WASHINGTON, Oct 11(ABC): The World Bank said on Monday it is launching a trust fund aimed at pooling public funds to provide grants for projects to reduce carbon emissions, including decommissioning coal-fired power plants. The Scaling Climate Action by Lowering Emissions (SCALE) fund will provide grants to developing countries as they deliver pre-agreed results in reducing greenhouse gas emissions, World …

ISLAMABAD, Oct 11(ABC): Federal Minister for Electricity Khurram Dastagir on Tuesday vowed that the rates of electricity would be reduced gradually. Addressing the press conference, Khurram Dastagir said that the electricity generated from the Thar Coal Power Project is a gift to the people. He also stated that Tharcoal will generate 1320 MW in December and 2640 MW by summer …

KARACHI, Oct 11(ABC): Gold rose on Tuesday, clawing back some lost ground after receding losses in two sessions in as clarity on the monetary policy stance helped the metal rebound. The price of yellow metal rose Rs1,750 per tola and Rs1,458 per 10 grams to settle at Rs144,850 and Rs124,143, data released by All Pakistan Sarafa Gems and Jewellers Association …

LIMASSOL, Oct 11(ABC): Moody’s Investors Service Tuesday downgraded the long-term deposit ratings to Caa1 from B3 of five Pakistani banks. The rating agency has also downgraded the five banks’ long-term foreign currency Counterparty Risk Ratings (CRRs) to Caa1 from B3. As part of the same rating action, Moody’s lowered the Baseline Credit Assessments (BCAs) of three banks to Caa1 from …

MULTAN, Oct 09 (ABC): Use of certified wheat seed can revolutionize golden grain’s production by enhancing eight to 10 maund per acre, however the country owned only 46 % certified seed. Wheat is cultivated over an area of 25 million acres in the country. However, there is only 1.1 million tonne certified wheat available with the government institutions and private …

BEIJING, Oct 9(ABC): China’s services activity in September contracted for the first time in four months, as COVID-19 restrictions dented already fragile demand and dimmed business confidence, a private-sector business survey showed on Saturday. The Caixin services purchasing managers’ index (PMI) fell to 49.3 from 55.0 in August as COVID containment measures disrupted supply and demand and restricted national travel. …

NEW YORK, Oct 9(ABC): The U.S. dollar appreciated in late trading on Friday as market participants digested the newly-released September U.S. jobs report.   The dollar index, which measures the greenback against six major peers, increased 0.48 percent to 112.7950. In late New York trading, the euro was down to 0.9737 U.S. dollars from 0.9798 dollars in the previous session, and …

WASHINGTON/LONDON, Oct 9(ABC): The OPEC+ organisation’s decision this week to cut oil production despite stiff US opposition has further strained already tense relations between President Joe Biden’s White House and Saudi Arabia’s royal family, once one of Washington’s staunchest Middle East allies, according to interviews with about a dozen government officials and experts in Washington and the Gulf. The White House …

ISLAMABAD, Oct 08 (ABC):The price of 24 karat per tola gold witnessed a decrease of Rs1250 on Saturday and was sold at Rs143,800 against its sale at Rs145,050 the previous day. The price of 10 gram 24 karat also decreased by Rs1072 and was sold at Rs123,285 against Rs124,357; whereas that of 10 gram 22 karat went down to Rs113,016 …

ISLAMABAD, Oct 8 (ABC):Finance Minister Muhammad Ishaq Dar on Saturday said, Rupee has regaining strength against dollar since his arrival and dollar will fall below Rs 200, because it is not its real value. Talking to a private TV channel, Finance Minister said country’s macroeconomic indicators has surely lots of problems but this economic mess was inherited from Imran Khan …

KARACHI, Oct 9(ABC): Bulls charged at the Pakistan Stock Exchange (PSX) as the KSE-100 surpassed the 42,000 level in the outgoing week to finish with a gain of 956 points or 2.3%. Interest in cyclical and sideboard sectors kept the market buoyant as investor participation remained strong. The index maintained a healthy momentum on the back of declining yearly and …

ISLAMABAD, Oct 8 (ABC): British High Commissioner Dr Christian Turner Saturday called on Minister for Finance and Revenue Senator Mohammad Ishaq Dar and exchanged views on matters of common interest.  The minister briefed the British High Commissioner about devastation caused by the recent floods in Pakistan, said a press release issued by the Ministry of Finance. The minister underscored that …

KARACHI, Oct 7(ABC): The weekly inflation, based on the sensitive price index (SPI) continued to rise despite a massive decrease in petroleum prices due to sky-high prices of perishable items. The Pakistan Bureau of Statistics (PBS) on Friday reported that the SPI-based inflation rate rose 0.29% during the week ended October 6 compared to last week; meanwhile, it rose 29.44% …

KARACHI, Oct 7(ABC): The Pakistan Stock Exchange (PSX) on Friday succumbed to selling pressure after closing positive for four consecutive sessions and lost 75 points in topsy-turvy trading. The benchmark KSE-100 index traded between hope and despair, which eventually let loose the bears, who pulled the bourse into the red. Investors kept a close watch on political news after PTI …

KARACHI, Oct 7(ABC): Gold prices inched up on Friday, still hovering near a one-month low hit in the previous session when a rebound in the rupee pushed bullion to its steep one-day fall. Data released by All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the gold price gained Rs150 per tola and Rs129 per 10 grams to settle at Rs145,050 and …

ISLAMABAD, Oct 07 (ABC): The Islamabad Chamber of Commerce and Industry (ICCI) and the Ministry of Housing and Works will jointly organize the first International Housing Expo 2022 (IHE-2022) here in December this year. ICCI President Ahsan Zafar Bakhtawari and Secretary Ministry of Housing and Works Iftikhar Ali Shallwani signed a Memorandum of Understanding (MoU) in that regard, during a …

WASHINGTON, Oct 7(ABC): The International Monetary Fund (IMF) chief said Thursday there is a “fundamental shift” in the global economy, urging countries to bring down inflation, put in place responsible fiscal policy, and jointly support emerging market and developing economies. The global economy is moving “from a world of relative predictability – with a rules-based framework for international economic cooperation, …

ISLAMABAD, Oct 7 (ABC): Federal Minister for Commerce, Syed Naveed Qamar on Friday said that Pakistan to enhance economic and trade relations with European Union (EU), member countries. Pakistan wishes to remain constructively engaged with the EU and its member states to enhance commercial relations in terms of protection and promotion of the social, economic, and other rights of the …

ISLAMABAD, Oct 7 (ABC): Due to recent devastating flash floods and torrential rains across the cotton producing areas of Sindh, Punjab, Balochistan, Khyber Pakhtunkhwa, the overall cotton output of major cash crop is likely to remain between 7 to 8 million bales as against the set targets of 10.5 million bales during current season. According to initial estimates, out of …

ISLAMABAD, Oct 7 (ABC): The footwear exports witnessed an increase of 20.91 percent during the first two months of fiscal year (2022-23) as compared to the exports of corresponding period of the last year. Pakistan exported footwear worth US $32.393 million during July-August (2022-23) against the exports of $26.791million during July-August (2021-22), showing growth of 20.91 percent, according to the …

ISLAMABAD, Oct 7 (ABC): Federal Minister for Finance and Revenue Mohammad Ishaq Dar on Friday said that attracting the United States investment in different sectors of Pakistan’s economy was the government’s top priority. During a meeting with US Ambassador to Pakistan Donald Blome, who called on the minister here, Dar said the incumbent government was focusing on creating a business-friendly …

KARACHI, Oct 7(ABC): The ongoing wave of rupee appreciation continued on Friday — the eleventh consecutive day against the US dollar in the interbank market. The local currency gained Rs2.4 against the greenback as the market opened today. The dollar is being traded at Rs219.90, currently. The greenback has lost nearly Rs19.71 against the rupee since September 22. It was …

ISLAMABAD, Oct 7(ABC):The Central Directorate of National Savings (CDNS) on Thursday achieved the target of issuing Rs 300 billion fresh bonds in the current fiscal year 2022-23 from July 1st to October,5 2022.The Central Directorate of National Savings (CDNS) has set a saving target of Rs1.5 trillion for the current financial year (2022-23) which will promote savings culture in the …

ISLAMABAD, Oct 7(ABC):State Bank of Pakistan (SBP) will announce Monetary Policy on Monday (October 10) in a meeting of Monetary Policy Committee. “The Monetary Policy Committee of SBP will meet on Monday, October 10, 2022 at SBP Karachi to decide about the Monetary Policy”, press release issued by SBP said.  Later on, SBP will issue the Monetary Policy Statement through …

ISLAMABAD, Oct 7(ABC):The Foreign Direct Investment (FDI) into the country increased by 87.94 percent on month-on-month basis during August 2022 against the inflows of July 2022, according to report by finance ministry.The FDI inflows were recorded at $ 110.7 million in August 2022 as against an inflow of $ 58.9 million in July 2022, says ‘Economic Update and Outlook for …

ISLAMABAD, Oct 7(ABC):Minister for Planning and Development Ahsan Iqbal on Thursday said that Pakistan desperately needed measures to bring the country’s economy out of crisis through sustainable export led economic growth.   “The sustainable economic growth is possible only through increasing productivity that leads to more exports and higher economic growth”, the minister said while addressing the closing ceremony of a …

ISLAMABAD, Oct 7(ABC): Finance Minister Ishaq Dar Thursday announced to ensure the supply of electricity to exporters at subsidised rates, setting the price at Rs19.89 per unit. “All distribution companies will provide electricity to the exporter community on these rates and the difference between original prices and subsidised rates will be covered by the Ministry of Finance,” Dar said while …

KARACHI, Oct 7(ABC): Gold pared some losses on Thursday after the Pakistani rupee continued to register significant gains against the US dollar, some investors unwound safe-haven positions as the price of the precious metal fell below the key level of Rs145,000. Data released by All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the gold price surged by Rs3,400 …

Oct 6(ABC): The Pakistani rupee continued to gain ground against the dollar Thursday — the 10th consecutive session — and appreciated by 2.19 in the interbank market at the start of the intraday trade. The greenback was being traded at Rs221.75 after losing 2.19 as the market opened today. It closed at 223.94 per dollar a day prior. The market observers are …

FRANKFURT, Oct 5(ABC): The ECB’s banking supervisor on Tuesday warned banks against easing capital requirements for energy suppliers and traders struggling with huge volatility in the sector, as this could enhance the vulnerability of financial institutions. Europe is in the throes of an energy crisis after Russia choked off fossil fuel supplies to the continent following its invasion of Ukraine. …

NEW YORK, Oct 5(ABC):  Oil prices rose by 3% on Tuesday on expectations of a large cut in crude output from the OPEC+ producer group, and support from a weaker US dollar. The Organisation of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, look set to cut output when they meet on Wednesday. The move would squeeze …

Oct 4(ABC): Apple’s iPhone exports from India crossed $1 billion in five months since April, reported on Tuesday, reflecting the tech giant’s growing bet on the South Asian nation amid New Delhi’s push for local manufacturing. The outbound shipments of India-made iPhones, mainly to Europe and the Middle East, are set to reach $2.5 billion in the 12 months through …

KARACHI, Oct 4(ABC):  Gold resumed its climb on Tuesday after a knee-jerk retreat tied to the appreciation of the Pakistani rupee and anticipation of the monetary policy announcement, as the dollar slipped in the international market with investors latching on to a slight cooling of consumer prices. Data released by All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that …

KARACHI, Oct 4(ABC): The bulls maintained their grip on the Pakistan stock market for the third consecutive day as the benchmark KSE-100 index powered past the 41,500-point mark during intra-day trade on Tuesday. Investors’ expectations about the quarterly corporate results and a strengthening rupee against the US dollar impacted activity at the bourse. The KSE-100 index oscillated between red and …

KARACHI, Oct 4(ABC): The Pakistani rupee on Tuesday maintained its ground for the eighth consecutive session against the dollar since Ishaq Dar took charge of the Finance Ministry. The local unit gained Rs1.65, or 0.73%, in the interbank market, managing to settle at Rs225.64 against the greenback. According to the State Bank of Pakistan, the local currency closed at Rs227.29 against the …

ISLAMABAD, Oct 4(ABC): Following the devastation caused by the floods that wiped out the cotton crop, Pakistan’s small factories making bedsheets and towels for export to the US and Europe have started to shut down. Pakistan Textile Exporters Association’s patron-in-chief Khurram Mukhtar said that a shortage of good quality cotton, high fuel costs, and poor recovery of payments from buyers …

BAGHDAD, Oct 3 (ABC): Iraq exported 98.76 million barrels of crude oil in September with revenues of 8.77 billion U.S. dollars, the country’s oil ministry said Saturday. The average price for crude oil in September was 88.83 dollars per barrel, the ministry said in a statement, citing statistics from the State Organization for Marketing of Oil. A total of 96.44 …

Birmingham, United Kingdom, Oct 3 (ABC): Britain’s beleaguered finance minister on Monday announced a dramatic U-turn on a tax cut unveiled as part of an economic package that has bombed with the markets, electorate and his party. The abrupt change of course by Chancellor of the Exchequer Kwasi Kwarteng, and Prime Minister Liz Truss, raised questions about their right-wing project …

ISLAMABAD, Oct 3 (ABC): Pakistani rupee on Monday gained Rs 1.17 against the US dollar in the interbank trading and closed at Rs 227.28 against Rs 228.45 the previous day. According to the Forex Association of Pakistan (FAP), the buying and selling rates of dollar in the open market were recorded at Rs 228.5 and Rs 230.5 respectively. The price …

COLOMBO, Oct 3(ABC):Sri Lanka’s government on Sunday cut taxes on female sanitary products in a bid to help women and girls unable to afford them because of the country’s economic crisis. Even before the downturn last year, many schoolgirls and women in Sri Lanka, like in other poor countries, would stay home when menstruating because they couldn’t afford sanitary products. …