Author: Finance for Sight

BEIRUT: Lebanon’s President Joseph Aoun told a visiting Iranian delegation on Sunday that the war-scarred country was “tired” of external conflicts playing out on its territory. The high-level delegation was in Beirut for the funeral of Hassan Nasrallah, the slain leader of Tehran-backed Hezbollah which fought a war with Israel last year that ended in a November truce. “Lebanon has grown tired of the wars of others on its land,” Aoun told the Iranian officials, according to a statement shared by the newly appointed president, a former army chief seen as close to the West. One person killed in Israeli…

BEIRUT: Tens of thousands of mourners dressed in black vowed support for Hezbollah at the Beirut funeral of slain leader Hassan Nasrallah Sunday, after the group was dealt major blows in its last round of hostilities with Israel. Women wailed as a black truck carrying the coffins of Nasrallah and Hashem Safieddine – Nasrallah’s chosen successor killed in another Israeli air strike before he could assume the post – slowly moved through the crowd, topped with two black turbans and draped in Hezbollah’s yellow flag. The September killing of the charismatic leader, who led the Lebanese movement for more than…

Pakistan government collected a total of Rs23 billion in windfall tax from 16 banks in a single day, a statement from the Finance Division said on Sunday. The development comes after the Sindh High Court (SHC) on Thursday dismissed petitions challenging the levy of Section 99D of the Income Tax Ordinance 2001 and the SRO1588(I) of 2023 relating to the imposition of windfall tax. “The government, while maintaining the windfall tax, has successfully collected Rs23 billion from 16 banks. “After the SHC’s order, the Federal Board of Revenue (FBR) successfully recovered this amount in a single day under Section 99D…

OCCUPIED JERUSALEM: Israel on Sunday said troops would stay in occupied West Bank refugee camps for the coming year, announcing expanded military operations including tank deployments, after the displacement of tens of thousands of Palestinians. The military one month ago began a major raid against Palestinian fighters in the West Bank just after a truce began in the Gaza Strip, another Palestinian territory. The Israeli operation in the West Bank spans multiple refugee camps near the cities of Jenin, Tulkarem and Tubas. “So far, 40,000 Palestinians have evacuated from the refugee camps of Jenin, Tulkarem, and Nur Shams, which are…

The government has decided to set up sugar stalls at the municipal level to provide sugar at lower rates during the month of Ramadan, a statement from the Ministry of Industries and Production said on Friday. “A meeting of the Sugar Advisory Board was held under the chairmanship of Federal Minister for Industries and Production, Rana Tanveer Hussain, to discuss the availability of sugar, price stability, and public relief measures during the holy month of Ramadan. “The board decided that sugar stalls will be set up at the municipal level, where sugar will be available at the fixed rate of…

VATICAN CITY: Pope Francis, who is battling double pneumonia in hospital, had a “tranquil” night and rested, the Vatican said on Sunday. The pope was admitted to Rome’s Gemelli hospital on February 14 after experiencing difficulty breathing for several days and subsequently had pneumonia diagnosed in both lungs. The Vatican described his condition as critical for the first time on Saturday, reporting that the 88-year-old Francis had needed supplemental oxygen and blood transfusions that day. “The night was tranquil, the pope rested,” the Vatican said in a one-sentence update on Sunday morning without providing further information. Double pneumonia is a…

WASHINGTON: US President Donald Trump signed a memo Friday calling for curbs on Chinese investments in strategic sectors like tech and critical infrastructure – including restrictions by a foreign investment review panel. The move comes at a time of growing trade tensions and strategic competition between the world’s two biggest economies. It is aimed at promoting foreign investment, while protecting US national security interests “particularly from threats posed by foreign adversaries” like China, the White House said. In particular, the memo took aim at China for “increasingly exploiting United States capital to develop and modernize its military, intelligence, and other…

The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index ended 3-session buying rally as the Friday’s session succumbed to profit-taking, ending the day lower by 938 points. The KSE-100 started the session positive, hitting an intra-day high of 114,444.01. However, the latter hours witnessed selling pressure that pushed the index to an intra-day low of 112,813.87. At close, the benchmark index settled at 112,800.93, down by 938.23 points or 0.82%. “Market opened on a positive note led by LUCK PA, as the company through a notice to exchange announced a stock split where shareholders will get 5 share for every 1…

WELLINGTON: The Cook Islands said Saturday it has struck a five-year agreement with China to cooperate in exploring and researching the Pacific nation’s seabed mineral riches. A copy of the deal — signed during a state visit to China that has been criticised by former colonial ruler New Zealand — showed it covers working together in the “exploration and research of seabed mineral resources”. A joint committee would oversee the partnership, which also includes seabed minerals-related training and technology transfer, logistics support, and deep-sea ecosystems research. The Cook Islands government said the memorandum of understanding, signed with China on February…

Pakistan pharma sector has potential to boost medicine exports to $5 billion over the next few years, the United Business Group (UBG) said in a statement on Friday. The UBG is an alliance of businessmen belonging to the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) that is considered the apex trade body of the country. The pharmaceutical sector’s value was estimated at $3.29 billion in the fiscal year 2023-24, with the actual exports totaling at $341 million in the year. The sector contributes over 1% to Pakistan’s gross domestic product (GDP) and saves around $2 billion annually through…