LAHORE, Nov 1(ABC): The gas shortfall is likely to reach its highest level this year, sources within the Sui Northern Gas Pipelines Limited (SNGPL) revealed Tuesday. Sources privy to the matter said that currently, the gas supply is 17 million cubics while the demand is over 25 million cubics which might increase next month. “The domestic consumers will receive the gas supply …

ISLAMABAD, Nov 1(ABC): The Pakistan government on Monday approved the plan to buy 300,000 tonnes of wheat from Russia at a cost of $372 per tonne, reported. The Economic Coordination Committee, headed by Finance Minister Ishaq Dar, approved the import of wheat on the government-to-government deal. The committee also approved jacking up revised margins of oil marketing companies (OMC) from Rs3.68 on MS petrol …

ISLAMABAD, Oct 31(ABC): Federal Minister for Finance and Revenue Ishaq Dar Monday announced to extend the date of filing tax returns by a month. Citizens can now file their tax returns by November 30. The minister said that the government decided on extending the date following requests received by the business community. This is the second extension issued by the …

ISLAMABAD, Oct 31 (ABC): Pakistani Rupee on Monday appreciated by Rs 1.58 against the US dollar in the interbank trading to close at Rs 220.88 against the previous day’s closing of Rs 222.46. According to the Forex Association of Pakistan (FAP), the buying and selling rates of US dollar in the open market were recorded at Rs 225.5 and Rs …

ISLAMABAD, Oct 31 (ABC): Minister for Planning, Development and Special Initiatives Ahsan Iqbal Monday said Prime Minister Shehbaz Sharif’s visit to China would take the bilateral trade relations to new heights as both the countries would sign multiple projects worth billions of dollars. The PM’s visit to China will help preparing a road map to take the county’s annual exports …

ISLAMABAD, Oct 31 (ABC): The price of 24 karat per tola gold witnessed a decrease of Rs 1,800 on Monday and was sold at Rs 150,000 against its sale at Rs 151,800 the previous day. The price of 10 gram 24 karat also decreased by Rs 1,544 and was sold at Rs 128,600 against Rs 130,144; whereas that of ten …

ISLAMABAD, Oct 31 (ABC): The 100-index of the Pakistan Stock Exchange (PSX) witnessed bullish trend on Monday, gaining 124.32 points, a positive change of 0.30 percent, closing at 41,264.66 against 41,140.34 points on the last working day. A total of 97,476,761 shares were traded during the day as compared to 177,761,063 shares the previous day, whereas the price of shares …

ISLAMABAD, Oct 31 (ABC): President Dr Arif Alvi on Monday underlined the need to bring a substantial increase to the quantum of bilateral trade between Pakistan and Ireland to realize the full potential of bilateral trade. Talking to Pakistan’s Ambassador-designate to Ireland Aisha Farooqui here at the Aiwan-e-Sadr, the president said that there were immense opportunities for the information technology-skilled …

FAISALABAD, Oct 31 (ABC): Federal Minister for Power Engineer Khurram Dastgir Khan has said that all development projects, put in cold store during the last 4 years, are being revived. Addressing the inaugural ceremony of 220-KV Lalian grid station, completed with Rs 4 billion, he said on Monday when Pakistan Muslim League-Nawaz (PML-N) came to power in 2013, the country …

MULTAN, Oct 31(ABC): General Manager Sui Northern Gas Pipelines Limited (SNGPL) Shahzad Iqbal said that the gas connections of commercial consumers were being cancelled and cylinders will be provided to them at their doorsteps to ensure gas supply to domestic customers in the winter season. GM SNGPL expressed these views while addressing the executive body of Multan Chamber of Commerce …

ISLAMABAD, Oct 31(ABC): The four-day SAHA Defence and Aerospace Exhibition 2022 concluded in Turkiye that hosted a plethora of global participants, including Pakistan and extended a wide range of modern defence, aviation, aerospace and cutting edge technology based products. The Global Defense Insight, the official media partner of SAHA Expo from Pakistan and a leading defence news portal on its …

LAHORE, Oct 31(ABC): Punjab Chief Minister Chaudhry Parvez Elahi Sunday laid the foundation stone of the Central Business District (CPD Punjab Boulevard) project for its remodelling from Kalma Chowk to Liberty and completion of the project would provide ease to citizens in transportation and would save time.Addressing the ceremony held in this regard and later talking to the media here, …

ISLAMABAD, Oct 31(ABC): The International Monetary Fund (IMF) while asking Pakistan to raise taxes, electricity tariff, and cut expenditures has also reiterated that Islamabad should set up an anti-corruption task force. The global money lender has handed over a new list of demands and asked Pakistan to impose roughly Rs600 billion in additional taxes. The details emerged during talk show, …

ISLAMABAD, Oct 31(ABC): The trade balance of Pakistan is expected to improve in the coming months on account of import contraction due to a deceleration in domestic economic activities and aggregate demand, the monthly Economic Update and Outlook October 2022 released by the Ministry of Finance said on Sunday. “Overall economic outlook shows an optimistic picture of the economic performance …

ISLAMABAD, Oct 31(ABC): The authorities concerned have collected an amount of Rs 10,533.67 million as toll revenue from the taxes of highways and motorways from April 11 to July 2022, an official has told APP. He said an amount of Rs 1,949.42 million was earned from toll taxes on highways and motorways from April 11 to 30, after the coalition …

ISLAMABAD, Oct 31(ABC): The Ministry of Finance Sunday released its monthly economic report highlighting the need for a strong economy to stabilise the currency. According to the report, climate-induced flooding across Pakistan has destroyed agriculture resulting in a decrease in the production of major crops. Sugarcane production has been reduced by 8%, rice by 40.6%, and cotton by 24.6%, while …

ISLAMABAD, Oct 30 (ABC): The bilateral trade between Italy and Pakistan can swell to €4 billion annually by fully exploiting the existing potential of the private sector to a maximum extent. Talking to the honorary investment consular to Milano, Italy Muhammad Sheheryar Khan, Chief Executive Officer Pakistan Furniture Council Mian Kashif Ashfaq said on Sunday that Ambassador of Italy to …

BEIJING, Oct 28(ABC): Pakistan’s export to China crossed US$2.57 billion in the first nine months of this year, up 2 percent year on year, shows the official data from the General Administration of Customs of the People’s Republic of China (GACC). Ghulam Qadir, Commercial Counsellor at Pakistan Embassy in China, told China Economic Net (CEN) that Pakistan’s exports to China …

ISLAMABAD, Oct 28(ABC): The Ambassador of the People’s Republic of China to Pakistan Nong Rong called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar on Friday. Finance Minister Ishaq Dar welcomed the Chinese ambassador and highlighted about the friendly and multi-dimensional historic bilateral ties between Pakistan and China, said a press release. The finance minister shared huge …

Oct 28(ABC): Pakistan is likely to receive another loan worth $500 million from the Asian Development Bank (ADB) in December as the lender is looking at more climate impact projects, Bloomberg reported. The Manilla-based lender aims to improve a coastal drainage system in Pakistan to help prevent another catastrophic flooding. Nearly 1,700 people have been killed in the floods caused by …

ISLAMABAD, Oct 28 (ABC): The Senate Standing Committee on Climate Change was briefed on Friday that the country witnessed a 300 percent increase in glacial lake outburst flood (GLOF) incidents and rising sea levels threatening the existence of cities such as Thatta, Badin and Karachi in just one year. The meeting of the Senate Standing Committee was held under the …

KARACHI, Oct 28 (ABC): Director General, Pakistan Standards and Quality Control Authority, Zain-ul-Abideen, during his visit to the Federation of Pakistan Chamber of Commerce and Industry (FPCCI) here on Friday, informed the business community of the global obligations of World Trade Organization (WTO) related to technical barriers to trade and agreed that both the bodies needed to develop inter active …

ISLAMABAD, Oct 28 (ABC): The Sensitive Price Indicator (SPI) based weekly inflation for the week ended on October 27 for the combined consumption group witnessed an increase of 4.13 percent as compared to the previous week. The SPI for the week under review in the above-mentioned group was recorded at 213.74 points against 205.27 points registered in the previous week, …

ISLAMABAD, Oct 28 (ABC): The price of 24 karat per tola gold witnessed an increase of Rs1,400 on Friday and was sold at Rs 152,400 against its sale at Rs 151,000 the previous day. The price of 10 gram 24 karat also increased by Rs 1,200 and was sold at Rs 130,658 against Rs 129,458; whereas that of ten gram …

ISLAMABAD, Oct 28 (ABC): The 100-index of the Pakistan Stock Exchange (PSX) witnessed bearish trend on Friday, losing 462.52 points, a negative change of 1.11 percent, closing at 41,140.34 against 41,602.86 points on the last working day. A total of 177,761,063 shares were traded during the day as compared to 203,560,788 shares the previous day, whereas the price of shares …

ISLAMABAD, Oct 28 (ABC): The recent and updated Post-Disaster needs assessment has called for urgent support to implement a recovery and reconstruction that ‘Builds Back Better’ based on the principles of the poor first, transparency, inclusion, and climate resilience in flood hit-area of Pakistan. The assessment estimated total damages to exceed USD 14.9 billion, and total economic losses to reach …

ISLAMABAD, Oct 28 (ABC): Federal Minister for Commerce and Investment Syed Naveed Qamar in a meeting with Executive Vice President of European Union Commission and EU Trade Commissioner Valdis Dombrovskis in Brussels on Friday expressed Pakistan’s desire to diversify its export portfolio with EU. The commerce minister was joined by Pakistan’s Ambassador to Belgium, Luxembourg and the European Union Dr. …

LAHORE, Oct 28(ABC): Punjab Chief Minister Chaudhry Parvez Elahi on Thursday said the Punjab province was taking the lead in investment and other sectors by providing facilities under one roof, and increased investment would create new employment opportunities.He said this during a meeting with CEO of Punjab Board of Investment and Trade and Secretary Special Economic Zones Authority Jalal Hasan. …

ISLAMABAD, Oct 28(ABC): Minister for Power Division Khurram Dastgir on Thursday said that the present government was fully committed to providing affordable electricity to the end consumers. Addressing a groundbreaking ceremony of 500 kV Switching Station Maira, the minister expressed the hope that Pakistan would make progress and prosper despite host of challenges. He said stalled development of Pakistan in …

BEIJING, Oct 28(ABC): Pakistan’s export to China crossed US$2.57 billion in the first nine months of this year, up 2 per cent year on year, shows the official data from the General Administration of Customs of the People’s Republic of China (GACC).   Ghulam Qadir, Commercial Counsellor at Pakistan Embassy in China, told China Economic Net (CEN) that Pakistan’s exports …

LAHORE, Oct 28(ABC): Pakistan China Joint Chamber of Commerce and Industry  (PCJCCI) Senior Vice President and East  Sea Group  Limited CEO  Mr. Fang Yulong said on Thursday that his Group had planned to invest US $4.5 billion to build a refinery plant with an annual refining  capacity of eight million tons in Pakistan. He disclosed this in a think-tank session …

Oct 28(ABC): The Oil and Gas Development Company Limited (OGDCL) announced on Thursday that it has discovered a reserve of oil from the Lokhart Formation at Toot Deep-1 well located in the Attock district of Punjab. A notification issued by OGDCL and sent to the Pakistan Stock Exchange (PSX), the company stated that their Toot Deep # 01 well was …

ISLAMABAD, Oct 28(ABC): The Economic Coordination Committee (ECC) on Thursday considered and approved a summary of Ministry of Industries & Production (MoIP) and allowed the payment of projected net salary of Rs. 1,378 million for the Financial Year 2022-23 to be disbursed every month to Pakistan Steel Mills (PSM) employees through a technical supplementary grant. This decision will ensure the …

KARACHI, Oct 28(ABC): The State Bank of Pakistan (SBP) has extended the deadline for exchanging the old banknotes of four denominations that were demonetised six years ago after the approval of the federal government. According to a statement issued by the central bank on its official website, the government has extended the last date for exchanging the old-designed and large-sized …

ISLAMABAD, Oct 27 (ABC): Pakistani Rupee on Thursday depreciated by 81 paisa against the US dollar in the interbank trading to close at Rs 221.49 against the previous day’s closing of Rs 220.68. According to the Forex Association of Pakistan (FAP), the buying and selling rates of US dollar in the open market were recorded at Rs 223.2 and Rs …

ISLAMABAD, Oct 27 (ABC): Minister for Interior Rana Sanaullah said on Thursday that the government was determined to facilitate private sector in promoting business activities for achieving sustainable economic development and social prosperity in the country. He said this while talking to president, Islamabad Chamber of Commerce and Industry (ICCI) Ahsan Zafar Bakhtawari, who along with a delegation called on …

FAISALABAD, Oct 27 (ABC): President Dr Arif Alvi said on Thursday that knowledge-based agriculture is lifeline of Pakistan, which needs to be promoted to overcome environmental challenges, and address food needs, in addition to transforming the country from net food importer to net food exporting country. He was addressing the inaugural ceremony of “Natural Agri-Innovation Centre”, near Sahianwala Interchange here. …

ISLAMABAD, Oct 27 (ABC): The 100-index of the Pakistan Stock Exchange (PSX) turned around to slight bullish trend on Thursday, gaining 62.83 points, a negative change of 0.15 percent, closing at 41,602.86 against 41,540.03 points on the last working day. A total of 203,560,788 shares were traded during the day as compared to 265,421,430 shares the previous day, whereas the …

ISLAMABAD, Oct 27 (ABC): The price of 24 karat per tola gold witnessed an increase of Rs 800 on Thursday and was sold at Rs 151,000 against its sale at Rs 150,200 the previous day. The price of 10 gram 24 karat also increased by Rs 686 and was sold at Rs 129,458 against Rs 128,772; whereas that of ten …

ISLAMABAD, Oct 27(ABC): Prime Minister Shehbaz Sharif on Thursday stressed enhanced cooperation between Pakistan and Egypt in the field of economy and emphasized greater engagement at leadership level, people-to-people contacts, and increased institutional linkages. According to the PM Office, the prime minister expressed these views in a meeting with the Ambassador of Egypt Tarek Mohamed Dahroug that focused on further …