KARACHI, July 4(ABC): The Pakistan Stock Exchange (PSX) started the week on a negative note as the bulls staged a comeback and the market closed with a loss of 200 points on Monday. The market opened in the green but soon witnessed profit-taking. At close, the benchmark KSE-100 index closed at 41,348.19 points with a loss of 282.16 points or …

KARACHI, July 4(ABC): The gold price in Pakistan receded on Monday with a drop of Rs300 per tola amid rising inflation. According to the All Sindh Sarafa and Jewellers Association (ASSJA), the price of the yellow metal settled at Rs141,400 per tola in the local bullion market. Meanwhile, the price of gold lost Rs257 per 10 grams to close at …

PARIS, July 4(ABC): France’s Schneider Electric SE (SCHN.PA)has agreed to sell its Russian unit to the local leadership team, it said on Monday, joining a wave of companies divesting their Russian businesses. Schneider Electric said it expected to write off up to 300 million euros ($313 million) in net book value as a result of the divestment. “Schneider Electric is …

DETROIT, July 4(ABC): Tesla’s sales from April through June fell to their lowest quarterly level since last fall as supply chain issues and pandemic restrictions in China hobbled production of its electric vehicles. The company disclosed it sold more than 254,000 cars and SUVs from April through June, an 18% drop from the first three months of this year and …

HONG KONG, July 4(ABC): Asian markets were mixed and oil fell as traders fret over a possible recession caused by central bank interest rate hikes aimed at fighting soaring inflation. Data showing a flare-up of fresh Covid-19 cases in China revived concerns about the government’s policy of locking down towns and cities to eradicate the disease, despite the economic cost. …

ISLAMABAD, July 4(ABC): The demand for petrol and diesel dropped 8% and 10% respectively in June 2022 compared to same month last year. According to details, the demand for petrol decreased to 702,000 tons in June while sales of diesel dropped to 713,000 tons in June compared to 776,000 tons in the same month last year. Sales of furnace oil …

ISLAMABAD, 3 July (ABC): The government has released funds amounting to Rs 1,575.06 million, under the Public Sector Development Programme (PSDP 2021-22) against total allocation of Rs 3,558.20 million to advance 17 different projects and schemes to ensure improved services in the aviation sector. Out of the total disbursement of Rs 1,575.06 million, around Rs 733.7 million have been spent …

ISLAMABAD, 03 July (ABC): The government has released funds amounting to Rs1,949.72 million to execute seven ongoing and six new petroleum-related projects during the last fiscal year under the Public Sector Development Programme (PSDP 2021-22) against a total allocation of Rs3,249.54 million. Out of the total disbursement of Rs1,949.72 million, around Rs586.54 million have been spent on petroleum projects to …

LAHORE, July 3(ABC): With Eid-ul-Azha just around the corner, prices of vegetables have almost doubled across the country. The prices of essential vegetables have skyrocketed as shopkeepers are selling items at their own rates instead of following the official price list released by the government. In Lahore, onions are being sold within a range of Rs80 to Rs110, while the …

NEW YORK, July 3(ABC): The rapid rise of the US dollar since the start of the year is a double-edged sword for American multinational companies, pushing some of them to decide whether to hedge or reposition their activities abroad to avoid fallout. For an importer, the surge in the greenback against the euro, yen or British pound is a plus, …

KARACHI, July 3(ABC): Pakistan’s imports of cooking oil spiked to $3.56 billion in the first 11 months of the previous fiscal year that ended on June 30, 2022, which was equivalent to 60% of the three-year International Monetary Fund (IMF) loan programme of $6 billion. The edible oil imports were 44% (or $1.1 billion) higher compared to $2.47 billion in …

ISLAMABAD, July 2(ABC): China Machinery Engineering Corp. (CMEC) successfully concluded a 7-day long reliability test run of the first unit of the 1,263-megawatt thermal power plant in the Jhang district of Punjab province. The 400 MWs Gas Turbine 1 (GT1) will start commercial operations on July 6 after some heat and cooling-related tests on stopped machines, an official told Gwadar …

KARACHI, July 2(ABC): The bulls staged a comeback at the Pakistan Stock Exchange (PSX) after a week of bearish trade as the benchmark KSE-100 finished the last week of FY22 with a gain of 579 points or 1.41% to settle at 41,630 points. Interest in selected stocks kept the market buoyant as sector-specific developments spurred buying interest. The index maintained …

ISLAMABAD, July 2(ABC): All Pakistani commercial banks have refused to open letters of credit (LCs) for Russian-origin crude oil in the light of economic sanctions by the United States, the United Kingdom and the European Union against Moscow for invading Ukraine, reported Saturday. The commercial banks, according to the publication, have stated that payment in US dollars is not possible …

NEW YORK, July 2(ABC): Asian shares were ending a rough quarter in a sombre mood on Thursday amid fears central banks’ cure for inflation will end up sickening the global economy, though it is proving to be a fillip for the safe-haven dollar and government bonds. Policy makers on Wednesday reiterated their commitment to controlling inflation no matter what pain …

FAISALABAD, July 1(ABC): Bilateral trade between Pakistan and Bangladesh is growing at a rapid pace and it will cross the $1 billion mark by the yearend, Bangladesh High Commissioner Ruhul Alam Siddique said.  Addressing the business community at the Faisalabad Chamber of Commerce and Industry (FCCI) on Thursday, he said that Pakistan was very important for Bangladesh in terms of …

ISLAMABAD, July 01 (ABC): The country’s top motorcycles companies have announced a hefty increase in the prices of all models of their motorcycles. The Honda company registered a jump in prices from Rs5,000 to Rs15,000 in its whole range of motorbikes while Yamaha company raised prices of its all brands from Rs23,000 to Rs26,500. Honda’s best-selling model CD-70 registered an …

ISLAMABAD, Jul 1 (ABC): United States remained the top export destinations of Pakistani products during the eleven months of fiscal year (2021-22), followed by China and United Kingdom (UK). Total exports to the USA during July-May (2021-22) were recorded at US $6158.171 million against the exports of $4475.232 million during July- May (2020-21), showing a growth of 37.60 percent, according …

TOKYO, Jul 1 (ABC): Japan’s jobless rate rose to 2.6 percent in May, with the figure rising for the first time in four months, the government said in a report on Friday. From the previous month, on a seasonally-adjusted basis, the unemployment rate increased from 2.5 percent to 2.6 percent in the recording period, as more people left jobs to …

BRUSSELS, July 1 (ABC):Eurozone inflation accelerated to another record high in June, official data showed on Friday, as the consequences of the Ukraine war continued to hammer the European economy. The EU’s Eurostat data agency said the increase in consumer prices in the 19 countries that use the euro reached 8.6 percent in June, leaping from the previous record of …

WASHINGTON 01 July (ABC): The World Bank has approved creation of a fund meant to finance investments in strengthening the fight against pandemics. The fund will support prevention, preparedness and response with a focus on low and middle-income countries. In a statement, the Bank said the devastating human, economic and social cost of COVID-19 has highlighted the urgent need for …

LONDON, July 1 (ABC): European stock markets steadied Friday with traders having expected news of record-high eurozone inflation that reinforced expectations of an ECB interest rate hike this month. On the upside, the haven dollar jumped one percent against the pound on rising expectations of a recession, while oil rebounded on tight supplies. Eurozone inflation accelerated to another record high …

ISLAMABAD, Jul 1 (ABC): In an effort to take the country towards self reliance in food commodities especially in edible oil, the government has planned to increase the annual domestic edible oil production up to 4.793 million tons in 10 years. At present the country produces 0.745 million tons of edible oil annually which is only 8% of the total …

ISLAMABAD, July 1(ABC): The inflation rate in Pakistan spiked to 21.3% in June — the highest pace since 2008 —  because of exponential growth in the prices of petroleum products, the Pakistan Bureau of Statistics (PBS) reported on Friday. On a month-on-month basis, inflation soared to a 30-year high as it clocked in at 6.3% in the last month of …

KARACHI, July 1(ABC): Gold price in Pakistan Friday extended losses as the yellow metal shed Rs400 per tola to settle at Rs141,100 as prospects of higher interest rates eroded its appeal. The precious commodity lost Rs343 per 10 grams to settle at Rs120,970 per 10 grams, respectively. Gold’s retreat came despite data showing Pakistan’s inflation — based on the consumer price index …

KARACHI, July 1(ABC): The bulls maintained their grip on the Pakistan Stock Exchange (PSX) on Friday as the benchmark KSE-100 index extended the rally with a meagre gain of nearly 90 points. Investors refrained from taking fresh positions on the last day of the week. At close, the benchmark KSE-100 index closed at 41,630.35 points with a gain of 89.52 …

ISLAMABAD, July 1(ABC): The supply of gas for the export and non-export sectors in Punjab has been cut off till July 9, reported. The decision to suspend the gas supply has been taken to shift the flow of LNG supply towards the power sector so that more electricity could be generated to mitigate the intensity of hours long power outages …

ISLAMABAD, Jul.1 (ABC): A delegation of Chinese company NORINCO called on Prime Minister Shahbaz Sharif on and expressed their interest to invest in Pakistan in renewable energy, optical fibre, iron and copper ore mining and infrastructure in major Pak cities. According to report, Prime Minister welcomed the Chinese investment in Pakistan and assured of all-out support of the government in …

COLOMBO, July 1(ABC): Sri Lanka’s inflation hit a ninth consecutive record in June, official data showed Friday, rising to 54.6 percent a day after the IMF asked the bankrupt nation to rein in galloping prices and corruption. It was the first time the increase in the Colombo Consumer Price Index (CCPI) crossed the psychologically important 50 percent mark, according to …

HONG KONG, July 1(ABC): Asian markets struggled again Friday following another selloff on Wall Street fuelled by recession fears, with warnings of a bleak outlook for the global economy as central banks slam on the brakes to battle soaring inflation. Data showing US consumers — the backbone of the world’s top economy — were growing increasingly reticent about spending dealt …

ISLAMABAD, Jun 30 (ABC): Minister for Information Technology and Telecommunication Syed Amin-Ul-Haque here on Wednesday said that the Information Technology (IT) exports have surged at the growth rate of 25.45 percent in eleven months of the current financial year. The minister in a statement said, “ICT export remittances, including telecommunication, computer and information services for the period July 2021 to …

ISLAMABAD, Jun 30 (ABC): Pakistan’s goods and services trade with the United State of America (USA) witnessed surplus of 51.22 percent during eleven months of fiscal year (2021-22) as compared to the corresponding period of last year. The overall exports to the USA were recorded at $ 6158.171 million during July-May (2021-22) against exports of $4475.232 million during July-May (2020-21), …

HONG KONG, June 30 (ABC): Fears of a recession caused by sharp interest rate hikes aimed at fighting soaring inflation sent Asian and European markets tumbling Wednesday, tracking a sharp drop on Wall Street. The hefty selling came after more than a week of gains across the world caused by hopes that any signs of contraction could give central banks …

SEOUL, June 30 (ABC): South Korea’s import value logged a double-digit growth last month due to expensive crude oil, central bank data showed Wednesday. The import value index stood at 176.50 in May, up 32.0 percent from a year earlier, according to the Bank of Korea (BOK). The index continued to rise for the 18th consecutive month, after gaining 19.3 …

SINGAPORE, June 30(ABC): Oil prices edged higher on Thursday after dipping in early Asian trade, as concerns about global supply tightness outweighed a build in US gasoline and distillate inventories. Brent crude futures for September, the more actively traded contract, rose 63 cents, or 0.6%, to $113.08 a barrel at 0250 GMT. The less liquidly traded August contract, which expires …

HONG KONG, June 30(ABC): Most Asian markets fell again Thursday as traders fear that hefty rate hikes to rein in soaring inflation will spark a recession, though a slight improvement in Chinese data did provide some cheer. The rally enjoyed across the world last week appears to have given way to nervousness about the economic outlook, while the Ukraine war …

BERLIN, June 30(ABC): Mercedes-Benz is adjusting its network of plants to manufacture a new range of luxury electric vehicles as it prepares to switch to electric by the end of the decade. Mercedes aims to halve CO2 emissions per passenger car over the life cycle by the end of this decade compared to 2020. “We are ready for the rapid …

KARACHI, June 29(ABC): The State Bank of Pakistan (SBP) Wednesday announced that it would remain closed for public dealings on Friday (July 1, 2022). According to a notification issued by the SBP, July 1 will be observed as a bank holiday in order to enable banks to close their accounts. “All banks, development finance institutions (DFIs), and micro-finance banks (MFBs) …

KARACHI, June 29(ABC): The Pakistan Stock Exchange (PSX) has remained under pressure since yesterday due to profit-booking ahead of the financial year closing. The stock market opened in the green, however, it later succumbed to the selling pressure as the bears staged a comeback. The market closed in the red with a loss of over 400 points. At close, the …

CHICAGO, June 29 (ABC): Chicago Board of Trade (CBOT) agricultural futures fell across the board on Thursday, led by corn. The most active corn contract for December delivery plunged 38.25 cents, or 5.51 percent, to settle at 6.555 U.S. dollars per bushel. September wheat fell 39.5 cents, or 3.99 percent, to settle at 9.4925 dollars per bushel. November soybean lost …