ISLAMABAD, Oct 28 (ABC): The recent and updated Post-Disaster needs assessment has called for urgent support to implement a recovery and reconstruction that ‘Builds Back Better’ based on the principles of the poor first, transparency, inclusion, and climate resilience in flood hit-area of Pakistan. The assessment estimated total damages to exceed USD 14.9 billion, and total economic losses to reach …

ISLAMABAD, Oct 28 (ABC): Federal Minister for Commerce and Investment Syed Naveed Qamar in a meeting with Executive Vice President of European Union Commission and EU Trade Commissioner Valdis Dombrovskis in Brussels on Friday expressed Pakistan’s desire to diversify its export portfolio with EU. The commerce minister was joined by Pakistan’s Ambassador to Belgium, Luxembourg and the European Union Dr. …

LAHORE, Oct 28(ABC): Punjab Chief Minister Chaudhry Parvez Elahi on Thursday said the Punjab province was taking the lead in investment and other sectors by providing facilities under one roof, and increased investment would create new employment opportunities.He said this during a meeting with CEO of Punjab Board of Investment and Trade and Secretary Special Economic Zones Authority Jalal Hasan. …

ISLAMABAD, Oct 28(ABC): Minister for Power Division Khurram Dastgir on Thursday said that the present government was fully committed to providing affordable electricity to the end consumers. Addressing a groundbreaking ceremony of 500 kV Switching Station Maira, the minister expressed the hope that Pakistan would make progress and prosper despite host of challenges. He said stalled development of Pakistan in …

BEIJING, Oct 28(ABC): Pakistan’s export to China crossed US$2.57 billion in the first nine months of this year, up 2 per cent year on year, shows the official data from the General Administration of Customs of the People’s Republic of China (GACC).   Ghulam Qadir, Commercial Counsellor at Pakistan Embassy in China, told China Economic Net (CEN) that Pakistan’s exports …

LAHORE, Oct 28(ABC): Pakistan China Joint Chamber of Commerce and Industry  (PCJCCI) Senior Vice President and East  Sea Group  Limited CEO  Mr. Fang Yulong said on Thursday that his Group had planned to invest US $4.5 billion to build a refinery plant with an annual refining  capacity of eight million tons in Pakistan. He disclosed this in a think-tank session …

Oct 28(ABC): The Oil and Gas Development Company Limited (OGDCL) announced on Thursday that it has discovered a reserve of oil from the Lokhart Formation at Toot Deep-1 well located in the Attock district of Punjab. A notification issued by OGDCL and sent to the Pakistan Stock Exchange (PSX), the company stated that their Toot Deep # 01 well was …

ISLAMABAD, Oct 28(ABC): The Economic Coordination Committee (ECC) on Thursday considered and approved a summary of Ministry of Industries & Production (MoIP) and allowed the payment of projected net salary of Rs. 1,378 million for the Financial Year 2022-23 to be disbursed every month to Pakistan Steel Mills (PSM) employees through a technical supplementary grant. This decision will ensure the …

KARACHI, Oct 28(ABC): The State Bank of Pakistan (SBP) has extended the deadline for exchanging the old banknotes of four denominations that were demonetised six years ago after the approval of the federal government. According to a statement issued by the central bank on its official website, the government has extended the last date for exchanging the old-designed and large-sized …

ISLAMABAD, Oct 27 (ABC): Pakistani Rupee on Thursday depreciated by 81 paisa against the US dollar in the interbank trading to close at Rs 221.49 against the previous day’s closing of Rs 220.68. According to the Forex Association of Pakistan (FAP), the buying and selling rates of US dollar in the open market were recorded at Rs 223.2 and Rs …

ISLAMABAD, Oct 27 (ABC): Minister for Interior Rana Sanaullah said on Thursday that the government was determined to facilitate private sector in promoting business activities for achieving sustainable economic development and social prosperity in the country. He said this while talking to president, Islamabad Chamber of Commerce and Industry (ICCI) Ahsan Zafar Bakhtawari, who along with a delegation called on …

FAISALABAD, Oct 27 (ABC): President Dr Arif Alvi said on Thursday that knowledge-based agriculture is lifeline of Pakistan, which needs to be promoted to overcome environmental challenges, and address food needs, in addition to transforming the country from net food importer to net food exporting country. He was addressing the inaugural ceremony of “Natural Agri-Innovation Centre”, near Sahianwala Interchange here. …

ISLAMABAD, Oct 27 (ABC): The 100-index of the Pakistan Stock Exchange (PSX) turned around to slight bullish trend on Thursday, gaining 62.83 points, a negative change of 0.15 percent, closing at 41,602.86 against 41,540.03 points on the last working day. A total of 203,560,788 shares were traded during the day as compared to 265,421,430 shares the previous day, whereas the …

ISLAMABAD, Oct 27 (ABC): The price of 24 karat per tola gold witnessed an increase of Rs 800 on Thursday and was sold at Rs 151,000 against its sale at Rs 150,200 the previous day. The price of 10 gram 24 karat also increased by Rs 686 and was sold at Rs 129,458 against Rs 128,772; whereas that of ten …

ISLAMABAD, Oct 27(ABC): Prime Minister Shehbaz Sharif on Thursday stressed enhanced cooperation between Pakistan and Egypt in the field of economy and emphasized greater engagement at leadership level, people-to-people contacts, and increased institutional linkages. According to the PM Office, the prime minister expressed these views in a meeting with the Ambassador of Egypt Tarek Mohamed Dahroug that focused on further …

Oct 27(ABC): The government has decided to give the domestic sector top priority in gas supply during the winter season to ensure the provision of full-pressure gas for cooking three times a day, under its gas load management plan, reported. The plan is said to come into force from November 1 till the end of February 2023. While the priority is …

SINGAPORE, Oct 27(ABC): Asian shares rose on Thursday on growing expectations that major central banks could start slowing th pace of interest rate hikes in coming months, while the dollar’s retreat lifted commodities and pushed treasury yields lower. MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was 1.59% higher and set for third straight session of gains. The index …

Oct 27(ABC): Oil prices continued to rise in early Asian trade on Thursday after surging more than 3% in the previous session, driven by record U.S. crude exports and a weaker U.S. dollar. Brent crude futures rose 25 cents, or 0.3%, to $95.94 a barrel by 0015 GMT. U.S. West Texas Intermediate (WTI) crude rose 19 cents, or 0.2%, to …

ISLAMABAD, Oct 26 (ABC): Federal Minister for Water Resources Syed Khursheed Ahmed Shah has said that Diamer Basha Dam is a significant project for the national economy, as this will store water for irrigated agriculture, help mitigate floods and generate environment-friendly and low-cost hydel electricity. He expressed these views while visiting Diamer Basha Dam, being constructed by WAPDA on River …

ISLAMABAD, Oct 26 (ABC): The 100-index of the Pakistan Stock Exchange (PSX) witnessed bearish trend on Wednesday, losing 650 points, a negative change of 1.54 percent, closing at 41,540.03 against 42,190.03 points on the last working day. A total of 265,421,430 shares were traded during the day as compared to 195,400,685 shares the previous day, whereas the price of shares …

ISLAMABAD, Oct 26 (ABC): The price of 24 karat per tola gold witnessed an increase of Rs 1,800 on Wednesday and was sold at Rs150,200 against its sale at Rs 148,400 the previous day. The price of 10 gram 24 karat also increased by Rs 1,542 and was sold at Rs 128,772 against Rs127,230; whereas that of ten gram 22 …

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 …