ISLAMABAD, Sep 26(ABC): The Universal Service Fund (USF) board has approved the award of 10 contracts worth Rs21 billion for the provision of information technology and mobile broadband services to the un-served and underserved communities in all provinces of the country. High-speed mobile broadband projects for highways and motorways and optic fibre cable projects will provide 4G Long-Term Evolution (LTE) …

Sep 26(ABC): Shares at the Pakistan Stock Exchange (PSX) opened the week on a positive note, with analysts citing the rupee’s strong recovery buoyed by a decline in international oil prices as well as Ishaq Dar’s upcoming appointment as the finance minister behind the rally. The benchmark KSE-100 index had gained 411 points, or 1.01 per cent, by 10:46am, to reach …

ISLAMABAD, Sep 26(ABC): Qatar is awaiting progress on ‘reforms’ Pakistan assured last month to facilitate about $3 billion investment in the country as part of foreign financing arrangements required during the current fiscal year under the International Monetary Fund (IMF) programme. Qatar has been seeking pipeline capacity allocation to transport liquefied natural gas (LNG) through a terminal it plans to set …

KARACHI, Sep 26(ABC): Pakistani currency continued to stabilize for the second consecutive working day, as it made fresh recovery against the US dollar in the inter-bank market on Monday. According to details, the local currency appreciated by Rs1.65 against the greenback and was being traded around Rs238. The rupee had closed at Rs239.65 on Friday, according to Pakistan’s central bank …

MELBOURNE, Sep 26(ABC): Oil prices rose modestly in early trade on Monday after sliding to eight-month lows last week weighed down by a surging U.S. dollar and fears sharp interest rate hikes globally would spark a recession and hit fuel demand. The dollar index climbed to a fresh 20-year high on Monday, capping oil price gains. Brent crude futures were …

ABU DHABI , Sep 26(ABC): The United Arab Emirates agreed Sunday to supply natural gas and diesel to Germany as part of an “energy security” deal to replace Russian supplies. Emirati industry minister Sultan Ahmed Al Jaber called it a “landmark new agreement” that “reinforces the rapidly growing energy partnership between the UAE and Germany”, at a signing attended by …

TOKYO, Sep 26(ABC): Sterling tumbled to a record trough on Monday as traders scampered for the exits on speculation the new government’s economic plan will stretch Britain’s finances to the limit. The British pound’s searing drop helped the safe-haven US dollar to a new two-decade peak against a basket of major peers. Sterling slumped as much as 4.9% to an …

ISLAMABAD, Sep 24(ABC):  The Federal Board of Revenue (FBR) on Saturday “categorically denied” issuance of any Statutory Regulatory Order (SRO) that allows ex-military officers to import duty and tax-free bulletproof vehicles. “FBR categorically denies reports appearing in some sections of media that it has issued an SRO allowing duty-free import of bulletproof vehicles,” the revenue board said in a brief …

KARACHI, Sep 24(ABC):  Gold extended losses into a third session on Saturday, closing slightly above the threshold of Rs150,000 per tola in line with price movement in the international market and expectations that economic recovery could sap inflationary pressure, curbing the metal’s appeal as a hedge. Data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that …

ISLAMABAD, Sep 24 (ABC):The Universal Service Fund (USF) Board approved an award of 10 contracts worth Rs. 21 billion for connectivity of the un-served and under-served communities of Baluchistan, Punjab, Sindh and Khyber Pakhtunkhwa (KPK) provinces. The high-speed mobile broadband projects, highways and motorways projects and optical fiber cable (OFC) projects will provide 4G LTE connectivity and backhaul connectivity to …

ISLAMABAD, Sep 24 (ABC):Strategic wheat stocks of the country are recorded at 8.644 million tons, which are sufficient to tackle with the domestic food requirements as well as maintaining smooth demand and supply in local markets during current food year. The food year in the country starts from May 1 to  April 30 every year and government has also allowed …

Doha, Sept 24 (ABC):France’s TotalEnergies on Saturday signed a further $1.5 billion investment in Qatar’s natural gas production expansion, which comes as Europe scrambles to find new energy sources to replace Russian supplies. The French energy giant will have 9.3 percent stake in the North Field South gas project, the first foreign partner in that section of the vast field, …

ISLAMABAD, Sep 23 (ABC): The price of 24 karat per tola gold witnessed a decrease of Rs.850 on Friday and was sold at Rs.153,850 against its sale at Rs.154,700  the previous day. The price of 10 gram 24 karat also decreased by Rs.728 and was sold at Rs.131,902 against Rs.132,630 whereas that of 10 gram 22 karat went down to …

MULTAN, Sep 23 (ABC): Excise and Taxation department has recovered Rs 300 million out of Rs 560 million property tax target set for three months as people availing rebate offer given by the provincial government over payment of taxes through E-pay. Talking here on Friday, Excise and Taxation Officer Admin/ property wing Khalid Hussain Qasoori said that the taxes recovery …

ISLAMABAD, Sep 23 (ABC): Pakistan earned US $199.100 million by providing different Information Technology (IT) services in various countries during the first month of current fiscal year 2022-23. This shows growth of 1.58 percent as compared with US $ 195.996 million earned through provision of services during the corresponding period of last fiscal year 2021-22, Pakistan Bureau of Statistics (PBS) …

ISLAMABAD, Sep 23 (ABC): The Ministry of Housing and Works had set up a laboratory at the site of low-cost housing project of Alipur Frash for the government employees to test the quality of construction material. “The laboratory will not only help testing the material used in construction work, but also save time of the labourers working on the site, …

NICOSIA, Sep 23 (ABC): Cypriot economy is projected to grow by 5.5 percent this year despite adverse international economic conditions, the Central Bank of Cyprus (CBC) said here on Thursday. However, the CBC said in a press release that the outlook of the country’s economy is tempered by the upheaval in the energy sector, which is expected to lower demand …

ISLAMABAD, Sep 23 (ABC): The prices of essential commodities witnessed a considerable decrease as the Sensitive Price Indicator (SPI) based weekly inflation for the week ended on September 22 for the combined consumption group witnessed a sharp decline of 8.11 percent as compared to the previous week. The SPI for the week under review in the above mentioned group was …

ISLAMABAD, Sep 23 (ABC):Pakistan rupee on Friday appreciated by 06 paisas against the US dollar in the interbank trading and closed at Rs 239.65 against the previous day’s closing of Rs 239.71. According to the Forex Association of Pakistan (FAP), the buying and selling rates of dollars in the open market were recorded at Rs 241.5 and Rs\ 244 respectively. …

KUALA LUMPUR, Sep 23 (ABC): The Malaysian Central Bank said here on Friday Malaysian ringgit movements will continue to be market determined. Bank Negara Malaysia (BNM) said in a statement that the bank continues to closely monitor and ensure orderly financial market conditions amidst external developments that have led to persistent strength in the U.S. dollar against almost all currencies, …

KARACHI, Sep 22(ABC): In line with the dominant trend over the last several weeks, the country’s foreign exchange reserves held by the State Bank of Pakistan (SBP) once again declined by 3.21%. On September 16, the foreign currency reserves held by the SBP were recorded at $8,346.4 million, down $278 million compared with $8,624 on September 9, data released by …

KARACHI, Sep 22(ABC):Gold resumed its downtrend in Pakistan in line with the fluctuation in the international market. Data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of precious metal declined by Rs400 per tola and Rs343 per 10 grams to settle at Rs154,700 and Rs132,630 respectively. In the international market, the price of …

ISLAMABAD, Sep 22 (ABC):Minister for National Food Security and Research Tariq Bashir Cheema Thursday said that government would provide subsidize seeds and fertilizers to support the flood affected farmers of the country during upcoming Rabi season. While talking to a delegation led by Regional Director for Sustainable Development South Asia of World Bank John A Roome, the minister said that …

ISLAMABAD, Sep 22 (ABC): Pakistan rupee on Thursday depreciated by 07 paisa against the US dollar in the interbank trading and closed at Rs 239.71; against the previous day’s closing of Rs 239.64.  According to the Forex Association of Pakistan (FAP), the buying and selling rates of dollars in the open market were recorded at Rs 241.7 and Rs 244.1 …

ISLAMABAD, Sep 22 (ABC): Ambassador of Ethiopia to Pakistan, Jemal Baker Abdullah on Thursday said that Ethiopia can play major role in the economic and trade integration of Pakistan in the African region. In the African region, Ethiopia has a prominent position in economic,commercial and political terms, as Pakistan has special importance due to its location, he said in his …

Istanbul, Sept 22 (ABC): Turkey’s central bank on Thursday cut its policy rate for the second straight month despite an annual inflation rate that has reached 80 percent and still moving higher. The central bank said it was cutting its one-week repo rate to 12 percent from 13 percent and attributed skyrocketing consumer prices on external factors such as the …

ISLAMABAD, Sep 22 (ABC): The 100-index of the Pakistan Stock Exchange (PSX) lost 37.63 points on Thursday, a negative change of 0.09 percent, closing at 40,927.95 against 40,965.58 points on the last working day. A total of 190,091,596 shares were traded during the day compared to 170,416,593 shares the previous day, whereas the price of shares stood at Rs.6.322 billion …

ISLAMABAD, Sep 22 (ABC): The Asian Development Bank (ADB) has approved a $100 million results-based loan to help strengthen the quality of secondary healthcare in Khyber Pakhtunkhwa province in Pakistan. The programme will help improve the delivery of health services at secondary hospitals by modernizing infrastructure and equipment; ensuring clinical protocols, standards, and guidelines are implemented; and improving human resources …

London, Sept 22 (ABC): The Bank of England hiked its interest rate again on Thursday to combat soaring inflation as it warned that the UK’s economy had already slipped into recession. The BoE’s decision caps a busy week for central banks as its peers in the United States and elsewhere in Europe further tightened their own monetary policies in global …

ISLAMABAD, Sep 22 (ABC): The current account deficit shrank to $0.7 billion in August compared to $1.2 billion in July 2022, largely reflecting a continued moderation in overall imports, a data released by State Bank of Pakistan (SBP) said on Thursday. Cumulatively, in Jul-Aug of current fiscal year (FY23), Current Account Deficit (CAD) declined by $0.5 billion to $1.9 billion …

Tokyo, Sept 22 (ABC): Japan’s finance ministry said Thursday it intervened in the currency market to bolster the yen, which has plummeted against the dollar in recent months on the widening policy gap between the US and Japanese central banks. It was the first government intervention to prop up the currency since 1998 and came after the dollar neared 146 …

ISLAMABAD, Sep 21 (ABC): Pakistan’s economy is forecast to slow to 3.5 percent in fiscal year 2023 amid devastating floods, policy tightening, and critical efforts to tackle sizable fiscal and external imbalances, the Asian Development Bank (ADB) said in a report released Wednesday. The slowdown has been predicted even as growth in FY2022 is expected to have reached 6.0%. According …

ISLAMABAD, Sep 21 (ABC): Minister for Planning Development and Special Initiatives Professor Ahsan Iqbal on Wednesday said that the government was ensuring to clearly define the key performance indicators (KPIs) of each social sector uplift projects. He said that the government initiated these programs under its Public Sector Development Program to achieve desired results of sustainable socio-economic prosperity in the …

ISLAMABAD, Sep 21 (ABC):Ethiopia’s Ambassador to Pakistan Jemal Beker Abdula, has said his country is keen to further strengthen trade ties with Pakistan by establishing institutional linkages between the two states. In a meeting with the Trade Development Authority of Pakistan (TDAP) Director General (Islamabad) Muhammad Naseer, the envoy underlined the need to sign accords between the trading organizations of …

ISLAMABAD, Sep 20(ABC): Asian Development Bank (ADB), will soon provide Pakistan with a significant relief and rehabilitation package, to repair the infrastructure and help livelihood. On short and medium-term basis, the bank would use ongoing projects to repair damaged infrastructure, including roads and irrigation infrastructure and support the development and financial stability of the agriculture sector to boost food security. …

ISLAMABAD, Sep 20(ABC): The tea imports witnessed a decrease of 10.86 percent during the first two months of the current fiscal year as compared to the corresponding month of last year. The tea imports during July-August (2022-23) were recorded at $91.914 million against the imports of $103.116 million during July-August (2021-22), according to data of Pakistan Bureau of Statistics (PBS). …

KARACHI, Sep 20(ABC): Gold recovered some of its recent losses on Tuesday, despite a firmer dollar and increasing fears about an oversized rate hike by the US Federal Reserve. Data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the precious metal rose Rs400 per tola and Rs343 per 10 grams to settle at Rs155,100 and …

KARACHI, Sep 20(ABC): The Pakistani rupee slid for the 13th straight session against the US dollar on Tuesday, as despite assurances from the government, the market’s perception about the local unit remains undeterred, with deadly floods disrupting economic activity in the country. The unprecedented floods have killed more than 1,500, affected 33 million people, and led to a hit of at …

KARACHI, Sep 20(ABC): Selling pressure continued to dominate trading at the Pakistan Stock Exchange (PSX) on Tuesday as the benchmark KSE-100 index extended losses from the previous session and recorded a decline of nearly 300 points. A lack of positive triggers and the continuous depreciation of the Pakistani rupee forced investors to take a cautious stance and they resorted to profit-taking. Earlier, …

Sep 20(ABC): Faced with a shortage of fodder due to floods, cattle farmers in villages in Pakistan’s Sindh province said on Monday that they were struggling to keep their remaining livestock alive. The catastrophic floods have submerged huge swathes of Pakistan and damaged crops that were used as feed for their cattle. Officials estimate about 700,000 cattle have been lost in the …