Author: Finance for Sight

MIAMI: The United States’ envoy to the Middle East said on Thursday that President Donald Trump’s plan for Gaza was not about evicting Palestinians, and the conversation about Gaza’s future was being shifted towards how to create a better future for Palestinians. Trump proposed on February 4 the U.S. should take over Gaza, with Palestinians resettled in other places including Egypt and Jordan, a suggestion which caused an international outcry. However, speaking at a Miami conference hosted by a non-profit linked to the Saudi Arabian sovereign wealth fund, U.S. envoy Steven Witkoff said that Trump’s comments on Gaza were more…

Canada’s primary stock index fell on Thursday, dragged by concerns that U.S. President Donald Trump’s fresh tariff threats could stoke a global trade war. At 10:03 a.m. ET (1503 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 0.6% at 25,489.09 points. The technology sector was the worst performer, dragged by a 4.3% drop in Blackberry. Trump announced plans to unveil fresh tariffs within the next month or sooner, targeting lumber and forest products in addition to previously announced duties on imported cars, semiconductors, and pharmaceuticals. This announcement is particularly significant for Canada, one of the world’s leading producers…

DUBAI: Saudi Crown Prince Mohammed bin Salman has invited the leaders of Gulf Arab countries, Egypt, and Jordan for a meeting in Riyadh on Friday, the Saudi state news agency SPA reported on Thursday. Arab states have pledged to work on a post-war plan for the Gaza Strip’s reconstruction to counter U.S. President Donald Trump’s proposal to redevelop the enclave as an international beach resort after resettling its Palestinian inhabitants elsewhere. Saudi Arabia said Friday’s meeting would be unofficial and held within “the framework of the close brotherly relations that bring together the leaders”, SPA said. Gaza Arab plan may…

Gold prices in Pakistan maintained their upward trajectory on Thursday in line with their rise in international rates. In the local market, gold price per tola gained Rs1,000 to reach a new all-time high of Rs309,000. Similarly, 10-gram gold was sold at Rs264,917 after it registered an increase of Rs857, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Wednesday, gold price per tola increased by Rs3,800 to settle at the then-all-time high of Rs308,000. The international rate of gold increased on Thursday. As per APGJSA, the rate was at $2,953 per ounce (with a…

KYIV: Ukrainian President Volodymyr Zelensky on Wednesday accused Donald Trump of succumbing to Russian “disinformation”, deepening a rift between Kyiv and the new US administration. Speaking to reporters at a press conference on Tuesday, Trump echoed many of Russia’s talking points on the three-year war in Ukraine, blaming Kyiv for having “started” the fighting and suggesting Zelensky was hugely unpopular. Trump claimed his Ukrainian counterpart had a minimal approval rating in his country — despite polls showing otherwise. Zelensky hit back, saying that “unfortunately, President Trump, for whom we have great respect as leader of the American people… lives in…

Buying spree continued at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining nearly 400 points on Thursday. The KSE-100 witnessed buying for most part of the day, hitting an intra-day high of 114,202.14, a gain of around 860 points as compared to the previous day. However, some selling in the second half trimmed the intra-day gains. At close, the benchmark index settled at 113,739.16, up by 396.72 points or 0.35%. “The KSE-100 Index showed a positive trend, bolstered by strong results,” brokerage house Topline Securities said in its post-market report. This uptick was mainly driven by CHCC,…

DUBAI: Saudi Crown Prince Mohammed bin Salman has invited the leaders of Gulf Arab countries, Egypt, and Jordan for a meeting in Riyadh on Friday, the Saudi state news agency SPA reported on Thursday. Arab states have pledged to work on a post-war plan for the Gaza Strip’s reconstruction to counter U.S. President Donald Trump’s proposal to redevelop the enclave as an international beach resort after resettling its Palestinian inhabitants elsewhere. Saudi Arabia said Friday’s meeting would be unofficial and held within “the framework of the close brotherly relations that bring together the leaders”, SPA said. Gaza Arab plan may…

Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $35 million on a weekly basis, clocking in at $11.20 billion as of February 14, data released on Thursday showed. Total liquid foreign reserves held by the country stood at $15.95 billion. Net foreign reserves held by commercial banks stood at $4.75 billion. The central bank did not specify a reason for increase in the reserves. “During the week ended on 14-Feb-2025, SBP reserves increased by US$ 35 million to US$ 11,201.5 million,” it said. Last week, SBP foreign exchange reserves decreased by $252 million.

COLOMBO: A Sri Lankan passenger train derailed Thursday after smashing into a family of elephants, with no passengers injured but six animals killed in the island’s worst such wildlife accident, police said. The express train was travelling near a wildlife reserve at Habarana, some 180 kilometres (110 miles) east of the capital Colombo, when it hit the herd crossing the line before dawn. “The train derailed, but there were no casualties among the passengers,” police said, adding that wildlife authorities were treating two elephants who survived the crash. Police and railway personnel examine a derailed train at Habarana in eastern…

FRANKFURT: The European Central bank on Thursday reported a record loss in 2024 after it had aggressively hiked eurozone interest rates in response to soaring inflation. The ECB lost 7.9 billion euros ($8.3 billion) last year, the second-straight year the Frankfurt-based institution has been in the red. In 2023, the central bank was down 1.3 billion euros, its first loss since 2004 after an extended period of relatively low borrowing costs. The figure for 2023 would have been similar to last year’s had the ECB not deployed all the 6.6 billion euros set aside to soak up losses. The ECB…