Shares at the Pakistan Stock Exchange (PSX) slid on Thursday on fears that the central bank may raise the policy rate, which is already at a 25-year-high of 17 per cent, in an off-cycle review. The benchmark KSE-100 index lost 329.09 points, or 0.8pc, to close at 40,838.51 points. It reached an intraday low of 395.08 points, or 0.95pc, around …

The National Assembly (NA) on Monday passed the Finance (Supplementary) Bill, 2023, aimed to amend certain laws relating to taxes and duties to raise an additional Rs170 billion in the next four and half months to meet the last prior actions agreed upon with the International Monetary Fund (IMF). The government is in a race against time to implement the …

The Ministry of National Health Services signed an MoU with Hayat Biotech and the office of Sheikh Ahmed Dalmook Al Maktoum to boost plasma collection in Pakistan. Plasma shortage is fast becoming a global concern with a 20% drop in plasma donations between 2020-2021 and a growing demand for plasma-based therapies The MoU stands to boost Pakistan’s plasma sector using …

The Federal Board of Revenue continues (FBR) has achieved historical growth in revenue collection during the first five months of the Financial Year 2022-23. Federal Board of Revenue continues to demonstrate excellent performance in revenue collection for the fifth consecutive month of the current financial year and has exceeded both the five monthly target of Rs 2,680 billion as well …

LONDON, Nov 30(ABC): Britain’s Rolls-Royce (RR.L) said it has successfully run an aircraft engine on hydrogen, a world aviation first that marks a major step towards proving the gas could be key to decarbonising air travel. The ground test, using a converted Rolls-Royce AE 2100-A regional aircraft engine, used green hydrogen created by wind and tidal power, the British company …

KARACHI, Nov 30(ABC): Finance Minister Ishaq Dar Wednesday said the country can become interest-free in five years as stipulated by the Federal Shariat Court (FSC) in its judgement earlier this year. “The banking system has become a necessity of life and transparent transactions can be ensured through it,” Dar said speaking at a seminar held in Karachi. The seminar was organised …

ISTANBUL, Nov 30(ABC): Turkey’s foreign trade deficit surged 421.7% year-on-year to $7.87 billion in October, with imports climbing 31.4%, data from the Turkish Statistical Institute showed on Tuesday. Imports stood at $29.2 billion, while exports rose 3% to $21.33 billion, the data showed. Under an economic programme unveiled last year, Turkey aims to shift to a current account surplus through …

Nov 30(ABC): Oil prices rose in early Asian trade on Wednesday as U.S. crude inventories were seen falling, but concerns that OPEC+ would leave output policy unchanged at its upcoming meeting limited gains. Brent crude futures were up 65 cents or 0.8% at $83.68 per barrel by 0132 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 68 cents …

HONG KONG, Nov 30(ABC): Asian shares wobbled on Wednesday as investors remain cautious about China’s path to reopening its economy after it released disappointing manufacturing data, with China and Hong Kong stocks wiping out strong gains from the previous day. MSCI’s gauge of Asia Pacific stocks outside Japan (.MIAPJ0000PUS) was up 0.02% at 0201 GMT, paring earlier losses. At current …

Nov 30(ABC): The Minister of Finance and Revenue, Senator Ishaq Dar, said that the current government is committed to completing the IMF program and sharing that the government will pay back the international bonds on time. The minister said this in a meeting with a delegation of institutional investors at the Finance Division. The delegation comprised of Managing Director Khurram …

ISLAMABAD, Nov 30(ABC): The Economic Coordination Committee (ECC) on Tuesday approved Rs15 billion in favour of the Election Commission of Pakistan for the ongoing fiscal year 2022-23. The decision was taken during a meeting held under the chair of the Federal Minister for Finance and Revenue Ishaq Dar. It should be noted that out of Rs15 billion, Rs5 billion will …

ISLAMABAD, Nov 28 (ABC): Rice valuing $545.708 million exported during the first four months of current financial year as against the exports of $594.600 million of the corresponding period of last year. During the period from July-October, 2022 about 965,360 metric tons of rice exported as compared to the exports of 1.091 million tons of same period last year, according …

ISLAMABAD, Nov 28 (ABC): Exchange rate of the Pakistan rupee depreciated by 01 paisa against the US dollar in the interbank trading on Monday and closed at Rs 223.95 against the previous day’s closing of Rs 223.94. According to the Forex Association of Pakistan (FAP), the buying and selling rates of dollar in the open market were recorded at Rs …

ISLAMABAD, Nov 28 (ABC): Federal Minister for Finance and Revenue Senator, Mohammad Ishaq Dar, here on Monday expressed satisfaction over the availability and production of sugar in the country. Chairing a meeting to review the demand and supply situation of sugar in the country, the minister stressed on maintaining the strategic reserves of the commodity and maintaining its price for …

ISLAMABAD, Nov 28 (ABC): The delegation of PAF Air War College was informed on Monday that WAPDA was executing the biggest-ever portfolio of development projects in water and hydropower sectors worth Rs.2500 billion for water, food and energy security of Pakistan The delegation headed by Air Vice Marshal Hussain Ahmed Siddiqui during a visit to the WAPDA House was briefed …

ISLAMABAD, Nov 28 (ABC): The price of 24 karats per tola gold witnessed an increase of Rs.1750 on Monday as it was traded at Rs.161,300 against its sale at Rs159,550 the previous day. The price of 10 gram 24 karat gold also increased by Rs1500 and was sold at Rs.138,288 compared to Rs 136,788 whereas the prices of 10 gram …

ISLAMABAD, Nov 28 (ABC): The 100-index of the Pakistan Stock Exchange (PSX) witnessed bearish trend on Monday, losing 865.39 points, a negative change of 2.02 percent, closing at 42071.34 against 42936.73 points on the previous day. A total of 244,355,425 shares were traded during the day as compared to 177,297,274 shares the previous day, whereas the price of shares stood …

Nov 28(ABC): Negotiations over the next tranche in the extended fund facility for Pakistan by the International Monetary Fund (IMF) have yet to be finalized with Islamabad’s flood recovery plan the main sticking point. Earlier, the International Monetary Fund (IMF) had decided to postpone its next bilateral meeting with Pakistan as it sought greater details on expenditures incurred by the …

ISLAMABAD, Nov 27 (ABC): Transport equipment exports during the first four months of fiscal year of 2022-23 increased by 62.25 percent as compared to the exports of the commodity during the corresponding period of last year. During the period from July 22-Oct 22, Transport equipment worth US$ 4,407,000 were exported as compared to the exports of US $ 2,716,000, during …

ISLAMABAD, Nov 27 (ABC): Gems exports during the first four months of the fiscal year 2022-23 increased by 98.59 percent as compared to the exports of the commodity during the corresponding period of last year. During the period from July 22-Oct 22, Gems worth US$ 3,797,000 were exported as compared to the exports of US $ 1,912,000, during the same …

KARACHI, Nov 27 (ABC):Sindh Minister for Information, Transport and Mass Transit Sharjeel Inam Memon has announced that a modern, affordable and environment-friendly electric taxi service would soon be launched from Karachi, which would be extended to other major cities of the province. The minister made this announcement while talking to the media persons after inspecting under construction Bus Rapid Transport …

LAHORE, Nov 27 (ABC): Forest, Wildlife and Fisheries Task Force Chairman Badar Munir met Punjab Chief Minister Chaudhry Parvez Elahi,  here on Sunday and sought a plan for trout fish farming in the province. He said that a pilot project for breeding of prawns would also be evolved. A decision was also made for issuing of online licences for hunting …

KARACHI, Nov 27(ABC):  As many 46 new high-speed railway coaches being imported from China arrived at the Karachi port on Sunday. Sources said the consignment included 45 coaches and one brake van. They further said Pakistan Railways had received first consignment of 46 out of 230 coaches booked under an agreement. Sources further said the new coaches would be added …

CHICAGO, Nov 27(ABC): Chicago Board of Trade (CBOT) agricultural futures fell across the board on Saturday, led by wheat. The most active corn contract for March delivery fell 4.25 cents, or 0.64 percent, to settle at 6.5925 U.S. dollars per bushel. March wheat shed 7.75 cents, or 0.95 percent, to settle at 8.105 dollars per bushel. January soybean lost 7 …

Nov 27(ABC): The State Bank of Pakistan (SBP) has denied the recent news reported in some sections of the media that certain Google payments are stuck at the central bank, which is inaccurate and misleading. “The fact is that in order to facilitate the domestic entities, SBP specified certain Information Technology (IT) related services, which such entities can acquire from abroad for their …

KARACHI, Nov 27(ABC): The rupee is likely to bounce back next week on expected inflows from the Asian Infrastructure Investment Bank (AIIB) and as participants in the foreign exchange market track the impact of a key interest rate hike by the State Bank of Pakistan, reported Sunday. During the outgoing week, the rupee closed on a weak note and lost …

Nov 27(ABC): Punjab is likely to fall short of its wheat sowing target for the 2022-23 season, in what could be regarded as a major blow to the country’s food security, reported citing sources. With the inability expressed by the Sindh Government to sow even 75% of the targeted 4 million acres due to flood ravages, the wheat tilling progress in …

Nov 26(ABC): The Biden administration has banned approvals of new telecommunications equipment from China’s Huawei Technologies and ZTE because they pose “an unacceptable risk” to US national security. The US Federal Communications Commission said on Friday it had adopted the final rules, which also bar the sale or import of equipment made by Chinese surveillance equipment maker Dahua Technology Co, video surveillance firm …

ISLAMABAD, Nov 25 (ABC): The Sensitive Price Indicator (SPI) based weekly inflation for the week ended on November 24 for the combined consumption group witnessed an increase of 0.48 percent as compared to the previous week. The SPI for the week under review in the above-mentioned group was recorded at 218.87 points against 217.82 points registered in the previous week, …

ISLAMABAD, Nov 25 (ABC): Exchange rate of the Pakistan rupee depreciated by 03 paisa against the US dollar in the interbank trading on Friday and closed at Rs 223.94 against the previous day’s closing of Rs 223.91. According to the Forex Association of Pakistan (FAP), the buying and selling rates of dollar in the open market were recorded at Rs …

ISLAMABAD, Nov 25 (ABC): The National Assembly on Friday informed that 5.798 million metric ton (MT) reservoirs of public wheat stock was available in Pakistan. In a written reply, Minster for National Food Security and Research Tariq Bashir Cheema told the National Assembly that out of 5.798 million MT, the PASSCO’s balance stock was 2.188 million MT, Punjab had 2.595 …

ISLAMABAD, Nov 25 (ABC):The price of 24 karats per tola gold witnessed no change on Friday and was sold at  Rs159,600 against. The price of 12 gram 22 karats and 10 gram 22 karat also remained unchanged at Rs136,831 and Rs 125,428 respectively, All Sindh Sarafa Jewellers Association reported. The price of per tola and ten gram silver remained constant …

ISLAMABAD, Nov 24(ABC): Pakistan’s timely finalisation of a recovery plan from devastating floods is essential to support discussions and continued financial support from multilateral and bilateral partners, the International Monetary Fund (IMF) said on Wednesday. Pakistan was already battling a full-blown economic crisis, with decades-high inflation and dwindling foreign exchange reserves, when it was hit by floods earlier this year. …

Nov 22(ABC): Oil rose on Tuesday after top exporter Saudi Arabia said Opec+ was sticking with output cuts and could take further steps to balance the market, outweighing global recession worries and concern about China’s rising Covid-19 case numbers. Saudi Arabian Energy Minister Prince Abdulaziz bin Salman on Monday was also quoted by state news agency SPA as denying a Wall Street Journal report …

Nov 22(ABC): To better tackle distribution of oil and gas products across the country and tackle shortages, the federal government has drafted a bill to establish Pakistan Petroleum Upstream Regulatory Authority. Once passed, the bill help create a body to regulate oil and gas exploration companies in the all four provinces of the country apart including issuing licenses and registering …

DUBAI/ANKARA, Nov 22(ABC): Saudi Arabia and Turkey are discussing Riyadh placing a $5 billion deposit at Turkey’s central bank, a Saudi Ministry of Finance spokesperson said on Tuesday. “We are in final discussion to make a USD 5 billion deposit with the central bank of (Turkey),” the spokesperson said in an emailed response to a query. The Turkish central bank declined …

KARACHI, Nov 22(ABC):  Stocks rose Tuesday after investors somewhat cheered the narrowing of the current account (CA) gap in a tightly-guarded trade as political instability continues to remain a cause of concern, traders said. Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index ticked up by 167.43 points to settle at 42,928.62 after hitting an intraday high of 315.26 points at 43,076.45 points. …

KARACHI, Nov 22(ABC): The State Bank of Pakistan (SBP) will announce its new monetary policy after a meeting of the Monetary Policy Committee (MPC) on Friday. In a statement, the central bank says, “The Monetary Policy Committee of SBP will meet on November 25 at SBP Karachi to decide about the Monetary Policy. Later on, SBP will issue the Monetary Policy Statement through …

KARACHI, Nov 22(ABC): United States Ambassador to Pakistan Donald Blome has said he is committed to boosting bilateral trade and investment between the two countries under US-Pakistan Green Alliance which seeks to promote climate-smart agriculture and private sector-led growth in Pakistan. Blome visited Karachi on November 17 and 18 and during his visit, he underscored the strong ties between the two countries and to further …

KARACHI, Nov 22(ABC): The cost of insuring exposure to Pakistan’s five-year sovereign debt rose by 1,224 basis points over the weekend, hitting the highest-ever level of 92.53%, a brokerage’s data showed reported. The rate at these levels reflects a certain default. Analysts said the country’s sovereign dollar bonds would remain vulnerable until the political standoff between the government and the Imran Khan-led …