RIYADH, Oct 15(ABC): Saudi Arabia’s push for oil production cuts has placed a new strain on its stormy relationship with the United States, though analysts say any predictions of an all-out break are premature. The move last week by OPEC+ — composed of the Riyadh-led OPEC cartel and an additional group of 10 exporters headed by Russia — would reduce …

CAIRO, Oct 13(ABC): Saudi Arabia rejected as “not based on facts” statements criticising the kingdom after an OPEC decision last week to cut its oil production target despite US objections, saying it serves the interests of both consumers and producers. The OPEC decision was adopted through consensus, took into account the balance of supply and demand and was aimed at …

ISLAMABAD, Oct 13 (ABC): Minister for Finance Senator Mohammad Ishaq Dar held a productive meeting on Thursday with Deputy Managing Director of International Monetary Fund (IMF) Antoinette Sayeh. The minister extended gratitude to the IMF for an excellent support provided to Pakistan for macroeconomic stabilization and assured the government’s commitment to the implementation of the fund’s program, the Finance Ministry …

KARACHI, Oct 13(ABC): Pakistan’s foreign exchange reserves held by the State Bank of Pakistan (SBP) continued to fall for the third week in a row, declining by 3.83%. On October 7, the foreign currency reserves held by the SBP were recorded at $7,596.9 million, down $303 million compared with $7,899.8 on September 30, data released by SBP showed on Thursday. …

MUZAFFAFARABAD, Oct 12 (ABC):The Bank of Azad Jammu and Kashmir (BAJK), in the first quarter of the current financial year, crossed the profit barrier of Rs 400 million.  This was revealed during the review meeting held here on Wednesday under the chair of BAJK President Khawar Saeed.  He said BAJK was recording a significant growth in deposits, assets and remittances …

ISLAMABAD, Oct 13 (ABC):The overseas workers’ remittances posted a decline of 6.3 percent during first quarter (Jul-Sept) of fiscal year 2022-23 as the remittances fell from $8.2 billion in same period of last year to $7.7 billion in the period under review.  On year-on-year basis, the overseas workers’ remittances recorded an inflow of US$2.4 billion in September 2022, posting a …

ISLAMABAD, Oct 13 (ABC):Minister for Commerce Syed Naveed Qamar said on Wednesday that the incumbent government was striving hard to  promote and develop regional trade, particularly with Central Asian states by introducing modern trade and business technologies, besides facilitating the business communities across the region. Addressing a three-day conference on “Peer Learning Initiatives, National Single Window Implementation and Management” organized …

ISLAMABAD, Oct 13 (ABC):The sale of cars during the first quarter (Jul-Sept) of current fiscal year 2022-23, has dropped by 50.34 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 28,571 cars were sold during the period under review as …

ISLAMABAD, Oct 13(ABC):President Dr Arif Alvi on Wednesday underlined the need to substantially increase the volume of bilateral trade with Hungary from its existing level of $50 million to $150 million to help realize the full potential of bilateral trade, business and investment. The president said this while talking to Pakistan’s Ambassador-designate to Hungary, Asif Hussain Memon, who called on …

ISLAMABAD, Oct 13 (ABC): Pakistan’s goods and services trade with Bangladesh witnessed surplus of over 33.70 percent during two months of current fiscal year (2022-23) as compared to the corresponding period of last year. The trade surplus during the period under review was recorded at $129.279 million against $96.688 million during same period of last year, showing 33.70 percent growth. …

ISLAMABAD, Oct 13 (ABC): Japanese ambassador to Pakistan Mr Mitsuhiro Wada on Wednesday said that Japan has been investing in Pakistan’s power sector and assured to further enhance investment in power sector of the country.The ambassador expressed these views in a meeting with Minister of Energy Engr. Khurram Dastgir Khan here Wednesday, said a press release. The ambassador appreciated the …

Oct 11(ABC): The Lahore High Court (LHC) has ordered the Punjab Government’s Ravi Development Authority (RUDA) from acting against the order of the Supreme Court. It was hearing public interest litigation filed against the actions of Ruda. Justice Shahid Kareem of the LHC heard the case on Tuesday. The applicant claimed that the authority is taking actions using the amendment …

SINGAPORE, Oct 11(ABC): Oil prices fell on Tuesday, extending nearly 2% losses in the previous session, as a stronger U.S. dollar and a flare-up in COVID-19 cases in China increased fears of slowing global demand. Brent crude futures fell 57 cents, or 0.6%, to $95.62 a barrel by 0031 GMT, after falling $1.73 in the previous session. U.S. West Texas …

KARACHI, Oct 11(ABC):Export of sports goods from Pakistan surged 71.66 percent during July-August 2022 over corresponding period of previous year and the country earned over Rs.14 billion by exporting footballs, gloves and other sports goods. According to trade data of the first two months of current financial year 2022-23 released by Pakistan Bureau of Statistics (PBS), sports goods worth Rs …

ISLAMABAD, Oct 11(ABC): The Cabinet’s Economic Coordination Committee (ECC) Monday approved continuation of Regionally Competitive Electricity Tariff (RCET) for export oriented sectors during CFY 2022-23 and decided that electricity may be provided at Rs. 19.99 per kWh all inclusive to five export oriented sectors namely textile including jute, leather, surgical and sports goods across country from October 1, 2022 to …

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 …