Author: Finance for Sight

UNITED NATIONS: The Middle East is undergoing changes that could represent the last chance for the long-sought goal of a two-state solution to end the Israeli-Palestinian conflict, a UN official said Tuesday. Sigrid Kaag, the UN envoy for the peace process in the region, also warned against calls for Israel to annex the occupied West Bank. “The Middle East today is undergoing rapid transformation – its scope and impact remain uncertain, but it also presents a historic opportunity,” Kaag told the UN Security Council. Israel-Palestine: Pakistan participates in Global Alliance meeting for two-state solution “The people of the region can…

WASHINGTON: US President Donald Trump’s radical agenda on everything from immigration to tax reform faced a key reality test in Congress on Tuesday, where Republicans have only an ultra-thin majority and are struggling to agree on a budget. Members of the House of Representatives are set to vote on a resolution that would set the blueprint for the 2025 federal government budget, with $4.5 trillion for tax cuts and more than $1.5 trillion in spending cuts on the docket. Republican Speaker Mike Johnson, a key Trump ally, has been working to corral his party’s lawmakers to back the bill, which…

State Bank of Pakistan (SBP) Governor Jameel Ahmad has asked commercial banks to “seriously think about their current business model” and prioritise small and medium enterprises (SME) lending to play a proactive role for economic growth of the country. Banks should shift their focus from financing to the government and large corporate entities towards SME lending and micro financing, he urged. “Previously I have been discussing it in internal meetings with Pakistan Banks Association (PBA) and today I will state it publicly that banks have to seriously think about their current business model,” Ahmad said while speaking at the concluding…

JERUSALEM: Israel’s army said it struck two rocket launch sites in the Gaza Strip on Monday after a projectile was fired from one of them and landed inside the Palestinian territory. This was at least the third time in the last two weeks that Israeli forces struck targets in Gaza according to army statements, contributing to tensions over a fragile ceasefire in the Israel-Hamas war that has largely held since January 19. The army said in a statement on Monday that it had identified “a projectile launch that fell inside the Gaza Strip”. The military “struck the launch site from…

Gold price per tola fell Rs800 in Pakistan, in line with their decline in the international rates. In the local market, gold price per tola reached Rs308,700 after it shed Rs800 on Tuesday. Similarly, 10-gram gold was sold at Rs264,660 after it registered a decrease of Rs686, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Monday, gold price per tola gained Rs1,500 to reach an all-time high of Rs309,500 in Pakistan. The international rate of gold decreased on Tuesday. As per APGJSA, the rate was at $2,940 per ounce (with a premium of $20),…

CAIRO: Egypt rejects proposals to displace the Palestinian people in order to not “liquidate” the Palestinian cause and to avoid threatening the national security of countries in the region, according to a statement by the Egyptian Presidency on Tuesday. Egypt says Gaza should be rebuilt without displacing Palestinians US President Donald Trump has infuriated the Arab world with a plan to permanently displace the population of more than 2 million Palestinians from the Gaza Strip, claim US control of it and turn it into the “Riviera of the Middle East”.

PARIS: US representatives are not at a key climate science meeting in China, a source told AFP on Monday, sitting out a fight over the UN’s next blockbuster assessment of global warming research. US officials declined to comment last week on reports that America’s delegation had been pulled from the UN talks in Hangzhou. But a source at the meeting, which opened on Monday, told AFP: “We haven’t seen anyone from a US delegation, and there hasn’t been anyone representing the US in plenary session so far.” US President Donald Trump, who has called climate change a “scam” and made…

Gold held steady near a record high on Tuesday, underpinned by safe-haven demand on concerns that U.S. President Donald Trump’s tariff plans could fuel inflation and trigger a major global trade war. Spot gold was little changed at $2,950.39 an ounce, as of 0220 GMT, about $6 shy of the all-time high of $2,956.15 scaled on Monday. U.S. gold futures gained 0.1% to $2,967.40. Market participants may be back to factor for tariff risks, as the extended deadline for Mexico and Canada tariffs approaches next week, IG market strategist Yeap Jun Rong said. Trump said on Monday tariffs on Canadian…

GENEVA: The international system is in upheaval with human rights being “suffocated”, the United Nations said Monday, warning that an era of “dictators” could return. During an opening address at the UN Human Rights Council’s main annual session, UN rights chief Volker Turk painted a dark picture of a “very dangerous” situation in a world increasingly dominated by authoritarians. He did not mention any country — even as the world grapples with the Russia-Ukraine war, dramatic changes in the United States and a more assertive China. It was clear, he said though, that “the international system is going through a…

The S&P 500 and the Nasdaq gave up early gains and declined in choppy trading on Monday, as investors awaited results from chip giant Nvidia for clues on the future of demand for artificial intelligence technology. Most megacap stocks fell, with Tesla sliding 2.7%, Meta down 2.1% and Microsoft losing 1.9%. Microsoft has scrapped leases for sizeable data center capacity in the U.S., suggesting a potential oversupply of AI infrastructure, TD Cowen analysts said in a note published late on Friday. The note picked up traction on social media platforms over the weekend, and several media outlets covered the development…