Stock market update today

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet is likely to give node to review the prices of petroleum prices on a week-on-week basis on Thursday (today), which was one of the preconditions for the release stalled $6 billion IMF bailout package. As per the agenda of ECC’s today meeting, matters relating to weekly fixation of petroleum prices, financing facility for Pakistan State Oil (PSO), and oil marketing companies' margin on petrol and diesel would come under discussion in the important huddle. The ECC will also decide on $142 million financing facility for the National Bank of Pakistan (NBP) and the price of imported Urea. Earlier, the prices of petroleum products were revised by the government on a fortnight basis. Sources privy to the matter said that the step is being taken to pass on the impact of oil’s international prices to consumers immediately. It is pertinent to mention here that the fuel prices were revised on monthly basis in the country … [Read more...] about ECC to decide today on weekly fixation of petrol price

KARACHI: A day after the torrential showers lashed Karachi, the Pakistan Meteorological Department (PMD) on Thursday forecast that the port city is expected to receive around 150 millimeters of rainfall during the next four to five days under the influence of the fourth monsoon spell. In its daily report, the Met Office forecast heavy rains in the port city today, adding that this rain spell is expected to continue until August 14. “Monsoon currents from Bay of Bengal are penetrating in upper and lower parts of the country. A westerly wave is also present in upper and western parts of the country,” said the PMD. The weather department warned that heavy rains may generate urban flooding in Karachi, Hyderabad, Larkana, Shaheed Benazirabad and Mirpurkhas from August 11 to 13. Flash flooding is expected in Qilla Saifullah, Loralai, Barkhan, Kohlu, Mosa Khel, Sherani, Sibbi, Bolan, Kalat, Khuzdar, Lasbella, Awaran, Turbat, Panjgur, Pasni, Jiwani, Kohat, Swabi, Nowshera, Mardan, … [Read more...] about Karachi weather update: City expected to receive 150mm of rainfall in next 4-5 days

Investors are taking encouragement from another economic signal showing that inflation is cooling. An index that measures the price sellers get for their goods and services fell 0.5% in July, the Labor Department said Thursday. That marks the first decline in the Producer Price Index since April 2020, as COVID-19 was spreading across the U.S. The data follows a government report on Wednesday that showed consumer prices also eased in July . Inflation is still painfully high, of course, and the economy has given false signals before that relief was on the way only for the rug to get pulled out from underneath investors. Some Federal Reserve officials also made comments after Wednesday's inflation report suggesting their battle against rising prices is far from over. "A potential peak in annual inflation measures is a welcome sign for consumers, businesses and the [Federal Open Market Committee], but historically elevated price dynamics churning in the economy will likely … [Read more...] about Investors cheered by another sign U.S. inflation is easing

Last November, the global cryptocurrency market was worth $3 trillion. Now, it's below $1 trillion. Bitcoin alone has plummeted more than 70 percent since November 9. Many Americans have lost their shirts. So why isn't crypto regulated like other financial assets? First, some history. Eighty nine years ago, the Banking Act of 1933, also known as the Glass-Steagall Act, was signed into law by Franklin D. Roosevelt. It separated commercial banking from investment banking—Main Street from Wall Street—to protect people who entrusted their savings to commercial banks from having their money gambled away. Glass-Steagall's larger purpose was to put an end to the giant Ponzi scheme that had overtaken the American economy in the 1920s and led to the Great Crash of 1929. Americans had been getting rich by speculating on shares of stock and various sorts of exotica (roughly analogous to crypto). As other investors followed them into these risky assets, their values increased. But at … [Read more...] about Crypto is a Ponzi scheme. It’s time to regulate it | Opinion

It is hard to think of a more dishonest title for a piece of legislation than the Inflation Reduction Act – perhaps the Immortality & Eternal Beauty For Everyone Act, or the World Peace & Harmony Act. But those two aside, President Biden’s latest so-called plan is tough to top. It promises a lot, at least judging by its title. It will rescue the American, and perhaps even the global, economy from the ravages of rising prices. The trouble is, in reality the plan finally agreed over the weekend is not going to do anything to reduce inflation, and doesn’t even try. The act is a rerun of the wild spending that Joe Biden launched in 2021 , which landed the global economy in its current mess. It unleashes an avalanche of fresh spending on green energy subsidies and healthcare. It will drive demand up even further, forcing the Federal Reserve to raise interest rates ever more sharply. Its higher taxes on business will force down investment and damage the stock market. And it … [Read more...] about Joe Biden is about to crash the world economy – again

Fuel: Matt Allwright shares tips on making your car more efficient This article contains affiliate links, we may receive a commission on any sales we generate from it. Learn more SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Petrol and fuel prices are climbing as temperatures are once again reaching scorching highs. Using aircon burns fuel, but using a certain button in the car can help keep cars cooler and save drivers cash. The button is likely to be found near your aircon and heating settings, as it pertains to them. Related articles 'Reduces fuel you use': Drivers should drive with item in back seat Driver's fuel hack is slashing her petrol costs 'massive saving' It usually looks like an icon of the … [Read more...] about Fuel-saving tips: Drivers urged to use little-known button in heatwave to save money

Everton v Chelsea: Pictures SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Chelsea could be set to miss out on yet another summer signing in the form of Inter Milan midfielder Cesare Casadei, with Nice set to join the race for his signature over the coming days, according to reports. The Blues have endured a turbulent time of things in the summer transfer window to date after failing to land top target Jules Kounde, who initially looked set to move to Stamford Bridge before Barcelona swooped in at the eleventh hour last month. Related articles Liverpool star Thiago seeing 'second specialist' over injury recovery Man Utd stars' view on Cristiano Ronaldo transfer saga leaked The situation marked an embarrassing … [Read more...] about Chelsea face more transfer woe as ‘new competitor’ seeks to deny exciting £12.5m signing

Chelsea's Fofana reservations have emerged while Man Utd suffered a possible setback in Rabiot deal (Image: GETTY) SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info With the Premier League season now officially underway, many top-flight clubs will know if they need to do more business before the window shuts. It is very much scramble time now and transfers are expected to come thick and fast as deadline day approaches. Related articles Chelsea are 'worried about signing another Harry Maguire' Man Utd receive Adrien Rabiot boost after mum's plan emerges Manchester United, more than most, need signings through the door after their humiliating 2-1 home defeat against Brighton on the opening day of the season. Adrien Rabiot and Cody … [Read more...] about Transfer news: Leeds to snatch Man Utd target, Chelsea’s double deal, De Jong meeting

The Inflation Reduction Act comes with seemingly generous benefits for electric vehicle buyers, part of the Biden administration's effort to lift EV sales to half of all cars in the U.S. in less than a decade. So, with gas prices still high, is now a good time for motorists to go electric? Well, it depends. Many EVs that currently qualify for tax credits are left out under the new bill, while some of the most popular models — which don't qualify for government assistance today — would be eligible for the new tax incentive. Meanwhile, automakers warn that a large portion of U.S.-made cars would miss out on the most generous credits because of stringent sourcing requirements (designed to exclude China) for EV batteries. Here's what anyone interested in buying an electric car should know about the tax breaks under the inflation bill. A generous tax credit — with a big asterisk The bill introduces two credits for new EVs, totaling up to $7,500 per car. A new electric vehicle … [Read more...] about Proposed tax breaks for electric cars look generous — but they’re complicated

Gary Neville has been brought into Ryan Giggs' domestic abuse court case as Whatsapp messages and emails were read to the court. Manchester Crown Court was told that Giggs met Kate Greville in 2013 after she helped promote his Hotel Football venue, launched with ex-United teammate Neville. The 48-year-old is accused of using controlling and coercive behaviour. As well as 'bombarding' Ms Greville, she claims, with up to 50 messages an hour and threatened to ruin her career. She then later joined Giggs' company GG Hospitality, owned by him and his former Manchester United team-mate, in 2019 and emails from that time sent from Giggs' mobile phone and Ms Greville's work laptop were read to the court. She claims he would get jealous and emails show he accused her of sending private messages and dating a man who also worked for the same firm owned by Giggs. It was also mentioned during the trial that Neville's assistant was present for an argument the couple had during a dinner … [Read more...] about Gary Neville is dragged into Ryan Giggs’ court case as messages and emails are read to the jury