Author: Finance for Sight

KAMPALA: The Ugandan shilling traded flat early on Friday as activity remained subdued on both demand and supply sides, traders said. Ugandan shilling steady as commodity flows lend support At 0726 GMT commercial banks quoted the shilling at 3,660/3,670, same level as Thursday’s close.

Glaciers around the globe are disappearing faster than ever, with the last three-year period seeing the largest glacial mass loss on record, according to a UNESCO report, opens new tab released on Friday. The 9,000 gigatons of ice lost from glaciers since 1975 are roughly equivalent to “an ice block the size of Germany with the thickness of 25 meters,” Michael Zemp, director of the Switzerland-based World Glacier Monitoring Service, said during a press conference announcing the report at the UN headquarters in Geneva. The dramatic ice loss, from the Arctic to the Alps, from South America to the Tibetan…

Gold prices continued to soar in Pakistan in line with their increase in the international rates. In the local market, gold price per tola gained Rs1,800 on Thursday to reach a record Rs320,800. 10-gram gold was sold at Rs275,034 after it registered an increase of Rs1,543, as per All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Wednesday, the yellow metal soared to Rs319,000 in Pakistan. The international rate of gold also increased on Thursday. As per APGJSA, the rate was at $3,050 per ounce (with a premium of $20), an increase of $12 during the day. Moreover, silver price decreased…

WASHINGTON: Donald Trump has told Volodymyr Zelensky that the United States could own and run Ukraine’s nuclear power plants as part of his latest bid to secure a ceasefire in Russia’s invasion of its neighbor. The offer comes as some 30 military chiefs from countries keen to help protect an eventual ceasefire between Russia and Ukraine prepared for talks in Britain on Thursday to discuss planning for a peacekeeping force. EU leaders were also set to discuss the three-year war at a summit in Brussels on Thursday, as well as the bloc’s defence capabilities as it grapples with an aggressive…

WASHINGTON: Donald Trump has told Volodymyr Zelensky that the United States could own and run Ukraine’s nuclear power plants as part of his latest bid to secure a ceasefire in Russia’s invasion of its neighbor. The offer comes as some 30 military chiefs from countries keen to help protect an eventual ceasefire between Russia and Ukraine prepared for talks in Britain on Thursday to discuss planning for a peacekeeping force. EU leaders were also set to discuss the three-year war at a summit in Brussels on Thursday, as well as the bloc’s defence capabilities as it grapples with an aggressive…

MOSCOW: Ukraine struck a major Russian strategic bomber airfield on Thursday with drones, triggering a huge blast and fire about 700 km (435 miles) from the front lines of the war, Russian and Ukrainian officials said. Videos verified by Reuters showed a huge blast spreading out from the airfield, wrecking nearby cottages. Russia’s defence ministry said air defences had shot down 132 Ukrainian drones over Russian regions. Other verified videos showed a giant plume of smoke rising into the dawn sky and an intense fire. The base in Engels, which dates back to Soviet times, hosts Russia’s Tupolev Tu-160 nuclear-capable…

Pakistan Stock Exchange (PSX) continued its record-breaking run as the benchmark KSE-100 Index crossed the 119,000 level, for the first time, before closing at a new high of 118,769.77 on Thursday. Bullish momentum prevailed through most of the trading session, pushing the KSE-100 Index to a record intra-day high of 119,421.81. However, profit-taking in the final hours of the session trimmed market gains. The benchmark index settled at 118,769.77 level, a new high, amid a gain of 795.75 points or 0.67%. Buying was observed in key sectors including oil and gas exploration companies, OMCs, power generation and refineries. Index-heavy stocks…

TEHRAN: Iran’s Foreign Minister Abbas Araghchi said on Thursday that a recent letter sent by US President Donald Trump calling for new nuclear talks was “actually more of a threat”, and that Tehran would respond soon. Araghchi told Iranian state television that while the letter purported to offer up opportunities, it was “actually more of a threat”, adding that Iran was now studying its contents and would respond “in the coming days”. On March 7, Trump said he had written to Iran’s supreme leader Ayatollah Ali Khamenei calling for negotiations and warning of possible military action if Iran refused. Khamenei…

US stock indexes dropped on Thursday, as worries about the repercussions of an ongoing global trade war resurfaced, a day after the Federal Reserve left interest rate steady but warned of an uncertain economic backdrop. Global markets have been roiled with volatility over the past few weeks as investors were concerned that President Donald Trump’s aggressive stance on trade policies could stoke inflation, tip the economy into a recession and disrupt the Fed’s monetary policy easing cycle. The Fed maintained current interest rates on Wednesday as expected and reaffirmed its forecast for two 25 basis point reductions by the year-end.…

CAIRO: Hamas’ armed wing claimed on Thursday an attack with a barrage of rockets against Tel Aviv, in central Israel. The group said the attack was in response to “the Zionist massacres against civilians”. Three projectiles were identified crossing from southern Gaza into Israel, the Israeli military said. Hamas to release American hostage in Gaza, ready for second-phase ceasefire talks “The IAF successfully intercepted one projectile and two additional projectiles fell in an open area,” it added.