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US stocks mixed as markets digest latest rise in oil prices

May 4, 2026 8:15

NEW YORK: Wall Street stocks were mixed early Monday as worries about rising oil prices due to the Middle East war were countered by the robust US corporate earnings outlook. Oil prices edged higher as Iran’s military warned that US forces would be attacked if they entered the Strait of Hormuz, after President Donald Trump said the United States would help guide ships through the waterway. But major indices remain at or near records, a sign “the stock market seems to not really pay much attention” to rising oil prices, said CFRA’s Sam Stovall. READ MORE: Wall St Week Ahead: US stocks rally could find fuel in earnings About 20 minutes into trading, the Dow Jones Industrial Average was down 0.5 percent at 49,248.75. The broad-based S&P 500 was little changed at 7,228.06, while the tech-rich Nasdaq Composite Index climbed 0.2 percent to 25,160.86. Stovall said the market is still feeling a high after last week’s trove of earnings report, which included updates from tech giants that were mostly well received. “The focus is on corporate profits and right now first-quarter earnings estimates have doubled compared with what was expected on March 31st,” Stovall said. “So really the focus is almost exclusively on this earnings reporting period.” This week’s earnings calendar includes reports from Disney, Pfizer and McDonald’s. The Labor Department will also release the April jobs report on Friday. [...]

Oil jumps, stocks drop as Iran tightens grip on Strait of Hormuz

May 4, 2026 6:46

Oil prices jumped about 5% on Monday and stocks fell as Iran escalated its military campaign, striking a UAE oil port with drones and hitting a South Korean vessel in the Strait of Hormuz. Brent futures rose $6.43, or 5.9%, to $114.60, while U.S. West Texas Intermediate (WTI) crude rose 4% to $105.91. The moves came after U.S. President Donald Trump pledged over the weekend that the U.S. Navy would force the strait open. The Strait of Hormuz, through which roughly a fifth of the world’s seaborne oil and gas normally flows, has been severely disrupted for two months. Monday’s attacks reinforced fears that any military effort to reopen it could trigger a broader confrontation. U.S. stocks fell broadly, with the Dow Jones Industrial Average down 1.03%, the S&P 500 0.53% lower, and the Nasdaq Composite off 0.41%. Also read: UAE owes it to investors to produce without restrictions, energy minister says “The longer oil prices stay elevated above $100 a barrel, the more the fiscal stimulus from the tax cuts passed in 2025 shifts from being a stimulus to acting as a shock absorber,” said Brock Weimer, analyst, investment strategy, at Edward Jones. MSCI’s broadest index of global shares outside Japan also fell, reversing earlier gains after tech-heavy South Korean stocks closed over 5% higher. In Europe, German carmakers dragged on regional equities after Trump said on Friday he would raise tariffs on European cars and trucks. The pan-European STOXX 600 index fell 0.99%. Germany’s 10-year bond yield, the benchmark for the euro zone bloc, rose 5 basis points to 3.08%. Bond yields move inversely to prices. Markets in London were closed for a public holiday. Central banks turn hawkish as oil fans inflation fears The oil-driven inflation threat pushed bond yields higher and complicated the outlook for monetary policy globally. Markets no longer expect the Federal Reserve to cut rates this year, and have begun pricing in hikes from both the European Central Bank and the Bank of England. Also read: Three injured in strike targeting energy installation in UAE’s Fujairah: authorities Barclays on Monday joined other brokerages in forecasting the Fed will not ease policy this year. Friday’s April payrolls report could further shift expectations. The yield on benchmark U.S. 10-year notes rose 7.6 basis points to 4.454%. Yen volatility keeps forex traders on edge Currency markets were also unsettled, with traders closely watching for signs of Japanese intervention to support the yen. The dollar fell sharply against the yen in Asian trading before reversing direction. The Japanese yen was last down 0.11% against the greenback at 157.25 per dollar. Analysts believe Tokyo may have already intervened last week to the tune of around $35 billion. “The case for intervention is strong, given the inflationary impact of a weaker yen via import prices, a U.S. administration broadly comfortable with such action, and Japan’s ample FX reserves,” said Roberto Cobo Garcia, head of G10 FX strategy at BBVA. The euro fell 0.3% to $1.1685 while sterling weakened 0.34% to $1.3526. The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, rose 0.35% to 98.50. In commodity markets, spot gold fell 2.22% to $4,511.36 an ounce. [...]

India's April LPG consumption falls 16.2% year-on-year

May 4, 2026 2:10

NEW DELHI: India’s liquefied petroleum gas consumption in April fell by 16.2% to 2.2 million metric tons, preliminary government data show, as supplies were hit by the closure of the Strait of Hormuz after Israel and the U.S. attacked Iran. India consumed 33.15 million tons of LPG, mostly used as cooking gas, in 2025, with imports accounting for about 60% of demand. About 90% of those imports came from the Middle East. Supply of LPG to industries has been hit due to the shortage, and the government is pushing customers to use piped gas. READ MORE: India raises cooking gas, jet fuel prices India’s jet fuel demand declined by 1.37% to 761,000 tons in April, as airlines passed on the higher fuel prices to consumers. In contrast, gasoline and gasoil consumption rose in April, according to the preliminary data released by the Petroleum Planning and Analysis Cell of the oil ministry. India’s gasoline consumption in April was about 3.7 million metric tons, up 6.36% from a year earlier. Local gasoil sales increased by 0.25% to about 8.3 million tons in April. [...]

Rupee records gain against US dollar

May 4, 2026 2:02

Rupee's Performance Against US Dollar Since 04 March 2025 const ctx = document.getElementById('closingRatesChart').getContext('2d'); const closingRatesChart = new Chart(ctx, { type: 'line', data: { labels: [ "04-Mar-25", "05-Mar-25", "06-Mar-25", "07-Mar-25", "10-Mar-25", "11-Mar-25", "12-Mar-25", "13-Mar-25", "14-Mar-25", "17-Mar-25", "18-Mar-25", "19-Mar-25", "20-Mar-25", "21-Mar-25", "24-Mar-25", "25-Mar-25", "26-Mar-25", "27-Mar-25", "28-Mar-25", "03-Apr-25", "04-Apr-25", "07-Apr-25", "08-Apr-25", "09-Apr-25", "10-Apr-25", "11-Apr-25", "14-Apr-25", "15-Apr-25", "16-Apr-25", "17-Apr-25", "18-Apr-25", "21-Apr-25", "22-Apr-25", "23-Apr-25", "24-Apr-25", "25-Apr-25", "28-Apr-25", "29-Apr-25", "30-Apr-25", "02-May-25", "05-May-25", "06-May-25", "07-May-25", "08-May-25", "09-May-25", "12-May-25", "13-May-25", "14-May-25", "15-May-25", "16-May-25", "19-May-25", "20-May-25", "21-May-25", "22-May-25", "23-May-25", "26-May-25", "27-May-25", "29-May-25", "30-May-25", "02-Jun-25", "03-Jun-25", 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At close, the local currency settled at 278.76, a gain of Re0.01 against the greenback. On Thursday, the local unit closed at 278.77. Globally, the yen stabilised at the start of trading in Asia, strengthening slightly after a few choppy sessions following suspected intervention by authorities to strengthen the currency last week. The yen edged up 0.1% to 156.885 against the dollar, after the Japanese ‌currency appreciated 1.4% during the past month - a gain almost entirely attributable to the move on Thursday after authorities were widely suspected to have stepped in. Markets remained cautious at the start of trading after President Donald Trump said the US would start an effort on Monday morning to free ships, stranded in the Strait of Hormuz as a “humanitarian ‌gesture” ⁠to aid neutral countries in the US-Israeli war with Iran. The US dollar index, which measures the greenback’s strength against a basket of six currencies, was flat at 98.144. The Australian dollar was up 0.1% at $0.7211, while its kiwi counterpart advanced 0.2% to $0.5905. Oil prices, a key indicator of currency parity, jumped over 5% on Monday and the dollar strengthened after Iran’s navy said it had prevented a U.S. warship from entering the Strait of Hormuz. U.S. stock futures, European stocks and bond prices fell. Inter-bank market rates for dollar on Monday BID Rs 278.76 OFFER Rs 278.96 Open-market movement In the open market, the PKR lost 10 paise for buying and 16 paise for selling against USD, closing at 279.33 and 280.21, respectively. Against Euro, the PKR lost 66 paise for buying and 84 paise for selling, closing at 326.58 and 329.93, respectively. Against UAE Dirham, the PKR gained 5 paise for buying and 3 paise for selling, closing at 76.02 and 76.86, respectively. Against Saudi Riyal, the PKR gained 3 paise for buying and 1 paisa for selling, closing at 74.34 and 75.07, respectively. Open-market rates for dollar on Monday BID Rs 279.33 OFFER Rs 280.21 [...]

UAE owes it to investors to produce without restrictions, energy minister says

May 4, 2026 1:43

DUBAI: The United Arab Emirates owes it to its investment partners to produce what global oil markets require without restrictions, while cooperating with other crude producers, its energy minister said on Monday after the Gulf state left OPEC. The UAE, one of OPEC’s biggest producers, exited the group on May 1, widening a rift with its neighbour Saudi Arabia, effectively the leader of the Organization of the Petroleum Exporting Countries and the wider OPEC+ group. “We owe it to partners investing in UAE to produce what the world requires without restrictions with collaboration with all other producers,” Energy Minister Suhail Al Mazrouei said at an annual UAE industrial conference in Dubai. Once firm allies, the UAE and Saudi Arabia have developed a simmering rivalry, clashing on issues from oil policy and regional geopolitics to the race for foreign talent and capital. Mazrouei and state energy group ADNOC’s CEO said the UAE left OPEC and OPEC+ on good terms and the decision was not directed against anyone. “I am confident we will be working with so many nations, including members of OPEC and OPEC+… We left on good terms,” Mazrouei said at the “Make It In The Emirates” conference. Asked about OPEC and Saudi Arabia’s lack of public response to the decision, Mazrouei said: “The group has been relatively calm about the decision. Everyone realises it is a sovereign decision and everyone realises that UAE will be a responsible producer.” Long-term strategic objectives The UAE move was widely seen by energy analysts as weakening OPEC’s clout over oil markets which could initiate a race to boost output leading to a sharp fall in crude prices. “We will gauge our engagements based on requirements of the market as well as what we need to produce for our local industries,” Mazrouei said. ADNOC CEO Sultan Al Jaber said the move to leave OPEC served the UAE’s long-term strategic objectives, giving it greater ability to accelerate investment, expand and create value, while remaining a trusted and responsible partner in global energy markets. “The United Arab Emirates’ sovereign decision to reposition itself within the global energy landscape, and to exit OPEC and OPEC+, is not a decision directed against anyone,” he told the conference. [...]

Palm climbs on Malaysia's biodiesel boost, stronger soyoil prices

May 4, 2026 1:40

KUALA LUMPUR: Malaysian palm oil futures ended more than 1% higher on Monday, buoyed by optimism over Malaysia’s plan to raise its biodiesel mandate and stronger Chicago soyoil prices. The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange rose 50 ringgit, or 1.09%, to 4,620 ringgit ($1,169.62) a metric ton at the close. Palm traded higher, drawing support from Malaysia’s biodiesel news while additional support came from a recovery in Chicago soyoil futures, said Anilkumar Bagani, commodity research head at Sunvin Group, a Mumbai-based brokerage. READ MORE: Palm oil reverses earlier gains and posts a weekly decline Malaysia will begin producing biodiesel with a mix of 15% palm oil in June in an effort to lower diesel prices, the country’s deputy prime minister said, adding that the increase will be done in phases, with the aim of shifting to a 20% mix and potentially approaching a 50% blend within the next two to three years. Soyoil prices on the Chicago Board of Trade were up 0.36%. The Dalian Commodity Exchange was closed for a holiday and will resume trading on May 6. Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Oil prices rose 1%, reversing earlier losses, supported by the absence of a U.S.-Iran peace deal, even as the U.S. said it would help secure safe passage for ships stranded in the Strait of Hormuz. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ringgit, palm’s currency of trade, strengthened 0.43% against the dollar, making the commodity more expensive for buyers holding foreign currencies. Indonesia exported 5.85 million tons of crude and refined palm oil in the March quarter, up 9.30% from a year earlier, statistics bureau data showed. Meanwhile, India’s palm oil imports fell 27% to a one-year low in April, as sluggish demand from institutional buyers and a recent price rally that eroded its discount to rival oils prompted refiners to curb purchases, five dealers said. [...]

Gold price per tola drops by Rs3,800 in Pakistan

May 4, 2026 1:17

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 Rs479,962 after a decline of Rs3,800 during the day. Similarly, 10-gram gold was sold at Rs411,490 after it fell by Rs 3,257, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Saturday, gold price per tola reached Rs483,762 after a decline of Rs200 during the day. The international rate of gold declined by $38 to reach $4,576 per ounce (with a premium of $20). Meanwhile, the price of silver also decreased by Rs100 to reach Rs7,914 per tola. [...]

KSE-100 gains over 950 points in volatile session, trims early rally on US-Iran tensions

May 4, 2026 1:09

The Pakistan Stock Exchange (PSX) observed volatile trading session, with the benchmark KSE-100 Index gaining over 950 points on Monday. The stock market opened on a strong note, witnessing an aggressive rally that pushed the benchmark index to its intra-day high of 167,245.54, indicating robust early buying interest and positive sentiment at the start of trading. However, the initial surge was followed by a phase of consolidation, with the index moving sideways through much of the midday session. In the final hours of trading, the index came under sharp selling pressure amid reports of renewed tensions between the US and Iran. At close, the KSE-100 Index settled at 163,948.94, up by 954.77 points or 0.59%. “The local bourse opened on a strong footing, buoyed by declining oil prices, with the index rallying to an impressive intra-day gain of 4,251 points. However, late-session jitters emerged as geopolitical tensions escalated, with reports of a missile strike near the Strait of Hormuz dampening sentiment and triggering profit-taking,” brokerage house Topline Securities said in its post-market report. Index heavyweights including FFC, UBL, MCB, OGDC, and HUBC led the charge, collectively contributing 543 points to the index, it added. During the previous week, Pakistan’s equity market endured sustained pressure as persistent geopolitical uncertainty and tightening financial conditions dampened investor sentiment. The benchmark KSE-100 Index declined by 4.5%, shedding 7,677.87 points on a week-on-week basis to close at 162,994.17 points. Internationally, shares edged higher while oil prices flatlined in Asia on Monday, as investors drew comfort from signs of patchy progress in settling the Middle East conflict at the start of a week packed with ‌earnings and key economic data. President Donald Trump said the United States would begin an effort to free up ships stranded in the Strait of Hormuz on Monday morning, but gave no details of the plan. A statement from Central Command said support would include guided-missile destroyers, over 100 land and sea-based aircraft and 15,000 service members. Iran earlier said that the US had responded to its 14-point proposal via Pakistan and that it was reviewing the response, though Trump said it was unlikely to be acceptable. Brent crude futures were flat at $108.30 per barrel, having recovered from an initial drop of more than 2%, while US crude was steady at $102.01. Dealers noted a bulk carrier ⁠had reported being attacked by multiple small craft while transiting Iran’s Sirik on Sunday, and it was not clear how many ships would try and run the Strait of Hormuz even with Navy protection. A holiday in Japan made for thin trading conditions, leaving Nikkei futures up only modestly at 59,630 versus a cash close of 59,513. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.6%, while South Korean stocks returned from holiday with a jump of 2.6%. EUROSTOXX 50 futures and DAX futures each added 0.1%, while FTSE futures dipped 0.4%. Meanwhile, the Pakistani rupee strengthened against the US dollar in the inter-bank market on Monday. At close, the local currency settled at 278.76, a gain of Re0.01 against the greenback. Volume on the all-share index decreased to 696.70 million from 837.37 million recorded in the previous close. The value of shares dropped to Rs34.91 billion from Rs36.34 billion in the previous session. Hascol Petrol was the volume leader with 51.51 million shares, followed by Cnergyico PK with 50.16 million shares, and Sui South Gas with 49.67 million shares. Shares of 487 companies were traded on Monday, of which 295 registered an increase, 151 recorded a fall, and 41 remained unchanged. [...]

South African rand flat ahead of manufacturing data, car sales data

May 4, 2026 7:24

JOHANNESBURG: The South African rand was flat in early trade on Monday ahead of the release of a local manufacturing purchasing managers’ index (PMI) ‌and vehicle sales data for April. The Reuters Iran Briefing newsletter keeps you informed with the latest developments and analysis of the Iran war. Sign up here. At 0639 GMT the rand traded at 16.6075 against the dollar , broadly unchanged 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. South African manufacturing sentiment remained weak in March, with respondents expressing concern about the impact of the Iran war although business activity is yet to take a serious knock. Investors will then turn their focus to vehicle sales (ZAVEHY=ECI), opens new tab data due around 1200 GMT, which will give a snapshot ‌of ⁠consumer demand for big-ticket items. Nedbank economists, in a research note, said they expect car sales to contract by 16% in April, largely reflecting more public holidays than in March and softer ⁠demand amid uncertainty over the war in Iran. “Higher fuel prices and a shifting interest rate outlook are likely to weigh on ⁠consumer confidence and, in turn, vehicle demand. Even so, the decline comes off a high base,” said ⁠the note. South Africa’s benchmark 2035 government bond was stronger in early deals, as the yield fell 3.5 basis points to 8.76%. [...]

Australian shares fall in broad-based losses, NAB slips on missing earnings estimate

May 4, 2026 6:22

Australian shares fell on Monday as most sectors traded in negative territory, while the country’s top business lender, NAB, slipped to its lowest level in nearly 9 months after its half-year cash estimates missed market expectations. The S&P/ASX 200 index fell 0.4% to hit 8,696 by 0023 GMT. The benchmark finished up 0.7% on Friday, snapping eight sessions of consecutive losses that saw a decline of around 3%. Banking stocks fell 0.6%, largely dragged by a 4% loss in National Australia Bank. The lender reported half-year cash earnings of A$2.64 billion ($1.90 billion), missing the Visible Alpha estimate and last year’s figure, and warned that the Iran war posed risks to its underlying asset quality. NAB’s stock hit its lowest level since August 13, 2025, and logged its steepest one-day decline in nearly two weeks. Consumer staple stocks edged 1.8% lower, dragged by a2 Milk’s Australia-listed shares and Endeavour Group. Both stocks were among the top losers on the broader benchmark. A2 shares tanked as much as 19%, falling the most since August 2024, after the dairy producer said it has commenced a recall of three batches of its a2 Platinum infant milk formula sold in the United States after testing detected cereulide, a toxin that can cause vomiting. Pub operator Endeavour declined as much as 6.7% after flagging elevated fuel and freight costs due to the Middle East conflict in its quarterly update. Tech stocks and the industrials sub-index bucked the trend to gain 0.5% and 0.2%, respectively. Investor attention will be on the Reserve Bank of Australia’s monetary policy meeting on Tuesday, with the central bank widely expected to raise its key cash rate by 25 basis points for the third consecutive session, per a Reuters poll. New Zealand’s benchmark S&P/NZX 50 index fell 0.4% to 12,986.53, largely on the back of a near 19% drop in a2 Milk stock. [...]

Bank of Korea deputy chief says time to consider rate hikes

May 4, 2026 6:19

SEOUL: The Bank of Korea’s senior deputy governor said forward guidance on monetary policy would become more hawkish at the next meeting later this month, as it was time to consider interest rate hikes. Ryoo Sang-dai, a member of the central bank’s seven-seat monetary policy board, made the remarks at a press conference on Sunday held on the sidelines of the annual Asian Development Bank meeting in Samarkand, Uzbekistan, according to the BOK. Ryoo said inflation pressure was still high even after recent government measures to control consumer prices, while economic growth was expected to be around 2% this year amid a boom in chip exports. [...]

Wheat eases, but US drought keeps prices near two-year high

May 4, 2026 6:15

SINGAPORE: Chicago wheat slid on Monday, giving up some of its recent gains, although a severe drought across the US winter crop areas kept prices close to a two-year high. Soybeans rose on expectations of planting delays in the US Midwest, while corn ticked lower. “Wheat prices are slightly lower today, but supply risks from US drought are likely to support prices,” said one grains trader in Singapore. “We also have some worries about planting in Australia due to dryness.” The most-active wheat contract on the Chicago Board of Trade (CBOT) fell 0.4% to $6.35-1/4 a bushel, as of 0312 GMT, having climbed to its highest since mid-2024 on Wednesday. Soybeans added 0.5% to $12.09-3/4 a bushel and corn fell 0.1% to $4.80 a bushel. On Wednesday, the wheat market hit its highest since mid-2024 on worries about drought threatening yields in the US Plains. Weather concerns also supported corn and soybeans, with some farmers in the central and eastern US grain belt yet to begin planting due to wet, cold conditions, traders said. A sharp rise in fertiliser costs due to the Iran war is threatening to cut farm output, adding support to prices. Large speculators raised their net long position in CBOT corn futures in the week to April 28, regulatory data released on Friday showed. The Commodity Futures Trading Commission’s weekly commitments of traders report also showed that noncommercial traders, a category that includes hedge funds, trimmed their net short position in CBOT wheat and cut their net long position in soybeans. [...]

Australian dollar steady as RBA debates third rate hike

May 4, 2026 6:13

SYDNEY: The Australian dollar held firm on Monday ahead of a crucial central bank policy update that could take rates back to their post-pandemic highs, while the kiwi awaited a jobs report for clues on whether the economy can handle tighter policy. The Aussie was steady at $0.7206, after gaining 0.7% last week to reach $0.7228, its strongest since June 2022. It now faces resistance around $0.7250 and $0.7283, with support at $0.6834. Much is now riding on a rate decision from the Reserve Bank of Australia on Tuesday, where a quarter-point rise in the 4.1% cash rate is about 85% priced in by markets. That would take it back to its post-COVID peak of 4.35% when inflation was running at above 7%. Thirty of 33 economists polled by Reuters also expected a hike but markets are much more hawkish on the outlook for more policy tightening, with a total of 60 basis points priced in by the year-end. “We see the decision as finely balanced, in contrast to the market’s high conviction of a hike,” said Kristina Clifton, a senior currency strategist at the Commonwealth Bank of Australia, which is expecting a hike. “Another split vote like in the March meeting can prompt the market to pare back expectations of additional rate hikes and weigh on AUD/USD.” Kerry Craig, a global market strategist at JPMorgan Asset Management, expects the Australian dollar to end the year around 70 cents as bets of more rate hikes unwind and the economy weakens. “I think as we see those rate hikes being taken out…as we see some of the weakness in the economy start to come through, maybe that rotation again to focus on growth, rather than inflation, you’d see that currency start to come down,” he said. The benchmark 10-year Australian government bond yield fell 3 basis points to 4.997%, moving away from a one-month high of 5.087%. The kiwi dollar was last 0.3% higher at $0.5912, after edging up 0.2% last week to $0.5925, which is proving to be near-term resistance. It also bounced off a 13-year low on the Aussie hit earlier in the day and was last up 0.2%. All eyes are on a domestic jobs report due on Wednesday where forecasts are for a 0.2% quarterly rise in employment in the first three months of the year, slowing from 0.5% before. The jobless rate likely held steady at a decade high of 5.4%. Prasanna Gai, an external member at the Reserve Bank of New Zealand’s monetary policy board, said the shock from the Strait of Hormuz closure does not imply “a reflexive tightening bias”. [...]

India begins wheat exports after four-year hiatus on bumper crop

May 4, 2026 5:57

MUMBAI: Indian traders have begun exporting wheat for the first time in four years, as a bumper harvest and a rally in global prices and freight rates make shipments of the staple competitive for buyers in Asia and the Middle East, trade sources told Reuters. Consumer goods conglomerate ITC has started loading 22,000 metric tons of wheat at the western port of Kandla for shipment to the United Arab Emirates, they said. India, expecting a record crop, has allowed exports of wheat this year following a 2022 ban. It extended the curb in 2023 and 2024 after extreme heat shrivelled the crop and depleted stocks, leading to record domestic prices, fuelling speculation it might need to turn to imports for the first time since 2017. [...]

Indonesia's exports fall 3.1% yr/yr in March

May 4, 2026 5:51

JAKARTA: Indonesia’s exports dropped 3.1% in March from a year earlier to $22.53 billion, official data showed on Monday, compared with the median forecast of a 0.96% rise in a Reuters poll of economists. It is the first contraction of exports since November 2025. Statistics Indonesia is due to release data on imports, trade balance later on Monday. [...]

India explores steps to mobilise dollar inflows as rupee slides, sources say

May 4, 2026 8:13

MUMBAI: India’s central bank is studying ways to mobilise dollar inflows to bolster its foreign exchange buffers and cushion rising pressure on the rupee from a spike in oil prices driven by the Iran war, three sources familiar with the discussions told Reuters. The rupee has slumped 5.5% this year, sliding to an all-time low of 95.33 per dollar last Thursday, while foreign exchange reserves have fallen from a peak of $728.5 billion and equity outflows have hit $19 billion over March and April alone. The Reserve Bank of India (RBI) has maintained it is comfortable with its reserves - enough to cover 11 months of imports - but the latest policy discussions underscore fresh urgency to bolster defences amid capital outflows. The discussions at the central bank have not been previously reported, though analysts have speculated about how authorities might resurrect elements of their crisis-era playbook. READ MORE: Indian rupee’s slide to record low puts Indian central bank back on the defensive Among the steps being considered is reviving a mechanism last used in 2013 to draw in dollar deposits from non-resident Indians, two of these sources said. A second option being discussed is eliminating withholding tax on overseas government bond investors to encourage flows, they said. No final decision has been taken, and any move would be made in consultation with the government, the third source said. Reuters could not establish when a decision would be taken. “Both are under serious consideration,” the source added, noting that the final decision on taxation rests with India’s federal finance ministry. The sources declined to be identified since they are not authorised to speak to the media. An email to the RBI and the federal finance ministry seeking comment was not immediately answered. The war between the U.S., Israel and Iran - now in its third month - has weakened the Indian currency, adding to a near 5% fall in 2025. The two measures under consideration could help draw in dollars from overseas. The deposit scheme was used to stabilise the rupee in 2013 and brought in about $26 billion at a time when U.S. interest rates were close to zero. At the time, the central bank allowed banks to swap dollars raised via such deposits at concessional rates. The second option under discussion is removing a 5% withholding tax charged to foreign investors in Indian government bonds, which could encourage inflows, the sources said. Foreign investors were net buyers of Indian government bonds in 2025, investing about $6.5 billion, but that momentum has cooled in 2026, with inflows of only around $1.1 billion so far this year as sentiment turned more cautious after the Iran conflict. Equity outflows have accelerated, taking cumulative 2026 withdrawals to about $20.6 billion - exceeding outflows for all of 2025. The measures will primarily help bolster foreign exchange reserves and steady the rupee as well, one of the sources said. The central bank has already clamped down on arbitrage trades by banks while nudging oil companies to reduce dollar purchases in the spot market to support the rupee. However, its performance is in line with oil-importing Asian peers. Pressure on forex reserves India has more than doubled its foreign exchange reserves since 2013, when its currency came under pressure along with other emerging markets after the U.S. Federal Reserve announced plans to taper its quantitative easing programme. India’s reserves are currently at $698 billion, which RBI Governor Sanjay Malhotra described as “adequate” in a speech over the weekend. Reserves, however, have fallen from a peak of $728.5 billion, and analysts caution that the headline figure overstates the RBI’s immediate firepower, given its $104 billion in short dollar forward commitments. The RBI has intervened heavily in the spot and forward FX market to slow the decline in the rupee. The share of gold in forex reserves has also risen, reducing the available foreign currency assets, said Vivek Kumar, economist at Mumbai-based QuantEco Research. “The effective holding of foreign currency assets stood at $449 billion in March (2026),” Kumar said. “Persistence of the Middle East crisis could further dent the import cover,” said Kumar, adding that this could require policy measures to reduce the trade deficit and encourage capital inflows. [...]

Oil jumps, stocks drop as Iran tightens grip on Strait of Hormuz

May 4, 2026 6:46

Gold price per tola drops by Rs3,800 in Pakistan

May 4, 2026 1:17

KSE-100 gains over 950 points in volatile session, trims early rally on US-Iran tensions

May 4, 2026 1:09

CCP approves acquisition of Rafhan Maize shares by Nishat Group

May 4, 2026 12:56

The Competition Commission of Pakistan (CCP) has approved the acquisition of shares in Rafhan Maize Products Company Limited by a consortium led by Nishat Group entities, following a Phase-I review under Section 11 of the Competition Act, 2010, according to a press release. The acquisition involves shares of Rafhan Maize Products being purchased from Ingredion Incorporated (the majority seller) and other individual shareholders. The acquiring entities are Nishat Hotels and Properties Limited, D.G. Khan Cement Company Limited, Nishat Mills Limited, Lalpir Power Limited, Pakgen Power Limited, Nishat Power Limited, Nishat Chunian Power Limited, and associated individuals. The CCP assessed the transaction’s potential impact on competition, particularly in the upstream maize derivative market, where Rafhan Maize Products operates. The analysis identified a vertical overlap with Nishat Mills Limited’s downstream textile production, which uses starch. Despite this overlap, the CCP found no substantial risk of reduced competition, citing the presence of alternative suppliers and imports, as well as the small proportion of starch in textile production costs. The CCP concluded that Rafhan Maize Products lacks the ability or incentive to engage in anti-competitive behavior due to spare capacity in the upstream market and competitive pressures. Furthermore, the acquiring entities do not possess sufficient market power to distort competition. Based on this assessment, the transaction has been approved under Section 31(1)(d)(i) of the Competition Act, 2010, reinforcing the CCP’s role in ensuring fair market conditions while supporting business growth. [...]

Attock Refinery's main unit resumes operation

May 4, 2026 10:24

Attock Refinery Limited (ARL) announced on Monday that its main crude distillation unit (HBU-I), with a capacity of 32,400 BPSD had successfully resumed operations. The refinery informed the Pakistan Stock Exchange (PSX) today. It added that the operations were resumed after normalisation of crude oil receipts and product dispatches via oil tankers. In April, the company said it had shut down its main crude distillation unit (HBU-I) of 32,400 Barrels Per Stream Day (BPSD) capacity due to the expected arrival of foreign delegates in Islamabad. Attock Refinery was incorporated in Pakistan on November 8, 1978, as a private limited company and was converted into a public company on June 26, 1979. It is principally engaged in the refining of crude oil. The company is a subsidiary of Attock Oil Company Limited (England), and its ultimate parent is Coral Holding Limited (a private limited company incorporated in Malta). [...]

Pakistan’s Zuma Resources signs global telecom deal with US-based Telna, eyes eSIM market entry

May 4, 2026 9:23

Zuma Resources Limited — formerly known as Bilal Fibres Limited — has entered into a global connectivity agreement with US-based Telna North America Inc., marking a strategic pivot into the international telecom space as the company eyes launching its own global mobile services brand and tapping into the fast-growing eSIM market. In a notice to the Pakistan Stock Exchange (PSX) on Monday, the company shared that under the agreement, Telna shall provide Zuma access to its multi-IMSI global connectivity infrastructure, enabling the provision of international mobile telecommunications services, including eSIM connectivity, mobile data services, voice and SMS services, and international roaming capabilities across multiple networks Pursuant to the terms of the agreement, Zuma shall have the right to establish and commercially launch its own global telecom brand. It shall also have the right to utilise Telna’s connectivity infrastructure to deliver telecom services to end users worldwide. Moreover, the agreement would allow Zuma to operate as a reseller and service provider across multiple jurisdictions, integrate third-party partners and service providers and retain full commercial flexibility, including the ability to adopt a multi-supplier operating model. “The company intends to leverage this agreement to develop, own, and operate its proprietary global telecom platform and brand, supported by Telna’s infrastructure and network integrations,” said Zuma. It added that the agreement is expected to facilitate Zuma’s entry into the rapidly growing global digital connectivity and eSIM market, enabling the company to build scalable and recurring revenue streams. The company was of the view that the agreement would strengthen Zuma’s position in international telecom and digital infrastructure sectors, and support future expansion into global markets, including Europe, the United Kingdom, and other regions According to the disclosure, the agreement has an initial term of three years, subject to renewal, with revenue to be generated through the resale of telecom services and usage-based billing mechanisms. The commercial structure is designed to scale with subscriber growth and traffic volumes, enabling large-scale deployment of services globally. Zuma further shared that it is evaluating the feasibility of applying for a Mobile Virtual Network Operator (MVNO) license from the Pakistan Telecommunication Authority (PTA), which is subject to regulatory approvals and applicable legal requirements. [...]

Pollution-free ports key to safer navigation, stronger economic growth: minister

May 4, 2026 8:49

Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry reaffirmed on Monday the government’s resolve to maintain a clean and sustainable maritime environment, emphasising that pollution-free ports are vital for safe navigation and economic growth. As per a statement, the minister said that the Karachi Port Trust’s (KPT) latest weekly clean-up drive by its Marine Pollution Control Department (MPCD) recovered 16,430 kilograms of solid waste from high-risk harbour areas. The waste, including plastic debris, floating garbage, organic refuse, and discarded fishing materials threats to marine ecosystems, port operations, and coastal biodiversity.The operation had targeted key zones such as the dumping and transfer site, East Wharf, West Wharf, and Boat Basin Jetty, where vessel traffic, cargo handling, and urban runoff exacerbate pollution risks. The operation involved 54 boat deployments and 164 personnel working in shifts for comprehensive coverage. “All collected waste was safely transported to the Sindh Solid Waste Management Board’s Garbage Transfer Station for disposal in line with environmental regulations,” Chaudhry said, stressing adherence to safety protocols to prevent secondary pollution. He noted that sustained cleanliness enhanced vessel turnaround times, reduced hazards, and supported efficient trade. The minister commended Admiral Shahid Ahmed’s leadership and outlined plans, including modern waste-collection equipment and advanced monitoring. “We remain committed to safeguarding marine life, navigational safety, and a cleaner harbour through stakeholder cooperation and public awareness,” the minister added. [...]

Sitara Petroleum IPO book building sets PSX record, hits cap price within 10 minutes

May 4, 2026 8:30

Sitara Petroleum Service Limited’s initial public offering (IPO) book building achieved the cap price of Rs18.90 within just 10 minutes of opening, marking the fastest-ever book building transaction to reach the cap price in the history of the Pakistan Stock Exchange (PSX). As per a press statement released on Monday, the rapid price discovery at the cap level highlights robust investor confidence in Sitara Petroleum’s business fundamentals, scalable fuel station management model, and its expanding logistics and fleet operations supporting Pakistan’s oil marketing ecosystem. The IPO comprises 279.9 million shares, representing 16.66% of the company’s capital, with proceeds aimed at expanding the company’s retail fuel station network and logistics fleet. Arif Habib Limited, the lead manager and book runner for the transaction, expressed appreciation for the strong investor participation. “We sincerely thank all investors for placing their trust in Arif Habib Limited,” CEO Shahid Ali Habib stated. Sitara Petroleum Service Limited plans to expand its retail network to over 100 fuel stations within the next two years, aiming to strengthen its presence along high-growth corridors, with the expansion to be financed through an estimated Rs4.8 billion to be raised via IPO. The company is rapidly expanding its footprint in Pakistan’s downstream petroleum sector, strengthening its position as a major fuel retail operator and logistics partner to oil marketing companies (OMCs), supported by a growing network of fuel stations and an expanding tanker fleet. As Pakistan’s energy demand continues to grow, the company’s integrated focus on fuel retail management and transportation services positions it to benefit from both volume expansion and operational scale within the downstream petroleum sector. [...]

South African rand flat ahead of manufacturing data, car sales data

May 4, 2026 7:24

PIA privatisation: management control likely by May 25

May 4, 2026 7:16

The consortium led by Arif Habib Corporation has notified the Privatisation Commission to acquire the remaining 25% stake in Pakistan International Airlines, with management control of the national carrier expected to be transferred by May 25, 2026. In a notice to the Pakistan Stock Exchange on Monday, the airline said the consortium notified the Privatisation Commission of its intent to acquire the remaining equity stake in Pakistan International Airlines Corporation Limited (PIACL), paving the way for full private-sector ownership of the national carrier. “The management control is expected to be transferred on or before May 25, 2026, the ‘first closing date’ announced by the Privatisation Commission, subject to the fulfilment of conditions precedent set out in the Share Purchase and Subscription Agreement (SPSA) signed on January 29, 2026,” read the notice. The notice added that the call option has been accompanied by the requisite Standby Letter of Credit. The total investment in the transaction is estimated at around Rs180 billion. This includes a minimum of Rs55 billion payable to the Government of Pakistan as divestment proceeds, and Rs125 billion to be injected as fresh equity into PIACL to support the airline’s recapitalisation. “The planned equity injection will support fleet expansion and modernisation, route development, and improvements in customer service and operational systems,” read the notice. The consortium comprises Arif Habib Corporation Limited, Fatima Fertilizer Company Limited, Lake City Holdings (Pvt) Limited, The City School (Pvt) Limited, AKD Group Holdings (Pvt) Limited and Fauji Fertilizer Company Limited. Last week, Aqeel Karim Dhedhi, the founding chairman of AKD Group, informed that the Arif Habib consortium acquired the remaining 25% shareholding in the PIA from the government, elevating the private sector ownership in the national carrier to 100% to increase the fleet size to 50 aircraft by September 2026. Last year, the consortium acquired 75% stakes in the PIA for Rs135 billion, announcing that some Rs125 billion would be reinvested in the airline, while the government earned the remaining Rs10 billion. [...]

Australian shares fall in broad-based losses, NAB slips on missing earnings estimate

May 4, 2026 6:22

Bank of Korea deputy chief says time to consider rate hikes

May 4, 2026 6:19

Wheat eases, but US drought keeps prices near two-year high

May 4, 2026 6:15

Australian dollar steady as RBA debates third rate hike

May 4, 2026 6:13

Two killed after small plane crashes into building in Belo Horizonte, Brazil

May 4, 2026 9:43

A small airplane with five occupants crashed into a building on Monday in the city of Belo Horizonte in southeastern Brazil, killing the pilot and co-pilot, the local fire department said in a statement. The three passengers were rescued in serious condition and taken to the hospital, the fire department added. It initially reported that four people were on board, but later revised the figure. There were no residents injured or structural damage to the building, the statement said. The plane took off early in the afternoon from the Pampulha Airport, about 8 kilometers (5 miles) from central Belo Horizonte, bound for Sao Paulo, according to the fire department. The aircraft remained airborne for only a few minutes before crashing into a three-story residential building. [...]

South Korean-run vessel ablaze in Strait of Hormuz; Trump says Iran fired at the ship

May 4, 2026 9:40

SEOUL: Seoul said a South Korean-operated ship had an explosion and fire on Monday in the Strait of Hormuz, in an incident which US President Donald Trump said was caused by Iranian attack. The South Korean foreign ministry said a fire and an explosion occurred on the vessel operated by South Korean shipper HMM. It added that no casualties were reported and authorities were investigating what caused the blaze. Trump said Iran fired shots at the South Korean cargo ship and some other targets as the US launched an operation seeking to open the Strait of Hormuz to shipping. He urged South Korea to join that effort. The fire broke out in the engine room of the Panama-flagged cargo ship, where 24 crew members, including six Korean nationals, were on board, a HMM spokesperson told Reuters, adding that the cause of the fire was not clear at the moment. Also read: Iran says it forced US warship back from Strait of Hormuz, US denies missile strike A handful of commercial vessels were reported to have been hit and a UAE oil port was ablaze after an Iranian strike as Trump’s attempt to use the US Navy to free up shipping provoked the war’s biggest escalation since a ceasefire was declared four weeks ago. “Other than the South Korean Ship, there has been, at this moment, no damage going through the Strait,” Trump said in a Truth Social post. The South Korean government was checking intelligence that the vessel, HMM Namu, may have been attacked, Yonhap News reported, citing government officials. “Our government will communicate closely with relevant countries regarding this matter and take necessary measures to ensure the safety of our vessels and crew members inside the Strait of Hormuz,” South Korea’s foreign ministry said in a statement. Seoul has said 26 South Korean-flagged vessels were stranded there. [...]

IMF chief Georgieva warns of 'much worse outcome' if Middle East war drags into 2027

May 4, 2026 8:41

WASHINGTON: The head of International Monetary Fund on Monday warned that inflation was already picking up and the global economy could face a “much worse outcome” if the war in the Middle East drags into 2027 and oil prices hit around $125 per barrel. IMF Managing Director Kristalina Georgieva said the continuation of the war meant that the global lender’s scenario calling for a minor slowdown of global growth and a minor increase in prices was no longer possible. Also read: Three injured in strike targeting energy installation in UAE’s Fujairah: authorities As a result, the IMF’s “adverse scenario” was already in effect, she said. Long-term inflation expectations remained anchored and financial conditions were not tightening, but that could change if the war continued, she told a conference hosted by the Milken Institute. [...]

Trump predicts fuel prices will drop rapidly when Iran conflict over

May 4, 2026 8:26

WASHINGTON: President Donald Trump said on Monday that he believes high gasoline prices will drop rapidly once the Iran conflict is resolved. [...]

Iran says had 'no pre-planned programme' to attack UAE: state TV

May 4, 2026 8:20

TEHRAN: Iran had “no pre-planned programme” to attack oil facilities in the United Arab Emirates, Iranian state TV said Monday, after the UAE blamed the Islamic republic for a drone strike at an energy installation in Fujairah. Authorities in the emirate said the strike injured three Indian nationals who were taken to hospital. The UAE meanwhile said it had been targeted by a fresh Iranian barrage which it described as a “dangerous escalation”, amid a ceasefire in the Middle East war. “The Islamic Republic had no pre-planned programme to attack the oil facilities in question, and what happened was the product of the US military’s adventurism to create a passage for ships to illegally pass through the forbidden passages of the Strait of Hormuz, and the US military must be held accountable for it,” an Iranian military official told state TV. Also read: Three injured in strike targeting energy installation in UAE’s Fujairah: authorities “US officials must end the ugly behaviour of using force in the diplomatic process and stop military adventurism in this sensitive oil region that affects the economies of all countries in the world.” US President Donald Trump had announced on Sunday a plan to guide ships from neutral countries out of the Gulf, saying it was a humanitarian effort to help their stranded crews. Iran’s navy fired “warning shots” at US warships in the Strait of Hormuz on Monday, state media said, after the American military sent destroyers into the Gulf. Trump said US forces had “shot down” seven small Iranian military boats. A US admiral earlier said six such vessels were destroyed, but Tehran denied any had been sunk. [...]

Intense heat drives India's power output to two-year high

May 4, 2026 8:17

NEW DELHI: India’s electricity generation in April rose to 167.61 billion kilowatt-hours, the highest since May 2024, and is set to increase further as intense heat leads to record peaks in demand, a Reuters analysis of daily government data showed. Forecasts of a strong El Nino pattern are likely to bring hotter and drier conditions across Asia. Already, peak power demand, a measure of the maximum electricity requirement over any given time, has hit a record 256.1 GW on April 25, Grid-India data showed. Higher peaks are expected, reaching maximum peak power demand of around 270 GW in the hottest months of May and June. READ MORE: Hydropower generation reaches 6,000MW: PD On an annual basis India’s power generation rose by 5.3% in April, data from the federal grid regulator Grid-India showed. Renewable generation increases its share of the mix The share of renewable power generation in India’s power mix rose to 16.5%, the highest since July 2025, the data showed. The South Asian nation produced 27.58 billion kWh of renewable power in April, up 22.3% from a year earlier. “A solar-heavy system is able to meet peak absolute demand during daytime,” Debabrata Ghosh, Head of India at Aurora Energy Research, said. Ghosh added India needed more power storage infrastructure to meet demand spikes when solar power is not available “at the earliest”. According to the India Meteorological Department, large parts of India experienced maximum temperatures in the range of 40 to 45 degrees Celsius (in excess of 100 degrees Fahrenheit) in April. The government said in March it was confident of meeting the 270 GW peak. Coal-fired power generation rose 2.6% year-on-year to 121.34 billion kWh in April, its fastest growth since December, the data showed. However, coal’s share of total generation declined to 72.4% in April from 74.3% a year earlier as renewable capacity expanded. Hydropower output increased 11.8% to 11.46 billion kWh, the data showed. Meanwhile, gas-based power generation fell about 33% in April from a year earlier due to higher fuel prices and supply constraints linked to the Middle East crisis. Despite this, gas-fired capacity usage surged during peak demand periods. Gas-based generation rose to about 9.6 GW in the last week of April from roughly 2 GW earlier in the month, highlighting its role as a backup power source. [...]

US Treasury chief says Hormuz operation can ease oil shock

May 4, 2026 8:16

WASHINGTON: Treasury Secretary Scott Bessent said Monday that the US mission to restore maritime traffic through the Strait of Hormuz can help alleviate an ongoing oil shortage, adding that “help is on the way” for consumers. After a US-Israeli military campaign targeting Iran that began on February 28, Tehran’s forces effectively closed the strait, a key route for oil and gas transit. Global oil prices have since surged, as have costs at US gasoline pumps, squeezing American households as key midterm elections approach. Meanwhile, Washington is maintaining a blockade of Iranian ports. “They (Iran) are trying to cut off international freedom of navigation through the Strait of Hormuz, and the US is opening that up,” Bessent told Fox News in an interview on Monday. READ MORE: Iran says it forced US warship back from Strait of Hormuz, US denies missile strike “We have blockaded the ships going into or out of Iranian ports. Their economy is in freefall,” he added. “Their soldiers will not have a high tolerance for not getting paid.” But the economic fallout has been widespread globally. In the United States, the average cost of a gallon of regular gasoline was $4.46 as of Monday morning, according to the AAA motor club. This is a sharp rise from the $2.98 level seen on February 26 before the war. “Help is on the way as of today,” Bessent said Monday. The market, because of the conflict around the strait, is in deficit of between eight and 10 million barrels of oil a day right now, Bessent added. “Every crude carrier that goes through has about two million barrels,” he said. He expects there are “more than 150, 200 crude carriers that can come out,” and that the “market is going to be very well supplied.” The US military said Monday that US guided-missile destroyers have passed through the Strait of Hormuz and entered the Gulf as part of its new mission. It denied Iranian state media reports that a US warship was struck by missile fire. US President Donald Trump has indefinitely extended what was an initial two-week ceasefire that brought a halt to fighting. But the conflict, and its widespread economic fallout, remains unresolved. [...]

US stocks mixed as markets digest latest rise in oil prices

May 4, 2026 8:15

India explores steps to mobilise dollar inflows as rupee slides, sources say

May 4, 2026 8:13

Suicide attack in South Waziristan foiled, 7 civilians injured

May 4, 2026 6:30

As many as seven civilians sustained injuries when a suicide attack by Fitna al-Khwarij on a Pakistan Army check post in South Waziristan was foiled, state-run APP reported on Monday. Medical Superintendent of District Headquarters Hospital, Dr Jan Muhammad, said that seven victims were brought to the hospital for treatment. According to reports, Khwarij attempted to target a military post in the Azam Warsak area using an explosives-laden vehicle. Security forces intercepted and destroyed the vehicle before it could reach its target. The timely action prevented major casualties, while the suicide attacker was killed in the operation. Following the incident, security forces cordoned off the area and launched a search operation. Federal Minister for Interior, Mohsin Naqvi, praised the security forces for their quick response in thwarting the attack. He commended the professionalism and courage of the forces, highlighting their pivotal role in protecting the nation. “Our security forces remain a pillar of strength in the fight against terrorism,” Naqvi stated. [...]

Why graduates struggle to find work in a skills-hungry economy

May 4, 2026 6:25

Across many countries, a troubling contradiction has become hard to ignore, graduates are leaving university in record numbers, yet many cannot find stable work. Employers, meanwhile, continue to complain that they cannot find people with the right mix of skills, experience and adaptability. The result is a labour market that appears busy on paper but badly mismatched in practice. This is not simply a problem of too many graduates and too few jobs. It is a deeper structural issue in the Higher Education, shaped by the gap between what universities teach, what employers need, and how quickly the world is changing. The issue is not that graduates are uneducated, it is that many are underprepared for the realities of work. Degrees do not guarantee competence For decades, a university degree was seen as a reliable route into professional life. Businesses would run ‘Graduate Jobs’, recruit fresh graduates and train them for a year or two. That is no longer true in the same way. A qualification may still open doors, but it does not automatically prove that a graduate can write clearly, solve problems, work in teams or adapt under pressure. Also read: Why education’s fast-food model failing in the age of AI Employers increasingly say that many graduates arrive with theoretical knowledge but too little practical ability. They ‘may’ know the concepts, yet struggle to apply them in a workplace where deadlines are tight, communication matters, and decisions have real consequences. Technical knowledge matters, but so do confidence, judgment and the ability to learn quickly. The issue is not that graduates are uneducated, it is that many are underprepared for the realities of work. Some disciplines are overcrowded Another reason graduate unemployment persists is that some disciplines produce far more graduates than the labour market can absorb. Business studies, general management, media studies, psychology, sociology and many arts and humanities subjects attract large numbers of students. These courses can be valuable, but they frequently lead into highly competitive job markets with limited entry-level openings. By contrast, areas linked to licensing, specialist training or direct labour shortages tend to offer clearer employment prospects. Nursing, teaching, engineering, cybersecurity, construction and certain technical trades usually have stronger pathways into work because demand is more visible and the skills are harder to replace. The jobs of the future Looking ahead, the strongest demand over the next five to ten years is likely to come from sectors shaped by technology, ageing populations and the green transition. Data science, cybersecurity, software development, cloud computing, artificial intelligence, renewable energy, advanced manufacturing, and health and social care are all expected to remain important. What cannot be replicated by AI, at least not yet, is the messy, high-stakes experience of real work. That does not mean every student should become a coder or engineer. It does mean that universities need to take labour-market signals more seriously. A modern degree should not only teach ideas, it should prepare students for the kinds of work that are growing, not shrinking. Even in technology fields, the advantage increasingly belongs to those who specialise, build portfolios and gain real-world experience rather than those who rely on a generic degree alone. Curricula built for classrooms are obsolete in the age of AI One of the most damaging features of higher education today is not simply that it moves slowly, it is that the entire model of classroom-based learning is increasingly out of step with how the modern world works. For most of the twentieth century, the lecture hall made sense. Information was scarce, expertise was concentrated inside universities, and students genuinely needed three years of structured tuition to build a working body of knowledge. That world no longer exists. AI tools can now explain complex concepts in seconds, generate code, draft reports and synthesise research. When a student can query a large language model for a detailed explanation of contract law or protein folding, the value of simply transmitting content in a lecture theatre collapses. What cannot be replicated by AI, at least not yet, is the messy, high-stakes experience of real work. Navigating a difficult client. Diagnosing why a project is failing. Making a decision with incomplete information and living with the consequences. These are the skills that distinguish genuinely capable graduates from those who have only ever been tested in controlled academic conditions. The ambition for universities should therefore shift. A three-year degree should not produce a graduate with three years of academic study behind them. It should produce someone who walks out of the door as if they have three years of meaningful work experience. That is an achievable goal, but it requires a fundamental redesign of how programmes are structured. A three year degree could be turned into 3 years’ work experience by bringing teaching as close to reality as possible – no one delivers a 2 hour lecture in real life businesses. Practical models already exist. Some engineering degrees embed students in industry for a full year, where they work on live infrastructure projects rather than textbook problems. Medical education has long combined classroom learning with clinical placements, because no one would trust a doctor who had only ever studied anatomy in theory. Business schools that partner with firms to run live consultancy projects where students solve real commercial problems for actual clients consistently report that graduates perform better in interviews and settle into roles faster. Also read: A short runway for new HEC chairman The same logic applies across disciplines. A journalism student who has spent a year producing content for a real publication, managing deadlines and responding to editorial feedback, is not the same as one who practised only on simulated exercises. A computer science graduate who has shipped code to real users, dealt with bugs in production and worked within a development team has developed judgment that no exam can measure. Universities that are serious about this shift need to do more than bolt a placement module onto an otherwise unchanged degree. They need to embed live project work, external mentorship and professional accountability throughout the entire programme, not just in the final year. Experience is now part of the job For many graduates, the first hurdle is not education but experience. Employers increasingly want candidates who can contribute from day one, even for roles described as entry-level. Internships and placements can ease that problem, but access is uneven. Some students graduate with months of practical exposure; others leave having never spent meaningful time in a workplace. In the job market, that difference can matter as much as the degree itself. A three year degree could be turned into 3 years’ work experience by bringing teaching as close to reality as possible – no one delivers a 2 hour lecture in real life businesses. Learning cannot stop at graduation The pace of change in the modern economy has made lifelong learning essential. Skills that were valuable five years ago may already be outdated. A degree should be seen as a foundation, not a finishing line. Short courses, professional certifications, digital skills and continuous retraining all matter more than they once did. The employers who adapt most successfully will be those who invest in development. The graduates who do best will be those who remain flexible, curious and willing to keep learning. The universities that endure will be those that stop preparing students for a world that no longer exists. The article does not necessarily reflect the opinion of Business Recorder or its owners. [...]

Trump says 'no damage' from Iran's Hormuz strikes, except for SKorean ship

May 4, 2026 6:10

WASHINGTON: President Donald Trump downplayed tensions after US warships entered the Strait of Hormuz on Monday, saying Iran had “taken some shots” but caused no harm apart from damage to a South Korean vessel. “Other than the South Korean Ship, there has been, at this moment, no damage going through the Strait,” Trump said on his Truth Social platform as oil prices jumped over the renewed hostilities. “Iran has taken some shots at unrelated Nations with respect to the Ship Movement, PROJECT FREEDOM, including a South Korean Cargo Ship. Perhaps it’s time for South Korea to come and join the mission! We’ve shot down seven small Boats or, as they like to call them, “fast” Boats. It’s all they have left. Other than the South Korean Ship, there has been, at this moment, no damage going through the Strait. Secretary of War Pete Hegseth and Chairman of the Joint Chiefs of Staff, Dan Caine, will have a News Conference tomorrow morning. Thank you for your attention to this matter! President DONALD J. TRUMP,” US president wrote on X. [...]

Three injured in strike targeting energy installation in UAE's Fujairah: authorities

May 4, 2026 4:40

DUBAI: A strike targeting an energy installation in the emirate of Fujairah on Monday left three people injured, according to the government media office there. “Three Indian nationals sustained moderate injuries and have been transferred to the hospital to receive necessary treatment,” the Fujairah media office said in a post on social media. Also read: Flights to UAE diverted to Muscat amid reports of regional attacks: Flightradar24 Meanwhile, the UAE’s defence ministry and state news agency said a fresh Iranian barrage had targeted the country following multiple alerts from authorities warning people to take cover. “Four cruise missiles launched from Iran were detected toward various areas across the country. Three were successfully engaged over the country’s territorial waters, while one fell in the sea,” the defence ministry said on social media. State news agency WAM also cited the defence ministry as saying its forces were working to repel missile and drone attacks coming from Iran. [...]

Flights to UAE diverted to Muscat amid reports of regional attacks: Flightradar24

May 4, 2026 4:29

Multiple flights bound for the United Arab Emirates (UAE) were diverting to Muscat amid reported attacks on the region, Flightradar24 showed. The development comes as the UAE air defense systems were responding to “a missile threat”. “Air defense systems are currently responding to a missile threat. Please remain in a safe location and follow official channels for warnings and updates,” the UAE’s National Emergency Crisis and Disaster said in a post on X. [...]

FIFA faces World Cup broadcast crisis as India's Reliance offers $20mn, China deal unannounced

May 4, 2026 2:23

NEW DELHI: Millions of soccer fans in the world’s two most populous nations may not be able to watch the World Cup that starts next month, due to a deadlock over broadcast rights in India and no official decision in China. In India, a Reliance-Disney joint venture has offered $20 million for 2026 World Cup broadcast rights, a fraction of FIFA’s ask, which was not acceptable to soccer’s global governing body, two sources told Reuters on Monday. Sony held talks but also decided not to make an offer for FIFA rights for India, a third source with direct knowledge said. There has also been no deal announcement for China, which FIFA says accounted for 49.8% of all hours of viewing on digital and social platforms globally during the 2022 World Cup. FIFA did not respond to a Reuters request for comment. Reliance-Disney, a joint venture led by billionaire Mukesh Ambani’s Reliance, did not respond to requests for comment, and neither did Sony. The lack of a confirmed broadcast agreement with India or China is unusual at this stage. READ MORE: Watchdog warns high FIFA World Cup ticket prices increase risk of scams In past World Cups, including 2018 and 2022, Chinese state broadcaster CCTV secured the rights well in advance and began airing promotional content and sponsor-driven advertisements weeks before the tournament. CCTV, which has extensive reach across television and digital platforms, did not immediately return a request for comment. China accounted for 17.7% and India 2.9% of the global linear TV reach of the 2022 tournament. The two countries together accounted for 22.6% of total global digital streaming reach for that World Cup. The 2026 tournament kicks off on June 11, leaving barely five weeks for a deal to be finalised, broadcast infrastructure to be set up and advertising inventory to be sold. Huge soccer following in India, China For India, FIFA initially sought $100 million for broadcast rights for the 2026 and 2030 World Cups, the sources said, declining to be named because the talks are private. When the World Cup last aired in India in 2022, Reliance’s then-standalone media arm secured the rights for about $60 million, which was announced around 14 months before the event in Qatar. The tournament drew over 110 million digital viewers across its platforms. Reliance and Disney have since formed a joint venture to emerge as a dominant force in India’s media and streaming landscape, and the $20 million FIFA offer underscores the negotiating power the Indian group commands. FIFA had significantly lowered its ask from the $100 million earlier, but has not been keen on the $20 million figure Reliance offered, one source said. Reliance-Disney, which has spent billions on cricket broadcast rights, believes the World Cup will have lower viewership in India as the tournament is being held in the United States, Canada and Mexico, and most matches will air past midnight in India, the sources said. China has around 200 million soccer fans, more than any other country, but has failed to build world-class teams, partly due to a top-down approach where clubs pick players from a very small pool of pre-screened candidates. The second source added that football does not command the commercial premium in India like its most popular sport cricket, and an advertising slowdown linked to the Iranian war has further eroded revenue expectations. “Football is a niche segment in India,” said the source. Sony, which has TV channels and a streaming app in India, also decided not to purchase broadcast rights from FIFA as it did not make economic sense for the group, said the third industry source. “Not much time is left but I won’t call it a stalemate. It’s more like we are at the end of a chess game with a couple of moves left,” said Rohit Potphode, managing partner for sports at advertising agency Dentsu India. [...]

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Here’s just how quickly Micron has risen up the ranks of the top U.S companies

May 4, 2026 11:00