HONG KONG, June 29(ABC): Fears of a recession caused by sharp interest rate hikes aimed at fighting soaring inflation sent Asian 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 room to ease …

WEB DESK, June 29(ABC): Oil prices fell on Wednesday after rising in the previous three sessions but losses were limited to the view that global supply tightness will continue as there is limited room for major producers such as Saudi Arabia to boost production. U.S. West Texas Intermediate (WTI) crude futures slid 44 cents, or 0.4%, to $111.32 a barrel …

WASHINGTON, June 29(ABC): US President Joe Biden’s administration added five companies in China to a trade blacklist on Tuesday for allegedly supporting Russia’s military and defense industrial base, flexing its muscle to enforce sanctions against Moscow over its invasion of Ukraine. The Commerce Department, which oversees the blacklist, said the targeted companies had supplied items to Russian “entities of concern” …

ISLAMABAD, June 28(ABC): The KSE 100-index of the Pakistan Stock Exchange (PSX) witnessed bearish trend on Tuesday, losing 112.95 points, a negative change of 0.27 percent, closing at 41,765.62 points against 41,878.57 points on the last working day. A total of 257,163,743 shares were traded during the day compared to the trade of 247,901,404 shares the previous day, whereas the …

MUMBAI, June 28(ABC): The Indian rupee hit record lows against the US currency on Tuesday after higher oil prices raised concerns of sustained inflation, although intermittent dollar selling by the central bank helped limit losses. The partially convertible rupee was trading at 78.75/76 per dollar by 0745 GMT, compared to its close of 78.34 on Monday. The unit touched an …

KARACHI, June 28(ABC): Pakistan’s current account deficit — the gap between the country’s higher foreign expenditure and low income — widened to $1.4 billion in May 2022 in the wake of a decline in remittances and exports on account of the Eid ul Fitr holidays. According to the State Bank of Pakistan, the current account deficit of the country has …

ISLAMABAD, June 28(ABC): The Federal Board of Revenue (FBR) has collected Rs6 trillion in taxes since the start of the outgoing fiscal year 2021-22 to date, recording a growth of 29%. According to the provisional information, the FBR generated Rs6 trillion in taxes from July 1 to June 28 of the current financial year (2021-22), showing an increase of nearly …

KARACHI, June 28(ABC): The price of gold in Pakistan receded on Wednesday by Rs350 after an increase in its price a day earlier. According to the All Sindh Sarafa and Jewellers Association (ASSJA), the price of the yellow metal settled at Rs141,500 per tola in the local bullion market. Meanwhile, the price declined by Rs301 per 10 grams to settle …

WEB DESK, June 28(ABC): Oil prices rallied for a third day on Tuesday as major producers Saudi Arabia and the United Arab Emirates looked unlikely to be able to boost output significantly while political unrest in Libya and Ecuador added to those supply concerns. U.S. West Texas Intermediate (WTI) crude futures rose $1.13, or 1 per cent, to $110.7 a …

KARACHI, Jun 27 (ABC): Decline in tea import reflects that Pakistanis have trimmed down tea consumption in July-May 2021-22, showing 2 percent decrease in import of the commodity in the country. During 11 months of the Fiscal Year 2021-2022, in terms of quantity, 234,062 metric ton tea was imported that is slightly less then 238,941 M.T import of July-May 2020-21, …

KARACHI, June 27 (ABC): Gold recovered its shine once again in Pakistan after it gained Rs850 per tola on Monday in line with the international market prices as the US currency strengthened further against the rupee. The price per tola gold settled at Rs141,850, while with an increase of Rs729 per 10 grams, the price settled at Rs121,614. Meanwhile, in …

ISLAMABAD, Jun. 27 (ABC): Chinese firms HanGeng Agricultural Group and China Machinery Engineering Corp(CMEC) are exploring the agriculture and livestock sectors of Khyber-Pakhtunkhwa (KP) province for possible investment, according to report. This was stated by KP Board of Investment and Trade (KP-BOIT) CEO Hassan Daud while talking. HanGeng Group is developing an agricultural industrial park in Gwadar Free Trade Zone …

ISLAMABAD, Jun. 27 (ABC):  The introduction of a wholesale electricity market in Pakistan will attract more Chinese investment in the renewable energy sector of the country, an investment expert told. National Electric Power Regulatory Authority (NEPRA) on June 6 awarded market operator license to Central Power Purchasing Authority-Guarantee (CPPA-G) under the Competitive Trading Bilateral Contract Market (CTBCM) initiative. The new …

ISLAMABAD, Jun 27 (ABC): As the Government strives to make transformational changes in the power system by exploring affordable alternative energy sources, Chinese companies are playing a leading role as installers and service providers for on-grid, off-grid, and hybrid energy in the country. According to report, alternative Energy Development Board (AEDB), Ministry of Energy ─besides its main objective to facilitate, …

ISLAMABAD, June 27(ABC): Already overburdened by inflation, increased oil prices, food items, Pakistanis were in for a shock as prices of LPG has been hiked by Rs10 per kg. After the increase price of LPG has reached Rs210 per kg across the country. The price of LPG commercial cylinder has increased by Rs455 and reached Rs9,532, while the domestic cylinder …

HONG KONG, June 27(ABC): Asian markets rallied again Monday, building on last week’s advances and following a strong performance on Wall Street as speculation that inflation may have peaked tempered expectations about central bank interest rate hikes. With prices surging at a pace not seen in a generation, finance chiefs have been forced to lift borrowing costs and wind back …

HONG KONG, June 27(ABC): Asian markets rallied again Monday, building on last week’s advances and following a strong performance on Wall Street as speculation that inflation may have peaked tempered expectations about central bank interest rate hikes. With prices surging at a pace not seen in a generation, finance chiefs have been forced to lift borrowing costs and wind back …

MUZAFFARABAD, June 25(ABC): The 2022-23 budget for Azad and Jammu Kashmir (AJK) with a total outlay of over Rs163 billion was tabled in the legislative assembly. Finance Minister AJK Abdul Majid Khan presented the first budget of the Pakistan Tehreek-e-Insaf (PTI) led government in AJK. The government has allocated a total development budget of Rs28.50 billion, an increase of over …

KARACHI, June 25(ABC): The Pakistan Stock Exchange (PSX) endured a tumultuous trading week as a combination of encouraging and discouraging news led to market fluctuation between red and green zones. Consequently, the market closed at 41,052 points, down by 1,089 points (or 2.58%) during the week ended June 24. The market commenced the rollover on a negative note due to …

BEIJING, June 25 (INP): Pakistani Ambassador to China Moin ul Haque said that Pakistan will enhance cultural cooperation and strengthen Pakistan Pavilion on Douyin for promoting Pakistani products in the Chinese market. According to report, the Ambassador paid a visit to ByteDance. He was received by the Department of China Public Affairs and Strategy of ByteDance. The Ambassador was briefed …

ISLAMABAD, June 25 (ABC): Pakistan and China can promote tea on commercial scale through joint ventures,  reported on Saturday quoting experts. As potential suitable sites and land for tea cultivation are located alongside China-Pakistan Economic Corridor (CPEC), therefore, China has a big role to play in promoting tea on a commercial scale through joint ventures and technical and financial support, …

ISLAMABAD, June 24 (ABC): Huawei and Trust Property Board (ETPB) has established Tier-3 Data Centre Facility, reported on Friday. Maintaining a complete and authentic record of ETPB’s properties, land, leased land and profit calculation has always remained a problem for ETPB to become a for-profit organization. However, the problem no longer exists, as Huawei Pakistan and its Tier-1 partner Computer …

BEIJING, Jun 24 (ABC): The cooperation between China and Pakistan in the agriculture sector, particularly in the fields of de-desertification, biodiversity conservation and pest control can help modernize this sector, said Pakistani Ambassador to China Moin ul Haque. According to Gwadar Pro, Ambassador Moin ul Haque received Dr. Zhou Jinfeng, Secretary-General of China Biodiversity Conservation and Green Development Foundation (CBCGDF) …

BEIJING, Jun. 24 (ABC): Pakistan’s culture and famous products were highlighted on the famous Chinese online platform Kuaishou to enhance bilateral cooperation in all aspects, reported on Friday. Pakistani Ambassador to China Moin ul Haque paid a visit to Kuaishou Headquarters in Beijing. He was received by Mr. Liu Zhen, Vice President, and Ms. Yin Lu, Director of International Relations. …

KARACHI, June 24(ABC): After a continuous decline for the past three days, the gold price in Pakistan increased by Rs900 per tola on Friday. According to the All Sindh Sarafa Jewellers Association (ASSJA), the price in the local bullion market settled at Rs141,600 per tola. Meanwhile, the price of 10 grams settled at Rs121,400 after a gain of Rs772. Cumulatively, …

KARACHI: The Pakistan Stock Exchange (PSX) Friday witnessed a bloodbath immediately after Prime Minister Shehbaz Sharif announced “tough decisions” taken by the government in the federal budget for the upcoming fiscal year 2022-23. The benchmark KSE-100 index opened in the green in line with its positive trend a day earlier; however, it soon plunged a massive 2,053.35 points or 4.81%. The …

ISLAMABAD, Jun 23 (ABC): While saving precious forex reserves for Pakistan, the production of local and foreign mobile companies has not only outnumbered imports of mobile devices, but also created more than 22,000 jobs for the local population, reported on Thursday. According to Pakistan Telecommunication Authority (PTA), between January and May 2022, at least 12.41 million mobile phones were assembled/manufactured …

DETROIT, June 23(ABC): Electric vehicle sales could reach 33% globally by 2028 and 54% by 2035, as demand accelerates in most major markets, consultant AlixPartners said on Wednesday. EVs accounted for less than 8% of global sales last year, and just under 10% in the first quarter of 2022. To support that demand, automakers and suppliers now expect to invest …

LAHORE, June 22(ABC): The provincial government passed, amid the absence of the Opposition, its budget of Rs3.226 trillion for the financial year 2022-23 in the Punjab Assembly on Wednesday. Punjab Finance Minister Awais Laghari moved the Punjab Finance Bill 2021 which later the government passed amid empty Opposition benches. Chief Minister Hamza Shahbaz was also present in the house. The Punjab …

MADRID, June 22(ABC): Spain will cut the value-added tax on electricity by half to shield consumers from soaring inflation fuelled by Russia’s invasion of Ukraine, Prime Minister Pedro Sanchez said Wednesday. The announcement comes after Sanchez’s Socialists were thrashed Sunday in a regional election in Andalusia, a longtime party stronghold. Sanchez told parliament the VAT reduction, from 10% to five …

RAJANPUR, June 22 (ABC): The OGDCL has notifed the discovery of gas reserves found in 4 wells in Rajanpur Punjab. According to details, the Oil and Gas Development Company Limited notified the discovery of oil reserves in 4 different well in Rajanpur city of Panjab. The notification issued by OGDCL said that the gas reserves discovered amount to 2.081 million …

BEIJING, Jun 22 (ABC): Gansu is to transfer modern Chinese agricultural science and technology particularly applicable to arid and semi-arid regions to Pakistan, revealed at the memorandum of understanding (MoU) signing ceremony between Gansu Academy of Agricultural Sciences (GAAS), China and the Islamia University of Bahawalpur (IUB), Pakistan held online on Wednesday. Sharing similarities in climate, crop types and environment, …

ISLAMABAD, Jun 22 (ABC): The country assembled record 46 million smart and feature mobile phones during first 11 months of current fiscal year were assembled in Pakistan in 11 month of current fiscal year. During the period under review, some 20 millions smart mobile phones were assembled of which 99 percent have so far been sold in the markets while …

ISLAMABAD, Jun 22 (ABC) :The export of plastic materials from the country has witnessed an increase of 42.30 percent during the eleven months of the fiscal year (2021-22) as compared to the corresponding period of last year. Pakistan exported plastic material worth US $385.643 million during July-May (2021-22) as compared to the export of $271.014 million during July-May (2020-21), showing …

ISLAMABAD, June 22(ABC): A storm of inflation has taken up utility stores and the prices of various essential commodities have gone up by a significant margin. According to the notification, 75 gram toothpaste has gone up by Rs 20 to Rs 117, toilet roll paper has gone up by Rs 5 to Rs 74, while tissue paper has gone up …

ISLAMABAD, June 22 (ABC): A European Union monitoring mission comprising officials from the European External Action Service (EEAS) and the European Commission’s Directorates-General for Trade and for Employment, Social Affairs and Inclusion, arrived in Pakistan on 22 June. The mission will make an assessment of the effective implementation of 27 international conventions Pakistan is signatory to. The GSP+ (Generalised Scheme …

HONG KONG, June 22(ABC): Equities struggled Wednesday after a brief respite from last week’s painful rout across world markets, with recession fears continuing to build as central banks hike interest rates to combat decades-high inflation. While Asia, Wall Street and Europe all enjoyed healthy gains on Tuesday, analysts warned the downbeat mood on trading floors means the selling is unlikely …

MELBOURNE, June 22(ABC): Oil prices skidded in early trade on Wednesday amid a push by U.S. President Joe Biden to bring down soaring fuel costs, including pressure on major U.S. firms to help ease the pain for drivers during the country’s peak summer demand. U.S. West Texas Intermediate (WTI) crude futures fell $1.34, or 1,2%, to $108.18 a barrel at …

KARACHI, June 22(ABC): Deposit inflows in Roshan Digital Account (RDA) recorded highest ever daily figure on Tuesday as $57 million were deposited in a single day. According to a message by official twitter handle of the State Bank of Pakistan with the significant increase, total deposits in RDA have crossed $4.5bn till June 21, 2022. At the end May 2022 …

KARACHI, June 22(ABC): The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index opened in the green on Wednesday, continuing its momentum from the previous day and soaring more than 100 points in the first hour of trading, just hours after the Islamabad and the International Monetary Fund (IMF) reached an understanding on the federal budget. According to the PSX website, the …