JACKSON HOLE, Aug 29(ABC): European Central Bank policymakers made the case on Saturday for a large interest rate hike next month as inflation remains uncomfortably high and the public may be losing trust in the bank’s inflation-fighting credentials. The ECB raised rates by 50 basis points to zero last month and a similar or even bigger move is now expected …

BEIJING, Aug 29(ABC): China’s central bank Monday conducted 2 billion yuan (about 291.1 million U.S. dollars) of reverse repos to maintain liquidity in the banking system. The interest rate for the seven-day reverse repos was set at 2 percent, according to the People’s Bank of China. The move aims to keep stable liquidity in the banking system, the central bank …

SHANGHAI, Aug 27(ABC): Profits at China’s industrial firms sank in July, reversing previous gains as fresh COVID-19 curbs dragged down demand and squeezed factory margins, while power shortages due to heatwaves threatened production. Profits at China’s industrial firms fell 1.1% in January-July from a year earlier, wiping out the 1.0% growth logged during the first six months, the National Bureau …

KARACHI, Aug 27(ABC): Gold price declines by Rs100 per tola in Pakistan despite rupee depreciation against the US dollar — which lost Rs6.01 during the week. According to rates issued by the All Sindh Sarafa Association, gold price settled at Rs147,000. The price decreased by Rs87 per 10 grams to settle at Rs126,028 per 10 grams on Saturday. The association …

KARACHI, Aug 27(ABC):  The Pakistan Stock Exchange (PSX) endured a relatively volatile week as the winning streak of the past three weeks came to an end. The equity market shed 679 points or 1.57% in the outgoing week and settled at 42,592 points as external woes and fast depleting foreign exchange reserves kept the benchmark index under pressure. The week kicked …

ISLAMABAD, August 27 (ABC): Gwadar is undergoing repaid transformation phase under China-led developments, says a report on Saturday. Compared with the past, Gwadar is passing through a promising and positive change in terms of its outlook and public life. It is still in the phase of transformation with flying colors. According to the reports, the people of Gwadar are witnessing …

BEIJING, Aug. 27 (ABC): Stocks on Shanghai and Shenzhen bourses saw their key indices down at the end of July compared with the end of June, according to the People’s Bank of China, the country’s central bank.At the end of July, the Shanghai Stock Exchange Composite Index closed at 3,253.2, down 145.4 points, or 4.3 percent, month on month. The …

LAHORE, Aug 27 (ABC): The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Saturday urged the government to maximum facilitate the Small and Medium Enterprises (SMEs) and take concrete steps for enhancing exports and developing the IT sector. SMEs are the backbone of the country’s economy and promotion of the sector would not only eliminate a gap in …

TUNIS, Aug 27 (ABC): Tunisia and Japan launched a pan-African investment conference on Saturday, seeking to counter the influence of rival China whose economic imprint on the continent has steadily grown. The conference takes place amid a “complex” international environment caused by the coronavirus pandemic and the war in Ukraine, the Japanese foreign ministry has said. Some 30 heads of …

ISLAMABAD, Aug 26(ABC): The Sensitive price Indicator (SPI) based weekly inflation for the week ended on August 25 for the combined consumption group, witnessed an increase of 1.83 percent as compared to the previous week. The SPI for the week under review in the above mentioned group was recorded at 219.97 points against 216.02 points registered in the previous week, …

ISLAMABAD, Aug 26(ABC): The KSE 100-index of the Pakistan Stock Exchange (PSX) witnessed bearish trend on Friday, losing 441.06 points, a negative change of 1.02 percent, closing at 42,591.51 points against 43,032.57 points on the last working day. A total of 265,752,068 shares were traded during the day compared to the trade of 208,115,224 shares the previous day, whereas the …

ISLAMABAD, Aug 26(ABC): The price of 24 karat per tola gold witnessed no change in prices on Friday and was sold at Rs147,100. The price of 10 gram 24 karat and 10 gram 22 karat also remained stagnant at Rs126,115 and Rs115,605 respectively, All Sindh Sarafa Jewellers Association reported. The price of per tola and ten gram silver remained unchanged …

ISLAMABAD, Aug 26 (ABC): Pakistan rupee on Friday depreciated by Rs 1.24 against the US dollar in the interbank trading and closed at Rs 220.65; against the previous day’s closing of Rs 219.41.According to the Forex Association of Pakistan (FAP), the buying and selling rates of dollars in the open market were recorded at Rs 228 and Rs 230 respectively. …

ISLAMABAD, Aug 26 (ABC): Zonergy Solar development, Pakistan’s No.1 Solar solution provider, has participated in 18th International Trade and Industrial Fair of Pakistan. The 3 days exhibition is organized by E-commerce pvt ltd, witnessed leading traders and manufacturers from the industry who displayed their top-of-the-line products to provide practical solution towards Clean Energy, a press release issued here on Friday …

BEIJING, Aug 26 (ABC): In an aim to boost mango quality and rev up the mango industry, the Pakistan Agricultural Research Council (PARC) will join the South and Southeast Asia Mango Network (SSAMN) at the first annual meeting of SSAMN to be held in Kunming, China’s southwest province of Yunnan. In a written interview with China Economic Net (CEN), Dr …

WASHINGTON, Aug 26 (ABC): The U.S. economy shrank at an annual rate of 0.6 percent in the second quarter of this year, up from a 0.9 percent contraction estimated a month ago, according to data released Thursday by the U.S. Commerce Department. The update primarily reflects upward revisions to consumer spending and private inventory investment that were partly offset by …

ISLAMABAD, Aug 26 (ABC): The European Union is disbursing €10 million, nearly PKR 2.2 billion to the Government of Sindh to strengthen the implementation of provincial education policies. It is the second payment of a EUR 42 million grant made available through budget support by the European Union under the Development through Enhanced Education Programme (DEEP). This direct financial support …

CHICAGO, Aug 26(ABC): Chicago Board of Trade (CBOT) agricultural futures fell across the board on Thursday, led by wheat. The most active corn contract for December delivery fell 7.25 cents, or 1.1 percent, to settle at 6.5 U.S. dollars per bushel. December wheat plunged 24.25 cents, or 2.98 percent, to settle at 7.89 dollars per bushel. November soybean lost 25.75 …

YANGON, Aug 26(ABC): Myanmar earned over 800 million U.S. dollars from its natural gas exportation within the four months of this financial year 2022-2023, the state-run the Global New Light of Myanmar quoted the figures of the Ministry of Commerce on Thursday. The country exported 77.89 million kilos of natural gas between April 1 and July 31, receiving a total …

ISLAMABAD, Aug 24 (ABC): The State Bank of Pakistan (SBP) on Wednesday directed all the commercial banks and micro-finance banks to raise awareness among the potential donors and facilitate them in contributing to the PM’s Flood Relief Fund 2022. The SBP, in a circular, advised the banks to take measures in that respect on priority and submit the compliance by …

BEIJING, Aug 24 (ABC): Pakistan Ambassador to China, Moin ul Haque said that Pakistan’s exports to China had registered an upward trend in the first seven months of current year and with this momentum, it was likely to cross US$4 billion target by end of this year. “Our exports to China remained at US$3.6 billion with a record increase last …

ISLAMABAD, Aug 24 (ABC): The export of Pharmaceutical goods witnessed a decrease of 1.44 percent during the first month of current fiscal year, against the exports of the corresponding period of last year. The country exported Pharmaceutical goods worth US $23.970 million during July 2022 against the exports of US $24.319 million during July 2021, showing a decline of 1.44 …

ISLAMABAD, Aug 24 (ABC): Pakistan rupee on Wednesday depreciated by 72 paisa against the US dollar in the interbank trading and closed at Rs 218.37; against the previous day’s closing of Rs 217.65. According to the Forex Association of Pakistan (FAP), the buying and selling rates of dollars in the open market were recorded at Rs 223 and Rs 226 …

BEIJING, Aug 24(ABC): Pakistani pine nuts’ exports to China in the first seven months of this year crossed US $41.48 million, according to the official data from the General Administration of Customs of the People’s Republic of China (GACC). Data from GACC showed that during January-July of 2022, China imported 3,770.76 tons of pine nuts from Pakistan worth $41.48 million …

ISLAMABAD, Aug 24(ABC): The current account deficit shrank to $1.2 billion in July from $2.2 billion in June, largely reflecting a sharp decline in energy imports and a continued moderation in other imports, a data released by State Bank of Pakistan (SBP) said on Wednesday. “The narrower deficit is the result of wide-ranging measures taken in recent months to moderate …

ISLAMABAD, Aug 24 (ABC): The exports of fish and fish preparations increased by 30.02 percent during the first month of the current fiscal year as compared to the corresponding month of last year. The seafood exports during July 2022 were recorded at US $18.506 million against the exports of US $14.233 million in July 2021, showing growth of around 30.02 …

KARACHI, Aug 23(ABC): After a two-session respite, gold resumed its downward trend on Tuesday despite the depreciation of the Pakistani rupee against the US dollar. The price of gold inched down by Rs150 per tola and Rs129 per 10 grams to settle at Rs146,000 per tola and Rs125,171 per 10 grams, data released by the All Sindh Sarafa and Jeweller …

ISLAMABAD, Aug 23(ABC): The Securities and Exchange Commission of Pakistan (SECP) has published a concept paper titled “Review of Landscape and Revamping Framework-REITs” for soliciting public comments. It provided a glance at Real Estate Investment Trusts (REITs) Industry and covered proposed amendment(s) in the REITs regulatory framework, said a press release issued here. The aim of proposed regulatory amendments was …

SYDNEY, Aug 23(ABC): Asian shares were down for a sixth straight session on Tuesday after a renewed spike in European energy prices stoked fears of recession and pushed bond yields higher, while tipping the euro to 20-year lows. Benchmark gas prices in the European Union surged 13% overnight to a record peak, having doubled in just a month to be …

Aug 23(ABC): Oil rose on Tuesday as renewed concerns over tight supply dominated market sentiment after Saudi Arabia warned that the major oil producer could cut output to correct a recent oil price decline. Brent crude futures advanced 93 cents, or 1%, to $97.41 a barrel by 0328 GMT, after a choppy session on Monday when they dropped by more …

ISLAMABAD, Aug 23(ABC): The incumbent government on Monday imposed new taxes of more than Rs70 billion through a mini-budget. According to the Presidential Ordinance, a sales tax of up to 7.5 per cent has been imposed on the electricity bills of traders, and 5pc sales tax will be imposed on the electricity bills of traders less than 20 thousand, and …

ISLAMABAD, Aug 23(ABC): The price of 24 karat per tola gold witnessed an increase of Rs3550 per tola and was sold at Rs146,150 on Tuesday against its sale at Rs142,600 the previous day in the local market. The price of 10 gram 24 karat fold also increased by Rs3044 and was sold at Rs125,300 against its sale at Rs122,256 whereas …

ISLAMABAD, Aug 22 (ABC): The tea imports witnessed an increase of 10.20 percent during the first month of the current fiscal year as compared to the corresponding month of last year.The tea imports during July 2022) were recorded at $45.321 million against the imports of $41.127 million during July 2021), according to data of Pakistan Bureau of Statistics (PBS). In …

KUALA LUMPUR, Aug 20(ABC): Malaysia’s vehicle sales slipped 23.03 percent to 48,922 units in July from 63,563 units in June, the Malaysian Automotive Association (MAA) said. MAA said in a statement the fall was due to exceptionally high total industry volume (TIV) in June because of the fulfillment of bookings by car companies, for many of the bookings were received …

ISLAMABAD, Aug 20(ABC): The price of 24 karat per tola gold witnessed an increase of Rs 200 per tola and was sold at Rs142,600 on Saturday against its sale at Rs 142,400, the previous day in the local market. The price of 10 gram 24 karat fold also increased by Rs.171 and was sold at Rs.122,256 against its sale at …

ISLAMABAD, Aug 20(ABC): Governor Punjab Baligh Ur Rehman Saturday said that engineering industry played a key role in economic growth and development besides significantly improving the life of people. Talking to a delegation of industrialists led by Coordinator to Federal Tax Ombudsman Meher Kashif Younis in Lahore, the governor said that the industry had important link between country’s engineering capacity …

ISLAMABAD, Aug 19 (ABC): Pakistan and Kyrgyzstan on Friday agreed to enhance the economic and trade cooperation and increase the regional connectivity to provide regional economic and trade integration with Central Asian States. Deputy Minister of Foreign Affairs of Kyrgyzstan, Aibek Artykbaev on Friday called on Federal Minister for Commerce and Investment, Syed Naveed Qamar, said a press release issued …

ISLAMABAD, Aug 19 (ABC): Acting High Commissioner of Malaysia Deddy Faisal Ahmad Salleh has said the Malaysian High Commission is planning to offer courses in multiple sectors for Pakistan including agriculture, economy, education, environment, industrial technical training, diplomacy, technology and trade. He made these remarks while addressing the reception hosted for the Alumni of Malaysia Technical Cooperation Programme (MTCP) which …

ISLAMABAD, Aug 19 (ABC): The Economic Coordination Committee (ECC) of the Cabinet at Finance Division here on Friday approved the proposal to exclude new Liquefied Natural Gas (LNG) terminals and associated facilities from application of Third Party Access (TPA) and allowed amendment in article 6.2(a) of LNG policy, 2011. According to press statement issued by finance ministry, Federal Minister for …

KUALA LUMPUR, Aug 19(ABC): Malaysia’s vehicle sales slipped 23.03 percent to 48,922 units in July from 63,563 units in June, the Malaysian Automotive Association (MAA) said. MAA said in a statement the fall was due to exceptionally high total industry volume (TIV) in June because of the fulfillment of bookings by car companies, for many of the bookings were received …