ISLAMABAD, Oct 1(ABC): Railway officials have requested Rs5 trillion from their ministry for the restoration of infrastructure damaged by floods. According to a summary sent to the Railways ministry by the department of civil engineering, a sum of Rs53.88 billion was needed to restore the signals system; Rs60.80 billion to fix the partial damage suffered by 33 stations in Lahore, …

ISLAMABAD, Oct 1(ABC): A cabinet body on Friday deferred a proposal to purchase 150 computers for the federal cabinet members in relaxation of the rules while also modifying an earlier decision about the release of around 700 vehicles stuck at ports in a bid to charge higher taxes. The Ministry of Information Technology, in a proposal to the Economic Coordination …

ISLAMABAD, Oct 1(ABC): After three consecutive weeks of a declining trend, inflation has once again started to rise across the country, with the annual rate increasing to 30.62 per cent in the past week. The Pakistan Bureau of Statistics (PBS), in its weekly inflation report, revealed that the prices of 20 commodities increased, the rates of 10 merchandises decreased and …

ISLAMABAD, Oct 1(ABC): The export of electric fans from the country has witnessed an increase of 31.96 percent during the first two months of financial year (2022-23) as compared to the corresponding period of last year. Pakistan exported fan worth US $5.843 million during July-August (2022-23) as compared the export of US $4.428 million during July-August (2021-22), showing a growth …

ISLAMABAD, Oct 1(ABC): The Economic Coordination Committee (ECC) of the cabinet here on Friday approved the Dealer Transfer price (DTP) of 50 kg imported urea bag at Rs 2150 per bag. According to a press statement issued by the finance ministry, the committee also approved incidental charges at Rs 620.47 per bag with sharing subsidy on imported urea at 50:50 …

ISLAMABAD, Oct 1(ABC): The Federal Board of Revenue (FBR) on Friday extended the date for filing income tax returns for individuals and companies to October 31. The news was announced by the newly appointed Federal Minister for Finance and Revenue Ishaq Dar during his maiden press conference in Islamabad. During the press conference, he revealed that the tax collection body …

BEIJING, Sept 30 (ABC): The Global Development Initiative (GDI) is to assist Pakistan in epidemic control and poverty alleviation, as per the first list of projects in the GDI project pool released by China at the ministerial meeting of the Group of Friends of GDI in New York on September 20. Three projects are Pakistan-specific and aim to help Pakistan …

ISLAMABAD, Sep 30(ABC): The government on Friday is likely to announce reduction in the price of petroleum products by Rs 16 from October 1. According to details, the Oil Companies Advisory Council has prepared the working papers, in which the price of high-speed diesel is likely to decrease by Rs 16.61 per liter and the price of petrol by Rs …

ISLAMABAD, Sep 29 (ABC): Federal Board of Revenue (FBR) on Thursday apprised the Finance Minister Muhammad Ishaq Dar on achieving its monthly tax targets for the months of July and August, 2022, and also achieving the quarterly target of September, 2022. The newly sworn in minister, Senator Ishaq Dar, who is also holding the revenue portfolio visited the FBR and …

ISLAMABAD, Sep 29 (ABC):Prime Minister Shehbaz Sharif on Thursday principally approved the construction of solar power projects of 2000 megawatts in the public sector to generate low-cost and environment-friendly electricity. The prime minister, who chaired a meeting to review progress on the installation of 10,000 megawatts solar projects across the country, said it would also reduce the country’s dependence on …

ISLAMABAD, Sep 29 (ABC): Ministry of National Food Security and Research has devised a mechanism to provide Rs5 billion subsidy on certified seeds of wheat to the farmers belonging to worst flood hit districts of Sindh, Punjab and Khyber Pakhtunkhwa. The aim of the initiative is to revive and restore agriculture of these areas, which were the most vulnerable due …

Sep 29(ABC):Tesla Inc (TSLA.O) said on Wednesday that Airbnb Inc (ABNB.O) co-founder Joseph Gebbia has joined the electric vehicle maker’s board, reversing a move to trim the number of directors at the world’s most valuable carmaker. Tesla said in June it planned to have just seven board seats after the departure of Oracle Inc co-founder Larry Ellison in August, sparking …

Sep 29(ABC): Oil prices retreated slightly on Thursday after gaining more than $3 in the prior session, with a strong dollar capping oil demand from buyers using other currencies and concerns over the faltering economic outlook clouding market sentiment. Brent crude futures fell 41 cents, or 0.5%, to $88.91 per barrel by 0337 GMT while U.S. crude futures dropped by …

HONG KONG, Sep 29(ABC): Asian stocks rallied Thursday as UK and US government yields fell after the Bank of England jumped into bond markets to prevent a fresh financial catastrophe. However, the pound — which earlier this week hit a record low against the dollar — struggled to hold its advance against the greenback, with commentators warning it could face …

ISLAMABAD, Sep 29(ABC): With a reduction in palm oil prices in the international market by 35%-40%, the ministry of industries has informed the National Price Monitoring Committee (NPMC) that they are expecting a Rs20 per kg decrease in the price of ghee and cooking oil in a month. The representative of the ministry on Wednesday, according to The News, informed the …

ISLAMABAD, Sep 28(ABC): Newly appointed Finance Minister Ishaq Dar on Wednesday decided to reshuffle the economic team. Finance Minister sources privy to the matter said that major changes will be made in important positions in the FBR and the finance ministry, while the special assistant to the finance minister will also be reshuffled. The Minister of State for Finance, Dr …

KABUL, Sep 28(ABC): The Taliban have signed a provisional deal with Russia to supply gasoline, diesel, gas and wheat to Afghanistan, Acting Afghan Commerce and Industry Minister Haji Nooruddin Azizi told Reuters. Azizi said his ministry was working to diversify its trading partners and that Russia had offered the Taliban administration a discount to average global commodity prices. The move, …

RIYADH, Sep 28(ABC): NEOM Tech & Digital, a subsidiary of the $500 billion signature NEOM project of the Saudi crown prince, has invested $1 billion in 2022 in AI, including a metaverse platform, its chief executive said on Tuesday. Joseph Bradley said the company is also changing its name to Tonomus as NEOM works to integrate AI techs in the …

GENEVA, Sep 27(ABC): The World Trade Organization’s chief said Tuesday she believes the world is heading towards a global recession due to multiple colliding crises, and called for radical policies to revive growth. WTO Director-General Ngozi Okonjo-Iweala said Russia’s war in Ukraine, the climate crisis, food price and energy shocks plus the aftermath of the Covid-19 pandemic were creating the …

KARACHI, Sep 27(ABC): Battered by a drop in the dollar rate, gold decreased Rs1,450 per tola (11.66 grams) to Rs141,850 in Pakistan as the precious metal also lost around $3 in value in the international market on Tuesday. Gold plunged in line with the dollar’s value in Pakistan. Data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) …

KARACHI, Sep 27(ABC): The bulls dominated trading at the Pakistan Stock Exchange (PSX) on Tuesday as the benchmark KSE-100 index rallied, gaining nearly 400 points on the back of strong investor sentiment. Clarity on the political front after Ishaq Dar took oath as senator and diminishing concerns rupee depreciation encouraged market players to buy stocks. The KSE-100 index shot up from the moment trading …

ISLAMABAD, Sep 27(ABC): The government has decided to shut down expensive fuel-fired power plants producing 7,339 megawatts. A ten-year plan for a cheaper alternative formulated by the National Transmission and Dispatch Company (NTDC) has been sent to the National Electric Power Regulatory Authority (NEPRA) for approval. The agency seeks the closure of eleven furnace oil power plants and five others …

HONG KONG, Sep 27(ABC): The dollar lost a little of its strength Tuesday after starting the week by surging against major peers, including a record high versus the pound, though equity traders struggled to claw back recent losses owing to recession fears. While central banks around the world are ramping up interest rates to fight inflation, the main focus is …

Sep 27(ABC): Oil steadied in early Asian trade on Tuesday as indications that producer alliance OPEC+ sought to avoid a collapse in prices, along with a slight softening in the U.S. dollar, tempered an earlier selloff. Brent crude futures rose 26 cents, or 0.3%, to $84.32 per barrel by 0033 GMT, while U.S. West Texas Intermediate (WTI) crude futures were …

ISLAMABAD, Sep 27(ABC): The Asian Development Bank (ADB) Tuesday announced plans to provide at least $14 billion over 2022–2025 in a comprehensive program of support to ease a worsening food crisis in Asia and the Pacific, and improve long-term food security by strengthening food systems against the impacts of climate change and biodiversity loss. The assistance expands ADB’s already significant …

ISLAMABAD, Sep 27(ABC): Minister for Energy Khurram Dastgir on Tuesday invited the Japanese government and companies to explore renewable energy (RE) investment opportunities in Pakistan. The minister extended the offer during his meeting with State Minister Mr. Nakatani at the Japanese Ministry of Economy, Trade and Industry in Tokyo, said a statement.

Sep 27(ABC): The world economy will take a bigger hit than previously forecast next year due to the effects of Russia’s war in Ukraine, the Organisation for Economic Co-operation and Development (OECD) said Monday. In a bleak report titled “paying the price of war”, the Paris-based organisation noted that the conflict aggravated inflationary pressure when the cost of living was already rising quickly. …

ISLAMABAD, Sep 26 (ABC): The price of 24 karat per tola gold witnessed a decrease of Rs.6800 on Monday and was sold at Rs.143,300 against its sale at Rs. 150,100; the previous day. The price of 10 gram 24 karat also decreased by Rs.5829 and was sold at Rs.122,857 against Rs.128,686 whereas that of 10 gram 22 karat went down …

ISLAMABAD, Sep 26 (ABC): The Universal Service Fund (USF) Board approved an award of 10 contracts worth Rs 21 billion for connectivity of the un-served and under-served communities of Baluchistan, Punjab, Sindh and Khyber Pakhtunkhwa (KP) provinces. The high-speed mobile broadband projects, highways and motorways projects and optical fiber cable (OFC) projects will provide 4G LTE connectivity and backhaul connectivity …

ISLAMABAD, Sep 26 (ABC): In a move forward, the Pakistan Stock Exchange (PSX) has digitised the process of listing through an online portal, PRIDE (Public Offerings Revolutionized through an Integrated and Digitized Experience). According to press statement received here Monday, the online portal is designed to automate the listing process from end to end. Through PRIDE, Lead Managers, Advisors or …

ISLAMABAD, Sep 26 (ABC): The gold imports increased by 15.21 percent during the first two months of the current fiscal year as compared to the corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported. The gold imports during July-August (2022-23) were recorded at $3.447 million as compared to the imports of $2.992 million during July-August (2021-22), according to …

MOSCOW, Sep 26 (ABC): Russian President Vladimir Putin regretted sanctions against Belarusian fertilizers, saying their deliveries are blocked despite great demand in the world. Speaking at a meeting with Belarusian President Alexander Lukashenko in Sochi, Putin said the greatest need for fertilizers is observed among the developing countries. He added that besides food security, he would like to discuss with …

BEIJING, Sept 26 (ABC): Pakistan can make active use of the China-ASEAN Expo in Nanning, China International Import Expo in Shanghai, Canton Fair in Guangzhou and other product-specific platforms exhibitions in China to increase its foreign exchange reserves, Trade and Investment Counselor, Consulate General of Pakistan in Guangzhou, China, Muhammad Irfan said. During the 19th China-ASEAN Expo, which was held …

ISLAMABAD, Sep 26(ABC): The Universal Service Fund (USF) board has approved the award of 10 contracts worth Rs21 billion for the provision of information technology and mobile broadband services to the un-served and underserved communities in all provinces of the country. High-speed mobile broadband projects for highways and motorways and optic fibre cable projects will provide 4G Long-Term Evolution (LTE) …

Sep 26(ABC): Shares at the Pakistan Stock Exchange (PSX) opened the week on a positive note, with analysts citing the rupee’s strong recovery buoyed by a decline in international oil prices as well as Ishaq Dar’s upcoming appointment as the finance minister behind the rally. The benchmark KSE-100 index had gained 411 points, or 1.01 per cent, by 10:46am, to reach …

ISLAMABAD, Sep 26(ABC): Qatar is awaiting progress on ‘reforms’ Pakistan assured last month to facilitate about $3 billion investment in the country as part of foreign financing arrangements required during the current fiscal year under the International Monetary Fund (IMF) programme. Qatar has been seeking pipeline capacity allocation to transport liquefied natural gas (LNG) through a terminal it plans to set …

KARACHI, Sep 26(ABC): Pakistani currency continued to stabilize for the second consecutive working day, as it made fresh recovery against the US dollar in the inter-bank market on Monday. According to details, the local currency appreciated by Rs1.65 against the greenback and was being traded around Rs238. The rupee had closed at Rs239.65 on Friday, according to Pakistan’s central bank …

MELBOURNE, Sep 26(ABC): Oil prices rose modestly in early trade on Monday after sliding to eight-month lows last week weighed down by a surging U.S. dollar and fears sharp interest rate hikes globally would spark a recession and hit fuel demand. The dollar index climbed to a fresh 20-year high on Monday, capping oil price gains. Brent crude futures were …

ABU DHABI , Sep 26(ABC): The United Arab Emirates agreed Sunday to supply natural gas and diesel to Germany as part of an “energy security” deal to replace Russian supplies. Emirati industry minister Sultan Ahmed Al Jaber called it a “landmark new agreement” that “reinforces the rapidly growing energy partnership between the UAE and Germany”, at a signing attended by …

TOKYO, Sep 26(ABC): Sterling tumbled to a record trough on Monday as traders scampered for the exits on speculation the new government’s economic plan will stretch Britain’s finances to the limit. The British pound’s searing drop helped the safe-haven US dollar to a new two-decade peak against a basket of major peers. Sterling slumped as much as 4.9% to an …