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Most Gulf markets slip after Iran and US exchange strikes

June 1, 2026 2:18

Most Gulf stock markets ended lower on Monday after Iran and the U.S. exchanged strikes, while Israel ordered troops to push further into Lebanon in its battle with Tehran-backed Hezbollah. The U.S. said it struck Iranian military sites over the weekend, and Iran’s Revolutionary Guards said on Monday they had targeted a U.S. base in response, marking the latest exchange amid negotiations to end the three-month-old war. The fighting, which followed Israel-Lebanon peace talks hosted by Washington on Friday, dampened hopes that the U.S. and Iran could soon announce an extension of their ceasefire. Saudi Arabia’s benchmark index dropped 0.6%, hit by a 0.8% fall in Al Rajhi Bank and a 0.6% decrease in oil major Saudi Aramco. The Qatari index retreated 1.1%, as most of its constituents were in negative territory, including Qatar Islamic Bank , which declined 2.8%. Renewed uncertainty over the Iran war is weighing on sentiment. Daniel Takieddine, co-founder and CEO of Sky Links Capital Group, said markets are likely to remain cautious, with limited risk appetite until there is clearer progress toward a resolution and the Strait of Hormuz reopens. In Abu Dhabi, the index was down 0.5%, with the country’s biggest lender First Abu Dhabi Bank falling 2.6%, as the lender has exposure to the insolvencies of properties linked to mortgage lender Market Financial Solutions, according to the Financial Times. The lender did not immediately respond to a Reuters request for comment. Dubai’s main share index bucked the trend to close 0.3% higher, helped by a 2.8% rise in toll operator Salik . U.S. President Donald Trump said on Friday he would soon decide on a proposed deal to extend the ceasefire with Iran, though the two countries still appear to differ on significant issues that have been central to the conflict. Oil prices rose more than 2% in early trading on Monday, stoking concerns around inflation and interest rate hikes. Outside the Gulf, Egypt’s blue-chip index rose 0.4%. Saudi Arabia fell 0.6% to 11,010 Abu Dhabi down 0.5% to 9,651 Dubai added 0.3% to 5,775 Qatar dropped 1.1% to 10,439 Egypt rose 0.4% to 52,854 Bahrain finished flat at 1,980 Oman was up 0.9% to 7,795 Kuwait lost 0.8% to 9,231 [...]

Gold price per tola drops by Rs4,400 in Pakistan

June 1, 2026 1:34

Gold prices in Pakistan decreased on Monday in line with their loss in the international market. In the local market, gold price per tola reached Rs471,762 after a decline of Rs4,400 during the day. Similarly, 10-gram gold was sold at Rs404,459 after it fell by Rs3,773, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Saturday, gold price per tola reached Rs476,162 after a jump of Rs1,300 during the day. The international rate of gold declined by $44 to reach $4,494 per ounce (with a premium of $20). Meanwhile, the price of silver increased by Rs46 to reach Rs8,059 per tola. [...]

Sri Lankan shares slide on broad-based sectoral losses

June 1, 2026 1:24

Sri Lankan shares closed lower on Monday, weighed down by losses in health care, industrials, energy sectors. The CSE All Share index settled down 0.21% at 22,265.04. Renuka Agri Foods PLC and Renuka Foods PLC were the top percentage losers on the index, falling 8.4% and 7.7%, respectively. Trading volume on the CSE All Share index fell to 71 million shares from 516 million in the previous session, according to exchange data. The equity market’s turnover fell to 1.67 billion Sri Lankan rupees ($5.1 million) from 7.38 billion rupees in the previous session. Foreign investors were net sellers, offloading stocks worth 37.4 million rupees, while domestic investors were net buyers, purchasing shares worth 1.64 billion rupees, the data showed. [...]

Saudi Aramco raises LPG OSPs by up to 3% for June, Sonatrach cuts prices by 18% and 31%

June 1, 2026 11:35

MOSCOW: Saudi Arabia’s state oil producer Saudi Aramco has raised official selling prices for liquefied petroleum gas by between 1% and 3% in June, while Algeria’s Sonatrach has cut them by between 18% and 31% due to higher supply in the Mediterranean market, traders said on Monday. Saudi Aramco’s June OSPs increased by $10 per metric ton to $760 a ton for propane and by $20 a ton to $820 per ton for butane. Propane and butane are types of LPG with different boiling points. LPG is mainly used as fuel for cars, heating and as a feedstock for other petrochemicals. Sonatrach decreased its June propane OSP by $125 a ton to $575 and for butane by $270 a ton to $610. Saudi Aramco offers oil in rare tenders as Iran war disrupts exports, traders say Saudi Aramco’s OSPs are used as a reference for contracts to supply LPG rom the Middle East to the Asia-Pacific region. Sonatrach’s OSPs are used as benchmarks for the Mediterranean and Black Sea region, including Turkey. [...]

Rupee registers gain against US dollar

June 1, 2026 11:34

The Pakistani rupee appreciated 0.01% against the US dollar in the inter-bank market on Monday. At close, the local currency settled at 278.47, a gain of Re0.03 against the greenback. On Friday, the local unit closed at 278.50. Meanwhile, the US dollar held steady on Monday after a weekly loss. The dollar index of the greenback against a basket of currencies including the yen and the euro, was flat at 99.00, after last week’s drop of 0.4%. The euro fell 0.08% to$1.165. The yen weakened 0.08% to 159.41 per dollar. Sterling slipped 0.07% to $1.3449. Moreover, oil prices rose more than 2% on Monday after Iran and the US traded strikes and Israel ordered troops to move further into Lebanon in the battle with the Tehran-backed Hezbollah militant group. US crude futures rose $2.29 or 2.62% to $89.65 a barrel as of 0436 GMT. Brent futures rose $2.05 or 2.25% to $93.17 a barrel. [...]

Aluminium hits four-year high on renewed Middle East supply risks

June 1, 2026 11:28

LONDON: Aluminium prices soared to their highest point in more than four years as Middle East supply risks escalated after the U.S. and Iran traded military strikes, traders said. Benchmark aluminium on the London Metal Exchange was up 0.6% at $3,690 a metric ton at 0916 GMT. Earlier, it hit $3,707.50 to match a level hit on May 26 for its highest point since March 2022. The Middle East houses 9% of global smelting capacity for aluminium. The closure of the Strait of Hormuz has restricted aluminium exports from the region and limited imports of the raw materials needed to smelt the metal used to manufacture cars, aeroplanes, beer cans and building materials. Analysts expect a large aluminium market deficit this year, with some floating numbers above 2 million tons. “Aluminium remains the standout story,” Britannia Global Markets said in a note. “The extreme backwardation highlights the severity of the squeeze.” Copper slips after strong month as lack of news on Iran deal curbs upswing Backwardation refers to the premium for nearby LME aluminium contracts against those along the maturity curve. The premium for the cash aluminium contract over a three-month forward surged to 19-year highs above $100 a ton on Friday. Elsewhere, copper prices are ticking up as markets price in tight markets outside the U.S., which has over the last year sucked in vast amounts of copper due to expectations for tariffs on imports. The U.S. is expected to decide by late June whether to impose tariffs on copper metal imports. Total copper stocks in warehouses registered with Comex HG-STX-COMEX at 640,181 short tons or 580,762 metric tons are up more than 550% since U.S. President Donald Trump in February last year ordered an investigation of copper import tariffs. Expectations of weak mine supply growth have also helped reinforce elevated copper prices. Supporting industrial metals overall was expanding manufacturing activity in top consumer China for the sixth consecutive month. Copper was up 1.1% at $13,792 a ton, zinc gained 0.9% to $3,571, lead firmed 0.1% to $2,018, tin advanced 2% to $56,500 and nickel climbed 1.1% to $19,280. [...]

Coinbase offers trading using Indian rupee

June 1, 2026 11:10

NEW DELHI: U.S.-listed cryptocurrency exchange Coinbase is allowing users in India to make trades using the rupee, marking a key expansion of its services in Asia’s third-largest economy. Customers can deposit and withdraw rupees through the so-called immediate payment service channel, the company said on Monday. They will also have access to spot trading across a range of assets, alongside perpetual futures contracts covering major crypto assets, the company said. Coinbase, which had discontinued its services in India in 2023, resumed crypto trading last year after registering with the Financial Intelligence Unit. Indian rupee ends little changed on two-way foreign portfolio flows, merchant hedging “India has long been one of the most important markets in crypto: in terms of developer talent, trading activity, and the broader adoption of blockchain technology,” said John O’Loghlen, Coinbase’s regional managing director for Asia Pacific. India requires crypto exchanges to comply with its anti-money laundering rules. The country levies a 30% tax on crypto trading gains, among the highest globally, but has yet to outline regulations for the asset class. [...]

Pakistan inflation hits 11.7% in May 2026, highest since June 2024

June 1, 2026 11:06

Headline Inflation YoY Headline Inflation YoY Chart.register(ChartDataLabels); var ctx = document.getElementById('inflationChart').getContext('2d'); var inflationChart = new Chart(ctx, { type: 'bar', data: { labels: ["Jan-24", "Feb-24", "Mar-24", "Apr-24", "May-24", "Jun-24", "Jul-24", "Aug-24", "Sep-24", "Oct-24", "Nov-24", "Dec-24", "Jan-25", "Feb-25", "Mar-25", "Apr-25", "May-25", "Jun-25", "Jul-25", "Aug-25", "Sep-25", "Oct-25", "Nov-25", "Dec-25", "Jan-26", "Feb-26", "Mar-26", "Apr-26", "May-26"], datasets: [{ data: [28.3, 23.1, 20.7, 17.3, 11.8, 12.6, 11.1, 9.6, 6.9, 7.2, 4.9, 4.1, 2.4, 1.5, 0.7, 0.3, 3.5, 3.2, 4.1, 3.0, 5.6, 6.2, 6.1, 5.6, 5.8, 7.0, 7.3, 10.9, 11.7], backgroundColor: 'orange', borderWidth: 1 }] }, options: { responsive: true, plugins: { legend: { display: false }, datalabels: { anchor: 'end', align: 'top', formatter: function(value) { return value + '%'; }, font: { weight: 'bold' } } }, scales: { y: { beginAtZero: true } } } }); Pakistan’s headline inflation clocked in at 11.7% on a year-on-year (YoY) basis in May 2026, as shown by Pakistan Bureau of Statistics (PBS) data on Monday. This is the highest reading since June 2024, said Arif Habib Limited (AHL). The consumer price index (CPI) was recorded at 10.9% in April 2026. The CPI stood at 3.5% in May 2025. On a month-on-month basis, it increased by 0.5% in May 2026 as compared to an increase of 2.5% in the previous month and a decrease of 0.2% in May 2025. During the first eleven months of the fiscal year, inflation stood at 6.69% against 4.61% recorded in the same period last year. CPI inflation urban increased by 11.8% on a year-on-year basis in May 2026, as compared to an increase of 11.1% in the previous month and an increase of 3.5% in May 2025. On a month-on-month basis, it increased by 0.7% in May 2026 as compared to an increase of 2.7% in the previous month and an increase of 0.1% in May 2025. CPI inflation rural increased by 11.5% on a year-on-year basis in May 2026 as compared to an increase of 10.6% in the previous month and an increase of 3.4% observed in May 2025. On a month-on-month basis, it increased by 0.3% in May 2026 as compared to an increase of 2.1% in the previous month and a decrease of 0.5% in May 2025. SPI inflation on a YoY basis increased by 12.0% in May 2026 as compared to an increase of 10.1% in the previous month and a decrease of 0.6% in May 2025. On a MoM basis, it increased by 0.7% in May 2026 as compared to an increase of 2.0% in the previous month and a decrease of 1.0% in May 2025. The State Bank of Pakistan (SBP) increased its policy rate by 100 basis points (bps) to 11.50% in April. This was the first increase in almost three years. [...]

Indian rupee ends little changed on two-way foreign portfolio flows, merchant hedging

June 1, 2026 10:58

MUMBAI: The Indian rupee ended nearly flat on Monday as modest gains spurred by flows connected toMSCI’s equity index rebalancing were eroded by persistent hedging demand from corporates, while traders kept their focus firmly on the upcoming monetary policy decision. The Indian rupee closed at 94.99 per dollar, almost unchanged from its close at 95.00 on Friday. The currency gained in early trading on the back of concurrent dollar sales from foreign and state-run banks, but activity faded in the latter half of the session, a private sector bank trader said. In the near-term, the rupee is likely to be rangebound between 94.50-96 with intra-day flows dictating price action, a trader at a state-run bank said. The flow impulses subdued the impact of higher crude oil prices on the rupee, traders said. Brent crude oil futures rose about 3% to $93.8 per barrel. The U.S. said it struck Iranian military sites at the weekend and Iran’s Revolutionary Guards said on Monday it had targeted a U.S. base in response, the latest in a series of exchanges amid negotiations to end the three-month-old war. The U.S. and Iran have sporadically exchanged strikes since their ceasefire took effect in early April, as negotiations aimed at a more durable agreement drag on. Amid the challenging backdrop for net energy importers like India, traders are keeping their focus on the central bank’s monetary policy decision and commentary due Friday. “Markets continue to challenge RBI’s slightly dovish policy guidance. RBI is focused heavily on domestic factors currently, primarily inflation outlook while keeping an eye on growth risks,” analysts at BofA Global Research said in a note. “However, the market prices larger and faster pace of rate hikes based on assumption of a shift in RBI’s reaction function towards FX stability.” The firm recommends receiving 1-year INR non-deliverable overnight index swaps to fade extreme market pricing of rate-hikes in the front-end, against the possibility of a delayed hiking cycle as RBI awaits additional data unreactive with its policy repo rate tool to FX market pressures. [...]

Indian shares drop again on outflows, weak monsoon woes

June 1, 2026 10:55

Indian equity benchmarks extended their falling streak on Monday, on concerns over a foreign selloff, expectations of a weak monsoon, and renewed tensions in the Middle East. The U.S. struck Iranian military sites and Iran’s Revolutionary Guards said they had targeted a U.S. base in response, in the latest exchange of attacks amid negotiations to end the three-month-old war. India’s Nifty 50 fell 0.7% to 23,382.6 and the Sensex lost 0.68% to 74,267.34. The indexes have fallen 2.7% and 2.9%, respectively, over four sessions. Fourteen of the 16 major sectors fell while the broader small-caps and mid-caps dropped 0.9% and 1.5%, respectively. Overseas investors sold a record $2.22 billion of shares on Friday when index provider MSCI’s May rebalancing came into effect. Heavyweight financials, which make up a large portion of foreign portfolio investors’ holdings of Indian shares, slipped 1.4%. Consumer goods and automobile shares shed 1.7% and 2.3%, respectively, as the forecast of the weakest monsoon showers in 11 years fueled concerns over crops, food prices and economic growth. On the flip side, IT shares rose 2.7% after strong earnings from U.S.-based tech firm Snowflake lifted global software-as-a-service, cloud and IT service firms. “Nifty 50 companies have recorded eight consecutive quarters of single-digit earnings growth. If there is no resolution to Iran war in the near term and crude prices sustain between $90 to $100 per barrel, FY27 earnings estimates could be downgraded as well,” said Sunny Agrawal, head of fundamental equity research at SBICAPS Securities. Investors await the Reserve Bank of India’s policy decision on Friday. The central bank is expected to keep rates unchanged, although a majority of economists polled by Reuters expect at least one increase by year-end due to risks from high oil prices and pressure on the rupee from weak capital inflows. [...]

European shares dip as renewed Middle East tensions cloud peace prospects

June 1, 2026 8:44

European shares opened lower on Monday as heightened tensions in the Middle East tempered hopes for an imminent end to the conflict, while investors also focused on dealmaking news involving the UK’s easyJet and Amsterdam-listed Universal Music Group. The pan-European STOXX 600 index edged 0.1% lower by 0709 GMT, after having a subdued close to the previous week. Prices of crude oil, a key resource for energy-deficient Europe, climbed more than 2% as the US and Iran said they traded fire through the weekend, even as negotiations continued to resolve the three-month-old war. Geopolitical tensions were also high between Israel and Lebanon’s Hezbollah. Most sectors traded in the red, with airlines Lufthansa and Air France marginally lower, while energy stocks gained 1.1%. Despite the uncertainty, analysts said corporate earnings and forecasts have held up better than expected this reporting season, with Goldman Sachs raising its 12-month target for the benchmark STOXX to 660. In M&A news, easyJet jumped 11% after the British budget airline said it had not received any takeover interest from US-based investment firm Castlelake, though it would consider any proposal if made. The investment firm said it was in the early stages of considering a possible offer for the carrier. Shares of Universal Music Group slipped 1.5% after the company rejected an unsolicited takeover proposal from Bill Ackman’s Pershing Square Capital Management. [...]

South African rand inches lower before manufacturing PMI, vehicle sales figures

June 1, 2026 7:24

JOHANNESBURG: The South African rand weakened slightly in early trade on Monday ahead of the release of a local manufacturing purchasing managers’ index and vehicle sales data ‌for May. At 0656 GMT the rand traded at 16.2450 against the dollar , roughly down 0.2% from its previous close. An Absa PMI survey is set to be released at 0900 GMT and will shed light on manufacturing conditions in Africa’s most ⁠industrialised economy. Manufacturing sentiment improved in April, helped by a rebound in output and new sales orders. Investors will then turn their focus to vehicle sales data due around 1200 GMT, which will give a snapshot of consumer demand for big-ticket items. Car sales rose 13% in April. Nedbank economists in a research note forecast an 8.7% increase in May. “Despite mounting risks associated with fuel prices, their impact on ‌headline ⁠inflation and the knock-on effect on interest rates, vehicle sales are expected to remain buoyant, supported by earlier interest rate cuts and an influx of affordable imported models,” they said. Oil prices rose more than 2% on ⁠Monday after Iran and the US traded strikes and Israel ordered troops to move further into Lebanon in the battle with the Tehran-backed Hezbollah group. “For now, the rand continues to use oil prices as its compass and will look to the Middle East for further ⁠guidance on direction,” said ETM Analytics.South Africa’s benchmark 2035 government bond weakened in early deals, with the yield rising 6.5 basis points to 8.45%. [...]

Asia's factory output expands as firms stockpile buffers over Iran war risks

June 1, 2026 6:12

TOKYO: Asia’s factory activity expanded steadily in May on stockpiling by some companies to get ahead of supply shocks from the Middle East conflict, private surveys showed on Monday, a sign that the war’s economic fallout is broadening across the region. The surveys came after the heads of the International Energy Agency, International Monetary Fund, World Bank and World Trade Organization warned the war in the Middle East was straining global energy supplies and hitting vulnerable economies hardest. Factory activity expanded in most Asian economies. China’s private sector gauge grew for a sixth straight month and South Korea’s hit the fastest pace in five years, highlighting a region-wide push to build buffers against potential conflict-led disruptions. The RatingDog China General Manufacturing Purchasing Managers’ Index (PMI), compiled by S&P Global, fell to 51.8 in May from 52.2 in April, but was slightly better than analysts’ forecast of 51.6 and above the 50.0 level that signals expansion from contraction. The outcome contrasted with an official survey showing factory activity in the world’s second-largest economy stalled last month as new orders contracted and input costs kept rising. Japan’s factory activity also expanded with the PMI at 54.5 in May, slowing from April’s more than four-year high of 55.1, though firms there reported the sharpest rise in input costs since September 2022 due to higher raw material prices driven by the Middle East war. “The current period of expansion is being partly driven by stock building among manufacturers and their clients, as companies looked to safeguard against product shortages and mitigate price risks driven by the war in the Middle East,” said Annabel Fiddes, Economics Associate Director at S&P Global Market Intelligence. South Korea’s PMI rose to its highest since March 2021 at 54.8 in May, up from 53.6 in April, again underlining firms’ drive to lock in supplies as shipping disruptions tied to the Iran war jolt global trade. The US-Israeli war on Iran, which began late in February, has upended trade, rattled financial markets and raised concerns over global energy supplies, particularly through the Strait of Hormuz, a key route for oil and gas shipments. In Vietnam, the factory PMI gauge rose to 52.8 from 50.5 in April, while that for Taiwan rose to 56.1 from 55.3, the surveys showed. The index for the Philippines also rose to 50.8 from 48.3 in April. [...]

Yuan eases from 3-year peak as factory activity stalls

June 1, 2026 6:09

HONG KONG: China’s yuan paused its rally on Monday after climbing to a three-year peak against the dollar, as the latest official survey on factories showed activity stalled in May. The yuan was 0.03% lower at 6.7682 to the greenback, having gained for two straight weeks and moving to its strongest level since early 2023. The offshore yuan fetched 6.7671, down about 0.03% in Asian trade. China’s factory activity stalled in May with new export orders falling sharply, an official survey showed on Sunday, following data showing growth momentum cooled in April. “Even as economic fundamentals show signs of cooling, the RMB has remained relatively strong with core support coming from export data… If overall export growth decelerates significantly, short-term appreciation support for the RMB may weaken,” analysts at Nanhua Futures wrote. Recent yuan strength has also created a self-reinforcing appreciation dynamic, prompting corporates to defer dollar purchases and accelerate FX settlement. Pent-up dollar-buying demand related to dividend payout could be released in concentrated fashion if the strength eased, exerting pressure on the currency, they added. Bank of America sees a seasonal tailwind for the dollar versus yuan as the dividend payment season for Hong Kong-listed Chinese companies gets underway, with June to August typically the peak period. Prior to the market opening, the People’s Bank of China set the midpoint rate at 6.8167 per dollar, its strongest since February 14, 2023, and 524 pips weaker than a Reuters’ estimate. The spot yuan is allowed to trade 2% either side of the fixed midpoint each day. In the broader currency market, the safe-haven dollar was a touch stronger on the day after a weekly loss, as markets awaited the results of peace talks in the Middle East and signals on the timing of central bank rate hikes. The dollar’s six-currency index was 0.039% higher at 99.05. Oil prices rose more than 2% in early trading after Israel ordered troops to move further into Lebanon in the battle with the Iranian-backed Hezbollah militant group, despite a ceasefire announced more than six weeks ago. [...]

Gold slips on stronger dollar, oil; Trump's decision on Iran ceasefire in focus

June 1, 2026 6:06

Gold inched lower on Monday, pressured by a stronger dollar and rising oil prices, as investors awaited U.S. President Donald Trump’s decision on a proposed deal to extend the ceasefire with Iran. Fundamentals Spot ‌gold was down 0.2% at $4,527.36 per ounce, as of 0156 GMT, after rising to a two-week high in the previous session. US gold futures fell 0.8% to $4,558.10. US President Donald Trump said on Friday he would ⁠soon decide on a proposed deal to extend the ceasefire with Iran, though the two countries still appeared to differ on significant issues that have been central to the conflict. Israeli Prime Minister Benjamin Netanyahu has ordered troops to move further into Lebanon in the battle against the Iranian-backed Hezbollah militant group, he said on Sunday, despite a ceasefire announced more than six weeks ago. Oil prices rose more than 2% in early trading on Monday, stoking inflation concerns. Federal Reserve Vice ‌Chair ⁠for Supervision Michelle Bowman said on Friday the Middle East war’s impact on the economy, while still being measured, could lead to persistent rises in inflation that might require tighter monetary policy. Federal Reserve Bank of Philadelphia President Anna Paulson said on Friday “mildly restrictive” ⁠monetary policy is “well positioned” for an uncertain outlook where inflation pressures remain too high. US says it struck Iranian military sites, Tehran responds with air base attack Gold demand in India remained subdued last week due to higher prices and import duties, while premiums ⁠in top consumer China narrowed amid cautious sentiment. Gold speculators raised net long positions by 2,544 contracts to 96,931 in the week to May 26. Spot ⁠silver rose 0.4% to $75.54 per ounce, platinum gained 1% to $1,935.65, and palladium rose 1.3% to $1,371.24. [...]

Most Gulf markets slip after Iran and US exchange strikes

June 1, 2026 2:18

Gold price per tola drops by Rs4,400 in Pakistan

June 1, 2026 1:34

Sri Lankan shares slide on broad-based sectoral losses

June 1, 2026 1:24

Pakistan eyes 4% GDP growth for FY27

June 1, 2026 1:23

Pakistan aims for an economic growth rate to 4% in the upcoming fiscal year, up from an estimated 3.7% in FY26, even as the country manages crude price shock from the ongoing conflict in the Middle East and remains under the International Monetary Fund (IMF) programme. The GDP growth projected is driven by stronger performance in the agriculture, industry, and services sectors, according to projections shared by Topline Research on Monday. The brokerage house shared that the agriculture sector will emerge as a key growth driver, with growth forecast to accelerate to 3.8% in FY27 from 2.9% in FY26. The improvement is expected to stem from a sharp rebound in important crops, where growth is projected at 3.6%, up from just 0.6% in the outgoing fiscal year. Livestock, which remains the largest contributor within agriculture, is also expected to post steady growth of 3.9%, marginally higher than 3.8% in FY26. The industrial sector is also projected to gather momentum, increasing by 4% in FY27 against an estimated 3.5% in FY26. However, growth within sub-sectors is expected to be uneven. Large-scale manufacturing (LSM), which is forecast to grow by 6.1% in FY26, is expected to slow down to 4.5% in FY27, while construction activity is projected to reduce significantly to 2.2% from 5.7%. Meanwhile, the services sector is expected to post a growth rate of 4.2% in FY27 compared to 4.1% in FY26. Within services, wholesale and retail trade is projected to strengthen to 4.2% from 3.7%. Whereas, the information and communication sector is projected to remain one of the fastest-growing segments of the economy, with growth expected to edge up to 7.7% in FY27 from 7.5% in FY26. [...]

KSE-100 Index slides nearly 2% amid heavy selling pressure

June 1, 2026 1:17

Selling pressure was observed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index shedding nearly 2% on Monday. The market opened on a negative note, with the KSE-100 Index dropping to 172,461 points. Selling pressure persisted throughout the trading session and intensified further during the final hours of trading, dropping to an intra-day low of 170,396.85. At close, the benchmark index settled at 170,600.20, down by 3,362.61 points or 1.93%. “The negative momentum was primarily driven by a surge in international oil prices amid rising geopolitical tensions in the Middle East, as conflict between Israel and Lebanon escalated. Elevated oil prices revived concerns over inflation and external account pressures, dampening investor confidence and triggering broad-based selling across key sectors,” brokerage house Topline Securities said in its post-market report. Oil prices rose more than 3% ‌on Monday after Iran and the US traded strikes and Israel ordered troops to move further into Lebanon in its battle with Hezbollah. Brent futures were up $2.68 or 3% at $93.80 a barrel at 1121 GMT. U.S. crude futures rose $3.03 or 3.5% to $90.39 a barrel. Over May, Brent and WTI lost around 19% and 17%, respectively. It was both contracts’ biggest monthly fall in absolute ⁠terms since March 2020 when the coronavirus pandemic slashed energy demand. Adding to the cautious mood, Pakistan’s CPI for May 2026 clocked in at 11.66%, compared to 10.89% in the previous month, signaling a pickup in inflationary pressures and further weighing on investor sentiment. The bearish momentum was largely fueled by heavyweight stocks, including ENGROH, FFC, LUCK, HUBC, and OGDC, which collectively shaved 1,464 points off the benchmark index, playing a key role in sustaining the market’s downward trajectory, Topline said. Meanwhile, Behtari Capital said investors were treading cautiously ahead of the federal budget, i.e. June 5. Investor sentiment was dampened by reports that the government was struggling to balance IMF demands with populist political measures, added the report. “While there is talk of relief for the salaried class (earning Rs. 150k-200k), the IMF is pushing for a record Rs17+ trillion revenue target, sparking fears of “super taxes” on the banking and industrial sectors in the upcoming June 5 budget,” it said. During the previous week, Pakistan equities posted a strong recovery during the outgoing week as easing geopolitical tensions in the Middle East and improving domestic economic indicators significantly boosted investor confidence, helping the KSE-100 Index gain 4% in a holiday-shortened trading week. The benchmark index surged by 6,119 points on a week-on-week basis to close at 173,963 points. Internationally, Asian share markets firmed on Monday as the boom in all things AI continued to drive demand, offsetting a lack of progress in Gulf peace talks that challenged optimism on a re-opening of the Strait ‌of Hormuz and lifted oil prices. While negotiators from Washington and Tehran are apparently working to hammer out a deal, President Donald Trump has been notably silent on their progress. Speaking on Saturday, Defence Secretary Pete Hegseth said the US was ready to restart attacks on Iran if a deal could not be reached. Tensions in the region were not helped by an Israeli push further into Lebanon in the battle against the Iranian-backed Hezbollah group. Asian share markets remain underpinned by demand for semiconductors and AI-related gear, with Japan’s Nikkei up a further 0.5%, having risen almost 5% last week to all-time highs. South Korea rose 1.3%, after surging 8% last week, while Taiwan climbed almost 6% last week. MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.2%. Meanwhile, the Pakistani rupee appreciated 0.01% against the US dollar in the inter-bank market on Monday. At close, the local currency settled at 278.47, a gain of Re0.03 against the greenback. Volume on the all-share index increased to 589.76 million from 555.06 million recorded in the previous close. The value of shares rose to Rs31.98 billion from Rs40.88 billion in the previous session. Dewan Cement was the volume leader with 43.32 million shares, followed by TRG Pak Ltd with 39.41 million shares, and WorldCall Telecom with 34.96 million shares. Shares of 489 companies were traded on Monday, of which 168 registered an increase, 296 recorded a fall, and 25 remained unchanged. [...]

Oil prices rise as US, Iran trade strikes, Israel moves further into Lebanon

June 1, 2026 1:17

LONDON: Oil prices rose more than 3% on Monday after Iran and the U.S. traded strikes and Israel ordered troops to move further into Lebanon in its battle with Tehran-backed Hezbollah. Brent futures were up $2.68 or 3% at $93.80 a barrel at 1121 GMT. U.S. crude futures rose $3.03 or 3.5% to $90.39 a barrel. Over May, Brent and WTI lost around 19% and 17%, respectively. It was both contracts’ biggest monthly fall in absolute terms since March 2020 when the coronavirus pandemic slashed energy demand. The fighting in the Middle East, after Washington hosted Israel-Lebanon peace talks on Friday, dimmed hopes that the U.S. and Iran could soon announce an extension to their ceasefire. U.S. President Donald Trump said on Friday he would soon decide on a proposed deal to extend a ceasefire announced in early April. Israel would be key to any such deal, and Iran has said repeatedly that Hezbollah and Lebanon must be included. The U.S. has proposed a “gradual de-escalation” plan, a U.S. official said on Sunday. Concerns are rising about mines in the Strait of Hormuz, a key oil and gas shipping lane, IG analyst Tony Sycamore said in a note. “Even if an agreement is reached, it won’t deliver a flood of supply,” Sycamore said. An Axios reporter said on X on Friday that Iran had dropped more mines in the strait earlier last week. Iran’s Foreign Ministry spokesperson Esmaeil Baghaei said on Monday the delay in the diplomatic process to end the war can be explained by a lack of trust, Washington’s contradictory positions and Israel’s attacks on Lebanon. Concerns over supply outweighed weekend economic data from China which showed stalling factory activity. This added to concerns the world’s second-largest economy is losing momentum. Saudi Arabia is likely to cut its official selling prices (OSPs) for crude oil to Asia in July for a second month, a Reuters survey showed. Goldman Sachs said on Sunday thatweak oil demand in China and Europe poses a major downside risk to its fourth-quarter Brent crude forecast of $90 a barrel and WTI forecast of $83, although Middle East supply disruptions could still push prices higher. [...]

India's 2025/26 fiscal deficit at 4.4%, in line with government estimates

June 1, 2026 1:12

India’s fiscal deficit stood at 4.4% of the gross domestic product for the year ended March 31, 2026, data showed on Monday, in line with government’s revised estimates. The deficit was at 15.19 trillion rupees ($159.91 billion), or 97.5% of the government’s revised estimates presented in February. In April, the fiscal deficit amounted to 21.4% of the budgeted target for the full year ending March 2027, data showed. India’s trade deficit widens to USD28.38bn in April Key numbers for 2025/26 Net tax receipts at 33 trillion rupees ($347.40 billion), up from 30.87 trillion rupees collected in the same period a year ago. Non-tax revenue at 6.8 trillion rupees, compared with 5.31 trillion rupees a year ago. Total government expenditure at 49 trillion rupees compared with 47.16 trillion rupees a year earlier. Capital expenditure, or spending on building physical infrastructure, stood at 10.7 trillion rupees against 10.18 trillion rupees a year ago. [...]

AirTrunk to invest $21 billion in India data centre

June 1, 2026 1:08

Australia’s AirTrunk has signed a letter of intent for land allotment in India’s western state of Maharashtra for a data centre where it will invest $21.05 billion, the state’s chief minister said in a post on X. The data center will be located in the Raigad Penn Growth Centre, which lies on the outskirts of the financial capital Mumbai, and will have 3 GW capacity. AirTrunk is backed by U.S.-based investment firm Blackstone. The firm has data centres in Hong Kong, Japan, Malaysia and Singapore. More than $630 billion worth of investments are expected from U.S. tech giants this year as India is offering tax breaks for foreign firms operating from domestic data centres. India’s biggest conglomerates are also stepping up a push into AI and data infrastructure with Reliance and Adani committing about $110 billion and $100 billion, respectively, in February. [...]

Imran Ghaznavi joins Privatisation Commission as chief media officer

June 1, 2026 1:05

The Privatisation Commission on Monday announced the appointment of Imran Ghaznavi as its Chief Media Officer and Principal Spokesperson, tasking him with leading strategic communications and external relations as the government advances its privatisation and reform agenda. According to a statement issued by the Ministry of Privatisation, Ghaznavi will be responsible for shaping public messaging, strengthening stakeholder confidence and supporting reform initiatives through strategic communication efforts. The commission said Ghaznavi brings more than two decades of experience in the public and private sectors. He holds an MS degree in Mass Communication and an MBA in Marketing, both earned with distinction, and has also received specialised training in the United States. During his career, he has held senior positions at Pakistan International Airlines (PIA), the Federal Board of Revenue (FBR), the Securities and Exchange Commission of Pakistan (SECP), the Competition Commission of Pakistan (CCP), the Planning Commission and several media organisations. Before joining the Privatisation Commission, Ghaznavi served as Spokesperson and Senior Executive Director for Corporate and Media Affairs at the Oil and Gas Regulatory Authority (OGRA). The commission described him as a seasoned communications professional with extensive expertise in strategic communication, regulatory affairs and corporate governance. [...]

India, U.S. near trade pact; tariff terms hinge on Section 301 relief, source says

June 1, 2026 1:02

NEW DELHI: India is likely to discuss Washington’s Section 301 investigation and potential tariff measures with U.S. trade officials, as the two nations seek to finalise a deal, an Indian government source said on Monday. A US delegation led by chief negotiator Brendan Lynch will hold three-day talks with Indian trade officials in New Delhi starting Tuesday. In February, the two nations reached an initial understanding for a trade deal but negotiations slowed down after U.S. President Donald Trump’s sweeping tariff measures were struck down by the U.S. Supreme Court. After the court order, the Trump administration launched investigations under Section 301 of the Trade Act of 1974, into unfair trade practices against several trading partners including India, while imposing a blanket 10% tariff. Rubio’s trip to India signals US need to repair ties In talks with Lynch and his team, New Delhi will seek relief from tariffs emerging from the probe, an Indian trade source, who spoke on condition of anonymity as details of the planned talks are confidential, told reporters. “India has to discuss tariff rate, 301 probe impact, and aim for competitive tariff rate versus direct competition,” said the source, adding the deal could be agreed if “we get the terms fair, equitable, and balanced.” India is also seeking tariff treatment that would give it an advantage over competing manufacturing hubs in Asia as it seeks to strengthen its position in global supply chains, the source said. The official said India expected preferential tariff rates compared with developing countries in South Asia and Southeast Asia, including Bangladesh, Pakistan and Sri Lanka. India, US discuss Middle East, trade U.S. Trade Representative Jamieson Greer could visit India once the broad contours of the agreement are finalised, the source added, signalling progress in the negotiations. The talks come as India seeks greater access to the U.S. market while navigating trade frictions over tariffs and other regulatory measures. [...]

India manufacturing activity rose in May despite cost pressures, PMI shows

June 1, 2026 12:55

BENGALURU: India’s manufacturing sector expanded at its fastest pace in three months in May on sustained demand even as cost pressures were among the most intense in nearly four years and business optimism softened to its lowest since February, a survey showed on Monday. The HSBC India Manufacturing Purchasing Managers’ Index (PMI), compiled by S&P Global, rose to 55.0 in May from April’s 54.7, higher than a preliminary estimate of 54.3 A reading above 50.0 indicates growth. New orders - a key gauge of demand - grew at the fastestrate since February, driven by civil engineering projects, competitive pricing and favourable demand conditions. Domestic demand was the primary engine of growth, as export orders, while still expanding solidly, increased at their slowest pace in three months. Factory output rose at its quickest pace in three months with intermediate and capital goods leading the way. But consumer goods makers saw growth ease. India economy resilient but faces rising risks from Mideast war, government report says Hiring continued although the pace of job creation slowed from April. Input price inflation was the second-strongest, excluding April, in roughly four years - driven by higher outlays for energy, fuel, materials and transportation, with the Middle East war cited as a contributing factor. Capital goods producers faced the sharpest cost increases among the three sub-sectors tracked. Selling price inflation eased from April and remained below the rate of input cost growth as competitive pressures restrained firms from passing on the full burden to customers. Despite elevated costs manufacturers sharply increased purchasing activity - at the fastest rate in three months - partly to build contingency stocks. Business confidence fell to the lowest since February but remained positive with companies expressing hope that cost pressures would ease, supported by strong order pipelines and marketing efforts. [...]

What does IMF want from Pakistan's upcoming budget?

June 1, 2026 12:20

Pakistan’s ongoing engagement with the International Monetary Fund (IMF) is shaping many of the economic policies expected to feature in the upcoming federal budget and broader reform agenda. Discussions between Pakistani authorities and the IMF have focused on fiscal consolidation, tax reforms, energy-sector restructuring, governance measures, and steps aimed at maintaining macroeconomic stability. One of the IMF’s primary objectives is fiscal consolidation. Under the current programme, Pakistan has committed to maintaining a primary budget surplus, which measures government revenues against expenditures excluding interest payments on debt.The purpose of this target is to improve public finances and support debt sustainability. A key component of this effort is increasing tax revenue. The IMF has urged Pakistan to strengthen revenue collection through a combination of administrative reforms and tax-policy measures. Discussions have focused on broadening the tax base, reducing revenue leakages, improving compliance, and bringing more economic activity into the documented economy. The Federal Board of Revenue (FBR) has been working on measures aimed at increasing collections and improving enforcement mechanisms. Also read: Stability without growth: IMF programmes and policy challenges for Pakistan The IMF has also emphasised the need to reduce tax exemptions and preferential treatments that narrow the revenue base. Various reviews have examined concessions available to certain sectors and industries, with the objective of increasing revenue efficiency and simplifying the tax system. The issue is expected to remain part of ongoing discussions between the government and the Fund. Another major area of focus is the energy sector. The IMF has repeatedly highlighted concerns regarding Pakistan’s circular debt problem, particularly in the power sector. Circular debt refers to the accumulation of unpaid obligations across the energy supply chain. To address this issue, discussions have included measures related to electricity tariffs, energy pricing mechanisms, loss reduction, and improvements in operational efficiency. Linked to energy reform is the issue of subsidies. The IMF has generally encouraged the government to limit untargeted subsidies that create fiscal pressures while protecting social spending for lower-income households. Policymakers have therefore been examining ways to better target assistance programmes while maintaining budgetary discipline. State-owned enterprises (SOEs) have also featured prominently in reform discussions. Many public-sector entities have generated significant financial losses over the years, creating additional burdens on public finances. The IMF has supported efforts aimed at restructuring, improving governance, and increasing accountability within these organisations. The government has already initiated a number of reforms in this area, including legislative and administrative measures. Tax administration reforms remain another priority. Beyond introducing new taxes, the IMF has emphasised improving the efficiency of tax collection. Measures under discussion have included greater use of technology, enhanced documentation of economic activity, integration of databases, and stronger enforcement against tax evasion. These initiatives are intended to improve compliance and increase revenues without relying solely on higher tax rates. Governance and transparency measures have become increasingly important elements of IMF programmes. Recent discussions have included reforms aimed at strengthening institutional accountability, improving public-sector management, and enhancing transparency in government operations. Such measures are often incorporated as structural benchmarks within IMF-supported programmes. The IMF has also focused on public financial management. This includes efforts to improve budgeting processes, expenditure controls, fiscal reporting, and oversight mechanisms. Better management of public finances is viewed as important for meeting fiscal targets and improving policy implementation. Monetary policy has been another area of engagement. The IMF has generally supported policies aimed at maintaining price stability and reducing inflation. Programme reviews have often examined monetary conditions, inflation trends, foreign exchange reserves, and broader macroeconomic indicators. Maintaining stability in these areas is considered important for overall economic performance. External-sector stability is also a significant concern. Pakistan’s history of balance-of-payments pressures has made foreign exchange reserves and external financing key topics in IMF reviews. The programme includes measures intended to strengthen reserves, improve confidence in the economy, and support external sustainability. Also read: Is Pakistan’s IMF dependence a policy glitch? The IMF has additionally encouraged reforms aimed at improving the investment climate and strengthening economic competitiveness. These discussions have touched on regulatory reforms, business facilitation, and measures designed to improve productivity and encourage private-sector activity. Such reforms are generally viewed as necessary to support long-term economic growth. Social protection remains part of the programme framework as well. While fiscal consolidation measures often attract the most attention, IMF discussions have also emphasised the importance of protecting vulnerable segments of society. Programmes such as the Benazir Income Support Programme (BISP) have continued to receive attention within broader discussions on economic reforms and budgetary priorities. Taken together, the IMF’s agenda for Pakistan covers a wide range of policy areas. Current discussions are centered on increasing revenue collection, maintaining fiscal discipline, addressing energy-sector challenges, reforming state-owned enterprises, improving governance, strengthening institutions, supporting macroeconomic stability, and protecting targeted social spending. The pace and scope of implementation will continue to shape economic policymaking in the months ahead as Pakistan works through programme reviews and budget preparations. [...]

Indian steelmakers grapple with resurgence of cheap Chinese imports

June 1, 2026 12:06

NEW DELHI: China’s finished steel exports to India more than doubled in April to the highest in at least two years, sparking worries among the latter’s steelmakers that despite the imposition of import tariffs they will be swamped by cheaply priced products. Provisional Indian government data reviewed by Reuters showed China shipped in around 232,000 metric tons of finished steel in April and emerged as the top exporter of such steel to the South Asian nation. That is despite India, the world’s second-biggest crude steel producer, imposing import tariffs in December on some grades for a period of three years that had managed to slow imports from China. Imports of finished steel products into India from China were primarily hot-rolled coils, followed by stainless steel products, the data showed. India’s free trade deal with Britain hits steel hurdle before rollout While hot-rolled coils fall under import tariffs, stainless steel products are exempt. The influx of low-priced stainless steel from China is a challenge for the domestic industry, Tarun Khulbe, chief executive at Jindal Stainless, told Reuters. He added that some of the imports were being routed through countries such as Vietnam, a part of ASEAN with which India has a free trade agreement. Vietnam was among the top five exporters of finished steel to India in April with shipments rising more than four times to 59,000 tons, the data showed. “Such imports are distorting fair market practices, impacting investments into the industry and affecting long-term manufacturing competitiveness in India,” Khulbe said. Buyers are lured by Chinese steel that is cheaper anywhere between $11 and $37 per ton of hot-rolled steel compared with local prices, an executive at a large private steel firm said. Some of the hot-rolled coils that have come into India were distressed cargo that could not reach the Middle East because of the Iran war, a senior executive at another large steel firm said. India steel ministry pushes to end metallurgical coke tariffs, document shows Imports from China are further projected to rise in May, according to commodities consultancy BigMint. India turned a net importer in April, in a sharp contrast with previous months when shipments had slowed due to the tariffs. In the year 2025/26, China’s steel exports to India fell 39.4% to 1.5 million tons from a year earlier and India was a net exporter. Demand for steel in India has been rising from infrastructure and automotive sectors as one of the world’s fastest-growing major economies expands, contributing to higher imports, executives said. Finished steel consumption reached 13 million tons in April, up 8.2% on-year. [...]

Saudi Aramco raises LPG OSPs by up to 3% for June, Sonatrach cuts prices by 18% and 31%

June 1, 2026 11:35

Rupee registers gain against US dollar

June 1, 2026 11:34

Most Gulf markets slip after Iran and US exchange strikes

June 1, 2026 2:18

Iran is stopping message exchanges with US, may block Hormuz, news agency says

June 1, 2026 2:07

DUBAI: Iran’s Tasnim news agency said on Monday that Tehran’s negotiating team is stopping exchanges of messages with the United States through mediators due to attacks on Lebanon, as diplomatic efforts to end the three-month-old Iran war continue. The agency said Iran and the Resistance Front, which includes its allies in Yemen, Lebanon and Iraq, have set an agenda to completely block the Strait of Hormuz and activate other fronts, including the Bab El Mandeb Strait, in order to “punish” Israel and its supporters. If the Houthis open a new front in the conflict, one obvious target would be the Bab El Mandeb Strait off the coast of Yemen, a key shipping chokepoint and narrow passageway that controls sea traffic towards the Suez Canal. The US-Iran conflict “Violation on one front is a violation of the ceasefire on all fronts. The U.S. and Israel are responsible for the consequences of any violation,” Iranian Foreign Minister Abbas Araqchi said on X on Monday, referring to Israeli operations in Lebanon. The war launched by the US and Israel on February 28 has killed thousands of people, mainly in Iran and Lebanon. It has also caused global economic pain by pushing up energy prices since Iran effectively closed the Strait of Hormuz, a vital global supply route for oil and liquefied natural gas. US says capable of resuming war with Iran “The immediate cessation of the Zionist regime’s aggressive and brutal army operations in Gaza and Lebanon and the necessity of the regime’s complete withdrawal from the occupied areas in Lebanon have been emphasized by Iranian officials and negotiators, and there will be no talks until Iran and the resistance’s views on this matter are met,” Tasnim added. [...]

India's viral 'Cockroach' party founder plans street protest

June 1, 2026 1:58

NEW DELHI: The creator of India’s satirical “Cockroach People’s Party” vowed on Monday to lead a protest in New Delhi to take the viral social media campaign to the streets. The parody “Cockroach Janta Party” (CJP) – echoing Prime Minister Narendra Modi’s Hindu-nationalist Bharatiya Janata Party (BJP) – has won millions of online followers on social media sites since its launch last month. It was set up after Chief Justice Surya Kant reportedly called young people who criticised the government “cockroaches” and “parasites” during a hearing. Kant later said his comments were taken out of context and that he was referring to those who use fake degrees. Abhijeet Dipke, the 30-year-old Boston University graduate behind the online movement, said on social media platform X he would return to India to lead a “peaceful protest” on Saturday. He called for the resignation of Education Minister Dharmendra Pradhan, who has faced criticism over alleged irregularities in several key examinations. “Students have committed suicide and the hard work of tens of thousands of students has been destroyed,” Dipke said in a video message posted online. Social media handles of the CJP, which calls itself “a political front for the youth, by the youth, for the youth”, have been blocked repeatedly in India. Its Instagram handle has more than 22 million followers – more than double the BJP’s 9.5 million followers on the same site, as well as the main opposition Congress Party’s 13.9 million followers. Dipke called on followers to meet him at New Delhi airport before accompanying him to seek police permission for a demonstration. “My friends and family are afraid that I will be arrested right at the airport and then sent to jail,” he said. “But I still hope that our country is still a democracy today and that we will be granted permission to protest peacefully.” Critics have repeatedly accused Modi’s government of using state institutions to stifle dissent, a charge it rejects. [...]

ICC to trial pink balls to counter bad light stoppages

June 1, 2026 1:56

AHMEDABAD: Cricket’s governing body said Monday it would trial the use of pink-coloured balls in Test matches to maximise play during bad light. The red balls usually used in Tests are not easily visible in fading light, while white balls used in limited-overs matches have been found to be not durable enough for the longer format. Pink balls are already used in day-night Tests played under lights. The International Cricket Council (ICC) said in a statement its executive board had approved the “trialling the use of a pink ball in Test matches, with prior agreement from both teams, to maximise play in case of anticipated bad light”. The global cricketing body said it had also given approval for new “research on lighting technology for match officials and venues to reduce lost play due to poor light”. “Our discussions… have reinforced the ICC’s commitment to governance, administration and the growth of cricket globally,” said council chief Jay Shah, following a meeting in India’s Ahmedabad. [...]

Nvidia PC chip hailed as 'game changer' in race for AI device

June 1, 2026 1:55

TAIPEI: Laptop chipmakers such as Intel and AMD should be worried about their new rival Nvidia, experts say, after the US hardware titan announced Monday a push into the personal computer market. But despite Nvidia boss Jensen Huang’s assertion that homes will soon contain AI supercomputers, the race is still on to develop an ubiquitous, one-size-fits-all intelligent device. Huang vowed to “reinvent the PC” with Nvidia’s powerful chip for Windows machines, calling it “as big of a deal as the reinvention of the phone into what we now know as the smartphone”. Lian Jye Su, a chief analyst at Omdia, told AFP that “legacy” laptop chip makers were now facing a challenge from Nvidia laptops optimised for AI. “Both Intel and AMD are ready hardware-wise, but the question is software – and creating the right type of device that can match consumer expectations,” he said. Nvidia is the world’s most valuable company thanks to a construction boom of AI data centres packed with its advanced chips. Zhibin Xiao, CEO of the US company ZFlow AI, said in Taipei – where major industry show Computex takes place this week – that Nvidia bringing its AI prowess to laptops was a “game changer”. “There will be more people working on AI agents,” and then “once you have developers, then you have more applications, and then people will buy the AI PC as a consumer”, he said. Others gave similar assessments, although Al Benzoni of Aperion Technologies said he would wait before buying one of the new Nvidia-powered Windows PCs, available later this year. “I wouldn’t want to be the first guinea pig,” as “it’s not so easy to have everything just smooth” like Apple has managed to do with its laptops. Next big thing Creating the world’s next big gadget – whether static, handheld, or wearable like earbuds, pendants and brooches – is something of a holy grail for AI companies. “It could be PC, but we are also looking at AI glasses,” although neither can be seen as a killer device in the industry at this point, Omdia’s Su said. “There was a point where even an AI PC was not a convincing pitch,” but the sudden popularity of agent tool OpenClaw has changed that, he added. Some companies are also betting on smartphones, although attempts to ditch apps for agentic AI have so far run into problems with computing power and gaining permission to access on-device tools run by different firms. And ChatGPT maker OpenAI is working with renowned industrial designer Jony Ive on a mystery device for interacting with AI, expected to be ready by next year. Glasses are the top pick for tech influencer Selina Liu, whose “gptsavyy” Instagram account has more than 300,000 followers. “Because it’s really close to what we see and how we talk, how we interact with people,” she reasoned. In Taipei, Qualcomm boss Cristiano Amon also weighed in on the topic on Monday. “At home, you’re going to have agents. They’re going to basically update everyone on your activity and your schedule – all of the things that you need to do at work,” he said. “Today’s devices were not designed for those experiences,” Amon said. But what kind of gadget people will use isn’t too important, he added, because “the agent isn’t tied to the device”. “It actually moves with the user and is there with the user, regardless of the device that you have.” [...]

PM Shehbaz vows more measures for industrial growth in upcoming budget

June 1, 2026 1:32

Prime Minister Shehbaz Sharif on Monday said additional measures would be introduced in the upcoming budget to promote industrial development and increase production, the PM Office stated. PM Shehbaz said this in a meeting with a delegation of senior leaders from chambers of commerce and industry from across the country in Islamabad. The delegation presented recommendations to the premier regarding the upcoming federal budget and the country’s overall economic growth. PM Shehbaz stated that sustained efforts had helped stabilise the economy and that the government would continue working to achieve faster economic growth. The prime minister also directed the Federal Board of Revenue (FBR) to resolve all pending tax refund cases by June 15. He reiterated that export-led economic growth remained the government’s mission and said collective efforts would ensure its realisation. “Despite the recent increase in the policy rate, the Export Finance Scheme rate will remain unchanged at 4.5% until June 2027,” he said, adding that banks’ decision to facilitate exporters was commendable. To facilitate the business community, the prime minister directed Pakistan Revenue Automation Limited (PRAL) to relocate its head office to Karachi. On the request of overseas Pakistanis and the business community, he also instructed authorities to establish a passport office in Gujrat. The prime minister said reforms and incentives for the development of the SME sector were an integral part of the government’s economic agenda. He encouraged Pakistani investors to promote local production of electric vehicles through joint ventures. The PM Office said members of the delegation praised the efforts of PM Shehbaz, Deputy Prime Minister and Foreign Minister Senator Muhammad Ishaq Dar, and Chief of Defence Forces Field Marshal Syed Asim Munir in promoting peace amid tensions in the Gulf region. Representatives of the business community said they stood with the government in efforts to boost economic growth and create employment opportunities. The delegation welcomed the launch of a soft-loan scheme under the “Prime Minister Apna Ghar Programme” for low-income and middle-class families. It also thanked the prime minister for reforms in the Export Development Fund Board, the successful privatisation of the Pakistan International Airline (PIA), the digitalisation of the FBR, and the introduction of e-invoicing. Delegation members said the business community would fully cooperate with the government in bringing the grey economy into the formal economy through digitalisation and other reforms. The consultative meeting was attended by senior representatives, including presidents of the FPCCI and the chambers of commerce of Karachi, Lahore, Rawalpindi, Islamabad, Sarhad, Quetta, Gujrat, Gujranwala, and Sialkot. Federal ministers Rana Tanveer Hussain, Muhammad Aurangzeb, Attaullah Tarar, Ali Pervaiz Malik, and Awais Ahmed Khan Leghari, Minister of State for Finance Bilal Azhar Kayani, State Bank of Pakistan Governor Jameel Ahmad, the FBR chairman, and other senior government officials also attended the meeting. [...]

Sri Lankan shares slide on broad-based sectoral losses

June 1, 2026 1:24

Pakistan eyes 4% GDP growth for FY27

June 1, 2026 1:23

India's 2025/26 fiscal deficit at 4.4%, in line with government estimates

June 1, 2026 1:12

AirTrunk to invest $21 billion in India data centre

June 1, 2026 1:08

Imran Ghaznavi joins Privatisation Commission as chief media officer

June 1, 2026 1:05

India, U.S. near trade pact; tariff terms hinge on Section 301 relief, source says

June 1, 2026 1:02

Neymar aims for final World Cup bow as Brazil put faith in stricken talisman

June 1, 2026 12:57

For Neymar, the World Cup would be less like a new beginning and more of a curtain call - one last spin on soccer’s grandest stage after a career of soaring brilliance and stubborn setbacks. Now 34, Brazil’s all-time top scorer has been recalled by Carlo Ancelotti after almost three years away from the national side, though his participation was already hanging in the balance at the team’s first training session last week, which he missed for scans that showed a calf injury. He last played for Brazil in 2023 when he suffered a devastating knee injury against Uruguay in a World Cup qualifier. Since that October night, Neymar has been sidelined for more than 600 days with a string of injuries between his time playing in Saudi Arabia and Brazil, where he returned to his boyhood club Santos last year in an attempt to revive his career. Instead, more injuries and fresh controversies have accompanied a struggle for rhythm and sharpness. Neymar out of Brazil friendlies and set to miss World Cup opener This year he has six goals and four assists in 15 matches, carefully managed and never playing more than four consecutive games since returning from more knee surgery in February. His inclusion in Ancelotti’s squad has sparked fierce debate in Brazil. When the Italian stepped up at Rio de Janeiro’s Museum of Tomorrow on May 18 to announce his squad, the tension hung heavily in the air until Neymar’s name was called and the crowd exploded as though a last-gasp goal had been scored. Ancelotti, who said on Saturday he believed Neymar could be ready in time for Brazil’s first game on June 13, has opted for romance as much as reason by calling up the country’s long-time talisman as he shapes a high-intensity side for the five-times world champions. Team mates have publicly supported Neymar’s return, yet supporters remain divided between loyalty and concern over whether his body can still match his imagination. It would be his fourth World Cup — a tournament that has defined his turbulent journey. In 2014, on home soil, he scored four goals in five matches before a back injury after a clash with a Colombian opponent ruled him out of the 7-1 semi-final defeat by Germany. In 2018, arriving with fitness doubts after a foot injury at Paris Saint Germain, he could not stop Brazil falling to Belgium in the quarter-finals. In 2022, buoyed up by strong club form at PSG, hopes were high again, only for an ankle injury against Serbia to disrupt his campaign before a penalty loss to Croatia ended Brazil’s run again in the quarters. Now, Neymar is far from his peak and facing a tactical dilemma. Ancelotti told Reuters in early May that his side must press high and run relentlessly - a demanding brief for a player rebuilding his body and confidence. Whether Neymar plays a central role or serves as an emotional lightning rod, his presence alone alters the mood. For better or worse, Brazil’s story in 2026 will carry his name once more. [...]

Broadcaster Zee secures rights for World Cup in India

June 1, 2026 12:55

NEW DELHI: Zee Entertainment Enterprises has secured the Indian broadcast and streaming rights for the 2026 and 2030 football World Cup, the company said Monday, ending weeks of uncertainty for hundreds of millions of fans. The deal comes after prolonged negotiations that had left the tournament’s telecast in limbo, with concerns that fans in India could miss out on the global competition. Broadcasters in India and across Asia had been cautious about bidding for the rights, citing worries that late-night kickoff times in the region would hurt viewership and advertising revenues. The World Cup, to be co-hosted by the United States, Canada and Mexico, kicks off on June 11. “We are excited to bring one of the world’s biggest sporting spectacles to Indian audiences,” said Zee chief executive Punit Goenka. “Our partnership with FIFA will enable us to unlock the true value of the sport… while amplifying the excitement of the game for every fan,” he added. Zee did not disclose the value of the deal, which also includes rights to broadcast 38 other FIFA events in India between 2026 and 2034. FIFA had reportedly sought around $100 million for the rights to the 2026 and 2030 tournaments, a valuation that drew few bidders in the Indian market, according to local media. FIFA Chief Business Officer Romy Gai said India remained a key growth market for the sport. “The FIFA World Cup is the greatest show on earth, and we are glad to partner with ‘Z’ for the first time to bring this global spectacle to India,” he was quoted as saying in the statement. India, the world’s most populous nation with 1.4 billion people, are not playing at the World Cup. [...]

India manufacturing activity rose in May despite cost pressures, PMI shows

June 1, 2026 12:55

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Silicon Valley was built on public money — now it’s fighting California’s billionaire tax

June 1, 2026 2:20

“Cyberselfish” author says tech elite believe that taxes are for “little people.” [...]

U.S. manufacturers extend best hot streak since 2022, so why aren’t business leaders happy?

June 1, 2026 2:17

American manufacturers grew in May for the fifth month in a row — the biggest winning streak in four years — but lingering anxiety about the Trump tariffs and a rise in inflation tied to the Iran war left business leaders anxious. [...]

‘It is such a fine line’: I am a CFP and see nothing wrong with networking on the golf course. Am I wrong?

June 1, 2026 2:15