ISLAMABAD, June 21 (ABC): Promotion of trade in treated gemstones offers great economic benefits to Pakistan as the country is blessed with abundant deposits of both precious and semi-precious stones. “As some gemstones have a few natural flaws, they need to be treated to enhance their quality. More than 80% of gemstones traded in the market are treated in one …

BEIJING, June 21 (ABC): Pakistan’s export to China crossed $1.605 billion in the first five months of 2022, up 5.42 percent year on year, shows the official data from the General Administration of Customs of the People’s Republic of China (GACC). Badar uz Zaman, Commercial Counsellor at Pakistani Embassy in Beijing, said that despite the epidemic of COVID-19, bilateral trade …

HONG KONG, June 21(ABC): Equities rose Tuesday in Asia as some stability returned to markets after last week’s upheaval, but analysts warned of further pain for traders after central bank officials hinted at further interest rate hikes to reel in inflation. While there was no catalyst from Wall Street owing to a public holiday, a healthy performance across Europe provided …

WEB DESK, June 21(ABC): Oil prices rose 1% on Tuesday, clawing back more of last week’s losses as investors focused on tight supplies of crude and fuel products rather than concerns about a recession dampening demand going forward. Brent crude futures rose $1.08, or about 1%, to $115.21 a barrel at 0400 GMT, adding to a 0.9% gain on Monday. …

DUBAI, June 20 (ABC): Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai announced the opening of Expo City Dubai, this coming October 2022. The new city is an ideal smart and futuristic destination for business and innovation, driven by sustainability, innovation, education, and entertainment. Expo City Dubai – the legacy plan of Expo 2020 …

ISLAMABAD, Jun.20 (INP): Speakers at a webinar called for tapping and promoting Pakistani handicrafts export potential, says a report published by Gwadar Pro. The webinar on pricing strategies and logistic solutions for the export of handicrafts from Pakistan to China was jointly organized by the Consulate General of Pakistan in Shanghai and the Trade Development Authority of Pakistan. Hussain Haider, Consul …

ISLAMABAD, June 20 (ABC): The 1,320 megawatts Thar Coal Block-1 (TCB-1) power plant has achieved an overall 85% work progress and the 660MWs unit-1 is close to entering commissioning, a senior official of TCB-1 told on Monday. TCB-1 is the largest indigenous coal-based power plant project in Thar Block-1 under the China-Pakistan Economic Corridor (CPEC) initiative. The mine-mouth plant will …

HONG KONG, June 20(ABC): Asian markets fell again Monday and oil prices extended losses on growing fears that central bank moves to rein in soaring inflation will induce a recession. The losses come after a sell-off last week fuelled by the Federal Reserve’s sharp interest rate hike last week — the biggest in nearly 30 years — and a warning …

ISLAMABAD, June 20(ABC): Pakistan earned US $2,197.787 million by providing different Information Technology (IT) services in various countries during the ten months of fiscal year 2021-22. This shows growth of 29.29 percent as compared to US $1,699.860 million earned through provision of services during the corresponding period of fiscal year 2020-21, Pakistan Bureau of Statistics (PBS) reported. During July-April (2021-22), …

ISLAMABAD, June 20(ABC): The imports of overall petroleum group witnessed an increase of 99.14 percent during the first eleven months of the current fiscal year (2021-22) as compared to the corresponding period of the last year. During the period under review, the total imports of the petroleum group stood at $19.679 billion, as against the imports of $9.882 billion last …

ISLAMABAD, June 20(ABC): The KSE 100-index of the Pakistan Stock Exchange (PSX) on Monday witnessed bearish trend, losing 363 points, a negative change of 0.86 percent, closing at 41,776.98 points against 42,140.76 points on the last working day. A total of 162,112,379 shares were traded during the day compared to the trade of 282,931,441 shares the previous day, whereas the …

MUZAFFARGARH, June 20(ABC): Mangoes might be the most awaited sweetest summer fruit but the story doing rounds in news media about fifty per cent low production this year is sore to the core. Pakistan is reportedly facing a 50% drop in mango production this year due to the effects of climate change and high temperatures. The average production of mango …

JAKARTA, June 20(ABC): Indonesian authorities hope to reach an agreement with Singapore to start exporting chickens within weeks, officials said, as the city-state scrambles to find alternative supply sources after another neighbour Malaysia restricted sales. In a further sign of growing global food shortages and supply chain issues, Malaysia halted chicken exports this month until local production and soaring costs …

BEIJING, June 19 (ABC): China’s Yunnan Academy of Agricultural Sciences (YAAS) and Pakistan Agricultural Research Council (PARC) (designated by the Embassy of Pakistan in Beijing) signed a Memorandum of Understanding (MoU) to promote agricultural cooperation between China and Pakistan at an online signing ceremony held in Kunming and Beijing. While addressing the ceremony, Dr Wang Jihua, president of YAAS, noted …

BEIJING, June. 19 (ABC): China-Pak mango cooperation will give impetus to king of fruit industry, according to a report on Sunday. There is a dire need for joint ventures with China for establishing quality enhancement centres, fruit processing units, dehydration plants, drip irrigation and cold storage chains so Pakistani fruits could be exported in line with international standards,” Ehsan Chaudhry, …

ISLAMABAD Jun 19 (ABC): Eastbay Expressway in Gwadar has turned into a road of technology, says a report on Sunday As the only expressway in Gwadar, Eastbay Expressway runs through an array of complicated terrains from coast to mountains. Underpinning is the advanced construction technology. Of the over 19-km road, about 4 kilometers of the area is reclaimed from the …

ISLAMABAD, June 19 (ABC): To meet the deadline, construction is underway simultaneously at 10 sites of Dasu Hydropower Project (DHPP) in Upper Kohistan district of Khyber Pakhtunkhwa (KP) province, according to report. Chairman WAPDA Naveed Asghar Chaudhry on Friday chaired a progress review meeting on HDPP. “Work on 10 project sites is underway to meet the 2026 deadline for power …

ISLAMABAD, Jun 19 (ABC): Ambassador of the Republic of Kyrgyzstan to Pakistan Ulanbek Totuiaev on Sunday said that the bilateral Preferential Trade Agreement (PTA) between Pakistan and Kyrgyzstan would not only increase the trade volume between the two countries but also act as a catalyst for regional economic integration. Ulanbek Totuiaev said the implementation of the PTA would serve as …

NEW YORK, June 18 (ABC): Stock markets wobbled and oil prices sank on Friday amid growing fears that inflation-fighting interest rate hikes by central banks could trigger recession. Investors were shaken this week after the US Federal Reserve unleashed its biggest hike in borrowing costs for almost 30 years to tackle red-hot consumer prices. The third Fed increase was followed …

ISLAMABAD, June 18 (ABC): Federal Minister for Planning and Development Ahsan Iqbal directed the authorities to ensure inauguration of the new Gwadar Airport by March 23, 2023 along with shifting flight operations from the old airport to the new one. According to reports, the minister was chairing a meeting to enhance Balochistan’s national and international air connectivity. He said that …

ISLAMABAD, JUNE 18 (ABC): Pakistan and Canada have agreed to enhance bilateral cooperation in diverse fields. The understanding was reached at a meeting between Pakistan’s High Commissioner to Canada Zaheer Janjua and Canadian Member of Parliament Salma Zahid in the Canadian capital. During the meeting with Salma Zahid who is also the Chairperson of Canada Pakistan Parliamentary Friendship Group, the …

BRUSSELS, June 18 (ABC): Europe sent a powerful symbol of solidarity with Ukraine on Friday, when Brussels backed Kyiv’s bid for EU candidate status, even as Russia shelled frontline Ukrainian cities and cut back gas supplies to the West. With the European Commission’s backing, Ukraine could now be added to the list of countries vying for EU membership as early …

ISLAMABAD, June 18(ABC): Keeping in view growing demand, Pakistan is seeking four shipments of liquefied natural gas (LNG) for delivery in July According to details, Pakistan LNG Limited has sought bids from interested international suppliers by June 23. According PLL statement, the four delivery windows given to companies for the cargoes are July 3-4, 8-9, 25-26 and 30-31.

NEW YORK, June 18(ABC): Oil prices tumbled about 6% to a four-week low on Friday on worries that interest rate hikes by major central banks could slow the global economy and cut demand for energy. Also pressuring prices, the US dollar this week rose to its highest level since December 2002 against a basket of currencies, making oil more expensive …

KARACHI, June 18(ABC): Following an increase in petrol and diesel prices to revive the International Monetary Fund (IMF) loan programme, the weekly inflation — based on the sensitive price index (SPI) — surged 3.38% week-on-week and 27.82% year-on-year hitting a 14-year high during the week ended June 16. According to the data released by the Pakistan Bureau of Statistics (PBS), prices of …

ISLAMABAD, June 17 (ABC): Pakistan’s agricultural exports to China will soon grow beyond US$ 1 billion per annum, Gwadar Pro reported on Friday quoting Dr Gu Wenliang, Agricultural Counsellor here at the Embassy of the People’s Republic of China. Speaking at a seminar in Rawalpindi regarding China-Pakistan agricultural cooperation under CPEC on Thursday, Dr Gu said that China offered a …

ISLAMABAD, Jun 17 (ABC): Food exports from the country witnessed an increase of 24.23 percent during the eleven months of the current fiscal year as compared to the corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported. The exports of various food commodities were recorded at $4,919.434 million during July-May (2021-22) as compared to the exports of $3,959.964 …

LONDON, June 17(ABC): The Bank of England on Thursday hiked its main interest rate for a fifth straight time, as it forecast British inflation to soar further this year to above 11 percent. BoE policymakers agreed at a regular meeting to increase the cost of borrowing by a quarter-point to 1.25 percent, the highest level since the global financial crisis …

TOKYO, June 17 (ABC): Tokyo stocks closed lower on Friday as moves by central banks outside Japan to hike interest rates fuelled recession fears. The benchmark Nikkei 225 index was down 1.77 percent, or 468.20 points, to end at 25,963.00, while the broader Topix index slipped 1.71 percent, or 31.91 points, to 1,835.90. The US Federal Reserve’s decision to raise …

Geneva, June 17 (ABC): The World Trade Organization concluded a landmark bundle of deals Friday covering fishing subsidies, food insecurity and Covid-19 vaccines following hectic round-the-clock talks. WTO director-general Ngozi Okonjo-Iweala said trade ministers had struck an “unprecedented package of deliverables” which would make a difference to people’s lives across the planet. The talks at the global trade body’s Geneva …

ISLAMABAD, June 17 (ABC): Rising Cost of Energy and taxation haunting Ceramic tile Industry and what is the way-out needed to be considered, says a report on Friday. Since 2018, with strong policy support, the ceramic tile industry, which used to be highly dependent on imports, began to turn to local production. Now, 80% of tiles in Pakistan are produced …

BEIJING, June 17 (ABC): Enhancing Sino-Pak national quality infrastructure connectivity will reduce trade deficit between the two countries, says a report  on Friday. According to the report, to reduce Sino-Pak trade deficit and boost trade facilitation, a research on China-Pakistan quality infrastructure establishment and connectivity was initiated by the Development Research Center, State Administration of Market Regulation of China. Data …

KARACHI, June 17(ABC): Pakistan’s foreign exchange reserves fell to their lowest levels since November 2019, reaching $14,943 million, data from the central bank showed Thursday. The total forex reserves held by the country stand at $14 billion as of June 10 — a level that covers imports for 1.32 months. Meanwhile, the total reserves that the State Bank of Pakistan …

MARANELLO, June 17(ABC): Ferrari unveiled Thursday plans to turn 80% of its production into all-electric or hybrid cars by 2030 in a major shift for an iconic brand renowned for its powerful combustion engines. “Electrification is a way to improve performance,” new chief executive Benedetto Vigna said as he unveiled a four-year strategic plan at the brand’s historic Maranello site …

BEIJING, Jun 16 (ABC): A special salon themed “Pakistani Mango Tasting, Idea Exchange on Business Development” was held in Guangzhou, China to promote communication and trade between Pakistan and Guangzhou, a busy trade hub that knotted friendship city ties with Lahore, Pakistan. Enjoying the taste and aroma of Pakistan’s Sindhri Mango, one of the world’s top available varieties, guests including …

ISLAMABAD, Jun 16 (ABC): Minister for Board of Investment and Special Initiative, Chaudhry Salik Hussain on Thursday said invited the Developing-8 countries for exploring the investment opportunities in Pakistan Special Economic Zones (SEZs). The Minister interacted with the delegates from the Developing 8 countries and welcomed them to explore the immense investment, especially in Pakistan’s SEZs, said a press release …

ISLAMABAD, Jun 16 (ABC): Ambassador of Portugal to Pakistan Paulo Neves Pocinho on Thursday said that there are vast opportunities for trade and investment between Pakistan and Portugal. The ambassador, Paulo Neves Pocinho, called for strengthening ties between the two countries, especially in economic terms related to investment and trade opportunities. Ambassador of Portugal to Pakistan said this while talking …

ZURICH, June 16 (ABC): Switzerland’s central bank hiked interest rates Thursday for the first time in 15 years and warned of more possible increases, joining a global tightening of monetary policy to tame inflation. In a surprise announcement, the Swiss National Bank raised the rate by 0.5 percentage points, though it remains in negative territory at minus 0.25 percent. The …

FRANKFURT, June 16 (ABC): European Central Bank policymakers called an emergency meeting on Wednesday, as more indebted eurozone states have come under pressure from rising borrowing costs. A week after a regular gathering, the governing council will hold an “ad-hoc meeting” to discuss “current market conditions,” an ECB spokesperson said. The ECB drew a line under years of ultra-loose monetary …

SYDNEY, June 16 (ABC): Australia’s new centre-left government submitted new, more ambitious, emissions targets to the United Nations Thursday, seeking to end a decade of footdragging on climate change. Prime Minister Anthony Albanese raised the country’s 2030 emissions reduction target to 43 percent, saying it “sets Australia up for a prosperous future, a future powered by cleaner, cheaper energy”. Australia’s …