Category: 3. Business

MANILA, Philippines — Asian shares were mixed on Friday after U.S. stocks climbed further into record heights as the clock ticks on President Donald Trump’s July 9 tariff deadline.

Japan’s Nikkei 225 fell 0.6% to 39,762.20 after earlier gains, while South Korea’s KOSPI index was down 1.2% to 3,078.31.

Hong Kong’s Hang Seng index lost 0.6% to 23,914.44 while the Shanghai Composite index added 0.4% to 3,475.24. Australia’s S&P/ASX 200 rose 0.1% to 8,609.50. India’s Sensex index was up 0.1% to 83,288.73.

“Asian markets slipped into Friday like someone entering a dark alley with one eye over their shoulder — because while US equities danced higher on a sweet spotted post-payroll sugar rush, the mood in Asia was far less celebratory. The reason? That familiar, twitchy unease every time Trump gets near the tariff trigger,” Stephen Innes, managing partner at SPI Asset Management, wrote in a commentary.

On Thursday, after a report showed a U.S. job market stronger than Wall Street expected, the S&P 500 rose 0.8% and set an all-time high for the fourth time in five days. The Dow Jones Industrial Average added 344 points, or 0.8%, and the Nasdaq composite gained 1%.

Many of Trump’s stiff proposed taxes on imports are currently on pause, but they’re scheduled to kick in next week unless Trump reaches deals with other countries to lower them.

In other dealings on Friday, U.S. benchmark crude was down 19 cents to $68.81 per barrel. Brent crude, the international standard, shed 30 cents to $68.50 per barrel.

The U.S. dollar slid to 144.48 Japanese yen from 144.92 yen. The euro edged higher to $1.1771 from $1.1761.

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AP Business Writer Stan Choe contributed.

LAHORE – The buying rate of Canadian dollar remained steady as it stood at Rs208.5 in open market of Pakistan on Friday, according to an online currency exchange portal.

The private exchange companies are selling the Canadian Dollar for Rs213.5, reflecting its dominance over the local currency.

The local currency rates reflect ongoing trend in the forex market influenced by regional demand, remittance inflows, and overall economic sentiments.

How much is $1000 CAD in PKR?

As of July 4, they buying rate of the Canadian dollar stands at Rs208.5. It means an individual can convert $1000 CAD for Rs208,500 in open market.

Remittances play a crucial role in supporting the economies of developing countries. They provide a stable source of income for millions of families, helping them meet basic needs such as food, healthcare, and education.

These funds also boost national foreign exchange reserves and contribute to poverty reduction. Unlike loans or aid, remittances flow directly to households, encouraging local spending and investment.

In May 2025, overseas Pakistanis living in Canada sent $69.55 million in wake of the remittances.

According to the SBP, the workers’ remittances from overseas to Pakistan, recording a significant growth of 28.8 percent during eleven months of fiscal year 2024-25, reached nearly US$ 35 billion in the period from July to May while monthly inflows in May increased to $ 3.69 billion.

During May 2025, the workers’ remittances recorded an inflow of US$ 3.686 billion, depicting 16 percent growth over April 25 and 13.7 percent yearly increase against May 2024, the statistics showed.

Currency exchange is a key component of the global economy and holds special importance for countries such as Pakistan.

It refers to the process of converting one nation’s currency into another, which supports international trade, tourism, and investment.

In Pakistan, exchange rates influence the value of the rupee compared to major currencies like the US dollar and UAE dirham. A stronger exchange rate makes imports cheaper and helps control inflation, while a weaker rate can boost exports.

The OCC’s Minority Depository Institutions (MDI) report to Congress is submitted to comply with section 367 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd–Frank Act). As amended by the Dodd–Frank Act, section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) directs the Comptroller of the Currency to report on actions taken to carry out section 308. Section 308 describes goals for preserving MDIs and directs the Secretary of the Treasury to consult with the Comptroller and chairpersons of the Board of Governors of the Federal Reserve System (FRB), the National Credit Union Administration, and the Federal Deposit Insurance Corporation (FDIC) on methods for best achieving these goals.

PARIS — About 40% of flights were canceled Friday at all Paris airports and tens of thousands of passengers were rearranging plans at the height of the summer travel season because of a strike by French air traffic controllers seeking better working conditions.

Disruptions started hitting airports around France on Thursday and intensified Friday. The national civil aviation authority asked airlines to cancel 40% of flights Friday at Charles de Gaulle, Orly and Beauvais airports serving Paris, half of flights in Nice and 30% of flights in Marseille, Lyon and some other cities.

Despite the preventive cancelations, the authority warned in a statement that ″disruptions and long delays are to be expected at all French airports.”

Ryanair was among airlines that announced widespread disruptions, saying in a statement it canceled more than 400 flights affecting 70,000 passengers. The company said the strike affects all its flights over French airspace, as well as traffic in and out of French airports, and urged the European Union to reform air traffic rules.

One of the two unions leading the strike, UNSA-ICNA, said in a statement there are not enough employees to handle surging air travel and that inflation is eating away at salaries. The unions also are protesting new reform measures aiming to more tightly monitor their work, prompted by a near-collision at the Bordeaux airport.

Transport Minister Philippe Tabarot called the union demands — and their decision to strike just as French schools close for the summer and many families head on vacation — ″unacceptable.″

In June, Norwegian had 2,371,908 passengers, which sets a post pandemic record for June. Widerøe had 394,290 passengers, bringing the group total to 2,766,198. The load factor for both Norwegian and Widerøe increased with a solid four percentage points compared to last year. In addition, Widerøe delivered record high passenger numbers during the month.

“We are very pleased to see June coming in with strong traffic figures. For Norwegian we had the highest passenger number and load factor for June since 2019, and solid traffic figures overall. Widerøe also had a great month, with the most passengers in the company’s over 90-year history,” said Geir Karlsen, CEO of Norwegian.

Norwegian’s capacity (ASK) in June was 3,698 million seat kilometres, down 0.2 percent from last year. Actual passenger traffic (RPK) for Norwegian was 3,268 million seat kilometres, up 5 percent. The load factor was 88.4 percent, up a solid 4 percentage points. Norwegian operated an average of 89 aircraft during June.

Widerøe’s capacity (ASK) in June was 192 million seat kilometres, up 4 percent from last year. The actual passenger traffic (RPK) for Widerøe was 156 million seat kilometres, while the load factor was 81.1 percent, also up over 4 percentage points.

Norwegian and Widerøe’s punctuality, defined as share of flights departing within 15 minutes of scheduled time, was 81.6 percent and 89.1 percent, respectively. Regularity, measured by the share of scheduled flights taking place, was 99.8 percent for Norwegian and 97.8 percent for Widerøe.

Peak season is here

During July, Norwegian and Widerøe will operate over than 400 routes to more than 170 destinations across Europe.

“We are well prepared for the summer peak season. July will be very busy, and the booking momentum into the autumn looks promising. We continue to deliver one of the best on-time performances in Europe, and I would like to thank all our great colleagues across the network who are working hard to maintain this position,” said Geir Karlsen.

During June, Norwegian launched its new booking platform across all markets. The platform will offer exciting new possibilities, not least among them interlining with Widerøe later this year.

A separate press release on Widerøe’s traffic figures is available at the Widerøe media centre (In Norwegian only).

KARACHI – The UK Pound witnessed further decline in its buying rate against Pakistani rupee on Friday as it stood at 388.08 in open market.

The selling rates for the Pound also recorded downward trend and stood at Rs394.5, according to the currency exchange association.

UK Pound to PKR Rate Today

Rate Old Rate New Rate

Buying Rs389.18 Rs388.08

Selling Rs393.35 Rs392.4

In Pakistan, exchange rates influence the value of the rupee compared to major currencies like the US dollar and UAE dirham. A stronger exchange rate makes imports cheaper and helps control inflation, while a weaker rate can boost exports. For overseas Pakistanis, currency exchange is essential for sending remittances. Keeping track of exchange rates supports informed decisions in business, travel, and economic planning.

Thousands of British-Pakistanis contribute to Pakistan’s economy through regular remittances. In May 2025, remittances from the UK recorded at $588.1 million.

Overall, the workers’ remittances from overseas to Pakistan, recording a significant growth of 28.8 percent during eleven months of fiscal year 2024-25, reached nearly US$ 35 billion in the period from July to May while monthly inflows in May increased to $ 3.69 billion.

“Cumulatively, with an inflow of US$ 34.9 billion, workers’ remittances increased by 28.8 percent during Jul-May FY25 compared to US$ 27.1 billion received during Jul-May FY24,” the State Bank of Pakistan reported on Wednesday.

During May 2025, the workers’ remittances recorded an inflow of US$ 3.686 billion, depicting 16 percent growth over April 25 and 13.7 percent yearly increase against May 2024, the statistics showed.

The Personal Data Protection Commission and the Cyber Security Agency of Singapore made the warning in a formal advisory posted on their websites on 26 June 2025.

“NRIC numbers should not be used as passwords to authenticate a person. This is because they are issued to uniquely identify a person and must be assumed to have been disclosed to at least a few other persons,” the advisory said.

“Organisations that are using full or partial NRIC numbers to authenticate persons should stop this practice as soon as possible. They should not set NRIC numbers as default passwords, nor should they use full or partial NRIC numbers together with other easily obtainable personal data for authentication.”

The advisory encouraged against using passwords that could be easily guessed, including those that contain information that can be obtained easily, such as names, NRIC numbers and birthdates, following a rise in data leaks in recent years.

Mayumi Soh, an expert in technology in the workplace at Pinsent Masons, said: “This new advisory reflects the Singapore government’s continued commitment to enhancing data protection by urging the private sector to use identity card numbers responsibly.”

“It is essential that businesses review their authentication protocols and adopt robust methods and solutions, such as multi-factor authentication or biometric verification,” she commented.

The move is part of a broader effort to enhance data security and prevent identity theft, and is especially relevant to private sector organisations, its IT and cybersecurity departments, and compliance officers responsible for ensuring adherence to the advisory, according to Soh.

Gold rose — putting it on track for a 2% weekly gain — as President Donald Trump said some US trading partners would face tariffs from August 1.

Bullion rose 0.5% to around $3,340 an ounce on Friday as investors weighed the latest trade comments from the president, who said the administration will start sending letters on Friday that set new levy rates for several nations.