Author: Finance for Sight

US President Donald Trump on Tuesday said he will buy a new Tesla car to show support for the electric carmaker’s chief and his ally Elon Musk amid recent “Tesla Takedown” protests and the slump in the company’s stock price. Musk’s role in sweeping cuts to the federal workforce at the behest of Trump has led to protests in the US against Tesla. About 350 demonstrators protested outside a Tesla electric vehicle dealership in Portland, Oregon, last week, while nine people were arrested during a raucous demonstration outside a New York City Tesla dealership earlier in March. Musk is spearheading…

NEW DELHI: London copper edged lower on Tuesday, pressured by concerns over the US tariff policy and trade conflict affecting demand, although a softer dollar helped cushion the downside. Three-month copper on the London Metal Exchange (LME) eased 0.1% to $9,517.5 a metric ton by 0358 GMT. The most-active copper contract on the Shanghai Futures Exchange fell nearly 1% to 77,710 yuan ($10,721.58) a ton. Benchmark LME copper hit a four-month high of $9,739 last week after US President Donald Trump granted exemptions for automakers from 25% tariffs on Canada and Mexico for one month. On Sunday, Trump declined to…

Russian air defence units destroyed at least 11 Ukrainian drones flying towards Moscow, the mayor of the Russian capital said early on Tuesday, while aviation authorities said they suspended flights at two of the airports serving the city. Moscow Mayor Sergei Sobyanin said the drones were downed over the Ramenskoye and Domodedovo districts of the Moscow region. Both districts lie about 40 km (25 miles) to 50 km (30 miles) south and southeast of the Kremlin. “According to preliminary information, there is no damage or injuries,” Sobyanin said in a post on the Telegram messaging app. Russia launches one of…

Remittance inflow since Jan 2024 Figures in USD Billion The inflow of overseas workers’ remittances into Pakistan stood at $3.1 billion in February 2025, 3.8% up than $3 billion in January 2025, the State Bank of Pakistan (SBP) data showed on Monday. Remittances increased by 38.6% year over year, compared to $2.25 billion recorded in the same month last year. Cumulatively, with an inflow of $24.0 billion, workers’ remittances increased by 32.5% during Jul-Feb, FY25 compared to $18.1 billion received during Jul-Feb, FY24. Home remittances play a significant role in supporting the country’s external account, stimulating Pakistan’s economic activity as…

GAZA CITY: Hamas on Monday condemned Israel for keeping troops in an area of southern Gaza along the Egyptian border, saying that they should have already withdrawn under a truce deal. The Philadelphi Corridor, a strip of land on the Palestinian side of the Egypt-Gaza border also known as Salaheddin axis, has been a key sticking point in ceasefire negotiations between Israel and Palestinian group Hamas, at war since October 2023. “The Israeli occupation did not abide by the gradual reduction of its forces in the Salaheddin axis during the first phase” of the truce which began on January 19,…

GENEVA: The United Nations said Monday that Israel’s decision to cut off electricity to Gaza was “very concerning”, warning that civilians in the war-ravaged Palestinian territory would face dire consequences. Israel has halted aid deliveries to the Gaza Strip and has now cut its electricity supply, disconnecting the only power line to a water desalination plant in order to ramp up pressure on Hamas. “Israel’s decision to cut off electricity to Gaza following its ban last week on the entry of all humanitarian assistance and other necessities of life, including fuel needed to operate generators, is very concerning,” Seif Magango,…

Finance Minister Muhammad Aurangzeb on Monday said the government seeks to diversify beyond the banking sector for lending purposes and urged the country’s insurance industry to meet its growing demand. This includes expanding the sector by focusing on innovation, enhancing productivity, and driving further growth. The finance minister made these remarks during a meeting held with a delegation of chief executive officers (CEOs) from Pakistan’s leading insurance companies, read a statement released by the Finance Division. According to the statement, Aurangzeb assured the group that the government would carefully consider their proposals, particularly regarding taxation and policy measures necessary for…

OTTAWA: Former central banker Mark Carney claimed a landslide victory on Sunday to lead Canada’s Liberal Party and become its next prime minister, setting him up for a clash with the Trump administration. Liberal party members bet on Carney as the man best placed to take on U.S. President Donald Trump, who has threatened annexation as well as launching a trade war and punishing tariffs on the longtime ally. Liberal sources say Carney will soon call for a general election. “The Americans want our resources, our water, our land, our country … if they succeed, they will destroy our way…

Rupee’s Performance Against US Dollar Since 15 Jan 2025 The Pakistani rupee recorded marginal decline against the US dollar, depreciating 0.04% or Re0.10 in the inter-bank market on Monday, closing a session below 280 against the greenback after more than a year. The last time the rupee closed below 280 against the US dollar was in January 2024. During the previous week, the rupee maintained its gradual downturn as it lost Re0.30 or 0.11% in the inter-bank market. The local unit closed at 279.97, against 279.67 it had closed the week earlier against the greenback, according to the State Bank…

VATICAN CITY: Pope Francis spent a quiet night in the hospital, said the Vatican Monday, a day after the 88-year-old pontiff thanked doctors for his care during the more than three weeks that he has been hospitalised. The leader of the world’s nearly 1.4 billion Catholics has shown slight signs of improvement in recent days, appearing to respond well to his treatment for pneumonia, the Vatican said at the weekend. “The Pope spent a quiet night, he is resting,” the Vatican said in a morning bulletin Monday. On Sunday, the Argentine pope missed delivering the traditional Angelus prayer in person…