Jazz International Holding Limited, a subsidiary of VEON incorporated in the UAE, has entered into a definitive agreement to acquire a controlling stake in TPL Insurance Limited (TPL Insurance), a publicly listed insurance company in Pakistan, for a purchase price of approximately Rs4.15 billion. TPL Insurance is a digital-first insurance provider offering auto, health, fire, and property insur
Share markets nosedived in Asia on Monday as the inflationary shock from surging oil prices threatened to raise living costs and perhaps interest rates across the globe, while an investor hunger for liquidity kept the US dollar in demand. Brent soared 23% to $114.36 a barrel, the biggest daily gain since at least 1988, which came on top of a 28% rise last week. US crude shot up a staggering 2
Gold fell about 2% on Monday, as a stronger US dollar weighed on the greenback-priced bullion, while higher energy costs fuelled inflation concerns and further dimmed the prospects for near‑term reductions in interest rates. Spot gold was down 1.7% at $5,082.51 per ounce, as of 0233 GMT. US gold futures for April delivery were down 1.4% at $5,099.40. The dollar rose to a more-than-three-m
Oil prices surged more than 25% on Monday to their highest levels since mid-2022 as some major producers cut supplies and fears of prolonged shipping disruptions gripped the market due to the expanding US-Israeli war with Iran. Energy markets are particularly nervous because the crisis is unfolding around the Strait of Hormuz, through which roughly one-fifth of the world’s oil supply normally p
Selling pressure was observed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index shedding over 2,100 points during the opening hours of trading on Friday. At 10:10am, the benchmark index was hovering at 159,083.87, a decrease of 2,126.80 points or 1.32%. Selling was observed in key sectors, including automobile assemblers, cement, commercial banks, fertilisers, oil and ga