ISLAMABAD, Nov 20(ABC): Pakistan on Saturday communicated with Russia to procure cheap oil and gas. Sources privy to the matter said that in this regard, the foreign ministry and petroleum ministry started to communicate – via letters – with Russia. The authorities have expressed their interest to the Russian administration in buying cheap oil and gas, but have put up …

BEIJING, Nov 20(ABC):Pakistan Consulate General, Shanghai has set up a national pavilion to showcase Pakistani traditional products at 4th Wenzhou International Import Expo opened in Wenzhou city in Zhejiang province. The opening ceremony of the four-day event to be continued till November 20, was attended by province and city leadership, diplomats and businesses. On the sidelines of the Expo, a …

ISLAMABAD, Nov 20(ABC):Turkiye and Pakistan enjoy heart-to-heart relations and Turkiye is keen to boost bilateral trade with Pakistan at least up to US$ 5 billion in the next 2-3 years as the current volume of trade is not reflective of the actual potential of both countries. This was said by Dr.Mehmet Pacaci, Ambassador of Turkiye while addressing the business community …

BEIJING, Nov. 19Â (APP):The 4th International Symposium on the Belt and Road Bio-health Agriculture and the Development of Sino-Pak Bio-health Agriculture Oversea Sci-tech Demonstration Park was held at Northwest A&F University (NWAFU), Yangling, China. At the symposium, 22 keynote reports were delivered on bio-immunity and bio-protein technology, healthy seed industry, bio-information technology, smart agriculture technology and healthy animal husbandry. The …

ISLAMABAD, Nov 20(ABC):The prices of oranges may rise this winter as the production recorded very low (50 percent) due to acute canal water scarcity and unexpected higher temperatures during the flowering stage of plants, Pakistan Business Forum (PBF) said. PBF Vice President Ahmad Jawad said ‘kinnow’ (orange) exports will resume from 1st week of December and the rate at farm …

ISLAMABAD, Nov 20(ABC):The Pakistani traders have expressed keen interest in buying tea and coffee from Ethiopia at affordable rates. “There is a huge demand of tea and coffee in Pakistan, but connectivity, quality control mechanisms and institutional linkages between the two countries are the need of the hour,” said the members of a joint delegation of the Federation of Pakistan …

ISLAMABAD, Nov 20(ABC): Federal Minister for Finance and Revenue Ishaq Dar Saturday rejected all speculations surrounding oil shortage and widening credit default swap, terming them “baseless rumours being spread on political goals”. Addressing a press conference via video link, the finance minister asserted that Pakistan will “absolutely not” default on its debt obligations. Country’s next big payment — $1 billion in international …

ISLAMABAD, Nov 18 (ABC): The 100-index of the Pakistan Stock Exchange (PSX) lost 89.48 points on Friday, depicting a slight negative change of 0.21 percent, closing at 42,730.24 against 42,819.72 points on the previous day. A total of 189,283,798 shares were traded during the day as compared to 181,226,661 shares the previous day, whereas the price of shares stood at …

ISLAMABAD, Nov 18 (ABC): The price of 24 karat per tola gold witnessed a decrease of Rs400 on Friday as it was sold at Rs158,000 against its sale at Rs158,400 the previous day. The price of 10 gram 24 karat also decreased by Rs342 and was sold at Rs135,460 against Rs135,820, whereas that of 10 gram 22 karat went down …

ISLAMABAD, Nov 18 (ABC): The Securities and Exchange Commission of Pakistan (SECP) has released its annual report for the fiscal year 2021-22. The Report caused under section 25 of the SECP Act 1997 comprises details of Commission activities and financial statements for fiscal year 2021-22, said a press release issued here. SECP Chairman Aamir Khan has expressed his satisfaction that …

ISLAMABAD, Nov 18(ABC): Minister of State for Finance and Revenue Dr Ayesha Ghaus Pasha on Friday said that half of the businesses are running without taxes, tax payers must think that they must have a part in the country’s economy. Ayesha Ghaus said that Federal Board of Revenue (FBR) needs to change its policy. FBR should register new tax defaulters, …

ISLAMABAD, Nov 18(ABC): The National Electric Power Regulatory Authority (NEPRA) is likely to cut the power tariff for K-Electric (KE) consumers by Rs7.83 per unit on account of fuel charges adjustment (FCA) for the month of November 2022. According to details, the KE consumers may get relief of Rs3.15 billion as K-Electric has sought a cut for its consumers on …

ISLAMABAD, Nov 18(ABC): Minister for Finance Ishaq Dar called on President Dr Arif Alvi in Islamabad on Friday. During the meeting, the Federal Finance Minister briefed the President on the overall economic and financial outlook of the country. He also briefed the President on various steps taken by the Government to provide relief to the people of Pakistan, especially to …

ISLAMABAD, Nov 18(ABC): The International Monetary Fund (IMF) has asked Pakistan to share more details for undertaking the post-flood reconstruction at the cost of $16 billion, prior to taking a decision to dispatch its review mission to accomplish the pending ninth review under the Extended Fund Facility (EFF) programme. However, the IMF did not give any confirmed date for the completion of the …

ISLAMABAD, Nov 17 (ABC): The International Monetary Fund (IMF) has indicated its willingness to sympathetically view the targeted assistance for poor and vulnerable, especially flood affected people of Pakistan, said finance ministry in a statement issued here Thursday. According to the statement, Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar held an online meeting with IMF Mission Chief …

KARACHI, Nov 17(ABC): Foreign exchange reserves held by the State Bank of Pakistan (SBP) surged by $3 million to $7.96 billion as of November 11, according to the data released by the central bank on Thursday. Pakistan’s total liquid foreign reserves stand at $13.8 billion, while net foreign reserves with commercial banks clocked in at $5.84 billion. “During the week …

Nov 17(ABC): The United States announced on Thursday that a total of $135 million had been raised as funding to combat global fertiliser shortages and food insecurity in low- and middle-income countries, according to a US Department of State press release. In a tweet, the US Embassy in Islamabad announced that the United States plans to provide support to Pakistan …

KARACHI, Nov 17(ABC): Pakistan’s total debt and liabilities have climbed by Rs12 trillion or 23.7% in the first quarter of the current fiscal year, with analysts saying a delay in loan tranche from the International Monetary Fund (IMF) and devaluation of the rupee pushed the numbers up significantly. The debt and liabilities stood at Rs62.46 trillion in July-September FY2023, compared with Rs50.49 trillion …

ISLAMABAD, Nov 16 (ABC): Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar, here, on Wednesday expressed the government’s resolve to provide housing facilities to low and middle-income groups at affordable prices. Chairing a meeting on ‘Mera Pakistan Mera Ghar’ (MPMG) Scheme at the finance division, the minister advised the relevant authorities to work out at feasible proposals; address …

ISLAMABAD, Nov 16 (ABC): Pakistani Rupee on Wednesday depreciated by 50 paisa against the US dollar in the interbank trading to close at Rs 222.41 against the previous day’s closing of Rs 221.91. According to the Forex Association of Pakistan (FAP), the buying and selling rates of the US dollar in the open market were recorded at Rs 225.4 and …

ISLAMABAD, Nov 16(ABC): November 2022: Tobacco Health Levy Bill is ready to be presented in parliament and its immediate implementation can generate 60 Billion Rupee revenue for government. This revenue can help in reducing the damage caused by tobacco industry to health and economy. These views were agreed upon during a briefing organized by Society for Protection of Rights of …

ISLAMABAD, Nov 16 (ABC): The price of 24 karat per tola gold witnessed an increase of Rs 1,850 on Wednesday as it was sold at Rs 158,850 against its sale at Rs157,000 the previous day. The price of 10 gram 24 karat also increased by Rs 1,586 and was sold at Rs 136,188 against Rs 134,602, whereas that of 10 …

ISLAMABAD, Nov 16 (ABC): The 100-index of the Pakistan Stock Exchange (PSX) on Wednesday turned around to bullish trend and gained 186.90 points, a positive change of 0.44 percent, closing at 42,983.75 against 42,796.85 points on the last working day. A total of 186,709,771 shares were traded during the day as compared to 188,664,158 shares the previous day, whereas the …

ISLAMABAD, Nov 16 (ABC): US Ambassador Donald Blome and Minister of State for Finance, Revenue, Dr Ayesha Ghaus Pasha on Wednesday formally launched a United States government-led initiative to enhance US-Pakistan bilateral trade. The United States has long been Pakistan’s largest export market, with potential for further growth, said a news release from the embassy of the US in Pakistan. …

ISLAMABAD, Nov 16 (ABC): Minister for Planning, Development, and Special Initiatives Ahsan Iqbal Wednesday said that in the wake of the growing impacts of climate change, Pakistan’s biggest challenge was to adapt the agriculture sector to climate change to ensure food security and boost the country’s economic growth. “We can build the infrastructures and dams with such specifications that can …

Nov 16(ABC): Negotiations over the next tranche in the extended fund facility for Pakistan by the International Monetary Fund (IMF) are expected to commence before the end of November. This was confirmed on Wednesday by senior officials of the Federal Finance Ministry who had intricate knowledge of the developments. The officials however, requested not to be named because they were …

ISLAMABAD, Nov 16(ABC): Federal Minister for Economic Affairs, Sardar Ayaz Sadiq here on Wednesday appreciated the World Bank (WB) for its decades-long assistance, which he said had played and would continue to play a vital role in the socio-economic uplift of Pakistan. The minister was talking to Regional Director for the WB South Asia, Sustainable Development (SD), John A. Roome …

ISLAMABAD, Nov 16(ABC): The ruling coalition’s economic team on Tuesday ruled out the possibility of imposing additional taxes citing the shortfall in tax collection due to the flood-hit economy, reported. Chairman of the Federal Board of Revenue (FBR) Asim Ahmed and State Minister for Finance Aisha Ghous Pasha briefed the National Assembly’s Standing Committee on Finance and Revenue, during which it …

ISLAMABAD, Nov 15(ABC): Finance Minister Senator Ishaq Dar on Monday presided over the meeting of the Economic Coordination Committee in the federal’s capital. The ECC approved the Kissan package as proposed by the Ministry of National Food Security and Research submitted on Kissan Package-2022. Inter-alia the package includes, enhancement of agriculture loan disbursement from 1,419 billion to 1,802 billion, reduction …

BEIJING, Nov 15(ABC): China’s factory output grew more slowly and retail sales fell in October, the latest sign that the world’s second-largest economy is losing momentum as it struggles with protracted COVID-19 curbs and a property downturn. Property investment also fell at a faster pace in the January-October period, pointing to further weakness in a key pillar of China’s economy. …

NEW YORK, Nov 15(ABC): Amazon is preparing to lay off as many as 10,000 employees, The New York Times reported on Monday, making the e-commerce behemoth the latest tech giant to unleash a large-scale redundancy plan. This would represent a little less than one percent of the group´s total payroll, which had 1.54 million employees worldwide at the end of …

KARACHI, Nov 15(ABC):  The gas crisis seems to have worsened in Karachi as the Sui Southern Gas Company Limited (SSGC) halted gas supply to industries across the city. “In adherence to the Ministry of Energy (Petroleum Division) gas load management plan, that places domestic and commercial customers on top of the priority list, it has been decided to suspend gas supply …

KARACHI, Nov 15(ABC): Pakistan’s five-year credit default swap — used to insure against restructuring or default — has sharply widened as investors become wary of the country’s ability to meet its bond obligations, The News reported Tuesday. On November 11 (Friday), the CDS increased by 394 basis points (bps) day-on-day to 64.19%, according to data from Arif Habib Limited. The CDS has surged …

ISLAMABAD, Nov 14 (ABC): The sale of cars during the first four months of current fiscal year 2022-23, has dropped by 47.03 percent as compared to the same quarter of last year, a latest data released by Pakistan Automobile Manufacturing Association (PAMA) on Wednesday. According to the data, as many as 39,700 cars were sold during the period under review …

ISLAMABAD, Nov 14 (ABC): The 100-index of the Pakistan Stock Exchange (PSX) on Monday witnessed a bearish trend, losing 242.12 points, a negative change of 0.56 percent, closing at 42,850.83 against 43,092.95 points on the last working day. A total of 185,537,940 shares were traded during the day as compared to 232,788,982 shares the previous day, whereas the price of …

ISLAMABAD, Nov 14 (ABC): The ongoing rains would positively impact all seasonal major and minor crops, fruits and vegetables, agricultural experts said here Monday. They were of the view that the rains would particularly be most beneficial for wheat, which is major cash crop of the season and a mega source to fulfill the domestic requirements of staple food in …

ISLAMABAD, Nov 14 (ABC): Pakistani Rupee on Monday depreciated by 04 paisa against the US dollar in the interbank trading to close at Rs 221.68 against the previous day’s closing of Rs 221.64. According to the Forex Association of Pakistan (FAP), the buying and selling rates of the US dollar in the open market were recorded at Rs 225.6 and …

Nov 12(ABC): The central bank on Saturday filed in the Supreme Court an application to withdraw its applications against the verdict of the Federal Sharia Court directing to make the banking system in the country Islamic within five years. Filed through Syed Rafaqat Hussain Shah, the application to withdraw the Civil Sharia Appeal read that no date had been fixed …

ISLAMABAD, Nov 12 (ABC):Minister for Finance and Revenue Senator Mohammad Ishaq Dar held meetings in Dubai with management of the leading commercial banks, which deal commercially with Pakistan and Ministry of Finance. These banks including Dubai Islamic Bank, Ajman Bank and Emirates NBD, said a press release issued by the Ministry of Finance on Saturday. The commercial banks reposed their …

LAHORE, Nov 12 (ABC):President Dr Arif Alvi has said there is a need to ensure strictness against tax evasion and tax collecting authorities must create easiness for taxpayers. He said this while addressing a Public Awareness Seminar on Wafaqi Tax Mohtasib at the Governor’s House here on Saturday. To creat awareness among people regarding the Federal Tax Ombudsman (FTO) initiatives …