ISLAMABAD, Sep 12 (ABC):The 100-index of the Pakistan Stock Exchange (PSX) witnessed bearish trend on Monday, losing 85.87 points, a negative change of 0.20 percent, closing at 41,862.29 against 41,948.16 points on the last working day. A total of 161,425,081 shares were traded during the day compared to 146,631,042 shares the previous day, whereas the price of shares stood at …

ISLAMABAD, Sep 12 (ABC): President Dr Arif Alvi on Monday urged the need for a close, meaningful and effective collaboration among the federal and provincial governments, local authorities, and public and private sectors to promote investment in the mining and minerals sectors of the country. He was addressing a meeting of various private and public sector stakeholders relating to the …

ISLAMABAD, Sep 13(ABC): The Central Directorate of National Savings (CDNS) on Monday achieved the target of issuing Rs 240 billion fresh bonds in the current fiscal year 2022-23 from July 1st to September,10th 2022. The Central Directorate of National Savings (CDNS) has set a saving target of Rs1.5 trillion for the current financial year (2022-23) which will promote savings culture …

ISLAMABAD, Sep 13 (ABC):The price of 24 karat per tola gold witnessed an increase of Rs.3000 on Monday and was sold at Rs.156,000 against its sale at Rs. 153,000 the previous day. The price of 10 gram 24 karat also increased by Rs.2572 and was sold at Rs.133,745 against Rs.131,173 whereas that of 10 gram 22 karat went up to …

ISLAMABAD, Sep 12(ABC): The exports of spices from the country witnessed a decrease of 10.61 percent during the first month of current fiscal year (2022-23) as compared to the corresponding period of last year. Pakistan exported spices worth US $5.090 million during July 2022 as compared to the exports of US $5.694 million during July 2021, showing negative growth of …

ISLAMABAD, Sep 12 (ABC):President Dr Arif Alvi has called upon all the banks of the country to regularly warn their customers and clients about banking scams, including banking frauds involving online funds transfers, and improve their regular communication with clients. He said that simple people were being frequently entrapped by fraudsters and swindled out of their hard-earned money through fake …

FAISALABAD, Sep 12(ABC): Agriculture experts have advised the farmers to immediately start cultivation of grams from mid of September and get maximum production.A spokesman for the agriculture department said here on Sunday that the time from mid September to end of November was the best and suitable for gram cultivation in Punjab province. Therefore, growers should concentrate on cultivation of …

KARACHI, Sep 12(ABC): The Sindh Cabinet, in order to encourage and strengthen flood-affected local growers to grow more wheat and avoid famine-like situation in the province has fixed a support price of wheat at Rs4000 per 40 kg. The meeting was held under the chairmanship of Sindh Chief Minister Syed Murad Ali Shah here at CM House. The meeting was …

ISLAMABAD, Sep 11 (ABC): Pakistan Railways is planning to procure as many as 25 diesel electric locomotives for various shunting points across the country which would help to replace outdated locomotives that to be scrapped very soon. The project for the procurement and manufacturing of 25 shunting locomotives would be implemented in three years at an estimated cost of Rs. …

ISLAMABAD, Sep 11 (ABC): With higher level of halal trade, the halal economy is poised to become more integrated with global trade and supply chains, which will swell to $5 trillion by 2030 from $2.30 trillion a couple of years ago. This was stated here on Sunday by Chairman United Business Group in the Federation of Pakistan Chamber of Commerce …

MULTAN, Sep 11 (ABC):Punjab agriculture department sought applications from sugarcane farmers for contesting bumper crop competition. According to the department, registered farmers from 13 different districts including Layyah, Bahawalpur, Muzaffargarh, Rajanpur, Raheemyar Khan,  Bhakkar, Toba Tek Singh, Manid Bahauddin, Kasur, Sargodha, Faisalabad, Jhang and Chinot. The government will also provide Rs 5000 subsidy/acre to the farmers. The farmers who will …

ISLAMABAD, Sep 9 (ABC): Federal Minister for Finance and Revenue Miftah Ismail here on Friday formed a committee to hold meetings with Chinese Independent Power Producers (IPPS) on regular basis to address and resolve their concerns. The committee would comprise representatives from Finance, Power divisions and China Pakistan Economic Corridor (CPEC), according to press statement issued by finance ministry. Presiding …

ISLAMABAD, Sep 9 (ABC): The price of 24 karat per tola gold witnessed an increase of Rs.850 on Friday and was sold at Rs.151,700 against its sale at Rs.150,850 the previous day. The price of 10 gram 24 karat also increased by Rs.728 and was sold at Rs.130,058 against Rs.129,330 whereas that of 10 gram 22 karat went up to …

BUDAPEST, Sep 9 (ABC): Driven mostly by soaring food prices, Hungary’s annual inflation rate climbed from 13.7 percent in July to 15.6 percent in August, a level not seen since May 1998, the country’s Central Statistical Office (KSH) said here on Thursday. The figure was well over the official target of 3 percent set by the National Bank of Hungary …

BERLIN, Sept 9 (ABC): German gas company VNG on Friday became the latest European energy firm to seek government aid as reduced Russian pipeline flows pushed up energy prices and put its business under stress. VNG, Germany’s third-largest gas importer and storage operator, asked for support to “avert further losses” and allow the group’s “business operations as a whole to …

ISLAMABAD, Sep 9 (ABC): Ambassador of the Kyrgyz Republic to Pakistan Ulanbek Totuiaev has emphasized establishing stronger trade ties, enhancing cultural exchanges, and mutual collaboration in the educational and scientific sectors between both countries. He made these remarks during a seminar on “30 Years of Pakistan-Kyrgyzstan Relations: Progress and Prospects,” organized by the Institute of Peace and Diplomatic Studies, Embassy …

Sep 9(ABC):India banned exports of broken rice and imposed a 20% duty on exports of various grades of rice on Thursday as the world’s biggest exporter of the grain tries to augment supplies and calm local prices after below-average monsoon rainfall curtailed planting. The new duty is likely to discourage buyers from making purchases from India and prompt them to shift …

ISLAMABAD, Sep 9(ABC): The rapid assessment cost on projected economic losses following floods as calculated by the Centre and endorsed by the provinces has gone up further to the tune of $17-$18 billion. The economic losses have further increased mainly because agricultural crops have been destroyed across 8.25 million acres as compared to an initial assessment of 4.2 million acres. Cotton, rice, …

KARACHI, Sep 9(ABC): The Pakistani rupee persisted on Friday in losing its value for the sixth straight session against the US dollar as the country continues to suffer an economic hit caused by heavy floods. The local unit was trading at 229.50 after losing 4.08 in the interbank market during intraday trade, down in value from yesterday’s close of 225.42 — when …

ISLAMABAD, Sep 8 (ABC): Pakistan rupee on Thursday depreciated by Rs 2.01 against the US dollar in the interbank trading and closed at Rs 225.42; against the previous day’s closing of Rs 223.41 According to the Forex Association of Pakistan (FAP), the buying and selling rates of dollars in the open market were recorded at Rs 232.1 and Rs 234.6 …

ISLAMABAD, Sep 8 (ABC): Recent flash floods and torrential rains have not only destroyed the major and minor cash crops standing over thousands of hectares across the four provinces of the country, but it also ruined basic livestock infrastructure developed over vast areas. Due to the devastation, hundreds of thousands small and large animals killed, besides destroying and damaging of …

ISLAMABAD, Sep 7 (ABC):Pakistan rupee on Wednesday depreciated by Rs 1.99 against the US dollar in the interbank trading and closed at Rs 223.41; against the previous day’s closing of Rs 221.42 According to the Forex Association of Pakistan (FAP), the buying and selling rates of dollars in the open market were recorded at Rs 232 and Rs 234.5 respectively. …

ISLAMABAD, Sep 6(ABC): The KSE 100-index of the Pakistan Stock Exchange (PSX) turned around on Tuesday, gain 1.06 point, closing at 41,860.36 points against 41,859.30 points on the last working day. A total of 187,263,407 shares were traded during the day compared to the trade of 156,803,627 shares the previous day, whereas the price of shares stood at Rs 4.017 …

KARACHI, Sep 6(ABC): Amid a financial crisis in the country in the wake of massive devastations caused by flash floods, the gold price in Pakistan jumped by Rs3,050 per tola as unruly inflation and the intensifying economic crisis fed demand for the safe-haven metal. According to the All Sindh Sarafa and Jewellers Association (ASSJA), the price per tola gold settled …

MELBOURNE, Sep 6(ABC): Oil prices slipped early on Tuesday, paring the previous session’s 3% gain, as an OPEC+ deal to cut output by 100,000 barrels per day in October was seen as a largely symbolic move to stem the market’s recent slide. Brent crude futures fell 33 cents, or 0.3%, to $95.44 a barrel at 0054 GMT. U.S. West Texas …

HONG KONG, Sep 6(ABC): Asian shares rose on Tuesday morning after China pledged to make renewed efforts to boost its economy on Monday, while investors pinned hope on more clarity ahead of a number of central bank meetings. MSCI’s gauge of Asia-Pacific stocks outside Japan (.MIAPJ0000PUS) was up 0.47%, with China’s benchmark CSI300 Index (.CSI300) and Hang Seng Index (.HSI) …

KARACHI, Sep 6(ABC):  The Pakistan rupee continued to remain under pressure Tuesday and depreciated against the dollar in the interbank market following a fluctuation in the demand and supply position of the greenback in the currency market. The local unit was exchanging hands at 221.60 after losing 1.74 against the dollar during intraday trade in the interbank market, up from …

Sep 6(ABC): Sri Lanka’s International Monetary Fund bailout plan could be a turning point in its worst economic crisis, but far-from-stable politics and a need to get debt relief from competing powers China, India and Japan means some of the hardest work is still to come. President Ranil Wickremesinghe knows a lot of circles will need to be squared for …

ISLAMABAD, Sep 5 (ABC): The Central Directorate of National Savings (CDNS) on Monday collected the target of issuing Rs 220 billion fresh bonds in the current fiscal year 2022-23 from July 1st to August 31, 2022. The Central Directorate of National Savings (CDNS) has set a saving target of Rs1.5 trillion for the current financial year (2022-23) which will promote …

KARACHI, Sep 05 (ABC): The State Bank of Pakistan (SBP) has barred banks of charging any service charges on donations to Prime Minister Flood Relief Fund 2022 The central bank’s Payment System Department through a circular letter directed all the issuing and acquiring banks, micro-finance banks and other payment schemes operating in Pakistan to meticulously comply with the instructions and …

PESHAWAR, Sep 05 (ABC): President Dr Arif Alvi here Monday said that economic prosperity of the country was linked with increasing tax collection and underlined the need for bringing rich people under tax-net to economically strengthen the poor segment of the society. Addressing an awareness seminar regarding role of Federal Tax Ombudsman (FTO) Office for provision of prompt, quick and …

BEIJING, Sept 5 (ABC): China has put together 200 tons of onions and will soon dispatch via Karakoram Highway to the flood-hit people of Pakistan, Chinese Foreign Ministry Spokesperson, Mao Ning said on Monday. “Based on Pakistan’s needs, the Chinese side has put together 200 tons of vegetables and will deliver them via the Karakoram Highway as soon as possible,” …

KARACHI, Sep 5(ABC): The Pakistan Stock Exchange (PSX) witnessed bearish activity on Monday after some experts revised downwards the growth estimate for fiscal year 2023 and the government issued an estimate of the damages caused by floods. The KSE-100 index was down 333.58 points, or 0.79 per cent, to reach 41,975.53 points at 2:59pm. Arif Habib Corporation’s Ahsan Mehanti said …

PARIS, Sep 5(ABC): The euro sunk below $0.99 on Monday, a 20-year-low, following the announcement last week that Russia would cut off gas deliveries to Germany via the Nord Stream pipeline. The euro fell 0.70 percent to 0.9884 dollars Monday at 0535 GMT, its lowest since December 2002. The European currency has continued to weaken against the dollar since the …

VIENNA, Sep 5(ABC): Faced with recession fears, the OPEC+ countries are expected to agree a modest increase in oil production at a meeting on Monday, with some experts even forecasting a cut to support prices. The 13 members of the Organization of the Petroleum Exporting Countries (OPEC) cartel, led by Saudi Arabia, and their 10 partners, led by Russia, are …

FRANKFURT, Sep 5(ABC): After raising interest rates for the first time in over a decade at their last meeting, European Central Bank policymakers are poised to deliver another bumper hike on Thursday in a show of determination to tame soaring inflation. Steep increases in the price of energy in the wake of the Russian invasion of Ukraine have heaped pressure …

HONG KONG, Sep 5(ABC): Asian markets were mixed Monday as the positive vibes from a US jobs report were offset by growing fears about an energy crisis in Europe, Chinese Covid lockdowns and geopolitical tensions. The closely watched payrolls for August showed employment growth moderating and unemployment ticking higher, easing pressure on the Federal Reserve to sharply lift interest rates. …

SINGAPORE, Sep 5(ABC): Oil prices jumped more than $1 a barrel on Monday, extending gains as investors eyed possible moves by OPEC+ producers to tweak production and support prices at a meeting later in the day. Brent crude futures rose $1.43, or 1.5%, to $94.45 a barrel by 0054 GMT after gaining 0.7% on Friday. U.S. West Texas Intermediate crude …

BEIJING, Sep (ABC): Royal Group, China, and JW Holdings, Pakistan, in the spirit to enhance cooperation in buffalo business between the two countries, signed a Memorandum of Understanding (MoU) as a side event of the 2022 China International Fair for Trade in Services (CIFTIS), reported on Sunday. According to the MoU, the two companies will deepen cooperation in buffalo farm …

BERLIN, Sept 4 (ABC):The German government on Sunday unveiled a new multi-billion euro plan to help housesholds cope with soaring prices, and said it was eyeing windfall profits from energy companies to help fund the relief. German businesses and consumers are feeling the pain from sky-high energy prices, as Europe’s biggest economy seeks to extricate itself from reliance from Russian …