after missing expectations for first-quarter profit. Shares of data-storage companies climbed following an upbeat fourth-quarter forecast from Seagate Technology. Seagate jumped 15.9%, while peers Micron Technology, Sandisk and Western Digital gained 3.6%, 8.2%, and 9.1%, respectively. Coffee giant Starbucks rose 6% after raising its annual profit forecast. Payments-processing firms Visa and Mastercard added 9.2% and 3.6%, respectively, after Visa raised its forecast for full-year earnings. NXP Semiconductors jumped 25% after it said it expects second-quarter revenue and profit above Wall Street expectations. Declining issues outnumbered advancers by a 2.14-to-1 ratio on the NYSE and by a 2.29-to-1 ratio on the Nasdaq. The S&P 500 posted 10 new 52-week highs and 17 new lows while the Nasdaq Composite recorded 39 new highs and 58 new lows. [...]

India economy resilient but faces rising risks from Mideast war, government report says
April 29, 2026 2:32
India economy resilient but faces rising risks from Mideast war, government report says

NEW DELHI: India’s economy remains resilient but faces mounting risks from the Middle East conflict, which has disrupted supplies of energy, fertilisers and industrial raw materials, raised costs and weakened trade, the government’s monthly economic report said on Wednesday. “India enters FY2026-27 at the intersection of domestic resilience and external turbulence,” the report said, adding that the West Asia war has altered the macroeconomic outlook following real GDP growth of 7.6% in the previous fiscal year. The government said India remained a relative bright spot, with the International Monetary Fund raising its 2026-27 growth forecast for the country to 6.5% from 6.4%. However, it warned that risks were tilted toward higher inflation, wider fiscal and external deficits and slower growth, especially if energy and fertiliser supply disruptions persist. Stable India growth outlook masks hit to vast informal sector, say economists The report said India’s crude oil basket averaged $113 per barrel in March and was just under $115 per barrel this month through April 24. It added higher wholesale prices showed that cost pressures were building, even though consumer inflation remained moderate. Retail inflation rose to 3.4% in March from 3.2% in February, while food inflation increased to 3.87%. Wholesale inflation accelerated to 3.88% in March from 2.13% in February, reflecting rapid transmission of higher energy and commodity prices at the producer level. “The risks are tilted toward persistence rather than quick reversal of the price pressures,” the report said. Trade also weakened in March, with merchandise exports down 7.4% year-on-year and 24 of 30 major export categories declining. Exports to the United Arab Emirates and Saudi Arabia fell sharply as the Strait of Hormuz blockade raised freight, insurance and logistics costs. The report said remittances, which reached a record $135.4 billion in FY25, could come under pressure if a prolonged conflict weakens Gulf labour markets. India’s unemployment rate rose to 5.1% in March from 4.9% in February, though the report said labour conditions have broadly stabilised, while confidence in future job prospects has weakened, particularly in urban India. [...]

Gold price per tola drops by Rs5,500 in Pakistan
April 29, 2026 2:31
Gold price per tola drops by Rs5,500 in Pakistan

Gold prices in Pakistan decreased on Wednesday in line with their loss in the international market. In the local market, gold price per tola reached Rs479,562 after a decline of Rs5,500 during the day. Similarly, 10-gram gold was sold at Rs411,147 after it fell by Rs4,715, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Tuesday, gold price per tola reached Rs485,062 after a loss of Rs8,900 during the day. The international rate of gold declined by $55 to reach $4,572 per ounce (with a premium of $20). Meanwhile, the price of silver also decreased by Rs45 to reach Rs7,766 per tola. [...]

Indian refiners limit use of special FX credit line, sources say, spelling more rupee strain
April 29, 2026 2:24
Indian refiners limit use of special FX credit line, sources say, spelling more rupee strain

MUMBAI: India’s state-run oil refiners are making limited use of a special FX credit line offered by the country’s largest bank that aims to ease pressure on the rupee, three sources familiar with the matter said, signalling worries that the rupee will fall further. The Indian rupee, which had recovered from near 95 per U.S. dollar to around 92.50 in recent weeks after the Reserve Bank of India took several steps to support the currency, is back under pressure, drifting near to its all-time low of 95.21. The currency has been weighed down by oil-related dollar buying in recent sessions, FX traders say. Crude oil and petroleum products are India’s largest import items, adding $12 billion–$13 billion per month to the country’s import bill over the past three months. India in mid-April offered state-run oil refiners a special FX credit line through State Bank of India, allowing them to borrow dollars to make oil import payments, Reuters reported. The move was aimed at curbing spot dollar buying for oil imports. India’s RBI asks state oil refiners to curb spot dollar buying, sources say The refiners, however, are wary of tapping the facility since they expect the rupee to weaken further, which would raise their repayment burden, two sources at state-run refiners said. Using the special FX credit line is not cost-effective if the rupee is likely to weaken, one of the sources said, adding that his company is using the facility for part of its dollar requirements while meeting the rest through spot purchases. The second source said his company is resorting to short-term borrowing from the markets apart from limited use of the credit facility. This source said the rupee’s weakening trend and persistently high oil prices are reducing the facility’s appeal. The sources spoke on condition of anonymity since they were not authorised to comment publicly. India makes first Iranian oil buy in seven years with no payment problems Oil woes The rupee has fallen about 2% over the past eight sessions, broadly matching the pace of currency declines in other oil-importing Asian peers such asThailand and the Philippines. Brent crude, which had slid to around $86 a barrel in mid-April on optimism that the U.S.–Iran conflict would be resolved, has since climbed back to about $112.9. Dollar purchases by oil refiners in the spot market are among the sources of pressure on the rupee, said the third source, who is familiar with the central bank’s thinking. It is, however, not the only major factor, this source said, without elaborating. The RBI did not immediately respond to a request for comment. [...]

Pakistan’s weekly oil import bill jumps to $800mn amid US-Iran conflict, says PM
April 29, 2026 2:03
Pakistan’s weekly oil import bill jumps to $800mn amid US-Iran conflict, says PM

Prime Minister Shehbaz Sharif on Wednesday said that Pakistan’s oil import bill has surged sharply by around 167% to $800 million per week, up from around $300 million before the ongoing regional conflict. The prime minister disclosed this while addressing the cabinet on Wednesday. “International oil prices have surged again. This Friday, we will announce new domestic prices based on the international market situation. This is a very challenging situation,” said Shehbaz. Oil rises on reports US will extend Iran blockade, prolonging Mideast supply disruptions The prime minister lauded the role of Petroleum Minister Ali Pervaiz Malik and his team. “As a result of their joint efforts, unlike other countries, there were no long queues or panic buying in Pakistan, and the situation has remained stable.” “Before the war, our weekly oil import bill was around $300 million. Today, it has reached $800 million. “Therefore, conservation efforts are ongoing,” he said. On the other hand, PM Shehbaz shared that the oil consumption had significantly decreased in the country compared to previous weeks. Oil prices rose on ‌Wednesday, extending a multi-day rally, on reports that the US will extend its blockade of Iranian ports, likely prolonging supply disruptions from the key Middle East producing region. Brent crude futures for June rose 52 cents, ​or 0.47%, to $111.78 a barrel at 0154 GMT, climbing for an eighth day. The June contract ​expires on Thursday, and the more active July contract was at $104.84, up 0.4%. PM Shehbaz said that the government stabilised the economy at the macro level and it was moving towards growth. “However, this sudden war has dented the collective efforts of the past two years. This is beyond our control, but we pray that this conflict ends and peace is restored.” On privatisation front, the prime minister shared that he recently reviewed the progress on PIA. Pakistan remains committed to serve as ‘honest and sincere facilitator’, says PM Shehbaz “The good news is that, according to privatisation advisor Muhammad Ali, there will be no additional burden on the national exchequer, and the matter is being resolved.” He shared that he had also asked the committee interacting with provinces to begin consultations for extending subsidies. “While provinces have already supported the agriculture sector, we must request them to continue subsidies for public transport and other sectors,” he said. [...]

Trump says he discussed a Ukraine ceasefire with Putin
April 29, 2026 7:36
Trump says he discussed a Ukraine ceasefire with Putin

WASHINGTON: US President Donald Trump said on Wednesday he discussed a possible ceasefire in the four-year-old war in Ukraine in a phone call with Russian President Vladimir Putin. He spoke after the Kremlin reported the two leaders discussed a temporary Ukraine ceasefire to mark the anniversary of the end of World War Two next month. “We had a good talk, I’ve known him a long time,” said Trump. Trump, speaking to reporters as he met with astronauts from the Artemis II mission in the Oval Office, said he suggested “a little bit of a ceasefire” in the war in Ukraine in his phone call with the Russian leader. Also read: Putin puts forward ideas on Iran in call with Trump, Kremlin says “And I think he might do that,” Trump said, then asked reporters whether Putin had already announced a ceasefire. Trump has a history of making positive comments about Putin and sharply criticizing Ukraine President Volodymyr Zelenskiy for not agreeing to make a deal with Russia to end the war. Trump said Putin offered to help on the issue of Iran’s enriched uranium, a key obstacle to a deal to end the Iran war, but “I said I’d much rather have you be involved with ending the war with Ukraine.” “I said, before you help me, I want to end your war,” said Trump. [...]

Putin puts forward ideas on Iran in call with Trump, Kremlin says
April 29, 2026 7:30
Putin puts forward ideas on Iran in call with Trump, Kremlin says

MOSCOW: Vladimir Putin and Donald Trump held a phone call on Wednesday in which the Russian leader put forward ideas on resolving the conflict over Iran’s nuclear programme, a Kremlin aide said. Putin also proposed a repeat of a temporary ceasefire in Ukraine to mark the anniversary of the end of World War Two next month, the aide said. Putin announced a similar truce last year which lasted three days but was not agreed with Kyiv. The phone call was the first publicly announced conversation between the two leaders since March 9, nine days after the US and Israel launched a war with Iran. Kremlin aide Yuri Ushakov gave no details on what proposals Putin had made on Iran, but he said any resumption of hostilities in the Middle East would “inevitably have extremely harmful consequences” and was in no one’s interest. “Russia is firmly committed to providing full support for diplomatic efforts to seek a peaceful resolution of the crisis and has offered a number of considerations aimed at resolving disagreements over Iran’s nuclear programme,” Ushakov told reporters after the two leaders’ conversation. Also read: Russia calls for ‘political’ settlement over Iran as Trump says US talking to Tehran Russia had previously offered to take Iran’s stock of enriched uranium out of the country. Ushakov said Russia would maintain contact with Iran, with which it has a “strategic partnership”, as well as with Gulf states and Israel to ensure there would not be a resumption of hostilities in the region. He said the telephone call lasted more than an hour and a half and was “conducted in a friendly manner, candid and business-like”. On the Ukraine conflict, Ushakov told reporters that Putin had proposed the temporary ceasefire for celebrations on May 9 to mark the Soviet Union’s part in the defeat of Nazi Germany in World War Two. “Trump actively supported this initiative, noting that the holiday marks our common victory over Nazism in World War Two,” he said. He added: “Donald Trump believes that a deal to put an end to the conflict in Ukraine is already close.” He said Putin told the US president that Russian forces in Ukraine “hold the strategic initiative and are pressing on enemy positions”. Putin, Ushakov said, “clearly said that Kyiv was resorting to openly terrorist methods by attacking civilian sites on Russian territory,” a reference to frequent Ukrainian strikes on areas from its borders, particularly in the oil sector. [...]

Fed holds rates steady, cites elevated inflation; three dissents against 'easing bias'
April 29, 2026 6:43
Fed holds rates steady, cites elevated inflation; three dissents against 'easing bias'

WASHINGTON: The Federal Reserve held interest rates steady on Wednesday, but in its most divided decision since 1992 noted rising concerns about inflation in a policy statement that drew three dissents from officials who no longer feel the U.S. central bank should communicate a bias towards lowering borrowing costs. A fourth dissent at the meeting came in favor of a quarter-percentage-point rate cut. “Inflation is elevated, in part reflecting the recent increase in global energy prices,” the Fed said in its policy statement, a shift from previous language saying that inflation was just “somewhat” elevated. “Developments in the Middle East are contributing to a high level of uncertainty about the economic outlook.” The 8-4 vote was the most divisive since October 6, 1992, and shows the breadth of opinion incoming Fed Chair Kevin Warsh will face in pursuing rate cuts that President Donald Trump says he expects from his chosen successor to Jerome Powell, whose term as central bank chief ends on May 15. Though the latest policy statement retained language about how the Fed would assess the “extent and timing of additional adjustments” to rates, a phrase that pointed to future cuts as the next likely move, three policymakers objected. Also read: Fed minutes of March meeting could flesh out how policymakers view war risks to economy Cleveland Fed President Beth Hammack, Minneapolis Fed President Neel Kashkari and Dallas Fed President Lorie Logan, while supportive of holding the policy rate steady in the current 3.50%-3.75% range, “did not support inclusion of an easing bias in the statement at this time” and voted against the new statement. With global oil prices lodged above $100 a barrel due to the U.S.-backed war against Iran, the Fed has been hard-pressed to determine if the impact is likely to be seen more through depressed growth or higher inflation, keeping the policy rate in the range where it has been since December despite repeated demands by Trump for looser monetary policy. Alongside elevated inflation, “the unemployment rate has been little changed in recent months” while the economy continues to expand “at a solid pace,” the Fed said. FED leadership transition The new statement is likely the last to be issued under Powell’s leadership. Earlier on Wednesday, the Republican-controlled Senate Banking Committee voted to advance Warsh’s nomination on a party-line 13-11 vote. The Senate is expected to confirm Warsh next month. Powell is scheduled to hold a press conference at 2:30 p.m. EDT (1830 GMT) to elaborate on the results of the meeting and the economic outlook, and may also address whether he plans to remain at the Fed as a governor in a separate term that runs through January of 2028. The minutes of the Fed’s March 17-18 meeting noted a growing number of policymakers were open to the idea that the central bank’s next move might be a rate increase, and the number of hawkish dissents may prompt investors to boost bets that borrowing costs will rise this year. Since the March meeting, inflation has shown signs of rising, with officials concerned that sustained high global oil prices could evolve from a one-time price shock to a jump in underlying pressure on prices. Fed Governor Stephen Miran, in what may also be his last meeting, again dissented in favor of a quarter-percentage-point rate cut, as he has done at every meeting since moving to the central bank from his prior job as one of Trump’s top economic advisers. [...]

Trump eyeing Iran blockade lasting 'months if needed': White House official
April 29, 2026 6:30
Trump eyeing Iran blockade lasting 'months if needed': White House official

The United States could extend its naval blockade of Iran for months more, oil executives were told in a meeting with President Donald Trump, a White House official said Wednesday. Participants at a White House meeting, which took place on Tuesday and was first reported by Axios, discussed “the steps President Trump has taken to alleviate global oil markets and steps we could take to continue the current blockade for months if needed and minimise impact on American consumers,” said the official, speaking on condition of anonymity. “The President meets with energy executives frequently to get their feedback on domestic and international energy markets,” the official said, listing topics discussed as including “domestic production, progress in Venezuela, oil futures, natural gas, and shipping.” Also read: Trump urges Iran to sign a deal after report suggests US may extend blockade Treasury Secretary Scott Bessent was host of the meeting, the official said, adding that Vice President JD Vance and Chief of Staff Susie Wiles also joined. Trump, speaking to Axios, said the “blockade is somewhat more effective than the bombing.” “They are choking like a stuffed pig. And it is going to be worse for them. They can’t have a nuclear weapon,” he told the digital news outlet. Trump rejected an Iranian proposal to first open the Strait of Hormuz and lift the blockade, while postponing nuclear talks to a later stage, according to an Axios report. He told Axios he’s going to keep Iran under a naval blockade until the regime agrees to a deal that addresses US concerns about its nuclear programme. US oil giant Chevron confirmed to AFP that its CEO, Mike Wirth, participated in the Tuesday meeting. Global crude prices soared on Wednesday following media reports that Trump was considering an extended blockade of Iran, with Brent jumping above $119 a barrel to its highest level since 2022 and US benchmark WTI above $105. [...]

US Senate panel votes to advance Trump's Fed chair nominee
April 29, 2026 6:11
US Senate panel votes to advance Trump's Fed chair nominee

WASHINGTON: A US Senate panel voted Wednesday to advance the nomination of Kevin Warsh, President Donald Trump’s pick for Federal Reserve chair, amid concerns over mounting political pressure on the central bank. The 13-11 decision by the Senate Banking Committee brings Warsh a step closer to a vote by the full Senate, with current Fed Chair Jerome Powell’s term at the helm to expire soon on May 15. Lawmakers voted along party lines on Wednesday morning, with Republicans giving the green light to Warsh while Democrats pushed back. The top Democrat on the banking committee, Elizabeth Warren, charged that a vote to advance Warsh’s nomination would bring the president closer to his “attempt to seize control of the Fed.” READ MORE: Fed set to hold rates steady again “Trump has not been subtle about his takeover,” Warren added. She pointed to his attempt to oust Fed governor Lisa Cook over mortgage fraud allegations, alongside the Trump administration’s probe into the Fed and Powell over renovation cost overruns at the central bank’s headquarters. Republican Senator Thom Tillis on the banking panel had initially vowed to block Warsh’s nomination if the investigation were not concluded. With the Justice Department last Friday saying it was dropping the probe, Tillis relented and backed Warsh during the vote. All eyes will now turn to a press conference that Powell is due to hold a few hours later, after the independent central bank announces its latest interest rate decision. [...]

Gohar Ejaz says interest rate hikes miss root causes of inflation
April 29, 2026 6:08
Gohar Ejaz says interest rate hikes miss root causes of inflation

Former caretaker federal minister Gohar Ejaz on Wednesday questioned the effectiveness of monetary tightening in tackling Pakistan’s fuel-driven inflation, arguing that raising interest rates would only inflate debt servicing costs without addressing the root causes of price pressures. Earlier this week, the State Bank of Pakistan (SBP) increased the policy rate by 100 basis points (bps) to 11.50% in its third Monetary Policy Committee (MPC) meeting of 2026. This was the central bank’s first hike in almost three years. However, Gohar Ejaz said the increase in the policy rate could not influence international fuel prices, which “remain the primary driver of domestic inflation amid ongoing global conflicts and supply disruptions”. Citing the views of Nobel laureate Joseph Stiglitz, Ejaz stressed that supply-side shocks, particularly those stemming from global commodity and energy markets, were not effectively managed through higher interest rates. “Monetary tightening cannot bring down imported inflation,” he said, adding that such policies risk suppressing economic activity without delivering meaningful relief to consumers. He questioned whether the SBP decision to hike rates could either reduce fuel consumption significantly or alter international pricing dynamics, arguing that the answer in both cases was “clearly no”. Highlighting the fiscal consequences, Ejaz warned that every one percent increase in borrowing costs adds approximately Rs600 billion to the government’s annual interest payments. “At a time when debt servicing is already projected to exceed Rs8 trillion this fiscal year, such policy moves will only deepen fiscal stress,” he noted. Ejaz further cautioned that the ballooning cost of debt would inevitably translate into additional taxation, placing a heavier burden on citizens already grappling with high inflation and stagnant incomes. “This is not just a monetary issue—it is a fiscal and structural crisis.” He urged policymakers to rethink the reliance on interest rate hikes as a primary tool for inflation control and instead focus on supply-side interventions, energy reforms, and measures to enhance domestic production. “Without addressing structural inefficiencies and external vulnerabilities, tightening monetary policy will only exacerbate the economic slowdown,” the former caretaker minister said. [...]

Pakistan approves national policy on vaccine production
April 29, 2026 5:46
Pakistan approves national policy on vaccine production

The federal cabinet approved on Wednesday a national policy on vaccine production in Pakistan, aiming to reduce reliance on imported vaccines, cut import bill, and make the country self-sufficient in the immunisation production. According to a press statement issued by the Prime Minister’s Office (PMO), the federal cabinet meeting, chaired by Prime Minister Shehbaz Sharif, highlighted “The objective of the policy is to reduce reliance on imports of vaccines, save valuable foreign exchange, and make the country self-sufficient in vaccine production”. The meeting also approved the formation of a special committee under the supervision of the Drug Regulatory Authority of Pakistan (DRAP) to determine pricing and ensure quality standards. Also read: Govt said to have approved prices for 35 life-saving advanced drugs after two-year delay The country currently receives vaccines at concessional rates through global partners, including Gavi, World Health Organisation (WHO), United Nations International Children’s Emergency Fund (UNICEF), and the Bill & Melinda Gates Foundation. Pakistan government currently bears around 51% of the cost of vaccine procurement –estimated at $400 million to $500 million a year – while 49% is covered by international partners. However, this support will gradually decline, and by 2030-31, Pakistan will be required to fully finance vaccine procurement on its own, said Federal Health Minister Syed Mustafa Kamal the other day. Pakistan Pharmaceutical Manufacturers Association (PPMA) former chairman Dr Kaiser Waheed and Dow Institute of Life Sciences (DILS) director Dr Izhar Hussain said the success of the national policy would depend whether the government had given surety in the policy to buy vaccines from local manufacturers, as shelf life of the booster doses remain, especially vaccines for children. As per them, it is the government that pays for vaccines and make them available to people free of cost in most of the cases. “There is section of the people who do not want to pay for vaccines as they remain unaware about their importance,” Dr Waheed said. Earlier, the Minister Kamal stepped up collaboration with global partners, including Saudi Arabia and Indonesia, to establish a local vaccine manufacturing plant in the country. The move was aimed at averting a potential medical and financial crisis by achieving self-sufficiency in vaccine production as the supply of subsidised booster doses to the country from international partners comes to an end by 2031. [...]

Pakistan, EU bank sign €100mln agreement for Sindh flood housing reconstruction
April 29, 2026 5:04
Pakistan, EU bank sign €100mln agreement for Sindh flood housing reconstruction

The Government of Pakistan and the European Investment Bank (EIB) have signed a €100 million agreement to support the Sindh Flood Emergency Housing Reconstruction Project, the Ministry of Economic Affairs said in a statement. The project will help rebuild homes for families affected by the 2022 floods in rural Sindh. The agreement was signed by Muhammad Humair Karim Kidwai, Federal Secretary for the Ministry of Economic Affairs, and a senior official from the EIB during the EU–Pakistan Business Forum. Raimundas Karoblis, the EU’s Ambassador to Pakistan, witnessed the signing. The project aims to rebuild 1.7 million homes in Sindh. The €100 million from the EIB will be used to construct 116,580 housing units, benefiting 40% of rural households in the province. The total cost of the project is estimated at €1.9 billion, with additional funding from the World Bank, Asian Development Bank, Islamic Development Bank, and the Government of Sindh. This agreement comes as Pakistan focuses on strengthening its resilience to future climate disasters. The project is part of a global effort to support Pakistan’s long-term recovery, ensuring communities are better prepared for the impacts of climate change. It reflects a shared commitment to building back better and enhancing climate resilience in the region. The initiative is not only about rebuilding homes but also improving infrastructure, which is crucial for Pakistan’s sustainable recovery. With international support, the project aims to provide essential housing, strengthen communities, and promote long-term climate resilience in Sindh. [...]

Supreme Court unveils national guidelines for AI integration in judiciary
April 29, 2026 4:31
Supreme Court unveils national guidelines for AI integration in judiciary

The National Judicial (Policy Making) Committee (NJPMC) on Wednesday officially released the National Guidelines for the Use of Artificial Intelligence (AI) in Judicial Institutions. The guidelines, approved in the NJPMC’s 57th meeting, outline a clear and ethical framework for integrating AI into judicial processes across Pakistan,the Supreme Court of Pakistan said in a press release. The initiative comes as courts across the country are grappling with increasing caseloads and growing demands for enhanced efficiency and transparency. By positioning AI as a support tool, the guidelines aim to boost judicial performance without compromising human judgment or judicial independence. According to the guidelines, the use of AI will be confined to assisting judges in case management, legal research, predictive analytics, and document processing, ensuring that judicial decision-making remains firmly in human hands. Key highlights of the guidelines include a human-centric approach, ensuring AI assists rather than replaces judicial decision-making, and a strong emphasis on ethical use, transparency, accountability, and safeguards against bias. The guidelines also prioritize data protection, with strict adherence to privacy and data security standards for all stakeholders. In addition, there will be structured training programs for judges and court staff to ensure the responsible implementation of this new technology. Developed by the National Judicial Automation Committee (NJAC) under the leadership of Hon’ble Mr Justice Muhammad Ali Mazhar, the framework was crafted following extensive consultations with High Courts and expert institutions. The guidelines align with international best practices while staying grounded in Pakistan’s constitutional and institutional context. [...]

Pentagon's Hegseth defends Iran war, says not a quagmire
April 29, 2026 4:21
Pentagon's Hegseth defends Iran war, says not a quagmire

WASHINGTON: U.S. Defense Secretary Pete Hegseth sought to defend the Iran war in fiery remarks to Congress on Wednesday, saying it was not a quagmire and attacking Democratic lawmakers as “feckless” for criticizing the unpopular conflict. “You call it a quagmire, handing propaganda to our enemies? Shame on you for that statement,” Hegseth said before the House Armed Services Committee, slamming “reckless, feckless, and defeatist” Congressional Democrats. Trump urges Iran to sign a deal after report suggests US may extend blockade [...]

Austria to sign deal with Uzbekistan on Afghan deportations
April 29, 2026 4:20
Austria to sign deal with Uzbekistan on Afghan deportations

VIENNA: Austria will sign an agreement with Uzbekistan next month to facilitate deportations, including to Afghanistan via the central Asian country, the interior ministry said Wednesday. EU nations are scouting potential partner nations outside the bloc to host so-called “return hubs” for failed asylum-seekers and other initiatives to curb migration. While EU lawmakers and member states iron out details, Denmark, Austria, Greece, Germany and the Netherlands said in March they were moving ahead with planning and coordinating. READ MORE: Taliban govt says Afghans in Qatar can return ‘with full confidence’ Austria’s interior and foreign ministers will travel to Uzbekistan on May 7 for the signing of an agreement to facilitate deportations, said a government statement. “It is an important agreement for the transit of people facing deportation to their home country – especially Afghanistan,” interior ministry spokesman Markus Haindl told AFP. Since last year, Austria has deported several Afghans, a first for the Alpine nation since the Taliban returned to power in 2021. It has also sent back several Syrians to Syria, where long-time strongman Bashar al-Assad was ousted in 2024. Last week, Richard Bennett, the UN special rapporteur on human rights in Afghanistan, said he was deeply concerned the European Union was set for talks with Taliban officials on deporting Afghans. He warned that returns to Afghanistan “risk breaching the principle of non-refoulement due to widespread human rights violations”. The principle of non-refoulement holds that migrants should not be returned to a country where they face harm or persecution. The EU has been working on plans to deport those with no right to stay in the bloc back to Afghanistan, despite concerns from rights groups and the UN refugee agency. [...]

US stocks dip ahead of Fed decision, tech giant results
April 29, 2026 4:19
US stocks dip ahead of Fed decision, tech giant results

NEW YORK: Wall Street stocks dipped early Wednesday ahead of a Federal Reserve decision on interest rates and a deluge of earnings from tech giants. While the Fed is expected to keep rates unchanged, there is intrigue over whether Chair Jerome Powell intends to stay on the Fed board when his term as chairman ends. A Senate panel is scheduled to vote Wednesday on whether to confirm Powell’s designated successor, Kevin Warsh. After the market closes, tech giants Microsoft, Amazon, Meta and Google parent Alphabet are all due to report results. READ MORE: Wall St indexes enter earnings-heavy week on cautious footing About 20 minutes into trading, the Dow Jones Industrial Average was down 0.5 percent at 48,877.75. The broad-based S&P 500 slid 0.2 percent to 7,126.98, while the tech-rich Nasdaq Composite Index slipped 0.1 percent to 24,635.78. The tech earnings reports come as investors grapple with questions about whether companies are building too much costly artificial intelligence capacity. Interactive Brokers’ Steve Sosnick said investors may not welcome announcements of trimmed investment “because that would imply that maybe this is just not as profitable of a venture as everybody thinks.” Sosnick also noted that oil prices keep rising as the Middle East war grinds on but stocks are “ignoring” the increase. [...]

Sri Lanka govt 'temporarily' takes over cricket board
April 29, 2026 4:18
Sri Lanka govt 'temporarily' takes over cricket board

COLOMBO: Sri Lanka’s government took control of the island’s cricket board on Wednesday and appointed a nine-member interim administration to carry out “structural reforms”. Sri Lanka Cricket (SLC) is the country’s wealthiest sporting body, but it has been plagued by allegations of corruption and mismanagement. World governing body the International Cricket Council suspended Sri Lanka for two months in 2023-2024, citing political interference in the running of the national board. “All administrative functions of Sri Lanka Cricket will be temporarily brought under the Ministry of Youth Affairs and Sports, effective today,” the ministry said. READ MORE: Sri Lanka cricket board quits at government’s request: officials Shortly afterwards, the ministry appointed former investment banker and opposition politician Eran Wickramaratne to lead the board. Among the other members appointed by the government are former skipper Kumar Sangakkara and former Test players Sidath Wettimuny and Roshan Mahanama. The ministry said the interim committee will “address the current issues in cricket and implement structural reforms”. Four-time SLC president Shammi Silva resigned on Tuesday, along with his entire committee, after the government intervened. AFP has contacted the ICC for comment. Sri Lanka made an early exit from the T20 World Cup, which it co-hosted with India in February-March. [...]

Acting president approves transfer of three IHC judges
April 29, 2026 4:17
Acting president approves transfer of three IHC judges

Acting President and Senate Chairman Syed Yousuf Raza Gilani on Wednesday officially approved the transfer of three judges from the Islamabad High Court to other high courts, following recommendations from the Judicial Commission of Pakistan (JCP), according to a press release. On the advice of the prime minister, the acting president has authorised the reassignment of Justice Mohsin Akhtar Kiani to the Lahore High Court, Justice Babar Sattar to the Peshawar High Court, and Justice Saman Rafat Imtiaz to the Sindh High Court. This comes a day after a majority vote by the JCP approved the transfers in a meeting chaired by Chief Justice Yahya Afridi at the Supreme Court. The transfers are part of ongoing judicial reshuffling, which has raised significant debate over the evolving judicial transfer process. Following the 27th Constitutional Amendment passed in November 2025, the requirement for a judge’s consent for inter‑court transfers was removed, giving the JCP the authority to recommend such moves. Critics argue that the amendment reduces the autonomy of judges by making their transfers administrative decisions rather than voluntary. Under the new provisions, judges who refuse a transfer may face proceedings before the Supreme Judicial Council under Article 209. The timing of these transfers is notable, as deliberations continue over the induction of new judges into the IHC. Prominent figures, including Ayyaz Shaukat, Usman G. Rashid Cheema, and Shahrukh Arjumand, are among those considered for elevation to the high court. Earlier, Chief Justice Afridi had raised concerns about the potential negative impact of these transfers, arguing that removing judges without their consent could set a dangerous precedent and undermine judicial independence. Despite these reservations, the JCP, with majority support, went ahead with the reshuffling, emphasizing the importance of balancing judicial autonomy with administrative needs. With the acting President’s formal approval, the transfers are now finalized, set to reshape the judicial landscape and affect caseload management across the high courts. Legal analysts are closely watching how these moves impact the dynamics within the judiciary, particularly as the IHC faces vacancies and structural changes amidst broader constitutional debates. [...]

Pakistan can rise as regional economic power through maritime reforms, says minister
April 29, 2026 3:31
Pakistan can rise as regional economic power through maritime reforms, says minister

Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry said on Wednesday that Pakistan could become a rising regional economic power with comprehensive maritime reforms. Speaking at a seminar on the geopolitical impact on maritime trade in the Indian Ocean region, he highlighted the strategic importance of the Indian Ocean as a key link between the Middle East, Asia, Africa, and Europe, according to a statement from the Maritime ministry. Chaudhry stressed that tensions in the Indian Ocean had far-reaching implications, not just for trade, but for global economies and regional stability. He outlined the formation of a high-level committee, following directives from Prime Minister Shehbaz Sharif, to transform Karachi Port, Port Qasim, and Gwadar Port into a trans-shipment hub. Read More: Ministry, KPT chief lauded for safeguarding exporters’ interests Recent reforms with the Federal Board of Revenue (FBR) have introduced risk management techniques to replace 100% scanning, cutting clearance times and facilitating operations for small traders. Karachi Port set a new monthly record with 111,300 TEUs of trans-shipment cargo in March. A TEU or Twenty-foot Equivalent Unit is an exact unit of measurement used to determine cargo capacity for container ships and terminals. This measurement is derived from the dimensions of a 20ft standardised shipping container. Port Qasim managed 3,485 TEUs, and Gwadar Port handled its first dedicated trans-shipment shipment, with four such vessels arriving so far, according to the ministry statement. Chaudhry emphasised that the actions, including reducing charges for exporters and eliminating container congestion, had helped Pakistan build shipping resilience. He said the country’s ports were ready to face future challenges, ensuring continuity in trade and oil supply. Karachi Port Trust Chairman Rear Admiral Shahid Ahmed confirmed that four new trains would operate from Karachi Port to Pipri starting September, alongside operational edible oil terminals and ferry services. He added that Karachi Port was prepared for the next 50 years. “The government remains focused on strengthening Pakistan’s position as a key maritime trade hub for regional connectivity,” the minister said. [...]

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Stocks may be missing this looming danger in the oil market
April 29, 2026 7:43
Stocks may be missing this looming danger in the oil market

Iran is running out of places to put its oil — and in just a few weeks, global crude supply could take another hit that few investors are prepared for. [...]

Powell won’t leave the Fed, says he’ll stay on as governor after term as chair ends
April 29, 2026 7:15
Powell won’t leave the Fed, says he’ll stay on as governor after term as chair ends

“I will continue to serve as a governor for a period of time to be determined,” the outgoing Federal Reserve chair said Wednesday. [...]

Bill Ackman’s Pershing Square USA flops on first day of trading
April 29, 2026 7:14
Bill Ackman’s Pershing Square USA flops on first day of trading

Shares of PSUS sank 18% in the first few minutes of trading [...]

No kids, no care: Solo agers are hiring professional ‘next-of-kin’ for major life decisions
April 29, 2026 7:10
No kids, no care: Solo agers are hiring professional ‘next-of-kin’ for major life decisions

They have financial security and a retirement map — but lack someone authorized to advocate for them. [...]

Can Shake Shack’s new sandwich challenge the McRib, one of the most celebrated menu items in fast-food history?
April 29, 2026 6:20
Can Shake Shack’s new sandwich challenge the McRib, one of the most celebrated menu items in fast-food history?

The McDonald’s McRib has become an icon. Just ask Homer Simpson. [...]

‘I’m very late to the game’: I’m 48, earn $65,000, have $48,000 in debt and no retirement. Am I doomed?
April 29, 2026 6:01
‘I’m very late to the game’: I’m 48, earn $65,000, have $48,000 in debt and no retirement. Am I doomed?

“I do not have any inheritance from anyone coming my way as I lost most of my immediate family when young.” [...]

The chicken-wing trade keeps collapsing and Wall Street is left seeking a Wingstop bottom
April 29, 2026 5:59
The chicken-wing trade keeps collapsing and Wall Street is left seeking a Wingstop bottom

Executives at the chicken-wing chain say higher gasoline prices affected first-quarter sales. [...]

Why it’s time for ‘sell in May and go away’ to die
April 29, 2026 4:59
Why it’s time for ‘sell in May and go away’ to die

One of the most popular pieces of conventional investing wisdom couldn’t be more misguided, according to a recent analysis from Bloomberg Intelligence. [...]

Micron’s stock is gaining. Here’s why the semiconductor trade has sprung back to life.
April 29, 2026 3:48
Micron’s stock is gaining. Here’s why the semiconductor trade has sprung back to life.

Strong results from Seagate and NXP are boosting semiconductor-sector sentiment. [...]

Did the economy actually get stronger during the Iran war? Here’s what the numbers tell us.
April 29, 2026 3:34
Did the economy actually get stronger during the Iran war? Here’s what the numbers tell us.

The U.S. economy got off to a slow start in 2026, but it appears to have finished strong at the end of the first quarter, despite the war with Iran. [...]

Nasdaq erases losses in final hour ahead of huge afternoon of Big Tech earnings
April 29, 2026 7:28
Powell says he’ll stay at Fed as governor after his term as chair ends in May
April 29, 2026 6:48
Powell says he’ll stay at Fed as governor after his term as chair ends — live
April 29, 2026 6:35
Fed holds rates steady, keeps bias to easing — sparking most dissents since 1992
April 29, 2026 6:05
Fed decision moments away, with Powell's last meeting as chair in the spotlight
April 29, 2026 5:33
Why it’s time for ‘sell in May and go away’ to die
April 29, 2026 5:00
Kevin Warsh's nomination clears its first hurdle — follow Fed updates here
April 29, 2026 2:32
The most important story in the stock market has nothing to do with Iran
April 29, 2026 2:22
Stocks open slightly lower with Fed decision, tech earnings in focus
April 29, 2026 1:32
Calendar: Fed day starts with durable-goods and housing-starts data
April 29, 2026 11:59
Jobless claims fall to lowest level since mid-May
July 3, 2025 12:36
Jobless claims stay low in latest week
February 13, 2025 1:33
Consumer credit growth soars in December
February 7, 2025 8:26
U.S. productivity slows down in fourth quarter while unit labor costs accelerate
February 6, 2025 1:34
Beyond to buy rights to Buy Buy Baby brand and reunite it with Bed Bath & Beyond
February 3, 2025 1:46
Trump asks Supreme Court to pause TikTok ban
December 28, 2024 12:32
Amazon says it had best-ever Thanksgiving Holiday week with record sales and number of items sold
December 3, 2024 2:05
U.S. stock futures and bond yields drop on reports Putin has updated nuclear doctrine
November 19, 2024 8:55
Charter Communications announces buyout deal for Liberty Broadband at terms above its previous proposal
November 13, 2024 1:52
General Motors unveils new all-electric Cadillac called the Vistiq with 300-mile range
November 12, 2024 1:53
Vestas Wind Systems stock slumps as company says margins to be at low end of guidance
November 5, 2024 8:39
Burberry shares rise on report Moncler could bid for it
November 4, 2024 8:36
Kazatomprom reports 17% increase in production during the third quarter
November 1, 2024 7:36
Anheuser-Busch InBev shares slip as sales come up shy of estimates
October 31, 2024 8:09
Wingstop’s stock slides 12% after profit falls short of estimates
October 30, 2024 12:22
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