Bitcoin falls to 4-month low of $33,000 on May 10, 2022The cryptocurrency market crashed on Monday, with market capitalisation shedding 5.7 percent to reach $1.58 trillion as the rout in financial markets deepens amid increasing concerns of recession while slumping equity markets continue to hurt cryptocurrencies. As of 1130 hours GMT, the largest cryptocurrency Bitcoin’s (BTC) price dipped 5.3 percent to $33,000. With this decrease […]
Bitcoin dives to $34,654 amid recession concerns on May 9, 2022The cryptocurrency market remained bearish on Sunday, with market capitalisation shedding 4.2 percent to reach $1.67 trillion as the rout in financial markets deepens amid increasing concerns of recession. As of 1340 hours GMT, the largest cryptocurrency Bitcoin’s (BTC) price dipped 3.6 percent to $34,654. With this decrease in price, the market capitalisation of the […]
Exports to China have crossed $1.039b mark: Aisha Ghaus on May 8, 2022Minister of State for Finance and Revenue Aisha Ghaus Pasha Saturday hailed that Pakistan and China were working closely on further deepening bilateral economic ties where Pakistan’s exports to China have crossed 1.039b dollars mark in the first quarter. The Pakistan-China trade volume has shown an upward trajectory over the years, she said while speaking […]
Chelsea says Todd Boehly-led group to buy club in $5.2b deal on May 8, 2022Chelsea FC said a group led by Los Angeles Dodgers co-owner Todd Boehly would acquire the London club after agreeing terms in a deal worth £4.25b ($5.2b). “The sale is expected to complete in late May subject to all necessary regulatory approvals,” the football club said in a statement late Friday. “More details will be […]
UK retailer McColl’s collapses; 16,000 jobs at risk on May 7, 2022British convenience store chain McColl’s said Friday it had gone bust in the face of weak consumer spending as inflation soars, putting 16,000 jobs at risk. McColl’s, which has about 1,100 stores across the UK selling food and household products, is entering administration, whereby a troubled company calls on outside help aimed at minimising job […]
Asian, European markets rise on May 6, 2022Markets rallied Thursday after the US Federal Reserve played down chances of a huge interest rate hike in the near future, while oil extended gains as the European Union moved to ban imports from Russia. US central bank officials announced an expected half-point lift in borrowing costs — the biggest since 2000 — as part […]
Business group warns Hong Kong travel curbs a ‘nightmare’ on May 6, 2022Hong Kong’s stringent pandemic travel restrictions, including frequent flight bans, are a “nightmare” for businesses despite a recent easing of the rules, the European Chamber of Commerce has said. The business group published a letter to the city’s leader on Wednesday urging her to drop the “circuit breaker” mechanism for flights, which temporarily suspends a […]
Finnish group scraps nuclear plant deal with Russia’s Rosatom on May 3, 2022Finnish-led consortium Fennovoima said on Monday it has terminated a contract with Russian group Rosatom to build Finland’s third nuclear power plant, citing risks linked to the Ukraine war. “The war in Ukraine has worsened the risks for the project,” Fennovoima said in a statement, also citing “significant delays”. The proposed 1,200-megawatt Russian-designed reactor was […]
Markets, oil fall on weak Chinese data on May 3, 2022Stock markets and oil prices fell in holiday-thinned trade Monday as traders digested weak Chinese economic data and a looming US interest rate hike. Equities kicked off the month of May on the wrong foot after Wall Street finished a tough April by closing sharply down on Friday following disappointing results from tech giant Amazon. […]
Gold falls 1.84pc for second week as demand lowers on May 2, 2022Gold price decreased for the second straight week by 1.84 percent amid a worsening demand outlook due to strong US dollar and firm bond yields. Broad-based US dollar strength and a sharp upsurge witessed in the Treasury bond yields kept non-yielding gold under pressure. The gold futures closed the week on a negative note in […]