ISLAMABAD, Oct 26 (ABC):The export of pharmaceuticals goods from the country has witnessed an increase of 14.15 percent during the first three months of financial year (2022-23) as compared to the corresponding period of last year. Pakistan exported pharmaceutical products worth US $83.826 million during July-September (2022-23) as compared the export of US $73.438 million during July-September (2021-22), showing a …

ISLAMABAD, Oct 26 (ABC): The pharma industry during a meeting with Finance Minister, Senator Mohammad Ishaq Dar here Wednesday agreed to provide paracetamol products at reduced prices, tweeted finance ministry. It said, the minister in a meeting with heads of main pharmaceutical companies discussed the retail price of paracetamol products. The pharma industry agreed upon the reduced prices of paracetamol …

ISLAMABAD, Oct 26 (ABC): Pakistani Rupee on Wednesday depreciated by 95 paisa against the US dollar in the interbank trading to close at Rs 220.68 against the previous day’s closing of Rs 219.73. According to the Forex Association of Pakistan (FAP), the buying and selling rates of US dollar in the open market were recorded at Rs 221.5 and Rs …

ISLAMABAD, Oct 26 (ABC):Federal Minister of Railways and Aviation Khawaja Saad Rafique Wednesday directed the concerned to expedite installation of 300 automatic weather stations in the country to ensure better forecasting. Chairing a meeting in Meteorological Department, the minister said the country’s weather forecasting system can be improved by using modern technology. The minister was briefed about the newly started …

Oct 26(ABC): The Federal Board of Revenue (FBR) attained a new record by collecting Rs2 trillion in revenue collection. Chairman FBR Asim Ahmed while appreciating the performance of FBR, expressed optimism that the institution will achieve the tax targets set for the current FY-2022-23. The tax collection target is set at Rs7.4 trillion by the government in the budget for …

Oct 26(ABC): Saudi Arabia’s energy minister on Tuesday blasted the release of emergency oil stocks as an attempt to “manipulate markets”, the latest apparent salvo in a spat with Washington over oil production. “People are depleting their emergency stocks, had depleted it, used it as a mechanism to manipulate markets while its profound purpose was to mitigate shortage of supply,” …

Oct 26(ABC): The de-tracked Karachi Circular Railway Project (KCR), worth Rs 292.389 billion, cleared a crucial hurdle towards its realization as it secured the nod of a key government decision-making forum. The approval for the project was given during a meeting of the Central Development Working Party (CDWP) which was chaired by Federal Planning Minister Professor Ahsan Iqbal. The project …

ISLAMABAD, Oct 26(ABC): In a meeting held at the Foreign Office, Foreign Minister Bilawal Bhutto-Zardari and the United States Ambassador to Pakistan Donald Blome agreed on bolstering trade relations between Pakistan and the US. FM Bilawal and Ambassador Blome discussed the issues regarding the rehabilitation of the population affected by the catastrophic floods across Pakistan. Triggered by torrential and climate-induced rainfall, the flooding in Pakistan …

KARACHI, Oct 25(ABC): Gold extended gains and surpassed the psychological threshold of Rs148,000 per tola after seasonal demand picked up pace amid the wedding season. Data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of the precious metal rose by Rs700 per tola and Rs601 per 10 grams to settle at Rs148,400 and …

KARACHI, Oct 25(ABC): The Pakistani rupee continued to strengthen against the US dollar falling below the psychological barrier of Rs220 in hopes of early disposal of Asian Development Bank (ADB) loans to assist Pakistan in devastating floods. The local currency closed at 219.73 against the US dollar after gaining Rs0. 68, or 0.31%, compared to Monday’s close of 220.41. The …

ISLAMABAD, Oct 24 (ABC): Federal Minster for Economic Affairs, Sardar Ayaz Sadiq here on Monday appreciated the Asian Development Bank (ADB) for its generous and timely financial flood assistance in the form of a US$3 million grant and approval of the US$ 1.5 billion Building Resilience with Active Countercyclical Expenditures (BRACE) Program. The minister was talking to ADB’s Director General …

ISLAMABAD, Oct 24 (ABC): The 100-index of the Pakistan Stock Exchange (PSX) Monday witnessed bullish trend on Monday, gaining 133.75 points, a positive change of 0.32 percent, closing at 42,347.23 against 42,213.48 points on the last working day. A total of 226,743,189 shares were traded during the day as compared to 289,586,599 shares the previous day, whereas the price of …

ISLAMABAD, Oct 24 (ABC): The price of 24 karat per tola gold witnessed an increase of Rs 1,300 on Monday and was sold at Rs 147,700 against its sale at Rs 146,400 the previous day. The price of 10 gram 24 karat also increased by Rs 1,115 and was sold at Rs 126,629 against Rs 125,514; whereas that of ten …

ISLAMABAD, Oct 24 (ABC): Minister for Planning Development & Special Initiatives Professor Ahsan Iqbal Monday said that inequalities must be eliminated to achieve the sustainable development goals as modern societies were thriving with modern economy. He made these remarks, while addressing at a ‘Grand National Dialogue on Socioeconomic Development to Mitigate Disparities’ organized by the Center of Pakistan and International …

ISLAMABAD, Oct 24 (ABC): Pakistan rupee on Monday appreciated by 43 paisa against the US dollar in the interbank trading to close at Rs 220.40 against the previous day’s closing of Rs 220.83. According to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market were recorded at Rs 222.8 and Rs …

ISLAMABAD, Oct 23(ABC): Pakistan Railways is planning to upgrade five of its major railway stations across the country on modern lines to facilitate passengers and help the department generate more revenue. The purpose to upgrade the railway stations is to make them commercial hubs for business activities and facilitate the passengers,” an official in the Ministry of Railways told on Sunday. …

DUBAI, Oct 23(ABC): A public spat between the United States and Saudi Arabia will not deter top Wall Street executives and US business leaders from a flagship investment event starting on Tuesday where the kingdom will seek deals to reduce its economy’s reliance on oil. President Joe Biden has vowed “consequences” for US-Saudi ties over an OPEC+ decision this month …

ISLAMABAD, Oct 23(ABC): Hailing the Financial Action Task Force’s (FATF) decision of Pakistan’s removal from the grey list, the business community on Sunday said coming out of the watchdog’s increased monitoring process would boost economic activities and help put the ailing economy back on a sustainable growth path. The decision would restore the confidence of international financial institutions, help attract foreign …

Oct 23(ABC): Pakistan will have to take internal measures along with help from the international community by implementing economic reforms to recover from the cataclysmic floods, said World Bank Vice President for South Asia Martin Raiser on Sunday. Raiser talked about Pakistan’s situation after facing heavy flooding and said that the country has been badly affected by the climate change. He …

Oct 19(ABC): In startling revelations, the government has imposed up to 500% more taxes on imported cars to protect the local car assemblers from foreign competition. In return, however, the assemblers have passed on the agony by overcharging consumers and delaying deliveries up to one year. The revelations were made during a meeting of the Public Accounts Committee (PAC) – …

SINGAPORE, Oct 19(ABC): Oil prices rose in early Asian trade on Wednesday, paring losses from the previous session, as concern over tight supplies following reports of lower inventories in the United States offset fears of lower demand from top oil importer China. Brent crude futures rose 73 cents, or 0.8%, to $90.76 a barrel by 0100 GMT. U.S. West Texas …

SYDNEY, Oct 19(ABC): Asian shares were mostly higher on Wednesday, with U.S. corporate earnings aiding sentiment, while traders awaited British inflation readings later in the day for clues on how hawkish central banks need to be to fight inflation. MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) edged up 0.2%, but further gains were capped by slight falls in …

KARACHI, Oct 19(ABC): The US dollar continues to gain ground against the Pakistani rupee on Wednesday after a fresh appreciation. According to details, the local currency depreciated by 79 paisa against the greenback which was being traded around Rs220.5. The rupee had closed at Rs219.71 on Tuesday, according to Pakistan’s central bank data. However, despite the depreciation, the rupee has …

WASHINGTON, Oct 19(ABC): President Joe Biden will announce Wednesday he’s putting the final 15 million barrels on the market from a record release of US strategic oil reserves, with more releases possible if energy prices spike, a senior US official said. The new tranche of oil from the Strategic Petroleum Reserve will be “completing the 180 million barrel release authorized …

GWADAR, Oct 18(ABC): Southern China Commodity Exhibition and Trading Center under construction in Gwadar Free Trade Zone will be functional next year, the firm responsible for building the facility said on Tuesday. The center is expected to host grand business exhibitions to encourage trade. An official representing the construction company, CCCC-FHDI Engineering CO.LTD, said, “The main structure of the center …

KARACHI, Oct 18(ABC): The 100-index of the Pakistan Stock Exchange (PSX) turned around to a bullish trend on Tuesday, gaining 83.82 points, a positive change of 0.20 percent, closing at 41,839.27 against 41,755.45 points on the last working day. A total of 190,311,688 shares were traded during the day compared to 144,312,641 shares the previous day, whereas the price of …

Oct 18(ABC): Oil prices steadied in early Asian trade on Tuesday as a weaker U.S. dollar lent support, although rising shale production and fears that stubbornly high inflation could lead the world economy into a recession limited gains. Brent crude futures rose 9 cents or 0.1% to $91.71 per barrel by 1:20 GMT, while U.S. West Texas Intermediate (WTI) crude …

SINGAPORE, Oct 18(ABC): Asia stocks nudged higher on Tuesday as the dramatic U-turn in British fiscal policy brightened investor sentiment, while the U.S. dollar took a breather at its lowest levels in more than a week as a revival in risk-taking lowered its appeal. Britain’s new finance minister Jeremy Hunt abandoned most of Prime Minister Liz Truss’ economic plan that …

WASHINGTON, Oct 18(ABC): Finance Minister Ishaq Dar has shown an indication to buy Russian oil but on the condition that it provides the important commodity at the same rate that it is giving it to India, reported. While replying to a question in Washington, Dar hoped that the West would have no objection to the import of Russian oil at …

KARACHI, Oct 18(ABC): The Pakistani rupee Tuesday depreciated against the US dollar for the fifth straight session after an increased demand for the greenback from the importers. The local unit depreciated by 0.37% (Rs0.82) on a day-on-day basis to reach 219.71 in the interbank market, according to the State Bank of Pakistan (SBP), down in value from the previous close …

ISLAMABAD, Oct 17 (ABC): Pakistan’s public and publicly guaranteed debt to GDP ratio is expected to fall gradually in the upcoming years from 78% recorded at the end of Fiscal Year 2021-22 (FY22) to 71.7% in FY23 and 71.9% in FY24, said a report recently published by the World Bank. “At the end of FY22, public and publicly guaranteed debt …

ISLAMABAD, Oct 17 (ABC): The price of 24 karat per tola gold witnessed an increase of Rs 950 on Monday and was sold at Rs 148,300 against its sale at Rs147,350 the previous day. The price of 10 gram 24 karat also increased by Rs 814 and was sold at Rs 127,143 against Rs 126,329; whereas that of 10 gram …

ISLAMABAD, Oct 17 (ABC):Water and Power Development Authority (WAPDA) is actively pursuing six hydropower projects to add over 11,241 MW of environment-friendly hydel electricity to the existing 9,443 MW hydel generation in the coming years. Wapda officials told here that presently, the total installed capacity of 24 Wapda Hydel power stations stood at 9,443 MW and the addition of over …

ISLAMABAD, Oct 17 (ABC): Federal Minister for Finance and Revenue, Senator Mohammad Ishaq Dar apprised the Pakistani-American IT/Tech entrepreneurs that government was according priority attention to IT/ Tech sector to tap its true potential. In a virtual meeting the entrepreneurs along with Minister for Economic Affairs, Ayaz Sadiq, he said that the country’s tech-savvy youth were an immense resource, which …

London, Oct 17 (ABC): Britain’s new finance chief Jeremy Hunt will Monday bring forward fiscal measures to further calm markets turmoil, in another government U-turn that appears to have left Liz Truss’s position as prime minister hanging by a thread. Chancellor of the Exchequer Hunt, parachuted into the job on Friday to replace sacked Kwasi Kwarteng, will at 1000 GMT …

KARACHI, Oct 17(ABC): The US dollar continues to gain ground against the Pakistani rupee on Monday after a fresh appreciation. According to details, the local currency depreciated by 82 paisa against the greenback and was being traded around at Rs219.25. The rupee had closed at Rs218.43 on Friday, according to Pakistan’s central bank data. However, despite the depreciation, the rupee …

CAIRO, Oct 17(ABC):  OPEC+ member states lined up on Sunday to endorse the steep production cut agreed this month after the White House, stepping up a war of words with Saudi Arabia, accused Riyadh of coercing some other nations into supporting the move. The United States noted on Thursday that the cut would boost Russia’s foreign earnings and suggested it …

Oct 16(ABC): The chairman of the Renewable & Alternative Energy Association of Pakistan (REAP) Nisar Latif on Sunday demanded the government order the release of solar equipment containers stuck at ports for months. Addressing a press conference, he said that the solar industry and the people associated with its business were facing extreme difficulties as the equipment had not been …

ISLAMABAD, Oct 16 (ABC): President Dr Arif Alvi has upheld a decision of the Banking Mohtasib (BM) and directed the Silk Bank Ltd (SBL) to refund the bank account of a fraud victim with Rs 200,000 along with the remaining profit till the date and credit the amount in his bank account. The President said Silk Bank had committed maladministration …

BEIJING, Oct 16 (ABC): Traditional Chinese Medicine (TCM) and Unani Tibb (traditional medicine in Pakistan) enjoy a broad space of collaboration in research and development, management and production,” highlighted Prof. Liu Xinmin, Member, Expert Advisory Panel on Traditional Medicine, World Health Organization (WHO) and Co-Director of Sino-Pakistan Cooperation Center on TCM (SPCCTCM). On the efficacy and safety of Jinhua Qinggan …