Author: Finance for Sight

Australian shares fell on Friday as financial stocks declined, and were set for their third straight weekly drop, although Insignia Financial soared after receiving raised takeover offers. The S&P/ASX 200 index dropped 1.1% to 8,008.6 by 2345 GMT. The benchmark was set for a weekly loss of 2%. Heavily weighted financials lost 2% and were on track to shed 4.2% this week. Top lender Commonwealth Bank of Australia (CBA) slumped 2.9%, and smaller Westpac fell 2.2%. Australian banks have faced criticism for their extremely high valuations, with CBA and the other lending majors trading at a significantly higher price-to-earnings ratios…

WASHINGTON: President Donald Trump suspended on Thursday the 25% tariffs he imposed this week on most goods from Canada and Mexico, the latest twist in a fluctuating trade policy that has whipsawed financial markets and fanned worries over inflation and a growth slowdown. The exemptions, covering the two largest U.S. trading partners, expire on April 2 when Trump has threatened to impose a global regime of reciprocal tariffs on all U.S. trading partners. Trump had imposed a 25% levy on imports from both countries on Tuesday and had mentioned an exemption only for Mexico earlier on Thursday, but the amendment…

The Pakistan Textile Council (PTC), a not-for-profit research and advocacy platform, has voiced concerns over the proposed amendments to the Export Facilitation Scheme (EFS) introduced by the Federal Board of Revenue (FBR). The textile council, in a letter addressed to Secretary Export Policy (FBR), highlighted that any modifications that fail to safeguard the interests of the industry could negatively impact Pakistan’s exports. “The EFS, introduced in 2021, has played a crucial role in enhancing the competitiveness of the textile sector by simplifying processes and ensuring smooth export operations,” read a statement. “However, the proposed amendments outlined in S.R.O. 204 (1)/2025,…

GENEVA: A group of UN human rights experts said Thursday that Israel is again “weaponising starvation” in Gaza by blocking humanitarian aid after the first phase of a ceasefire deal expired. A fragile ceasefire since January 19 saw an influx of humanitarian aid into Gaza, before Israel on Sunday announced it was blocking deliveries until Palestinian group Hamas accepted its terms for an extension of the ceasefire. The group of more than 30 experts – specialists in various fields who are mandated by the UN Human Rights Council but do not speak on behalf of the United Nations – said…

OTTAWA: Canada will continue to be in a trade war with the United States for the foreseeable future, Prime Minister Justin Trudeau said on Thursday, a day after what he called a “colorful” call with President Donald Trump. Trudeau said Canada would continue to engage with senior Trump administration officials about tariffs Washington says it will impose on Canadian imports, reiterating that his goal was to get the measures removed. “I can confirm that we will continue to be in a trade war that was launched by the United States for the foreseeable future,” he told reporters in Ottawa. Canada…

Gold prices lowered in Pakistan, in line with their decrease in the international rates. In the local market, gold price per tola clocked in at Rs304,000 after it shed Rs3,000 on Thursday. As per rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), 10-gram gold was sold at Rs260,630 after it registered a decrease of Rs2571. On Wednesday, gold price per tola increased by Rs700 to settle at Rs307,000 in Pakistan. The international rate of gold decreased on Thursday. As per APGJSA, the rate was at $2,893 per ounce (with a premium of $20), a decrease of $28…

WASHINGTON: A new travel ban by President Donald Trump could bar people from Pakistan and Afghanistan from entering the US as soon as next week based on a government review of countries’ security and vetting risks, three sources familiar with the matter said. The three sources, who requested anonymity, said other countries could also be on the list but did not know which ones. The move harkens back to the Republican president’s first-term ban on travellers from seven majority-Muslim nations, a policy that went through several iterations before it was upheld by the Supreme Court in 2018. Former President Joe…

Driven by institutional buying and expectations of a further rate cut, the Pakistan Stock Exchange (PSX) staged a strong comeback, with the benchmark KSE-100 Index gaining over 1,450 points on Thursday. Buying was witnessed throughout the trading session, pushing the benchmark index to an intra-day high of 113,871.21. At close, the benchmark index settled at 113,713.17, amid a gain of 1,459.41 points or 1.30%. Buying was observed in key sectors including automobile assemblers, cement, commercial banks, fertilizer, oil and gas exploration companies, OMCs and refinery. Index-heavy stocks including PRL, HUBCO, PSO, SNGPL, MARI, OGDC, HBL, NBP and UBL traded in…

ALEXANDRIA: The suspect who allegedly helped carry out the 2021 suicide bombing outside Kabul airport during the chaotic US military withdrawal from Afghanistan appeared in a Virginia court on Wednesday. Mohammad Sharifullah has confessed to scouting out the route to the airport, where the suicide bomber later detonated his device among packed crowds trying to flee days after the Taliban seized control of Kabul, the Justice Department said. The blast at the Abbey Gate killed at least 170 Afghans as well as 13 US troops who were securing the airport’s perimeter. Sharifullah appeared in a court in Alexandria, near the…

LONDON: British finance minister Rachel Reeves could have to choose between tax rises and a return to austerity when she delivers a budget update this month, a leading think tank said on Thursday. Reeves has said she will take action if forecasts from the government’s fiscal watchdog on March 26 show she is off course to meet the fiscal goals she set in October. The Institute for Fiscal Studies said in that scenario Reeves would face a stark choice between her promise not to come back with a further round of tax rises and another pledge of no return to…