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Rupee gains further ground against US dollar

May 20, 2026 4:38

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At close, the local currency settled at 278.56, a gain of Re0.01 against the greenback. On Tuesday, the local unit closed at 278.57. Meanwhile, the US dollar was steady near a six-week high on Wednesday as investors came to terms with the possible need for ‌higher interest rates to tackle inflation due to the Iran war. The euro last bought $1.1608, ⁠having touched its lowest level since April 8 in the previous session. The British pound was at $1.3398, not far from a six-week low it touched earlier this week. The Australian dollar, often seen as a barometer for risk sentiment, was 0.14% lower at $0.7097, while the New Zealand dollar fell 0.24% at $0.5822. Against a basket of currencies, the dollar was steady at 99.306. The index is up more than 1% in May due to safe-haven demand and markets pricing in chances of the Federal Reserve hiking interest rates by the end of the year. Oil prices fell 4% on Wednesday after U.S. President Donald Trump said that negotiations with Iran were in the final ‌stages, though investors remain wary about the outcome of peace talks as disruption to Middle Eastern supply continues. Brent crude futures fell $4.76, or 4.28%, to $106.52 a barrel by 11:29 a.m. EDT (1529 GMT) and U.S. West Texas Intermediate futures were down $4.22, or 4.05%, at $99.93. Both contracts were heading for their biggest daily drops in percentage and absolute terms in two weeks. Inter-bank market rates for dollar on Wednesday BID Rs 278.56 OFFER Rs 278.76 Open-market movement In the open market, the PKR gained 5 paise for buying and lost 2 paise for selling against USD, closing at 278.88 and 279.67, respectively. Against Euro, the PKR gained 90 paise for buying and 89 paise for selling, closing at 322.67 and 326.07, respectively. Against UAE Dirham, the PKR gained 4 paise for buying and 6 paise for selling, closing at 75.82 and 76.63, respectively. Against Saudi Riyal, the PKR gained 10 paise for buying and 8 paise for selling, closing at 74.08 and 74.83, respectively. Open-market rates for dollar on Wednesday BID Rs 278.88 OFFER Rs 279.67 [...]

Wall St rises on chips' strength ahead of Nvidia results

May 20, 2026 3:10

The tech-heavy Nasdaq led gains on Wall Street on Wednesday, lifted by a rebound in chip stocks ahead of Nvidia’s quarterly earnings, which investors view as a crucial test of AI demand. Nvidia, the world’s most valuable company and the centerpiece of the global AI boom, rose 0.7%. The company’s results are expected after the closing bell. Investors will crunch the numbers for signs that appetite for AI infrastructure remains strong enough to support lofty valuations across the technology and AI space. “The expectation is that Nvidia’s earnings will be strong. It’s the extent to which they are stronger than what is currently baked into markets will be important,” said James McCann, senior economist at Edward Jones. “The bar continues to rise for some of these companies. Can it continue to beat that bar? That’s going to be a critical aspect for investors.” The broader chip sector also advanced on Wednesday. Marvell Technology rose 7.8%, Intel gained 6.3% and Micron Technology added 3.6%. Wall St extends losses as chip stocks slide The Philadelphia SE Semiconductor index advanced 2.9%. At 9:51 a.m. ET, the Dow Jones Industrial Average rose 32.63 points, or 0.07%, to 49,396.51, the S&P 500 gained 18.25 points, or 0.25%, to 7,373.20 and the Nasdaq Composite gained 105.36 points, or 0.43%, to 25,981.68. Eight of the 11 main S&P 500 sectors were in the green, with the tech sector leading gains with a 0.8% rise. U.S. stocks have come under pressure in recent days as a selloff in global bond markets drove yields higher. The benchmark 10-year Treasury yield, which touched a 16-month high of 4.687% in the previous session, eased to 4.651% on Wednesday. Traders have ramped up bets the U.S. Federal Reserve could raise interest rates at the turn of the year as the conflict in the Middle East pushes oil prices higher, reviving inflation worries. Brent crude futures slipped 3% to $108.82 a barrel after U.S. President Donald Trump again said the war with Iran would end “very quickly.” Still, investors remained cautious over the outcome of peace talks as disruptions to Middle Eastern supply continued. Investors are also awaiting the minutes from the Fed’s latest meeting -scheduled to be released later in the day – for clues on policymakers’ thinking, as expectations for a rate hike continue to grow. Markets are now pricing in a more than 40% chance of a 25-basis-point rate hike in December, according to CME’s FedWatch tool. Expectations for a 50-basis-point increase that month have risen to 13.7%, from 4.2% a week earlier. Among other movers, Intuit declined 3.5%. Reuters, citing an internal memo, reported that the company is laying off about 3,000 employees. TJX gained 5.4% after the off-price retailer raised its annual comparable sales and profit forecasts, banking on resilient demand at its stores. Target shares fell 7.1% even after the retailer doubled its annual sales growth forecast, while Lowe’s declined 3.8% as the home improvement firm reaffirmed its full-year forecast. Games and toy maker Hasbro fell 8.8% after the company reaffirmed its annual forecast. Advancing issues outnumbered decliners by a 1.68-to-1 ratio on the NYSE, and by a 1.61-to-1 ratio on the Nasdaq. The S&P 500 posted seven new 52-week highs and 14 new lows while the Nasdaq Composite recorded 32 new highs and 104 new lows. [...]

Sri Lankan shares slide on broad sectoral losses

May 20, 2026 2:59

Sri Lankan shares closed lower on Wednesday, extending their decline into a sixth straight session, weighed down by broad-based losses across sectors led by information technology and health care stocks. The CSE All Share index settled 2.28% lower at 21,789.05. Lanka Ventures PLC and Serendib Land PLC were the top percentage losers on the CSE All Share index, shedding 8.49% and 8.45%, respectively. Trading volume on the CSE All Share index rose to 175.7 million shares from 93.2 million shares in the previous session. The equity market’s turnover climbed to 3.80 billion Sri Lankan rupees ($2.96 million) from 2.32 billion Sri Lankan rupees in the previous session, according to exchange data. Foreign investors were net buyers, purchasing stocks worth 78.2 million rupees, while domestic investors were net sellers, offloading shares worth 3.76 billion rupees, the data showed. [...]

India bonds gain on foreign-bank buying as oil cools

May 20, 2026 2:52

MUMBAI: Indian government bonds recouped losses to end higher on Wednesday, after expectations for a U.S.-Iran peace deal cooled oil prices and spurred foreign-bank buying, as rate hike bets eased in swaps, traders said. The benchmark 6.48% 2035 bond yield dipped 3.4 basis points to end at 7.0761%, easing the most in two weeks. Bond yields move inversely to prices. Oil prices fell about 1% after U.S. President Donald Trump again said the Iran war would end “very quickly.” Sentiment also got a lift from the exit of three supertankers from the Strait of Hormuz, carrying oil for Asian markets. Consequently, the 10-year U.S. Treasury yield eased 5 basis points from intraday highs to around 4.64%, while benchmark Brent crude was down 2% at $109 a barrel from previous close. Lower U.S. yields and oil spurred receiving interest in India’s overnight index swaps, which eased 5-9 basis points across tenors, prompting buying from foreign banks, traders said. India’s muni bond market expands as nearly dozen cities set for debut issues “Traders are positioned very light, so any positive development can trigger sharp moves…a large part of which is linked to geopolitical developments,” said Basant Bafna, head of fixed income at Mirae Asset Investment Managers (India). India, which imports 90% of its oil needs, is highly vulnerable to oil swings and supply shocks. The government has raised fuel prices twice in a week, increased import duties on gold and silver, and urged people to work from home and avoid travel to conserve fuel. Some investors are also anticipating central bank rate hikes. Such bets were evident in the day’s Treasury bill auction, where New Delhi raised about 240 billion rupees ($2.48 billion) through the sale of 91-, 182- and 364-day bills at yields sharply higher than expectations and at levels last seen in April-June 2025. Rates The one-year swap ended at 6.21%, while the two-year rate settled at 6.4650%. The five-year rate closed at 6.8%. [...]

Gulf bourses fall as US-Iran uncertainty keeps investors cautious

May 20, 2026 2:06

BENGALURU: Most Gulf stock markets ended lower on Wednesday as investors stayed cautious over the outcome of U.S.-Iran peace talks and volatile oil prices. Iran threatened on Wednesday to widen the war beyond the Middle East if the United States attacks again, after U.S. President Donald Trump said he had come within an hour of ordering fresh strikes before delaying the decision to allow more time for diplomacy, while Vice President JD Vance also pointed to progress in talks. The shifting U.S. stance has kept oil prices volatile. Brent crude futures fell about 3% to $108.31 a barrel by 1059 GMT. Dubai’s benchmark stock index fell 0.6%, with losses across most sectors. Blue-chip developer Emaar Properties shed 1.1%, while low-cost carrier Air Arabia slipped 1.3%. The Abu Dhabi benchmark index dropped 0.5%, weighed down by technology, healthcare and financial stocks. First Abu Dhabi Bank , the UAE’s largest lender, lost 2.6%, while Aldar Properties fell 0.7%. “While local economic resilience could help limit downside risk, a clear move toward a resolution in the region could drive a strong rebound, particularly for the real estate sector,” said Joseph Dahrieh, managing director at Tickmill. The Omani benchmark index fell for a ninth straight session, sliding 3.3%, with nearly all stocks in negative territory. OQ Base Industries dropped 9.7% and Asyad Shipping Company lost 7.1%. The index extended recent losses amid regional geopolitical uncertainty, weaker global sentiment and profit-taking after a strong rally, Dahrieh added. Qatar’s benchmark index eased 0.6%, with most stocks trading lower. Qatar Islamic Bank fell 1.4%, while QatarEnergy units, Industries Qatar and Mesaieed Petrochemical , lost 0.5% and 1.5%, respectively. Qatar’s foreign ministry spokesperson said on Tuesday there were no special arrangements in place for energy exports, but that the closure of the Strait of Hormuz had added complexity to regional supply chains. Saudi Arabia’s benchmark index was little changed. Banque Saudi Fransi fell 3.8%, while Makkah Construction gained 5.3%. Dar Al-Balad Business Solutions jumped 28.2% to 12.50 riyals on debut. The IT solutions provider’s IPO was priced at the top of its range at 9.75 riyals per share, raising about 205 million riyals. Outside the Gulf, Egypt’s blue-chip index slipped 1.6%, with all stocks in the red. Commercial International Bank fell 1.3%, and EFG Holding dropped 2.7% after reporting a 14% decline in first-quarter net profit attributable to shareholders. SAUDI ARABIA ended flat at to 10,986 DUBAI down 0.6% to 5,627 ABU DHABI fell 0.5% to 9,598 QATAR down 0.6% to 10,353 KUWAIT lost 0.1% to 9,131 BAHRAIN ended flat at to 1,926 OMAN dropped 3.3% to 7,243 EGYPT fell 1.6% to 51,937 [...]

Gold price per tola drops Rs6,800 in Pakistan

May 20, 2026 1:32

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 Rs470,362 after a decline of Rs6,800 during the day. Similarly, 10-gram gold was sold at Rs403,259 after it fell by Rs5,830, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Tuesday, gold price per tola remained stable at Rs477,162. The international rate of gold declined by $68 to reach $4,480 per ounce (with a premium of $20). Meanwhile, the price of silver also decreased by Rs125 to reach Rs7,974 per tola. [...]

AI helping India's engineering hubs generate IP faster, Daimler Truck exec says

May 20, 2026 12:23

BENGALURU: AI is enabling Indian engineering hubs of global firms to quicken intellectual property generation and mitigate supply chain risks, a Daimler Truck executive said on Wednesday. India has long been a base for technology support and back-office functions for global companies, but firms are increasingly relying on local engineering hubs to assist in product innovation. “The contribution of Indian GCCs on IP is in general increasing,” Radhakrishnan Kodakkal, newly-appointed head of Daimler Truck Innovation Center India, told Reuters, adding that AI would further speed up innovation and engineering work. He said the trend had begun before the recent surge in AI adoption but was likely to accelerate further as companies increasingly deploy the technology in engineering and product innovation. Manufacturers worldwide have faced mounting pressure since the pandemic as shifting trade policies, tariffs, and geopolitical tensions have forced companies to rethink sourcing strategies and restructure supplier networks. Kodakkal, who was previously at Whirlpool and Philips, cited copper sourcing in wiring harnesses as one example where manufacturers are now tracking material composition more closely under changing tariff structures. “One example I could say is predicting the raw material cost,” Kodakkal said, adding that teams use AI and multivariate analysis to model movements in steel and other commodity prices. Changing hiring landscape Daimler Truck’s center in Bengaluru, which works across the full vehicle lifecycle, including engineering concepts, simulations, software, connectivity, and analytics, is partnering with universities and training recruits internally to find “the right talent,” the executive said. The advent of AI and India’s growing shift from a technology support base to a product innovation hub is intensifying competition for specialised talent. Kodakkal said there was “a lot of need around niche talents” in areas such as AI, cybersecurity and digital technologies. [...]

India's muni bond market expands as nearly dozen cities set for debut issues

May 20, 2026 11:49

MUMBAI: Close to a dozen Indian cities are set to issue municipal bonds for the first time this year, according to three merchant bankers, as a regulatory and fiscal push boosts a fledgling market. Authorities have long sought to push municipal bonds that are typically used to finance urban projects ranging from transportation to sanitation in the world’s most populous country that is rapidly urbanising. Investors are also gradually taking greater interest in the market that was once plagued by concerns over opaque finances. Over the past two years, regulators have pushed for regular financial updates while the government has offered fiscal incentives, boosting activity. At least seven municipal bodies in the western Indian state of Maharashtra are prepping issues worth at least 33 billion rupees ($340.8 million), according to the merchant bankers, who declined to be named as they are not authorised to speak to media. The cities include several that encircle the financial capital Mumbai: Navi Mumbai, Panvel, Thane, Kalyan-Dombivli and Mira-Bhayandar. The Municipal Corporation of Greater Mumbai, the nation’s richest local body, has yet to tap the bond market. Others looking to sell bonds this year include Chhatrapati Sambhaji Nagar and Nagpur in Maharashtra, Ujjain in central India, and Shimla, Moradabad and Gorakhpur in north India. None of the city corporations responded to Reuters’ emails seeking comments. “Overall, at least seven to 10 new issuers are likely to hit the market in fiscal 2026-27, with a bond issuance pipeline of at least 40 billion rupees already in place across public and private placements,” said Umesh Khandelwal, chief business officer at Tipsons Group, which acts as an arranger for sales. So far, 22 cities from seven states in India have raised around 45 billion rupees through bonds over the last nine years, regulatory data shows. Funds in billion rupees targeted by debut issuers: Navi Mumbai 10 Thane 10 Nagpur 5 Panvel 2 Kalyan-Dombivli 2 Mira-Bhayandar 2 Chhatrapati Sambhaji Nagar 2 Ujjain 2 Shimla 2 Moradabad 1 Gorakhpur 1 Total 39 India’s markets regulator plans to allow municipal bonds to be issued for refinancing of loans and has permitted cities to offer higher interest rates to senior citizens, women and retail investors. Finance Minister Nirmala Sitharaman had announced an incentive of 1 billion rupees for corporations issuing bonds worth at least 10 billion rupees. The government also provides a subsidy for maiden bond issues as well as a 2 percentage point interest support that makes such borrowing cheaper. Major investors in municipal bonds include the National Bank for Financing Infrastructure and Development, banks and state finance corporations, bankers said. NaBFID was the anchor investor in some issues last fiscal. [...]

Copper ticks higher on Chile supply worries and hopes for Iran war deal

May 20, 2026 11:10

LONDON: Copper prices edged higher on Wednesday on hopes that the Iran war was nearing an end and after top producer Chile cut its production outlook. Benchmark three-month copper on the London Metal Exchange was up 0.4% to $13,470 a metric ton by 0935 GMT after touching its weakest since May 8 at $13,350. LME copper has slipped from its highest in more than three months at $14,196.50 a week ago, driven down by profit-taking, a strong dollar and worries over demand in top metals consumer China. “The small gains we’re seeing today are primarily a reaction to the wider market, where we’re seeing some risk-on coming back in, led by softer oil prices and softer bond yields,” said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen. Oil prices lost about 1% on Wednesday after two Chinese oil tankers left the Strait of Hormuz and President Donald Trump said the Iran war will end “very quickly”. Copper was also supported by news that Chile, the world’s biggest producer of the metal, cut its production forecast, saying it would fall 2% this year. In February, Chile said that output would grow by 3.7% in 2026. LME nickel lost 0.3% to $18,745 a ton as investors sought clarity on plans by top producer Indonesia to bring exports of key commodities under centralised state control. Indonesian President Prabowo Subianto said his government would issue a regulation to strengthen control over commodity exports. Nickel had gained in London on Tuesday, lifted by supply concerns that carried over into Chinese trading on Wednesday. The most-traded nickel contract on the Shanghai Futures Exchange rose 1.9% to close at 145,390 yuan ($21,368.31) a ton. Among other metals, LME aluminium dipped 0.3% to $3,593 a ton, zinc added 0.5% to $3,530.50, lead was little changed at $1,963 and tin climbed 3.4% to $53,375. [...]

India central bank's daily $1 billion FX defence struggles to turn Indian rupee tide, bankers say

May 20, 2026 10:54

MUMBAI: The Reserve Bank of India’s daily currency market intervention, estimated at about $1 billion, per four bankers, is slowing but not halting the Indian rupee’s slide, with the currency hitting a string of record lows under pressure from high oil prices and surging U.S. Treasury yields. The RBI has been selling dollars every day via state-run banks in the past one-and-a-half weeks to stem pressure on the rupee, the bankers said. India imports around 90% of its crude oil requirements, making higher for longer oil prices a key challenge, alongside subdued capital inflows and muted exporter dollar sales. The absence of a resolution to the U.S.-Israeli war with Iran is leaving the rupee vulnerable to further depreciation against the dollar, even after its near 8% fall so far this year made it Asia’s worst performing currency. Bankers estimate the RBI’s daily dollar sales in the spot market to be between $800 million to $2 billion in recent days, based on USD/INR volumes, broker inputs on state-run bank activity and order flow patterns. Indian central bank likely selling dollars to limit Indian rupee’s slide, traders say Central bank intervention has moderated the pace of losses, rather than reverse them, with the rupee on a nine-day slide, nearing the 97 per dollar mark for the first time. The RBI did not immediately respond to an email seeking comment. One banker, whose estimate is at the higher side of around $2 billion, said the intervention is “in-and-out”, rather than continuous through the session. This person, and other bankers cited in the story, requested anonymity as they are not authorised to speak publicly. “For the RBI, the aim is to manage the pace of the rupee’s decline and prevent it from turning into a self-fulfilling spiral,” said Gaura Sen Gupta, chief economist at IDFC FIRST Bank. Based on her calculations from reserve money data, she estimates that the RBI sold about $5 billion in the first week of May. Sen Gupta expects further steps by the central bank to address current account pressures and bolster capital flows, after the central bank cracked down on chunky arbitrage trades that had amplified pressure on the rupee. US yields compound oil jolt The surge in U.S. Treasury yields, driven by expectations of Federal Reserve rate hikes in response to Iran war-linked inflation concerns, is compounding pressure on the rupee. Market pricing of potential Federal Reserve rate hikes this year has climbed, a marked shift from pre-conflict sentiment, when markets expected the next move to be a rate cut. The concurrent pressures are skewing market flows against the rupee. “Exporters are delaying conversion of proceeds … while importers are front-loading demand and hedging aggressively. The result is a persistent imbalance in FX flows that intervention alone struggles to offset,” said Dhiraj Nim, FX strategist and economist at ANZ. “Outflows from the financial account only add to the pressure.” [...]

Indian rupee hits record low near 97/USD on oil, US Treasury yield strain

May 20, 2026 10:49

MUMBAI: The Indian rupee fell to a record low on Wednesday as stalled U.S.-Iran peace talks kept oil prices elevated, driving global bond yields higher and hurting equities amid fears of further central bank rate hikes. The Indian rupee slid to 96.96 per dollar, breaching its previous record low of 96.6150 hit in the prior session, and ended the day at 96.82. The currency has fallen over 6% since the Iran war began in late February. Global bond markets extended their selloff as investors increased bets that the Federal Reserve may need to raise interest rates further in 2026. Oil prices eased but stayed near $110 a barrel after U.S. President Donald Trump said he may still strike Iran, a day after delaying an imminent attack to allow more talks with Tehran. Higher energy prices and weak capital flows, compounded by rising bond yields, have raised fears of a steep balance of payments deficit for India this fiscal year. “No convincing resolution to the conflict is in sight yet. This exogenous energy shock has upset the macro-apple cart and kept the rupee under pressure,” analysts at DBS said in a note. They have revised their forecast range for the rupee to a weaker 95-100 band for the remainder of 2026, compared with 90-95 earlier. On the day, dollar sales by state-run banks - most likely on behalf of the Reserve Bank of India - helped limit the rupee’s fall, traders said. “There is constant (dollar) buying from clients while meaningful dollar supply is only coming from the RBI, keeping INR dependent on interventions,” a trader at private bank said. Signs of strain on account of the Iran war have emerged elsewhere in the region as well. The central bank of Indonesia hiked rates by a larger-than-expected 50 bps to support the rupiah which, like the rupee, has hit a series of record lows in recent days. [...]

Reliance helps Indian shares, but Iran war caution persists

May 20, 2026 10:44

Indian equity benchmarks rose marginally on Wednesday, helped by a boost from heavyweight Reliance Industries, while the Iran-war-led upswing in global borrowing costs continued to weigh on sentiment, pulling the rupee to another record low. Concerns over a prolonged Middle East conflict have propelled a selloff in U.S. Treasuries, battering riskier assets across the globe. Higher yields on U.S. bonds make equities less attractive for overseas investors, who have sold $23 billion of Indian shares so far in 2026, surpassing the record annual outflow seen last year. On Wednesday, the Nifty 50 rose 0.17% to 23,659, while the BSE Sensex added 0.16% to 75,318.39. The indexes have fallen 6% and 7.3%, respectively, since the Iran war broke out at the end of February. Eleven of the 16 major sectors rose. The broader small-caps ended flat and mid-caps gained 0.5%. “Markets do not seem to be in a hurry,” said U.R. Bhat, co-founder of advisory services firm Alphaniti Fintech. “Indian equity investors are more concerned about oil prices than anything else. If there is some pull back in oil prices, markets may rise in reaction to that.” Shares of Reliance jumped 2.8%, recording their best day in over three weeks. The stock had slipped 9.6% in the last 10 sessions. Aluminium manufacturer Hindalco rose 3.5% to be the biggest Nifty 50 gainer, after its U.S.-based subsidiary Novelis reported higher operating profit and said its New Jersey plant will restart operations in coming weeks. Brent Crude prices dropped 1.9%, but remained elevated at $109 per barrel. India imports about 90% of its crude needs. Two Chinese tankers laden with oil exited the Strait of Hormuz, according to shipping data. [...]

Sterling dips after data shows UK inflation cooled in April

May 20, 2026 7:56

LONDON: The pound slipped slightly on Wednesday after data showed British inflation fell more than expected in April, having surged in March as the Iran war drove up energy prices. Sterling was last down 0.07% at $1.3384. The euro was flat against the pound at 86.65 pence. Headline CPI inflation came in at 2.8% in April, data from the Office for National Statistics showed, down from 3.3% in March and below economists’ expectations of a 3% reading. [...]

Jordan issues tender to buy up to 120,000 metric tons wheat, traders say

May 20, 2026 7:26

HAMBURG: Jordan’s state grain buyer has issued an international tender to buy up to 120,000 metric tons of milling wheat which can be sourced from optional origins, European traders said on Wednesday. The deadline for submission of price offers in the tender is June 2. Chicago grains, oilseeds extend rally on China’s $17 billion purchase commitment A new announcement had been expected by traders after Jordan made no purchase in its previous tender for 120,000 tons of wheat on Tuesday. [...]

Commerzbank workers protest UniCredit takeover attempt

May 20, 2026 7:20

WIESBADEN: Dozens of Commerzbank employees on Wednesday protested UniCredit’s attempt to take over the German lender, maintaining a wall of fierce resistance to the cross-border deal. Employees, blowing whistles and many dressed in corporate yellow, gathered ahead of Commerzbank’s annual shareholder meeting with signs reading “UniCredit go away!” and “NOMerger NOrcel,” a reference to UniCredit CEO Andrea Orcel. “It is crystal clear to us that we cannot trust this man,” Frederik Werning, a union official and Commerzbank supervisory board member, told Reuters. Commerzbank official rejects UniCredit CEO’s calls for renewed talks “We are deeply concerned that if his plans go through, they will not be strategically sound, they will lead to job losses, and they will also threaten German small and medium-sized businesses,” he added. Organizers said 150 employees were present. [...]

PM Shehbaz, UK NSA discuss security, trade cooperation

May 20, 2026 5:33

Prime Minister Shehbaz Sharif on Wednesday reaffirmed Pakistan’s commitment to strengthening ties with the United Kingdom during a meeting with UK National Security Adviser Jonathan Powell at the Prime Minister House. According to a statement issued by the Prime Minister’s Office, Deputy Prime Minister and Foreign Minister Ishaq Dar, Special Assistant to the Prime Minister Tariq Fatemi, Foreign Secretary Amna Baloch and Secretary National Security Division Sajid Baloch also attended the meeting. The prime minister described the UK as a longstanding strategic partner and reiterated Islamabad’s resolve to maintain “robust and forward-looking engagement” with London. READ MORE: Starmer praises Pakistan’s peace efforts in call with PM Shehbaz Shehbaz conveyed his best wishes to British Prime Minister Keir Starmer and recalled their recent telephone conversation, during which both leaders had expressed a desire to further deepen bilateral relations. The two sides discussed regional and international developments, with Powell appreciating Pakistan’s “constructive role” in regional diplomacy and its efforts aimed at dialogue and de-escalation in the broader region, the statement said. The British national security adviser also congratulated the government on its economic reform efforts and expressed London’s interest in expanding cooperation with Pakistan in the areas of security, trade, investment and development. Pakistan and the UK share longstanding ties spanning trade, education, security cooperation and people-to-people contacts. [...]

Pakistan revives offshore oil, gas hunt after two decades

May 20, 2026 5:09

Pakistan’s offshore frontier was formally reopened after nearly two decades on Wednesday as the government inked Production Sharing Agreements (PSAs) and Exploration Licences (ELs) for offshore blocks. Federal Minister for Petroleum Ali Pervaiz Malik witnessed the signing ceremony of PSAs and ELs for offshore exploration blocks awarded under the Offshore Bid Round 2025, read an official statement. The awarded blocks are located in the Indus and Makran offshore basins adjoining the territorial waters of Sindh and Balochistan. The Offshore Bid Round 2025 attracted bids covering approximately 54,600 square kilometres of Pakistan’s offshore area, resulting in the award of 23 offshore blocks. Two offshore blocks awarded under the same bid round, Offshore Deep-C and Offshore Deep-F, had earlier been executed on December 2, 2025, with Mari Energies Limited, Turkish Petroleum Overseas Company (TPOC), and Fatima Petroleum Company Limited during a ceremony held at the Prime Minister’s Office. “With the signing of the remaining 21 PSAs today, the contractual framework for the entire Offshore Bid Round 2025 portfolio now stands fully completed,” read the statement. Speaking at the ceremony, Ali Pervaiz termed the signing a defining milestone in the government’s efforts to revitalise offshore exploration, attract both foreign and domestic investment, and reduce reliance on imported energy. He noted that the agreements reflect strong investor confidence in Pakistan’s offshore upstream potential, a frontier spanning 282,623 square kilometres, where only 18 exploratory wells have been drilled since independence. The minister further highlighted that the successful completion of the offshore bid round reflects the government’s commitment to positioning Pakistan as a credible and competitive offshore destination through a transparent and investor-friendly regulatory framework. This includes the promulgation of the Offshore Petroleum Rules and the introduction of a Model Production Sharing Agreement incorporated within the bid package to enhance transparency, competitiveness, and investor confidence. Mari Energies Limited emerged as the most active participant in the 23 offshore blocks, including 18 blocks as operator and 05 blocks as a joint venture partner with other exploration and production companies. Oil and Gas Development Company Limited (OGDCL) and Pakistan Petroleum Limited (PPL) have each been awarded eight exploration blocks each, including 02 blocks as operators. Prime Global Energies Limited has also been awarded one block as operator. United Energy Pakistan Limited (UEP) and Orient Petroleum Incorporation (OPI), alongside other joint venture partners, also participated in the signing ceremony. Collectively, the awarded blocks represent an investment of approximately $82 million during Phase I of the initial three-year license period. Total investment is projected to increase to approximately $1 billion if exploration activities progress to Phase-II drilling operations, read the statement. As per the statement, Phase-I activities will involve extensive geological and geophysical studies, including seismic data acquisition, processing, and interpretation, aimed at better defining the hydrocarbon potential of Pakistan’s offshore basins. Subject to encouraging results, Phase II will involve the drilling of exploratory wells in prospective offshore areas. In addition, the awardees have undertaken significant commitments towards social welfare and capacity-building initiatives in the coastal regions of Sindh and Balochistan. In the event of commercial hydrocarbon discoveries, substantial follow-on investments amounting to hundreds of millions of dollars are anticipated for appraisal, field development, and production activities. These developments are expected to generate employment opportunities, facilitate technology transfer, and contribute meaningfully towards reducing Pakistan’s energy import bill. The Petroleum Division said that it intends to engage leading international oil companies in the next phase of offshore exploration, with several global energy firms already evaluating available offshore data. [...]

Oil prices slump 4.28% after Trump says US-Iran negotiations in 'final stages'

May 20, 2026 5:08

NEW YORK: Oil prices fell 4% on Wednesday after U.S. President Donald Trump said that negotiations with Iran were in the final stages, though investors remain wary about the outcome of peace talks as disruption to Middle Eastern supply continues. Brent crude futures fell $4.76, or 4.28%, to $106.52 a barrel by 11:29 a.m. EDT (1529 GMT) and U.S. West Texas Intermediate futures were down $4.22, or 4.05%, at $99.93. Both contracts were heading for their biggest daily drops in percentage and absolute terms in two weeks. U.S. President Donald Trump said on Wednesday that negotiations with Iran were in the final stages. However, he warned of further attacks unless Iran agrees to a deal. “We’re in the final stages of Iran. We’ll see what happens. Either have a deal or we’re going to do some things that are a little bit nasty, but hopefully that won’t happen,” Trump told reporters on Wednesday. However, some market participants and analysts remain wary about the outcome of negotiations and global supply tightness that will likely persist even if the U.S. and Iran reach a deal. Oil stocks declining ‘very fast’, IEA chief warns Analysts at Citi said on Tuesday that they expect Brent crude to rise to $120 a barrel in the near term, stating that oil markets are underpricing the risk of prolonged supply disruption, and Wood Mackenzie estimated that it could approach $200 if the Strait of Hormuz stays largely shut until the end of the year. Similarly, PVM analysts said global oil stocks could reach critically low levels. “Yet, as observed lately, market players are comparatively nonchalant (or complacent) about what the conflict might bring,” PVM said. The premium on Brent contracts for delivery next month over contracts for delivery in six months an indicator of traders’ views of current supply tightness - is around $20 a barrel, way below last month’s highs above $35. Russian Deputy Prime Minister Alexander Novak said on Wednesday that some countries were lifting sanctions on Russian oil because global markets cannot function without it, the state TASS news agency reported. Three supertankers were crossing the Strait of Hormuz on Wednesday, carrying oil bound for Asian markets, after waiting in the Gulf for more than two months with 6 million barrels of Middle East crude on board. The number of vessels crossing the strait remains well below the 130 or so ships that crossed daily before the war. UAE ADNOC Chief Executive Sultan Al Jaber said on Wednesday it will take at least four months to get back to 80% of pre-conflict flows. To make up the supply shortfall, countries are relying on commercial and strategic inventories. U.S. crude stockpiles fell last week as demand remained elevated, the Energy Information Administration said on Wednesday. Crude inventories fell by 7.9 million barrels to 445 million barrels in the week ended May 15, the EIA said, compared with analysts’ expectations in a Reuters poll for a 2.9 million-barrel draw. [...]

India to conduct $5 billion dollar/rupee swap as FX pain persists

May 20, 2026 5:01

BENGALURU: The Reserve Bank of India said on Wednesday it will conduct a dollar/rupee buy/sell swap auction of $5 billion for a tenor of three years on May 26. The swap followed a review of current and evolving liquidity conditions, the central bank said, and comes as it continues to defend a rapidly weakening rupee by selling dollars from forex reserves. Such sales remove rupee liquidity from the country’s banking system and can push up interest rates. The rupee has weakened more than 6% since the Iran war began, pushing up crude. The Indian currency has fallen to consecutive record lows, including an all-time low of 96.96 per dollar on Wednesday. The RBI has sold dollars at an estimated pace of $1 billion per day in recent sessions, Reuters reported earlier in the day, citing bankers. India’s banking system liquidity remains in surplus but has fallen to 1.51 trillion rupees ($15.6 billion), which is around 0.6% of deposits. India central bank’s daily $1 billion FX defence struggles to turn Indian rupee tide, bankers say “It is quite likely that the swap is meant to address the liquidity drag on account of FX intervention. It would also help cool down the USD/INR forward premiums,“ said Sakshi Gupta, an economist at HDFC Bank. The swap will be good for bonds as it will help maintain surplus liquidity, said Alok Singh, head of treasury at CSB Bank. “It should cool forwards, which have been rising over the past two weeks, and bring down hedging costs. The impact on the INR spot rate is likely to be neutral,” Singh said. India’s benchmark 6.48% 2035 bond yield dipped 3.4 basis points to end at 7.0761% on Wednesday. (Reporting by Nishit Navin in Bengaluru, Jaspreet Kalra and Khushi Malhotra in Mumbai; Editing by Janane Venkatraman and Mrigank Dhaniwala) [...]

Rupee gains further ground against US dollar

May 20, 2026 4:38

Wall St rises on chips' strength ahead of Nvidia results

May 20, 2026 3:10

Southwest Airlines to expand India global centre to 1,000 employees, executive says

May 20, 2026 3:05

BENGALURU/HYDERABAD: Southwest Airlines plans to scale hiring at its newly launched global capability centre in India to about 1,000 staff over the next few years as it sets up its first such hub outside headquarters to build tech capabilities, a senior executive told Reuters. The U.S. airline, which opened its Global Innovation Center in India’s Hyderabad city on Wednesday, has already hired more than a dozen employees and intends to scale up to 200 employees in the near term, Krishna Kallepalli, Vice President and Global Head of Innovation (India) at Southwest Airlines, said in an interview. The new office was not intended to operate as a traditional back-office hub, he said. “We don’t want to just do a lift and shift and create another back office,” he said. “We are looking at business capabilities that are technology-infused.” The move comes at a time when the U.S. government has been trying to encourage domestic hiring, while companies continue to tap India’s engineering and AI talent pools. The country’s GCCs have evolved from low-cost outsourcing hubs to local offices of global companies supporting their parent organisations in multiple functions, including daily operations, finance, research and development. “We’re starting off (with hiring) on the core engineering side … platform engineering, cloud engineering, network engineering,” Kallepalli said, adding that the next area of roles includes data science and machine learning skills. Southwest has leased about 20,000 square feet in Hyderabad and can immediately accommodate around 200 employees. He did not provide a precise timeline for the planned expansion to 1,000 employees, but said the company wanted to focus on expanding at “the right pragmatic scale”. The executive also added that AI was currently driving hiring demand in India’s GCC sector rather than replacing jobs. [...]

Sri Lankan shares slide on broad sectoral losses

May 20, 2026 2:59

India bonds gain on foreign-bank buying as oil cools

May 20, 2026 2:52

Pakistan, China reaffirm ‘ironclad’ ties as PM meets senior Chinese official

May 20, 2026 2:19

Prime Minister Shehbaz Sharif on Wednesday reaffirmed Pakistan’s commitment to further strengthening its strategic partnership with China during a meeting with a high-level Chinese delegation led by Vice Chairman of the Standing Committee of the 14th National People’s Congress (NPC), Cai Dafeng. The delegation is visiting Pakistan to participate in celebrations marking the 75th anniversary of diplomatic relations between Pakistan and China, according to a statement issued by the Prime Minister’s Office. During the meeting, the prime minister described Pakistan-China relations as a “historic, time-tested All Weather Strategic Cooperative Partnership,” saying the two countries had built a unique bond anchored in mutual trust and strategic convergence on regional and bilateral issues over the past 75 years. Read More: PM meets Chinese delegation, highlights growing Pakistan–China digital economy ties Sharif conveyed greetings to Chinese President Xi Jinping, Premier Li Qiang and the Chinese people on the anniversary occasion, while reiterating Pakistan’s support for China’s core interests. He also appreciated Beijing’s continued support for Pakistan’s sovereignty and territorial integrity. The prime minister praised the role of the China-Pakistan Economic Corridor in Pakistan’s socio-economic development and reaffirmed Islamabad’s resolve to advance the next phase of CPEC cooperation focused on agriculture, information technology, industry and mining. Sharif said he was looking forward to his upcoming official visit to China. Discussing regional developments, the prime minister appreciated China’s “constructive role” in promoting peace and stability in South Asia and the Middle East, while reaffirming Pakistan’s commitment to regional harmony and multilateral cooperation. Cai Dafeng thanked the prime minister for the warm welcome and said the Chinese leadership remained committed to further strengthening bilateral ties. He said China would continue supporting Pakistan and deepen cooperation to build a “China-Pakistan Community with a Shared Future.” The Chinese dignitary also expressed support for Pakistan’s role in ongoing regional peace efforts and said Beijing would continue contributing to global peace and stability. Both sides underscored the Pakistan-China “ironclad brotherhood” as a key pillar for peace, development and regional stability. National Assembly Speaker Ayaz Sadiq, Deputy Prime Minister and Foreign Minister Ishaq Dar, Planning Minister Ahsan Iqbal, Information Minister Attaullah Tarar, Special Assistant to the Prime Minister Tariq Fatemi and Foreign Secretary Amna Baloch also attended the meeting. [...]

Gulf bourses fall as US-Iran uncertainty keeps investors cautious

May 20, 2026 2:06

SIFC facilitates progress on Sapphire soda ash production project

May 20, 2026 1:58

The Special Investment Facilitation Council (SIFC) has facilitated significant progress on the Sapphire Soda Ash Production Project, including allocation of 2.7 cusecs of water from Mohajir Canal in Khushab to support the project’s operational requirements, according to an official statement issued on Wednesday. The development is being seen as an important step for Pakistan’s chemicals and manufacturing sector, with the project expected to boost domestic production of soda ash — a key raw material used in industries including glass, detergents, textiles and chemicals. The statement said local production of soda ash would help strengthen the country’s industrial base, reduce reliance on imports, improve supply chain stability and promote a more competitive industrial economy. The project is also expected to enhance domestic industrial capacity, generate employment opportunities and contribute positively to economic growth and industrial development. The latest progress reflects SIFC’s continued role in facilitating strategic industrial initiatives and promoting investment-led economic development in the country. [...]

Budget 2026-27: GSMA pushes for affordable mobile services, devices

May 20, 2026 1:56

The Global System for Mobile Communications Association (GSMA) has urged the government to rationalise telecom sector taxes, enhance affordability of mobile services and devices, and simplify the fiscal regime in its budget proposals for 2026-27 to spur digital investment and accelerate connectivity growth in Pakistan. In a letter addressed to Finance Minister Muhammad Aurangzeb, the global telecom industry body called for a “more balanced and predictable fiscal framework” to help operators accelerate network expansion, improve service quality, and expand connectivity to underserved populations. The body urged the government to introduce sweeping fiscal reforms in the upcoming Finance Bill 2026–27, warning that high sector-specific taxes and burdensome levies were constraining investment in the country’s digital future. Also read: GSMA warns Pakistan likely to lag in digital race without urgent reforms The submission comes at a time as Pakistan prepares for next-generation digital infrastructure investments while grappling with a significant mobile internet usage gap. The GSMA acknowledged recent developments by the government, particularly reforms in spectrum pricing and auction policies, including phased payment mechanisms and moratorium facilities aimed at easing financial pressure on telecom operators. “These measures are aligned with international best practices and send a strong signal of confidence to the industry,” the association noted. However, the organisation stressed that spectrum reforms alone would not be sufficient unless accompanied by broader tax rationalisation measures. The GSMA highlighted three priority areas for immediate policy attention: reducing upfront and distortionary taxes affecting capital allocation, improving affordability of mobile services and devices, and simplifying Pakistan’s complex telecom taxation structure to improve investor confidence and long-term planning. The industry body argued that excessive taxation continued to undermine digital inclusion in Pakistan, where millions remain outside the mobile internet ecosystem despite expanding network coverage. Citing international evidence, the GSMA said countries adopting investment-friendly spectrum and tax policies typically experience higher capital expenditure, faster rollout of advanced mobile networks, and stronger GDP growth. The submission also acknowledged that wider fiscal reforms might previously had been constrained due to Pakistan’s macroeconomic challenges and commitments with the International Monetary Fund. However, it argued that recent momentum in telecom sector reforms provided an opportunity for the government to revisit those measures in a more supportive environment. The GSMA added that a calibrated approach to fiscal reform could create a “virtuous cycle” of investment, innovation, digital inclusion, and economic growth. [...]

Gold price per tola drops Rs6,800 in Pakistan

May 20, 2026 1:32

PC board grants approvals for first closing of PIA privatisation transaction

May 20, 2026 1:28

The Privatisation Commission (PC) Board on Wednesday granted the necessary approvals to facilitate the materialisation of the first closing of the privatisation transaction of Pakistan International Airlines Corporation Limited (PIACL), according to a statement issued by the Ministry of Privatisation. The 252nd meeting of the board was chaired by Muhammad Ali, where members reviewed progress on the transaction’s first closing. During the meeting, the financial adviser briefed the board on progress toward fulfilment of the conditions precedent outlined in the Share Purchase and Subscription Agreement (SPSA), including key regulatory, financial and transactional requirements necessary for completion of the first closing. Read More: Post PIA’s successful sell-off: Privatisation Commission seeks annual budget hike The board expressed satisfaction with the progress achieved so far and approved measures required to advance the transaction process. The board also reaffirmed the government’s commitment to pursuing the privatisation programme in a transparent, competitive and professionally managed manner aimed at improving efficiency, strengthening investor confidence and supporting sustainable economic reforms. [...]

Iran says examining new US proposal as Pakistani mediator visits

May 20, 2026 7:18

TEHRAN: Iranian foreign ministry spokesman Esmaeil Baqaei said on Wednesday that the Islamic republic had received a new US proposal and was currently examining it, as a minister from mediator Pakistan visited Tehran. “We received the points of view of the American side and we are currently examining them. The presence of Pakistan’s interior minister is aimed at facilitating the exchange of messages,” Baqaei told state television. Also read: Trump says negotiations with Iran in final stages, warns of attacks if deal fails He reiterated Iran’s demands in talks to end the war including the release of Iranian assets frozen abroad and an end to the US blockade on Iranian ports. [...]

PM Shehbaz, UK NSA discuss security, trade cooperation

May 20, 2026 5:33

Trump says negotiations with Iran in final stages, warns of attacks if deal fails

May 20, 2026 5:08

DUBAI/WASHINGTON: U.S. President Donald Trump said on Wednesday that negotiations with Iran were in the final stages, while warning of further attacks unless Iran agrees to a deal. Six weeks since Trump paused Operation Epic Fury for a ceasefire, talks to end the war have shown little progress so far. Trump has said this week he came close to ordering more attacks, but held off to allow more time for negotiations. “We’re in the final stages of Iran. We’ll see what happens. Either have a deal or we’re going to do some things that are a little bit nasty, but hopefully that won’t happen,” he told reporters on Wednesday. “We’re going to give this one shot. I’m in no hurry,” Trump said. “Ideally I’d like to see few people killed, as opposed to a lot. We can do it either way.” Tehran, for its part, accused Trump of plotting to restart the war, and threatened to retaliate for any strikes with attacks beyond the Middle East. Trump says delaying Iran attack at request of Gulf leaders “If aggression against Iran is repeated, the promised regional war will extend beyond the region this time,” the Revolutionary Guards said in a statement. Parliament Speaker Mohammad Baqer Qalibaf, Iran’s top negotiator at peace talks, said in an audio message released on social media that “obvious and hidden moves by the enemy” showed the Americans were preparing new attacks. Pakistani minister in Tehran in latest diplomatic push In the latest diplomatic push, the interior minister of Pakistan - which hosted the only round of peace talks so far and has since been the conduit for messages between the sides - was in Tehran on Wednesday. Pakistan sends new Iranian peace proposal to US Iran submitted a new offer to the United States this week. Tehran’s descriptions of the proposal suggest it largely repeats terms previously rejected by Trump, including demands for control of the Strait of Hormuz, compensation for war damage, lifting of sanctions, release of frozen assets and the withdrawal of U.S. troops from the area. Trump has said he called off attacks this week at the last minute in response to requests from several of Iran’s Gulf neighbours. On Tuesday he said he had been an hour away from ordering strikes. Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan welcomed what he said was a decision by Trump to allow more time for diplomacy. Trump says US may attack Iran again but that Tehran wants deal Chinese tankers cross strait Iran has largely shut the Strait of Hormuz to all ships apart from its own since the U.S.-Israeli campaign began in February, causing the biggest disruption to global energy supplies in history. The United States responded last month with its own blockade of Iran’s ports. Iran says its aim is to reopen the strait to friendly countries that abide by its terms to use it. That could potentially include fees for access, which Washington says would be unacceptable. Two giant Chinese tankers laden with a total of around 4 million barrels of oil exited the strait on Wednesday. Iran had announced last week, while Trump was in Beijing for a summit, that it had reached agreement to ease rules for Chinese ships. US-Iran conflict: KSA, Qatar lauds Pakistan’s role South Korea’s foreign minister said on Wednesday a Korean tanker was crossing the strait in cooperation with Iran. Shipping monitor Lloyd’s List said at least 54 ships had transited the strait last week, around double the number from the week before. Iran said 26 ships had crossed in the past 24 hours, still only a fraction of the 140 or so each day that typically crossed before the war. Pressure to end war Trump is under pressure to end the war, with soaring energy prices hurting his Republican Party ahead of congressional elections in November. Since the ceasefire, his public comments have veered from threats to restart bombing to declarations that a peace deal was at hand, sometimes in the same breath. The fluctuating U.S. stances have sent oil prices bouncing from hour to hour and day to day, though on a clear upward trend week by week. Benchmark one-month Brent crude futures eased about 2.75% on Wednesday morning to near $108 a barrel. Iran army warns will ‘open new fronts’ against US if attacks resume “Investors are keen to gauge whether Washington and Tehran can actually find common ground and reach a peace agreement, with the U.S. stance shifting daily,” said Toshitaka Tazawa, an analyst at Fujitomi Securities. The U.S.-Israeli bombing killed thousands of people in Iran before it was suspended in a ceasefire in early April. Israel has also killed thousands more and driven hundreds of thousands from their homes in Lebanon, which it invaded in pursuit of the Hezbollah. Iranian strikes on Israel and neighbouring Gulf states have killed dozens of people. This week saw a new volley of drones launched at Saudi Arabia and the UAE, which said they came from Iraq where militia allied to Iran operate. Jordan reported shooting down a drone on Wednesday. Israel’s bases in Iran and Iraq and threat to Pakistan Trump and Israeli Prime Minister Benjamin Netanyahu said when they launched the war that their aims were to curb Iran’s support for regional militias, dismantle its nuclear programme, destroy its missile capabilities and make it easier for Iranians to topple their rulers. But Iran has so far retained its stockpile of near-weapons-grade enriched uranium, and its ability to threaten neighbours with missiles, drones and proxy militias. Its clerical rulers, who put down a mass uprising at the start of the year, have faced no sign of organised opposition since the war began. [...]

Prince Rahim Aga Khan V arrives in Pakistan on first official visit

May 20, 2026 5:04

President Asif Ali Zardari received on Wednesday His Highness Prince Rahim Aga Khan V upon his arrival at Noor Khan Airbase on an official visit to Pakistan. This is Prince Rahim Aga Khan’s first visit to Pakistan since assuming leadership of the Shia Ismaili Muslim community as the 50th Imam following the passing of his father, His Late Highness Prince Karim Aga Khan IV, in February 2025, the President House said in a statement. Upon arrival at Aiwan-e-Sadr, a tri-services guard of honour comprising contingents of the Pakistan Army, Pakistan Navy and Pakistan Air Force was presented to the visiting dignitary. President Asif Ali Zardari, First Lady Bibi Aseefa Bhutto Zardari and Bilawal Bhutto Zardari, Chairman PPP, held a meeting with Prince Rahim Aga Khan V, followed by delegation-level talks. The President also hosted a banquet in his honour, which was attended among others by Prime Minister Muhammad Shehbaz Sharif, Deputy Prime Minister Mr Ishaq Dar, Field Marshal Syed Asim Munir COAS & CDF, Chairman Senate Syed Yousuf Raza Gilani, Speaker National Assembly Sardar Ayaz Sadiq, Chief Minister Sindh Syed Murad Ali Shah, federal ministers, members of parliament and members of the diplomatic community. The President appreciated the Aga Khan Development Network’s contributions to Pakistan in healthcare, education, community development, climate resilience and heritage conservation. He reaffirmed Pakistan’s commitment to further strengthening cooperation with AKDN for the welfare and development of vulnerable communities. Prince Rahim Aga Khan thanked the President for the warm welcome and reaffirmed AKDN’s continued commitment to supporting development and humanitarian initiatives in Pakistan. Prince Rahim’s last visit to Pakistan was in 2024, when the President conferred upon him the Nishan-e-Pakistan, the nation’s highest civilian award, in recognition of Aga Khan family’s longstanding contributions to Pakistan. Mr Sultan Ali Allana, Director Aga Khan Fund for Economic Development & Head of Financial Services AKDN; Mr Shafik Sachedina, Head of Department of Jamati Institutions; Mr Nizar Noor Mohammed Mewawala, President Ismaili Council for Pakistan and Mr Akbar Ladak, Vice President Ismaili Council for Pakistan, were part of the delegation. [...]

India to conduct $5 billion dollar/rupee swap as FX pain persists

May 20, 2026 5:01

Rupee gains further ground against US dollar

May 20, 2026 4:38

Wall St rises on chips' strength ahead of Nvidia results

May 20, 2026 3:10

Southwest Airlines to expand India global centre to 1,000 employees, executive says

May 20, 2026 3:05

Sri Lankan shares slide on broad sectoral losses

May 20, 2026 2:59

India's weather futures debut puts Mumbai rain up for trade

May 20, 2026 2:56

NEW DELHI: Mumbai’s rains are set to become a tradable asset in India. India’s National Commodity and Derivatives Exchange (NCDEX) will launch the country’s first exchange-traded weather derivatives contract on June 1, allowing participants to hedge financial exposure arising from fluctuations in the rains in Mumbai. The cash-settled futures contract will be based on rainfall deviation data compiled by the state-run India Meteorological Department, NCDEX said in a statement. The exchange said the contracts could help sectors including agriculture, logistics, construction, power and banking manage weather-related risks beyond traditional government relief and insurance claims. Monsoon rains to hit southern Indian coast early, spurring crop planting Businesses in Mumbai - India’s financial capital known for torrential monsoon rains - often face disruption during the four-month rainy season beginning in June, affecting supply chains, transport networks and infrastructure activity. India last month forecast below-average monsoon rains in 2026 for the first time in three years, raising concerns over farm output and economic growth in Asia’s third-largest economy. In an Instagram post, NCDEX described rain as a market signal and said the derivative contract would allow India to “TradeRain”. The advertisement contrasted commuters wading through heavy Mumbai rains with a woman smiling while checking trading charts. “For someone it’s just rainfall, for some it’s an opportunity,” the advertisement said. [...]

India bonds gain on foreign-bank buying as oil cools

May 20, 2026 2:52

India's Nykaa seeks to include Meta in music copyright fight with Zee

May 20, 2026 2:48

NEW DELHI: Indian fashion-to-beauty retailer Nykaa has asked a New Delhi court to make Meta a party to a copyright dispute filed by media firm Zee, court documents show, in a case seen as having implications for the commercial use of music on Instagram. Zee Entertainment has sued Nykaa for allegedly using its copyrighted songs in Instagram reels to promote its products, seeking $210,000 in damages, Reuters reported this month. In a non-public filing dated May 19 and seen by Reuters on Wednesday, Nykaa told the Delhi High Court that Meta must be included, as only it can “authoritatively state whether use” of music clips by Nykaa breached any licence terms. Zee argues its licensing agreement with Meta allows individuals to use its music in posts, but only for non-commercial purposes. India’s Zee sues Nykaa over alleged copyright misuse of songs on Instagram reels Nykaa has also argued the dispute should first go to mediation, the filings show. Legal experts say the case could have wider implications, given Nykaa and Zee are both major listed companies in India. Meta, Nykaa and Zee did not respond to requests for comment. Music and film copyright disputes have been in focus in India. Zee has also sued a Reliance-Disney joint venture over alleged use of its music, while the Reliance-led venture has filed a case against Zee over alleged Bollywood film licensing breaches. [...]

Iran chief negotiator Ghalibaf says US 'seeks to start new war'

May 20, 2026 2:47

TEHRAN: Iran’s chief negotiator Mohammad Bagher Ghalibaf on Wednesday said the United States was seeking to restart the war and hoping the Islamic republic would surrender. “The enemy’s movements, both overt and clandestine, show that despite economic and political pressure, it has not abandoned its military objectives and is seeking to start a new war,” Ghalibaf said in an audio message on his official website. Ghalibaf’s remarks came as Tehran and Washington escalated threats while swapping proposals to end the war, which broke out on February 28. A ceasefire has been in place since April 8. On Wednesday, Iran’s Revolutionary Guards warned that the war would expand beyond the region if the US and Israel resume attacks after President Donald Trump said he would strike again unless Tehran agreed a peace deal. Ghalibaf said the US was still hoping Iran would surrender and respond favourably to Washington’s “excessive demands”, by maintaining economic pressure and a naval blockade in place since April 13. “We must strengthen our preparations for an effective and forceful response to any potential attacks,” he said, adding that “Iran will never give in to intimidation, under any circumstances”. Ghalibaf acknowledged the economic pressure on Iranians, while appealing for “national unity”. “Today it is clearer than ever that we are engaged in a war of wills. Whoever wins this war will write Iran’s history and determine its future,” he said. [...]

Colosseum selfies and 'Melody' toffee: Modi visits Rome

May 20, 2026 2:43

ROME: Indian Prime Minister Narendra Modi and Italian Prime Minister Giorgia Meloni took selfies at the Colosseum and admired the view over Rome ahead of talks focused on trade on Wednesday. In a video posted on X, Meloni also thanked Modi for bringing along a packet of “Melody” toffees on his visit, with the two seen laughing over the present – a play on their names. Wrapping up a tour of Europe, Modi landed in Rome on Tuesday for the first bilateral visit by an Indian prime minister to Italy in 26 years. Modi previously visited Italy for a G20 meeting in 2021 and a G7 summit in 2024. In a joint editorial in Italy’s Corriere della Sera daily, the two said they wanted to “reach and exceed the 20 billion euro ($23 billion) target for trade between Italy and India by 2029”. Particular sectors of interest would include defence, aerospace, car parts, clean technologies and textiles, they said. “We aim to forge a powerful synergy between Italian design, manufacturing excellence, and world-class supercomputers… and India’s rapid economic growth, engineering talent, scale, and innovation and entrepreneurial ecosystem,” they said. Bilateral trade between Italy and India was 14.25 billion euros last year, according to the Indian embassy to Italy. The two leaders later on Wednesday will hold bilateral talks at Villa Pamphili, a 17th-century villa to the west of the city centre. Modi on X said he would also visit the Rome headquarters of the UN’s Food and Agriculture Organisation (FAO) “strengthening India’s commitment to multilateralism as well as global food security”. [...]

A national policing template?

May 20, 2026 2:41

Management is all about timely decision-making with the available resources at hand. Data is therefore an essential component of management, but the real test lies in how that data is acted upon. In the public sector, especially in Pakistan, this is where governance often breaks down. The First Information Report, or FIR, is the single most important document through which information is converted into legal and administrative action. Yet Pakistan’s system often struggles to turn these data inputs into effective crime prevention, resource allocation or performance management. As a result, many decisions still read like guesses dressed up in formality. A recent visit to the Punjab Enforcement and Regulatory Authority (PERA) command room offered an unusual counterpoint, rare for public offices in Pakistan. On a single screen, Punjab’s map opened out from division to district and then to tehsil level. A top-down approach had been developed, where a city could be zoomed in on to examine enforcement statistics in real time. Each click revealed another layer of detail: unresolved cases, fines collected, appeals, response times, field activity and action taken on whistleblower reports. Pakistan has built the data layer, but has yet to build the analytical layer that turns operational records into management intelligence. The same metrics appeared for every unit, side by side, refreshed continuously. The dashboard is planned to go in the public domain, which itself is an unusual choice for an enforcement body in the region. Numbers and statistics help connect the dots. Managers worldwide rely on data to make informed decisions, allocate resources and shape strategy. Public management needs the same discipline. PERA’s dashboard is an ambitious effort to bring this principle into enforcement by transforming scattered records into management intelligence. Two enforcement stations, for example, with similar populations and caseloads but different fine collections immediately become conspicuous. A tehsil or enforcement station with repeated unresolved cases becomes difficult to ignore. At the district level, recoveries, fines and disposal rates can guide internal rewards, corrective action and better resource allocation. I have closely examined PERA’s performance since its inception in December 2024. The output numbers tell their own story. The authority’s most recent operational report places anti-encroachment raids at over 268,000 province-wide, including more than 66,000 in Lahore, with roughly 28,000 kanals of state land recovered through 550 dedicated operations. Price control activity has run to over 3.4 million inspections, leading to Rs390 million in fines, 3,421 shops sealed and 7,745 arrests. The pace of formal prosecution has also accelerated: PERA registered 125 FIRs in the whole of 2025 and 328 in the first four months of 2026 alone. Each operation is logged, tied to field reporting and made visible through the dashboard. Reports flow from PERA’s leadership to the Chief Minister at district level, with the option to drill deeper into tehsils and enforcement stations. This means political and administrative attention now lands on specific units, specific delays and specific outcomes. The larger digital implication of PERA’s model lies outside its formal mandate. Many assume that Pakistani police forces are too under-digitised for a data-led accountability system, where senior officers can track crime, performance, delays and officer-level outcomes through live dashboards. That assumption no longer holds. Punjab Police’s Police Station Record Management System, built by the Punjab Information Technology Board, has been operational in all 714 stations since 2017, with over 2.3 million FIRs logged. The Criminal Record Management System maintains digitised offender profiles linked to NADRA. The Anti-Vehicle Lifting System holds nearly 100,000 cases, while the Complaint Management System tracks citizen appeals against police personnel. A data-led policing model has its own drawbacks, and the greatest obstacle is transparency itself. If this much data already exists, where does the real problem lie? The answer may be that Pakistan has built the data layer, but has yet to build the analytical layer that turns operational records into management intelligence. Following PERA’s example becomes ever more relevant for national policing. The possibility of live tracking, updated by every police station, can work wonders for crime prevention. Take the example of vehicle thefts. If mapped by thana, time and recovery route, the statistics can give an accurate picture of active gangs, weak police checkpoints and stolen-vehicle markets. Domestic violence complaints, studied over time, can point toward pockets of social distress, repeat offenders and patterns of substance abuse. Narcotics FIRs, when mapped across localities, can expose peddling routes, distribution points and areas where enforcement is either weak or compromised. Cases involving illegal storage, hoarding or warehouse raids can reveal how informal supply chains are operating beneath the surface of the formal economy. Thus, a police station with repeated citizen appeals, delayed investigations or complaints against the same personnel becomes an important indicator of public grievance and inefficiency. That is when management can step in and take corrective action. This would mark a shift from instinctive anecdote to pattern recognition. There is, however, a caveat with this approach. A data-led policing model has its own drawbacks, and the greatest obstacle is transparency itself. If reporting at any level is selective, especially at the grassroots level, the system quickly becomes loose-ended. Pakistan’s FIR system has long suffered from selective registration, virtually denying justice by delaying complaint recognition. A dashboard, no matter how tech-savvy, cannot serve its purpose unless statistics are honestly reported. This is why any national policing dashboard must also track refusal-to-register complaints, helpline records, citizen applications, appeal patterns and supervisory interventions. In this sense, PERA’s whistleblower channel offers an important lesson. Independent inputs are necessary because official records alone can sometimes reflect institutional convenience rather than ground reality. PERA’s design appears to take this risk seriously. The authority has initiated 1,377 disciplinary proceedings against its own personnel, including punishments of fine, censure and forfeiture of approved service. Of the 126 court cases filed against PERA since inception, 84 have already been disposed of, which suggests that its enforcement operations are landing within legal tolerance rather than triggering a litigation backlash. A dedicated internal affairs function is planned for the authority’s next phase. None of this guarantees ground-level honesty in reporting, but it does shift the institutional culture in a measurable direction, and away from the standard pattern in which enforcement bodies investigate everyone except themselves. For this template to be transposed onto policing, three elements would need to move in parallel. Body cameras, already standard in PERA operations, would have to become standard in policing too, both as evidentiary protection for officers and as a procedural check on field misconduct. The HR and disciplinary architecture of the police force, much of it still operating on rules drafted in a different century, would need updating to make data-led accountability legally workable. And the dashboard itself would have to sit somewhere with the political weight to compel weekly attention from senior officers. Thus, these three complement each other, with each strengthening the others. Punjab’s growing fiscal stress makes the case for digitisation even stronger. Punjab is an expensive province to run, and policing alone consumes a significant share of public resources. The province’s FY26 budget runs to Rs5.335 trillion, with Rs200 billion allocated to policing alone. PERA’s own recoveries through fines, e-challans, retrieved land and auctioned hoardings are already approaching Rs1 billion in measurable value within its first eighteen months. More vehicles, more buildings, more personnel and more allowances do not always produce better enforcement. Effective policing through a data-led system could help allocate scarce resources with far greater precision. Resources can thus be allocated more efficiently to areas where crime is more prevalent, with data helping decision makers in real time. If one police station has high pendency despite adequate staffing, the problem may be management rather than manpower. This distinction becomes even more important in provinces that are financially constrained. Data can help the state spend intelligently instead of spending blindly. These ideas are not without precedent. New York’s CompStat and India’s CCTNS show how crime data can be turned into accountability through sustained review. Pakistan is not starting from zero either; PSRMS already operates across Punjab, Sindh, KP and Balochistan. The technical backbone for a national policing dashboard is partly in place. What remains missing is leadership, discipline and the analytical layer that turns provincial records into comparative accountability. PERA’s lasting contribution may therefore lie less in its raid count or land recoveries, and more in proving that data-led public administration can work in Pakistan. The infrastructure exists. What remains is a question of decision. The article does not necessarily reflect the opinion of Business Recorder or its owners. [...]

Punjab by-polls: Notices served on minister, SAPM for 'violating' election code of conduct

November 21, 2025 1:33

This collage of pictures show Federal Minister of Power Sardar Awais Ahmad Khan Leghari and Special Assistant to the Prime Minister Huzaifa Rehman. —APP/NA website/FileShow-cause notices have been issued to Minister for Power Sardar Awais Ahmad Khan Leghari and Special Assistant to the... [...]

27th Amendment empowers FCC to hear all constitutional cases: minister

November 20, 2025 7:59

Minister of State for Law and Justice Barrister Aqeel Malik addressing an event on December 21, 2024. — Facebook@BarristerAqeelMalikState Minister for Law Aqeel Malik said on Thursday that the 27th Amendment has vested authority to hear constitutional matters in the Federal Constitutional... [...]

JF-17 attracts strong attention at Dubai Airshow as friendly country inks procurement MoU

November 20, 2025 5:25

Pakistan Air Force JF-17 Thunder fighter jet during World Defence Air Show 2024 held in Riyadh, Saudi Arabia, February 7, 2024. — PPI Pakistan's JF-17 Thunder garnered significant attention at the Dubai Airshow 2025, leading to the signing of a memorandum of understanding with a... [...]

US lawmakers laud Punjab govt's initiative to modernise brick-kiln

November 20, 2025 4:39

Punjab Chief Minister Maryam Nawaz attends ceremony in this undated image. — Facebook/@MaryamNSharifISLAMABAD: The Congressional Pakistan Caucus has applauded Punjab’s drive to modernise its brick-kiln sector, saying the reforms could serve as a pilot for eliminating bonded labour and... [...]

Security forces gun down 30 terrorists in multiple IBOs in KP: ISPR

November 20, 2025 4:38

Frontier Constabulary and army personnel gather stand guard in Kurram, January 17, 2025. — AFPSecurity forces killed 30 Indian proxy Fitna al-Khawarij terrorists during multiple intelligence-based operations carried out by security forces in Khyber Pakhtunkhwa , the military's media wing... [...]

MQM-P calls for new province in Sindh

November 20, 2025 3:56

Muttahida Qaumi Movement-Pakistan Convener Khalid Maqbool Siddiqui addresses a press conference in Karachi, November 20, 2025. — Screengrab via YouTube/Geo NewsKARACHI: With discussions on the 28th Amendment gaining momentum, the Muttahida Qaumi Movement–Pakistan has once again... [...]

US report validates Pakistan military edge over India: PM

November 20, 2025 3:55

Prime Minister Shehbaz Sharif addresses ceremony in Azad Jammu and Kashmir on November 20, 2025. — X/@GovtofPakistanPrime Minister Shehbaz Sharif on Thursday said a recent US report endorsing Pakistan’s downing of Indian aircraft stands as formal validation of the country’s... [...]

Banned TTP poses serious threat to Pakistan security: UNSC panel

November 20, 2025 10:24

Denmark’s Deputy Permanent Representative to United Nations and chair of UNSC's ISIL, Al-Qaeda Sanctions Committee Sandra Jensen Landi. — Screengrab via UN WebTV websiteThe chair of the United Nations Security Council's Daesh and Al-Qaeda Sanctions Committee has cautioned that the... [...]

CM Afridi clarifies remarks on by-poll after ECP requests army deployment

November 20, 2025 10:01

Khyber Pakhtunkhwa Chief Minister Sohail Khan Afridi addresses a gathering at Havelian, Abbottabad on November 19, 2025. — Facbook@ImMuhammadSohailAfridiISLAMABAD: Khyber Pakhtunkhwa Chief Minister Sohail Afridi on Thursday issued a clarification concerning his remarks on the NA-18 by-poll,... [...]

Dubai sees 3.2m Pakistani passengers in 2025 as airport sets new milestone

November 20, 2025 6:16

People sit at a coffee shop as they wait for their flight at the Dubai International Airport, in Dubai, United Arab Emirates, April 17, 2024. — ReutersDUBAI: Dubai International Airport handled 3.2 million passengers travelling from Pakistan in the first nine months of 2025, making the... [...]

Security forces kill 23 Indian proxy terrorists in KP's Kurram

November 20, 2025 5:08

Security forces are seen taking position during an operation. — ISPR/FileRAWALPINDI: Amid country's ongoing fight against the menace of terrorism, security forces have neutralised 23 Indian proxy Fitna al-Khawarij terrorists in separate engagements in Khyber Pakhtunkhwa's Kurram... [...]

Pakistan to construct island to boost oil exploration: report

November 19, 2025 6:26

Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas United States. — Reuters/FilePakistan's state-owned energy company, Pakistan Petroleum Limited , has announced plans for an artificial island to boost its oil exploration efforts.Islamabad has intensified its... [...]

Russia ready to mediate Pakistan's issues with India, Afghanistan: envoy

November 19, 2025 6:14

Russia's ambassador to Pakistan has extended his country's offer to mediate Islamabad's conflicts with India and Afghanistan, amid strained relations with its neighbouring countries.Islamabad's relations with India have remained tense since the four-day war in May, while the Afghan Taliban regime... [...]

Security forces neutralise four terrorists in KP IBOs

November 19, 2025 5:12

Soldiers ride on a Pakistan Army vehicle in this undated image. — AFP/FileFour terrorists affiliated with Indian proxy, Fitna al-Khawarij, were killed in a series of operations across Khyber Pakhtunkhwa from November 17 to 18, the Inter-Services Public Relations said on Wednesday.An... [...]

Reclassification of 41 candidates on reserved seats goes beyond SC mandate: Justice Mandokhail

November 19, 2025 4:38

Supreme Court's Justice Jamal Khan Mandokhail addresses an event related to Labour Day in Islamabad on May 1, 2025. — Screengrab/YouTube/Geo NewsISLAMABAD: Justice Jamal Khan Mandokhail has released a detailed dissent in the reserved seats case, stating that the ruling on 41 candidates... [...]

UK parliamentary election set for june 18 as major leadership change looms

May 20, 2026 5:03

UK parliamentary election set for june 18 as major leadership change loomsA recent update informs that UK elections are getting closer to the line with a new pressure bulidng on Starmer's leadership.As reported by Reuters, the election is not just being described as a routine parliamentary vote,... [...]

Nancy update: Porch Guy was 'pawn', hidden network behind kidnapping

May 20, 2026 2:26

Ex-FBI agent claims Porch Guy is not a 'mastermind' in the Nancy Guthrie caseOver 100 days have passed, and Nancy Guthrie is still missing. She was presumably abducted from her home.Her alleged captors are at large.Amid the impasse, former FBI agent Jennifer Coffindaffer floated a theory.She has... [...]

Iran warns of conflict 'beyond the region' if US and Israel resume strikes

May 20, 2026 12:26

Iran warns of conflict ‘beyond the region’ if US and Israel resume strikesIran’s parliamentary Revolutionary Guard released a firm statement threatening to extend the war beyond the Middle East conflict if the US and Israel resume attacks against Tehran. According to a statement... [...]

Xi welcomes 'old friend' Vladimir Putin in Beijing and secures major agreements

May 20, 2026 11:22

Xi welcomes ‘old friend’ Vladimir Putin in Beijing and secures major agreementsPutin officially met his “good and old friend” Xi Jinping on Wednesday, and oversaw the execution of 20 agreements in high-stakes visits ranging from trade to tech. According to a press... [...]

How Trump's banking Immigration status order could create new financial barriers for Immigrants?

May 20, 2026 11:03

How Trump’s banking Immigration status order could create new financial barriers for Immigrants?The Trump administration has signed an executive order on May 19, requiring banks, government departments and financial regulators to assess the citizenship status of bank customers. The recent... [...]

Trump signs order to combat illicit financial activity in the US financial system

May 20, 2026 8:13

US President Donald Trump reportedly signed an executive order on Tuesday aimed at preventing illicit financial activity in the US financial system. The primary motive behind this initiative is to identify red flags and suspicious activity linked to payroll tax evasion, anonymous account masking,... [...]

Nancy Guthrie kidnapping mystery deepens after retired FBI agent reveals shocking DNA theory

May 20, 2026 7:36

Nancy Guthrie kidnapping mystery deepens after retired FBI agent reveals shocking DNA theoryThe search for US Today tv show anchor Savannah Guthrie’s mother Nancy is still underway after 100 days since kidnapping from her Arizona home on February 1. According to Pima County Sheriff Chris... [...]

Keisha Lance Bottoms aims to make history as first Black woman governor in US

May 20, 2026 6:09

Keisha Lance Bottoms aims to make history as first Black woman governor in US Former Atlanta Mayor Keisha Lance Bottoms has officially won the Democratic primary for Georgia governor. The significant victory marks her effort to become the nation's first Black woman elected governor. But if... [...]

Severe thunderstorm watch issued as strong winds and heavy rain threaten Ohio

May 20, 2026 4:18

A severe thunderstorm watch has been issued for Erie and Sandusky counties in the US state of Ohio as forecasters warn of strong winds, heavy rain and possible hail later Tuesday evening.The watch remains in effect until 7:00 PM after unusually hot and humid weather pushed temperatures close to... [...]

Iran war is hurting poorer countries the most, UN warns in new report

May 20, 2026 3:45

The United Nations has warned that developing countries are facing the harshest economic impact from the ongoing US-Israel war on Iran, as rising food and energy prices continue to strain households worldwide.In its latest World Economic Situation and Prospects Report, the UN cut its global growth... [...]

Tusil Fire in San Diego County grows rapidly as evacuation orders issued

May 20, 2026 3:25

A fast-moving brush fire in southeast San Diego County has prompted evacuation orders as crews battle flames spreading toward Interstate 8.According to Cal Fire, the blaze, named the Tusil Fire, started near Crestwood Road and Old Mine Road in the Campo area. Officials said the fire had burned 30... [...]

Governor Abigail Spanberger blocks Virginia's cannabis retail market plan

May 20, 2026 3:05

Abigail Spanberger has vetoed legislation that would have created a legal retail marijuana marketplace in Virginia, saying the proposal lacked the structure and resources needed for proper oversight.In a statement released Tuesday, Spanberger said the bill would have launched retail cannabis sales... [...]

Russia offers to help resolve US-Iran war amid renewed diplomacy

May 20, 2026 2:45

Russian Deputy Foreign Minister Sergey Ryabkov told the country’s TASS state news agency that Moscow was willing to support talks but would not force its involvement.Ryabkov said in the interview with the news agency that “Russia is ready to provide all possible assistance in resolving... [...]

Senate moves to limit US military action in Iran as Trump promises fast end to war

May 20, 2026 2:20

US President Donald Trump said the conflict with Iran could end “very quickly” as pressure grows in Congress over US military involvement in the region.Speaking at a White House event attended by lawmakers, Trump said Washington was moving rapidly toward ending the conflict and... [...]

Crews battle massive structure fire in Salt Lake City industrial area

May 20, 2026 2:00

Fire crews in Salt Lake City are battling a large structure fire that sent thick black smoke billowing across the city on Tuesday afternoon.According to the Salt Lake City Fire Department, the blaze broke out near 350 South and Orange Street. A traffic camera operated by the Utah Department of... [...]

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Oil prices post biggest drop in 2 weeks, airline stocks surge on hopes the U.S.-Iran war will soon end

May 20, 2026 7:28

Oil futures marked their biggest one-day decline in two weeks Wednesday after President Donald Trump suggested that a deal with Iran was close, raising hopes for a resolution to the months-long stalemate in the Middle East. [...]

Has Google lost its AI edge? How its ‘unexciting’ strategy could actually pay off.

May 20, 2026 7:20

Critics worry Google is losing ground to flashier rivals, but rapid Gemini adoption and AI-native integrations are driving monetization behind the scenes. [...]

OpenAI could steal SpaceX IPO’s thunder, with Sam Altman filing as soon as Friday

May 20, 2026 7:18

OpenAI CEO Sam Altman, fresh off a legal victory against Elon Musk, is reportedly gearing his company up for an initial public offering. [...]

‘Credit termites’ are lurking in the bond market and eating away at your portfolio

May 20, 2026 7:12

Jamie Dimon was wrong about ‘cockroaches.’ Opaque AI loans and high leverage are hollowing out the economy — again. [...]

Vox’s sale marks the end of an era for a once-booming form of digital media. Here’s how it all came undone.

May 20, 2026 6:42

Companies like BuzzFeed, Vice and Vox were once worth billions, but shifting audiences and declines in advertising have sent their values plummeting. [...]

Fed minutes show increased chances of interest-rate hike

May 20, 2026 6:04

Fed officials see a growing risk that inflation would stay higher for longer. [...]

Artificial intelligence was supposed to reduce prices. Instead AI is boosting inflation.

May 20, 2026 5:51

The upsurge in U.S. inflation, reaching a three-year high, has been fueled by rising oil prices and the residual effects of the Trump tariffs. But another thing is adding to the problem: the boom in artificial intelligence. [...]

GameStop ups its stake in eBay after its buyout bid was rejected

May 20, 2026 5:34

eBay may have shot down GameStop’s $56 billion buyout offer this month, but the videogame retailer continues to show interest in the online auction platform. [...]

Constellation’s and Vistra’s stocks rally as power-grid operator speeds up data-center deals

May 20, 2026 5:19