Author: Finance for Sight

WASHINGTON: U.S. President Donald Trump signed an executive order on Thursday to establish a strategic bitcoin reserve, a day before meeting with executives from the cryptocurrency industry at the White House. The reserve will be capitalised with bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings, the White House crypto czar, billionaire David Sacks, said in a post on social media platform X. Attendees at Friday’s White House crypto summit expect the event to serve as a stage for Trump to formally announce his plans to build a strategic reserve containing…

In a key development for Pakistan’s power sector, the government was planning to borrow Rs1.25 trillion from the banking sector to retire the circular debt, stated brokerage house Topline Securities in a report on Friday. Pakistan circular debt crisis is a significant challenge for the country’s energy sector and its broader economy. The circular debt refers to the cascading cycle of non-payments throughout the energy supply chain. “As per our channel checks and various news reports, presidents of the different commercial banks attended a meeting in Islamabad yesterday (Thursday) to discuss modalities of the Rs1.25 trillion borrowing being planned by…

ADDIS ABABA: Four boats carrying migrants have sunk off Djibouti and Yemen killing at least one person and leaving more than 180 missing, the International Organization for Migration told AFP Friday. The sinkings occurred late Thursday along a route that is increasingly used by Ethiopians hoping to find work in Gulf countries or escape conflict. “Over 180 migrants are missing after four boats sank last night off the coasts of Djibouti and Yemen,” the IOM said. Two of the vessels, one believed to be carrying at least 30 people and the other roughly 150, were missing off the coast of…

LONDON: Copper prices slipped on Friday on weak trade data from top metals consumer China, selling by miners and as investors reduced positions amid volatile changes in U.S. tariff policy. Benchmark three-month copper on the London Metal Exchange (LME) was down 0.5% at $9,684 a metric ton by 1100 GMT while U.S. Comex copper futures shed 0.6% to $4.78 a lb. LME copper touched its highest in four months on Thursday at $9,739 a ton on a weak dollar and after U.S. President Donald Trump relaxed his tariffs on Canada and Mexico. The upbeat sentiment carried over to Asian trading…

WASHINGTON: US President Donald Trump said on Thursday he likely will make his first trip abroad to Saudi Arabia to seal an agreement for Riyadh to invest upwards of $1 trillion in the US economy, including purchases of military equipment. Talking to reporters in the Oval Office, Trump said he would probably travel there in the next month and a half. He noted that the first overseas trip of his first term was to Riyadh in 2017 to announce Saudi investments estimated then to be worth $350 billion. “This time, they’ve gotten richer, we’ve all gotten older,” said Trump. He…

WASHINGTON: The US State Department will use artificial intelligence to revoke visas of foreign students who it perceives as supporters of Palestinian Hamas, Axios reported on Thursday, citing senior State Department officials. Fox News separately reported the State Department revoked the visa of a student who allegedly participated in what the department termed as “Hamas-supporting disruptions.” The revocation marked the first such action, according to the report. The State Department was working with the Department of Justice and the Department of Homeland Security, according to Axios. The State Department did not comment directly on the reports but Secretary of State…

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…