ISLAMABAD, Sep 14 (ABC):Minister for Commerce, Syed Naveed Qamar on Wednesday said that the government was committed to provide level playing field and reduce cost of doing business for export-oriented sectors including textiles to boost exports and reduce current account deficit. He expressed these views while addressing a virtual session organized by South Punjab Investment Forum in collaboration with USAID, …

ISLAMABAD, Sep 13(ABC):  The price of 24 karat per tola gold witnessed an increase of Rs.500 on Tuesday and was sold at Rs.156,500 against its sale at Rs.156,000 the previous day. The price of 10 gram 24 karat also increased by Rs.429 and was sold at Rs.134,174 against Rs.133,745 whereas that of 10 gram 22 karat went up to Rs.122,992 …

ISLAMABAD, Sep 13(ABC): The 100-index of the Pakistan Stock Exchange (PSX) turned around to witness bullish trend on Tuesday, gaining 139.05 points, a positive change of 0.33 percent, closing at 42,001.34 against 41,862.29 points on the last working day. A total of 118,511,503 shares were traded during the day compared to 161,425,081 shares the previous day, whereas the price of …

LAHORE, Sep 13(ABC): Worried about the unavailability of cotton after floods destroyed crops across the country, the Pakistani textile millers have started approaching international suppliers to source silver fibre to maintain the export momentum. Pakistan has been hit by the worst flood in its history, affecting 33 million people and inflicting an estimated loss of nearly $10 billion in infrastructural damages. Floods …

KARACHI, Sep 13(ABC): The remittances sent home by overseas Pakistanis rose 8% month-on-month to $2.7 billion in August 2022, the latest data from the central bank showed Tuesday. The nominal increase in remittances came following the normalisation of the number of working days in month that led to a decline in July. According to the State Bank of Pakistan (SBP), the …

KARACHI, Sep 13(ABC): The Pakistani rupee continued to slide for the eighth straight session against the US dollar on Tuesday as cataclysmic floods and continuous political instability forced the local unit to depreciate. In the interbank market, the local unit fell by Rs2.1 to Rs231.92, down in value from yesterday’s close of Rs229.82 — when it lost Rs1.62. The rupee …

ISLAMABAD, Sep 12 (ABC): Pakistan rupee on Monday depreciated by Rs 1.64 against the US dollar in the interbank trading and closed at Rs 229.82; against the previous day’s closing of Rs 228.18. According to the Forex Association of Pakistan (FAP), the buying and selling rates of dollars in the open market were recorded at Rs 234 and Rs 236 …

ISLAMABAD, Sep 13(ABC): A recent by the International Centre for Integrated Mountains Development (ICIMOD) and Pakistan Agricultural Research Council (PARC) has revealed that the recent massive torrential rains had inundated the cropland of Southeastern province of Sindh that devastated commercial crops on large scale and incurred a combined loss of $1.7 billion. The study titled “The 2022 Pakistan floods: Assessment …

ISLAMABAD, Sep 13(ABC): The Pakistan Stock Exchange on Monday announced the much-awaited list of companies selected for the ‘Top 25 Companies Awards’ for the year 2021. The PSX Top 25 Companies Awards, initiated in the year 1978, is being presented to the outstanding companies listed on the Stock Exchange, said a PSX press statement received here. The key pre-requisites for …

ISLAMABAD, Sep 12 (ABC):The 100-index of the Pakistan Stock Exchange (PSX) witnessed bearish trend on Monday, losing 85.87 points, a negative change of 0.20 percent, closing at 41,862.29 against 41,948.16 points on the last working day. A total of 161,425,081 shares were traded during the day compared to 146,631,042 shares the previous day, whereas the price of shares stood at …

ISLAMABAD, Sep 12 (ABC): President Dr Arif Alvi on Monday urged the need for a close, meaningful and effective collaboration among the federal and provincial governments, local authorities, and public and private sectors to promote investment in the mining and minerals sectors of the country. He was addressing a meeting of various private and public sector stakeholders relating to the …

ISLAMABAD, Sep 13(ABC): The Central Directorate of National Savings (CDNS) on Monday achieved the target of issuing Rs 240 billion fresh bonds in the current fiscal year 2022-23 from July 1st to September,10th 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 …

ISLAMABAD, Sep 13 (ABC):The price of 24 karat per tola gold witnessed an increase of Rs.3000 on Monday and was sold at Rs.156,000 against its sale at Rs. 153,000 the previous day. The price of 10 gram 24 karat also increased by Rs.2572 and was sold at Rs.133,745 against Rs.131,173 whereas that of 10 gram 22 karat went up to …

ISLAMABAD, Sep 12(ABC): The exports of spices from the country witnessed a decrease of 10.61 percent during the first month of current fiscal year (2022-23) as compared to the corresponding period of last year. Pakistan exported spices worth US $5.090 million during July 2022 as compared to the exports of US $5.694 million during July 2021, showing negative growth of …

ISLAMABAD, Sep 12 (ABC):President Dr Arif Alvi has called upon all the banks of the country to regularly warn their customers and clients about banking scams, including banking frauds involving online funds transfers, and improve their regular communication with clients. He said that simple people were being frequently entrapped by fraudsters and swindled out of their hard-earned money through fake …

FAISALABAD, Sep 12(ABC): Agriculture experts have advised the farmers to immediately start cultivation of grams from mid of September and get maximum production.A spokesman for the agriculture department said here on Sunday that the time from mid September to end of November was the best and suitable for gram cultivation in Punjab province. Therefore, growers should concentrate on cultivation of …

KARACHI, Sep 12(ABC): The Sindh Cabinet, in order to encourage and strengthen flood-affected local growers to grow more wheat and avoid famine-like situation in the province has fixed a support price of wheat at Rs4000 per 40 kg. The meeting was held under the chairmanship of Sindh Chief Minister Syed Murad Ali Shah here at CM House. The meeting was …

ISLAMABAD, Sep 11 (ABC): Pakistan Railways is planning to procure as many as 25 diesel electric locomotives for various shunting points across the country which would help to replace outdated locomotives that to be scrapped very soon. The project for the procurement and manufacturing of 25 shunting locomotives would be implemented in three years at an estimated cost of Rs. …

ISLAMABAD, Sep 11 (ABC): With higher level of halal trade, the halal economy is poised to become more integrated with global trade and supply chains, which will swell to $5 trillion by 2030 from $2.30 trillion a couple of years ago. This was stated here on Sunday by Chairman United Business Group in the Federation of Pakistan Chamber of Commerce …

MULTAN, Sep 11 (ABC):Punjab agriculture department sought applications from sugarcane farmers for contesting bumper crop competition. According to the department, registered farmers from 13 different districts including Layyah, Bahawalpur, Muzaffargarh, Rajanpur, Raheemyar Khan,  Bhakkar, Toba Tek Singh, Manid Bahauddin, Kasur, Sargodha, Faisalabad, Jhang and Chinot. The government will also provide Rs 5000 subsidy/acre to the farmers. The farmers who will …

ISLAMABAD, Sep 9 (ABC): Federal Minister for Finance and Revenue Miftah Ismail here on Friday formed a committee to hold meetings with Chinese Independent Power Producers (IPPS) on regular basis to address and resolve their concerns. The committee would comprise representatives from Finance, Power divisions and China Pakistan Economic Corridor (CPEC), according to press statement issued by finance ministry. Presiding …

ISLAMABAD, Sep 9 (ABC): The price of 24 karat per tola gold witnessed an increase of Rs.850 on Friday and was sold at Rs.151,700 against its sale at Rs.150,850 the previous day. The price of 10 gram 24 karat also increased by Rs.728 and was sold at Rs.130,058 against Rs.129,330 whereas that of 10 gram 22 karat went up to …

BUDAPEST, Sep 9 (ABC): Driven mostly by soaring food prices, Hungary’s annual inflation rate climbed from 13.7 percent in July to 15.6 percent in August, a level not seen since May 1998, the country’s Central Statistical Office (KSH) said here on Thursday. The figure was well over the official target of 3 percent set by the National Bank of Hungary …

BERLIN, Sept 9 (ABC): German gas company VNG on Friday became the latest European energy firm to seek government aid as reduced Russian pipeline flows pushed up energy prices and put its business under stress. VNG, Germany’s third-largest gas importer and storage operator, asked for support to “avert further losses” and allow the group’s “business operations as a whole to …

ISLAMABAD, Sep 9 (ABC): Ambassador of the Kyrgyz Republic to Pakistan Ulanbek Totuiaev has emphasized establishing stronger trade ties, enhancing cultural exchanges, and mutual collaboration in the educational and scientific sectors between both countries. He made these remarks during a seminar on “30 Years of Pakistan-Kyrgyzstan Relations: Progress and Prospects,” organized by the Institute of Peace and Diplomatic Studies, Embassy …

Sep 9(ABC):India banned exports of broken rice and imposed a 20% duty on exports of various grades of rice on Thursday as the world’s biggest exporter of the grain tries to augment supplies and calm local prices after below-average monsoon rainfall curtailed planting. The new duty is likely to discourage buyers from making purchases from India and prompt them to shift …

ISLAMABAD, Sep 9(ABC): The rapid assessment cost on projected economic losses following floods as calculated by the Centre and endorsed by the provinces has gone up further to the tune of $17-$18 billion. The economic losses have further increased mainly because agricultural crops have been destroyed across 8.25 million acres as compared to an initial assessment of 4.2 million acres. Cotton, rice, …

KARACHI, Sep 9(ABC): The Pakistani rupee persisted on Friday in losing its value for the sixth straight session against the US dollar as the country continues to suffer an economic hit caused by heavy floods. The local unit was trading at 229.50 after losing 4.08 in the interbank market during intraday trade, down in value from yesterday’s close of 225.42 — when …

ISLAMABAD, Sep 8 (ABC): Pakistan rupee on Thursday depreciated by Rs 2.01 against the US dollar in the interbank trading and closed at Rs 225.42; against the previous day’s closing of Rs 223.41 According to the Forex Association of Pakistan (FAP), the buying and selling rates of dollars in the open market were recorded at Rs 232.1 and Rs 234.6 …

ISLAMABAD, Sep 8 (ABC): Recent flash floods and torrential rains have not only destroyed the major and minor cash crops standing over thousands of hectares across the four provinces of the country, but it also ruined basic livestock infrastructure developed over vast areas. Due to the devastation, hundreds of thousands small and large animals killed, besides destroying and damaging of …

ISLAMABAD, Sep 7 (ABC):Pakistan rupee on Wednesday depreciated by Rs 1.99 against the US dollar in the interbank trading and closed at Rs 223.41; against the previous day’s closing of Rs 221.42 According to the Forex Association of Pakistan (FAP), the buying and selling rates of dollars in the open market were recorded at Rs 232 and Rs 234.5 respectively. …

ISLAMABAD, Sep 6(ABC): The KSE 100-index of the Pakistan Stock Exchange (PSX) turned around on Tuesday, gain 1.06 point, closing at 41,860.36 points against 41,859.30 points on the last working day. A total of 187,263,407 shares were traded during the day compared to the trade of 156,803,627 shares the previous day, whereas the price of shares stood at Rs 4.017 …

KARACHI, Sep 6(ABC): Amid a financial crisis in the country in the wake of massive devastations caused by flash floods, the gold price in Pakistan jumped by Rs3,050 per tola as unruly inflation and the intensifying economic crisis fed demand for the safe-haven metal. According to the All Sindh Sarafa and Jewellers Association (ASSJA), the price per tola gold settled …

MELBOURNE, Sep 6(ABC): Oil prices slipped early on Tuesday, paring the previous session’s 3% gain, as an OPEC+ deal to cut output by 100,000 barrels per day in October was seen as a largely symbolic move to stem the market’s recent slide. Brent crude futures fell 33 cents, or 0.3%, to $95.44 a barrel at 0054 GMT. U.S. West Texas …

HONG KONG, Sep 6(ABC): Asian shares rose on Tuesday morning after China pledged to make renewed efforts to boost its economy on Monday, while investors pinned hope on more clarity ahead of a number of central bank meetings. MSCI’s gauge of Asia-Pacific stocks outside Japan (.MIAPJ0000PUS) was up 0.47%, with China’s benchmark CSI300 Index (.CSI300) and Hang Seng Index (.HSI) …

KARACHI, Sep 6(ABC):  The Pakistan rupee continued to remain under pressure Tuesday and depreciated against the dollar in the interbank market following a fluctuation in the demand and supply position of the greenback in the currency market. The local unit was exchanging hands at 221.60 after losing 1.74 against the dollar during intraday trade in the interbank market, up from …

Sep 6(ABC): Sri Lanka’s International Monetary Fund bailout plan could be a turning point in its worst economic crisis, but far-from-stable politics and a need to get debt relief from competing powers China, India and Japan means some of the hardest work is still to come. President Ranil Wickremesinghe knows a lot of circles will need to be squared for …

ISLAMABAD, Sep 5 (ABC): The Central Directorate of National Savings (CDNS) on Monday collected the target of issuing Rs 220 billion fresh bonds in the current fiscal year 2022-23 from July 1st to August 31, 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 …

KARACHI, Sep 05 (ABC): The State Bank of Pakistan (SBP) has barred banks of charging any service charges on donations to Prime Minister Flood Relief Fund 2022 The central bank’s Payment System Department through a circular letter directed all the issuing and acquiring banks, micro-finance banks and other payment schemes operating in Pakistan to meticulously comply with the instructions and …

PESHAWAR, Sep 05 (ABC): President Dr Arif Alvi here Monday said that economic prosperity of the country was linked with increasing tax collection and underlined the need for bringing rich people under tax-net to economically strengthen the poor segment of the society. Addressing an awareness seminar regarding role of Federal Tax Ombudsman (FTO) Office for provision of prompt, quick and …