Author: Finance for Sight

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…

Bullish momentum returned to the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining over 700 points during the opening hours of trading on Thursday. At 11:10am, the benchmark index was hovering at 112,989.28 level, an increase of 735.52 points or 0.66%. Buying was witnessed 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 the green. Investors are keenly watching ongoing talks between the Pakistani authorities and the International Monetary Fund (IMF) regarding the first…

WASHINGTON: The United States broke a longstanding diplomatic taboo by holding secret talks with Hamas on securing the release of U.S. hostages held in Gaza, sources told Reuters on Wednesday, while President Donald Trump warned of “hell to pay” should the Palestinian group not comply. U.S. hostage affairs envoy Adam Boehler has the authority to talk directly with Hamas, the White House said when asked about the discussions, which broke with a decades-old policy against negotiating with groups that the U.S. brands as terrorist organizations. Boehler and Hamas officials met in Doha in recent weeks, two sources briefed on the…

HOUSTON: Oil prices declined for a third day on Wednesday after US crude oil stocks posted a larger-than-expected build, adding a further headwind as investors worried about OPEC+ plans to proceed with output increases in April, and US President Donald Trump’s tariffs on Canada, China and Mexico escalated trade tensions. Brent futures fell $2.19, or 3.1%, to $68.85 a barrel by 10:49 a.m. EST (1549 GMT). US West Texas Intermediate (WTI) crude declined $2.55, or 3.7%, to $65.71 a barrel. US crude stocks rose more than expected, while gasoline and distillate inventories fell in the week ending February 28, the…

WASHINGTON: The Trump administration has been conducting secret talks with Hamas on the possibility of releasing U.S. hostages being held in Gaza, a source briefed on the conversations told Reuters. U.S. special envoy for hostage affairs Adam Boehler has been holding the direct talks with Hamas in recent weeks in Doha, the source said, confirming a report by Axios. Until recently the United States had avoided direct discussions with the group. The U.S. State Department designated Hamas as a foreign terrorist organization in 1997. The Israeli embassy in Washington did not immediately respond to a request for comment. Boehler’s office…