Author: Finance for Sight

OTTAWA: Ex-central banker Mark Carney was formally sworn in as prime minister of Canada on Friday, putting him in a position to fight tariffs from U.S. President Donald Trump that could devastate the trade-dependent Canadian economy. In the presence of Governor General Mary Simon, the personal representative of King Charles, who is Canada’s head of state, Carney took the oath of office. He reshaped his cabinet with a view to dealing with Washington, and cut several ministerial positions that he inherited from his predecessor, Justin Trudeau. Finance Minister Dominic LeBlanc is moving to the international trade portfolio and will be…

NEW YORK: Oil prices rebounded on Friday after a more than 1% loss in the previous session as investors weighed the diminishing prospects of a quick end to the Ukraine war that could bring back more Russian energy supplies to Western markets. Brent crude futures were up 73 cents, or 1.04 %, to $70.61 a barrel at 1:18 p.m. EDT (1718 GMT), after settling 1.5% lower in the previous session. U.S. West Texas Intermediate crude was at $67.27 a barrel, up 72 cents, or 1.08%, after closing down 1.7% on Thursday. Prices are set to end the week more or…

DUBAI: Hamas said on Friday it agreed to release an American-Israeli dual national, believed to be the last living American hostage held in Gaza, after receiving a proposal from mediators to continue negotiations on the second phase of a ceasefire deal. Hamas said in a statement that it responded “positively” to the proposal that was presented on Thursday to resume negotiations. It will also release the bodies of four other dual nationality hostages, it said without giving further details. There was no immediate comment from Israel. Meetings between Hamas leaders and U.S. hostage negotiator Adam Boehler in recent days sought…

Rupee’s Performance Against US Dollar Since 21 Jan 2025 The Pakistani rupee saw marginal decline against the US dollar, depreciating 0.06% in the inter-bank market on Friday. At close, the currency settled at 280.21, a loss of Re0.16 against the greenback. On Thursday, the rupee had closed at 280.05. Internationally, the US dollar was broadly firmer on Friday with the euro pulling further away from a five-month peak as markets grappled with escalating global trade tensions and risks of a sharp economic downturn. Sowing more volatility across markets, US President Donald Trump threatened to hit Europe with a 200% tariff…

The US and Israel have contacted officials from Sudan, Somalia and its breakaway region of Somaliland to discuss using their territory for resettling Palestinians from Gaza, the Associated Press reported on Friday, citing US and Israeli officials. Sudan officials said they rejected the proposal by the United States, and officials from Somalia and Somaliland said they were unaware of any contacts, AP reported. The White House and the US State Department did not immediately respond to Reuters’ requests for comment. The information ministers for Somalia and Somaliland did not answer telephone calls by Reuters seeking comment. Egypt says Gaza reconstruction…

MOSCOWRussian President Vladimir Putin spoke with Saudi Crown Prince Mohammed bin Salman over the telephone to discuss a possible settlement of the Ukraine conflict, the Kremlin said Friday. The call took place shortly after Putin on Thursday said he had “serious questions” about Washington’s plan for a 30-day ceasefire in Ukraine but added that Moscow was ready to discuss it with US President Donald Trump. Putin told the crown prince he “greatly appreciated the mediation efforts of Saudi Arabia”, which hosted talks talks between Russian and American officials on February 18, a Kremlin statement said. Prince Mohammed “noted the importance…

The Pakistani rupee remained unchanged against the US dollar during the opening hours of trading in the inter-bank market on Friday. At 10:20am, the rupee was hovering at 280.05 against the greenback. On Thursday, the rupee had closed at 280.05. Internationally, the US dollar was broadly firmer on Friday with the euro pulling further away from a five-month peak as markets grappled with escalating global trade tensions and risks of a sharp economic downturn. Sowing more volatility across markets, US President Donald Trump threatened to hit Europe with a 200% tariff on wine, cognac and other alcohol imports. The escalating…

MOSCOW: President Vladimir Putin said on Thursday that Russia supported a US proposal for a ceasefire in Ukraine in principle, but that any truce would have to address the root causes of the conflict and that many crucial details needed to be sorted out. Russia’s invasion of Ukraine in February 2022 has left hundreds of thousands of dead and injured, displaced millions of people, reduced towns to rubble and triggered the sharpest confrontation between Moscow and the West in decades. Putin’s heavily caveated support for the US ceasefire proposal looked designed to signal goodwill to Washington and to open the…

The Economic Coordination Committee (ECC) on Thursday approved limited export of potassium sulphate fertiliser from the Gwadar North Free Zone, allowing M/s Agven Private Limited to export up to 10,000 tons annually, according to a statement from the Finance Division. The decision was taken in the ECC meeting chaired by Finance Minister Muhammad Aurangzeb. Govt reduces buyback rate for solar net-metering electricity to Rs10 per unit “The ECC approved an exemption for M/s Agven Private Limited, operating in the Gwadar North Free Zone, to export up to 10,000 tons annually or 50% of actual production, whichever is lower, until December…

The US Justice Department on Wednesday opened an investigation into the operation of New York City hotels as migrant shelters, according to media reports. The Guardian newspaper and the New York Times, both saying they obtained a copy of a federal subpoena sent to a New York hotel that houses migrants, reported prosecutors are seeking a full list of names of migrants staying there. The Justice Department did not immediately respond to requests for comment about the investigation, nor did the office of New York City Mayor Eric Adams. The Times reported that the target of the subpoena was the…