NEW YORK, July 14(ABC): Oil prices rose on Thursday, with Brent breaking above $100 a barrel, as investors weighed tight supplies against the prospect of a large US rate hike that would stem inflation and curb crude demand. Brent crude futures for September climbed 68 cents, or 0.7%, to $100.25 a barrel by 0400 GMT after settling below $100 for …

LONDON (ABC): Britain’s economy rebounded in May, official data showed Wednesday, dampening fears of a slowdown despite surging inflation and rising interest rates. Gross domestic product expanded by 0.5 percent, the Office for National Statistics said in a statement, beating expectations of no growth. “The economy rebounded in May with growth across all main sectors,” said Darren Morgan, ONS director …

KARACHI, July 13(ABC): The Pakistan Stock Exchange (PSX) opened the short trading week — after a five-day-long Eid ul Adha holiday — in the green with a gain of over 500 points. The market players assumed fresh positions in hopes of revival of the stalled International Monetary Fund (IMF) programme which will provide a much-needed breather to the economic crisis …

WASHINGTON, July 13(ABC): US consumer prices accelerated in June as gasoline and food costs remained elevated, resulting in the largest annual increase in inflation in 40-1/2 years and cementing the case for the Federal Reserve to hike interest rates by 75 basis points later this month. The consumer price index increased 1.3% last month after advancing 1.0% in May, the …

ISLAMABAD, July 13 (ABC): Pakistan to participate in 13 trade exhibitions in China during 2022-23, reported on Wednesday. In line with Trade Development Authority Pakistan (TDAP) Annual Business Plan (ABP), Pakistani officials, experts, importers, and exporters will participate in exhibitions and fairs in different Chinese cities during this period. The exhibitions will cover a variety of topics including textile, leather, …

NEW YORK, 13 July(ABC):Brent oil futures closed Tuesday under $100 a barrel for the first time in three months as recession worries cloud the near-term outlook for crude demand. The contract for the international oil benchmark for September delivery tumbled 7.1 percent to $99.49 a barrel as the market focused on worries about further China Covid-19 restrictions and the slowdown …

WEB DESK, July 13(ABC): Airlift — the Lahore-based online shopping delivery firm — has decided to “permanently” shut down its operations amid a global recession. The company announced the decision via a press release on Tuesday. “While the global recession and recent downturn in capital markets has affected economic activity across the board, it has had a devastating impact on …

LONDON, July 12(ABC): The euro sank to within a whisker of parity with the dollar on Tuesday and stock markets fell as the prospect of further central bank tightening and worries about the health of economies worldwide unnerved investors. The dollar s role as the safe-haven go-to currency for investors worried about the economic outlook has been burnished in recent weeks, …

ISLAMABAD, July 12 (ABC): Pakistan’s exports to China in June 2022 have increased by 8% to US$251.30 million as compared to the corresponding month of the previous year when it was recorded at US$232.74 million in June 2021, reported on Tuesday quoting Trade Development Authority Pakistan (TDAP). Also, as compared to May 2022, Pakistan’s exports to China have shown positive …

SINGAPORE, July 12(ABC): Oil prices fell on Tuesday as fresh COVID-19 curbs in China, the world’s biggest crude importer, and fears of a global economic slowdown weighed on the fuel demand outlook. Brent crude futures for September fell $1.35, or 1.3%, to $105.75 a barrel by 0305 GMT, while U.S. West Texas Intermediate crude for August delivery was at $102.64 …

HONG KONG, July 12(ABC): Asian stocks mostly fell Tuesday, along with oil, on fears that central bank moves to fight inflation will spark a recession, while the euro fell towards parity with the dollar as energy and cost-of-living crises loom over the eurozone economy. Worries about a fresh Covid flare-up in China — fuelling talk of another round of painful …

WEB DESK, July 11(ABC): Every year at Eidul Azha, there used to be a difficult question that was asked of anyone who was sacrificing an animal. It did not matter whether you had sacrificed a cow, an oxen, a goat or a sheep, the ultimate question was: what do you do with its hide? Most people used to donate the …

HONG KONG, July 11(ABC): Asian markets and oil prices mostly fell Monday with a fresh Covid flare-up in Shanghai fanning fears of another economically painful lockdown in China’s biggest city. The news came after a forecast-busting US jobs report last week indicated the world’s top economy was coping so far with the Federal Reserve interest rate hikes, giving it room …

KARACHI, July 9(ABC): Gold price remains unchanged in Pakistan amid volatility in the international market and rupee appreciation against the US dollar. According to rates issued by the All Sindh Sarafa Association, gold prices remained stable at Rs142,200 per tola and Rs121,914 per 10 grams on Saturday. Cumulatively, the precious metal gained Rs500 per tola during the week ended July …

ISLAMABAD, July 9(ABC): While acknowledging its contribution to the protection of rock carvings at Diamer Basha Dam Project (DBDP) site, PowerChina has received a “letter of thanks” from the Pakistan Water and Power Development Authority (WAPDA), the Chinese company said, according to report. “This has laid a solid foundation for joint protection of the historical and cultural heritage of Pakistan,” …

SAN FRANCISCO, July 9(ABC): Elon Musk pulled the plug on his $44 billion deal to buy Twitter, accusing the social media giant of “misleading” statements about the number of fake accounts, a regulatory filing showed. Musk s effort to terminate the deal that he inked in April sets the stage for an epic court battle over a billion-dollar breakup fee and …

KARACHI, July 8(ABC): Foreign exchange reserves held with the State Bank of Pakistan dipped below the $10 billion level at the end of the last week, despite the fact that Pakistan received a generous injection of $2.3 billion from Chinese commercial banks late last month. This was revealed in fresh data released by the State Bank of Pakistan (SBP) on …

NEW YORK, July 8(ABC): Asian shares tracked overnight Wall Street gains in early trading on Friday as fears of an economic slowdown cooled and sterling began to claw back recent losses following British Prime Minister Boris Johnson’s decision to resign. Japan’s Nikkei index was up 1.23% at 26,817.24 in morning trade, its highest mark since June 29th. MSCI’s broadest index of …

KARACHI, July 8(ABC): The Pakistan Stock Exchange (PSX) witnessed tepid trading in the outgoing week as delay in the revival of the International Monetary Fund (IMF) programme kept market participants mostly on the sidelines. Resultantly, the KSE-100 index declined 286 points or 0.7% to end the week at 41,344.01 points. The market commenced the week on a negative note, amid …

KARACHI, July 8(ABC): Despite the appreciation of the Pakistani rupee against the US dollar, the gold price in Pakistan extended gains on Friday. The price of the precious commodity rose by Rs200 per tola and Rs172 per 10 grams to settle at Rs142,200 and Rs121,914, respectively. A day earlier, the precious commodity closed at Rs142,000 per tola and Rs121,742 per …

ISLAMABAD, July 7(ABC): Weekly Inflation in the country has further increased by 3.32 percent, and the overall rate has reached 33.66 percent. The report issued by the Pakistan Bureau of Statistics (PBS) stated that the prices of 30 essential commodities have gone up in a week, 5 items became cheaper and 16 items remained stable. While petrol prices rose by …

ISLAMABAD, July 7(ABC): The KSE 100-index of the Pakistan Stock Exchange (PSX) witnessed bullish trend on Thursday, gaining 184.22 points, a positive change of 0.45 percent, closing at 41,344.01 points against 41,159.79 points on the last working day. A total of 99,088,707 shares were traded during the day compared to the trade of 98,247,131 shares the previous day, whereas the …

ISLAMABAD, July  7(ABC): The Economic Coordination Committee (ECC) on Thursday has decided to hike the natural gas price while subsidized gas will continue to be provided to Pakistan’s export industry and other industries. A meeting of the ECC was held under the chairmanship of Finance Minister Miftah Ismail in which it was stated that gas price has not been increased …

KARACHI, July 7(ABC): The State Bank of Pakistan’s (SBP) reserves held by the central bank decreased 4.77% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. On June 30, the foreign currency reserves held by the SBP were recorded at $9,816.3 million, down $493 million compared with $10,309 on June 24. According …

HONG KONG, July 7(ABC): Crude extended the week’s losses Thursday, while the euro struggled to recover from 20-year lows and equities were mixed as recession fears continued to cast a pall across trading floors. Expectations for a contraction in some of the world’s leading economies, including China, where a new Covid-19 flare-up has generated angst, have increased in recent weeks …

NEW YORK, July 7(ABC): Recession worries pushed the price of Brent oil briefly back under $100 on Wednesday, and the euro moved closer to parity with the dollar. European stocks rebounded thanks to lower bond yields and bargain hunting, while US stocks also advanced, climbing after Federal Reserve minutes maintained a tough line on inflation. Europe s benchmark crude oil contract, …

ISLAMABAD, July 7(ABC): The Executive Committee of the National Economic Council (ECNEC) here on Wednesday approved construction of Hyderabad–Sukkur Motorway on Built Operate Transfer (BOT) basis with revised cost of Rs. 308,194.00 Million. Federal Minister for Finance and Revenue, Miftah Ismail chaired the ECNEC meeting while among others it was attended by Federal Minister for Planning, Development and Special Initiatives, …

KARACHI, July 6(ABC): The Pakistan Stock Exchange (PSX) staged a rebound on Wednesday but the KSE-100 index rose just 57 points in range-bound trading as investors were wary of surging COVID-19 cases in the country and expectations of the rate hike in the monetary policy announcement due tomorrow. Trading remained mixed as bulls locked horns with bears to take control …

ISLAMABAD, July 5, 2022 (ABC): The Economic Co-ordination Committee (ECC) has lifted the ban on import of luxury items. During the meeting, the Economic Co-ordination Committee (ECC) approved the continuation of subsidy on five basic items at utility stores. Approval was also given to impose National Disease Emergency while a committee was set up for issuance of telecom license. The …

ISLAMABAD, July 6(ABC): The exports of services from the country witnessed an increase of 17.71 percent during the first eleven months of the current financial year (2021-22) as compared to the corresponding period of last year, the Pakistan Bureau of Statistics (PBS) reported. The exports of services during July-May (2021-22) were recorded at US$ 6,318.11 million against the exports of …

HONG KONG, July 6(ABC): Oil prices rose Wednesday after suffering a painful drop the previous day, though the euro remained wedged at a 20-year low and equities mostly fell in Asia as recession fears continue to flow through trading floors. Both main crude contracts were pummelled Tuesday as investors grow increasingly worried that leading economies will contract this year or …

ISLAMABAD, July 5 (ABC): There is a great potential in expanding the value chain of agricultural products in Pakistan. If the country brings average crop yield to par with that of the world, Pakistani farmers can generate additional revenue, says a report on Tuesday. In this regard, China Machinery Engineering Corp (CMEC) is playing a vital role in helping Pakistan …

LONDON, July 5(ABC): Oil prices dropped $6 on Tuesday as concerns about a possible global recession curtailing demand outweighed supply disruption fears, highlighted by an expected production cut in Norway. Brent crude was down $6.65, or 5.9%, at $106.85 a barrel by 1,344 GMT, and US West Texas Intermediate (WTI) crude fell $5.65, or 5.2%, to $102.78 a barrel from …

KARACHI, July 5(ABC): Gold price in Pakistan rise by Rs1,500 per tola in Pakistan on Tuesday in line with the depreciation of the Pakistani rupee against the US dollar. The price of the precious commodity rose by Rs1,500 per tola and Rs1,286 per 10 grams to settle at Rs142,900 and Rs122,514, respectively. A day earlier, the precious commodity closed at Rs141,400 …

KARACHI, July 5(ABC): The Pakistan Stock Exchange (PSX) on Tuesday continued its downward trend with a loss of over 200 points. The stock market opened in the green, however, it later succumbed to selling pressure as the bears staged a comeback following Pakistan rupee’s depreciation against the US dollar. At close, the benchmark KSE-100 index closed at 41,102.57 points with a loss …

TOKYO, July 5 (ABC): It’s still dark when the line starts forming outside an electronics store in Tokyo, as desperate gamers try to snag the latest PlayStation or Xbox despite chronic shortages in Japan. The consoles made by Sony and Microsoft have been hard to buy since their November 2020 release, as has Nintendo’s Switch, with supply chain issues exacerbated …

BEIJING, July 5 (ABC): Pakistan’s export of rice to China crossed $277.56 million in the first five months of Financial Year 2021-2022, up 9.73 percent year-on-year bases. Pakistan remained one of the major broken rice suppliers to China, according to the official data from the General Administration of Customs of the People’s Republic of China (GACC). Badar uz Zaman, Commercial …

TOKYO, July 5 (ABC): Tokyo stocks closed higher Tuesday, with exporters buoyed by a weaker yen, and investors watching speculation that Washington could roll back some tariffs on Chinese goods to battle inflation. The benchmark Nikkei 225 index gained 1.03 percent, or 269.66 points, to end at 26,423.47, while the broader Topix index climbed 0.50 percent, or 9.41 points, to …

PARIS, July 5(ABC): Gas consumption will contract slightly this year due to high prices and Russian cuts to Europe, with only slow growth over coming years as consumers switch to alternatives, the IEA said Tuesday. The International Energy Agency chopped its forecast for global gas demand by more than half in its latest quarterly report on gas markets. It now …

ISLAMABAD, Jul 4 (ABC): Owing to incentives introduced by the government for enhancing area under oil seeds cultivation, local output of oil seed crops including canola, sunflower and mustard witnessed encouraging growth during last season, which would help to increase local output of edible oil as well as reduce the reliance on imported commodity. Meanwhile, area under oil seed cultivation …