ISLAMABAD, Oct 7(ABC):Minister for Planning and Development Ahsan Iqbal on Thursday said that Pakistan desperately needed measures to bring the country’s economy out of crisis through sustainable export led economic growth.   “The sustainable economic growth is possible only through increasing productivity that leads to more exports and higher economic growth”, the minister said while addressing the closing ceremony of a …

ISLAMABAD, Oct 7(ABC): Finance Minister Ishaq Dar Thursday announced to ensure the supply of electricity to exporters at subsidised rates, setting the price at Rs19.89 per unit. “All distribution companies will provide electricity to the exporter community on these rates and the difference between original prices and subsidised rates will be covered by the Ministry of Finance,” Dar said while …

KARACHI, Oct 7(ABC): Gold pared some losses on Thursday after the Pakistani rupee continued to register significant gains against the US dollar, some investors unwound safe-haven positions as the price of the precious metal fell below the key level of Rs145,000. Data released by All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the gold price surged by Rs3,400 …

Oct 6(ABC): The Pakistani rupee continued to gain ground against the dollar Thursday — the 10th consecutive session — and appreciated by 2.19 in the interbank market at the start of the intraday trade. The greenback was being traded at Rs221.75 after losing 2.19 as the market opened today. It closed at 223.94 per dollar a day prior. The market observers are …

FRANKFURT, Oct 5(ABC): The ECB’s banking supervisor on Tuesday warned banks against easing capital requirements for energy suppliers and traders struggling with huge volatility in the sector, as this could enhance the vulnerability of financial institutions. Europe is in the throes of an energy crisis after Russia choked off fossil fuel supplies to the continent following its invasion of Ukraine. …

NEW YORK, Oct 5(ABC):  Oil prices rose by 3% on Tuesday on expectations of a large cut in crude output from the OPEC+ producer group, and support from a weaker US dollar. The Organisation of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, look set to cut output when they meet on Wednesday. The move would squeeze …

Oct 4(ABC): Apple’s iPhone exports from India crossed $1 billion in five months since April, reported on Tuesday, reflecting the tech giant’s growing bet on the South Asian nation amid New Delhi’s push for local manufacturing. The outbound shipments of India-made iPhones, mainly to Europe and the Middle East, are set to reach $2.5 billion in the 12 months through …

KARACHI, Oct 4(ABC):  Gold resumed its climb on Tuesday after a knee-jerk retreat tied to the appreciation of the Pakistani rupee and anticipation of the monetary policy announcement, as the dollar slipped in the international market with investors latching on to a slight cooling of consumer prices. Data released by All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that …

KARACHI, Oct 4(ABC): The bulls maintained their grip on the Pakistan stock market for the third consecutive day as the benchmark KSE-100 index powered past the 41,500-point mark during intra-day trade on Tuesday. Investors’ expectations about the quarterly corporate results and a strengthening rupee against the US dollar impacted activity at the bourse. The KSE-100 index oscillated between red and …

KARACHI, Oct 4(ABC): The Pakistani rupee on Tuesday maintained its ground for the eighth consecutive session against the dollar since Ishaq Dar took charge of the Finance Ministry. The local unit gained Rs1.65, or 0.73%, in the interbank market, managing to settle at Rs225.64 against the greenback. According to the State Bank of Pakistan, the local currency closed at Rs227.29 against the …

ISLAMABAD, Oct 4(ABC): Following the devastation caused by the floods that wiped out the cotton crop, Pakistan’s small factories making bedsheets and towels for export to the US and Europe have started to shut down. Pakistan Textile Exporters Association’s patron-in-chief Khurram Mukhtar said that a shortage of good quality cotton, high fuel costs, and poor recovery of payments from buyers …

BAGHDAD, Oct 3 (ABC): Iraq exported 98.76 million barrels of crude oil in September with revenues of 8.77 billion U.S. dollars, the country’s oil ministry said Saturday. The average price for crude oil in September was 88.83 dollars per barrel, the ministry said in a statement, citing statistics from the State Organization for Marketing of Oil. A total of 96.44 …

Birmingham, United Kingdom, Oct 3 (ABC): Britain’s beleaguered finance minister on Monday announced a dramatic U-turn on a tax cut unveiled as part of an economic package that has bombed with the markets, electorate and his party. The abrupt change of course by Chancellor of the Exchequer Kwasi Kwarteng, and Prime Minister Liz Truss, raised questions about their right-wing project …

ISLAMABAD, Oct 3 (ABC): Pakistani rupee on Monday gained Rs 1.17 against the US dollar in the interbank trading and closed at Rs 227.28 against Rs 228.45 the previous day. According to the Forex Association of Pakistan (FAP), the buying and selling rates of dollar in the open market were recorded at Rs 228.5 and Rs 230.5 respectively. The price …

COLOMBO, Oct 3(ABC):Sri Lanka’s government on Sunday cut taxes on female sanitary products in a bid to help women and girls unable to afford them because of the country’s economic crisis. Even before the downturn last year, many schoolgirls and women in Sri Lanka, like in other poor countries, would stay home when menstruating because they couldn’t afford sanitary products. …

ISLAMABAD, Oct 02 (ABC): The hydel generation capacity of Tarbela Dam will touch 6418 MW from the existing 4888 MW with the completion of 5 th Extension Hydropower Project (T-5) scheduled to be completed in 2025. The under-construction (T-5) will add 1530 MW to the already installed capacity of 4888 MW, sources told APP here. They said before commissioning of …

SEOUL, Oct 02 (ABC): South Korean banks’ lending rate for households hit the highest in nearly 10 years last month due to policy rate hikes, central bank data showed Friday. The weighted average rate for new bank loans to households stood at an annualized rate of 4.76 percent in August, up 0.23 percentage points from a month earlier, according to …

ISLAMABAD, Oct 02 (ABC):The Huawei Pakistan successfully held the Huawei IT Summit Pakistan 2022 and launched All Scenario All Flash (ASAF) storage solution here on Sunday to empower the industrial sector of the country. In the summit, key speakers and experts highlighted how data has become the catalyst for the digital economy whereas such explosive data growth, however, added pressure …

PESHAWAR, Oct 02 (ABC): Chief Executive Officer (CEO) Khyber Pakhtunkhwa Economic Zones Development & Management Company (KP-EZDMC), Javed Iqbal Khattak has said that with the setting up of 9 new economic zones in the province within a period of two years has turned the dream of industrialization into a reality. In a statement issued here on Sunday, he said that …

KAMPALA, Oct 2 (ABC): The use of digital payment systems in Uganda has grown considerably both for mobile money service providers and banks for the year that ended in June, a new report by the country’s central bank said Friday. The demand for digital payment services was mainly driven by a favorable policy environment, evolving consumer behavior, and recovery in …

SEOUL, Oct 2 (ABC): South Korea logged trade deficit for the sixth consecutive month in September owing to faster growth in import than export, government data showed Saturday. Trade deficit amounted to 3.77 billion U.S. dollars in September, staying in red for six months since April, according to the Ministry of Trade, Industry and Energy. Export added 2.8 percent from …

BEIJING, Oct 2 (ABC): The Shanghai Cooperation Organization (SCO) Member States ministers responsible for foreign economic and foreign trade activities on Sunday participated in the 21st meeting and reviewed the implementation of the Programme for Multilateral Trade and Economic Cooperation between SCO Member States. China, one of the founding members of the SCO, chaired the meeting, according to SCO Secretariat …

ISLAMABAD, Oct 1(ABC): Railway officials have requested Rs5 trillion from their ministry for the restoration of infrastructure damaged by floods. According to a summary sent to the Railways ministry by the department of civil engineering, a sum of Rs53.88 billion was needed to restore the signals system; Rs60.80 billion to fix the partial damage suffered by 33 stations in Lahore, …

ISLAMABAD, Oct 1(ABC): A cabinet body on Friday deferred a proposal to purchase 150 computers for the federal cabinet members in relaxation of the rules while also modifying an earlier decision about the release of around 700 vehicles stuck at ports in a bid to charge higher taxes. The Ministry of Information Technology, in a proposal to the Economic Coordination …

ISLAMABAD, Oct 1(ABC): After three consecutive weeks of a declining trend, inflation has once again started to rise across the country, with the annual rate increasing to 30.62 per cent in the past week. The Pakistan Bureau of Statistics (PBS), in its weekly inflation report, revealed that the prices of 20 commodities increased, the rates of 10 merchandises decreased and …

ISLAMABAD, Oct 1(ABC): The export of electric fans from the country has witnessed an increase of 31.96 percent during the first two months of financial year (2022-23) as compared to the corresponding period of last year. Pakistan exported fan worth US $5.843 million during July-August (2022-23) as compared the export of US $4.428 million during July-August (2021-22), showing a growth …

ISLAMABAD, Oct 1(ABC): The Economic Coordination Committee (ECC) of the cabinet here on Friday approved the Dealer Transfer price (DTP) of 50 kg imported urea bag at Rs 2150 per bag. According to a press statement issued by the finance ministry, the committee also approved incidental charges at Rs 620.47 per bag with sharing subsidy on imported urea at 50:50 …

ISLAMABAD, Oct 1(ABC): The Federal Board of Revenue (FBR) on Friday extended the date for filing income tax returns for individuals and companies to October 31. The news was announced by the newly appointed Federal Minister for Finance and Revenue Ishaq Dar during his maiden press conference in Islamabad. During the press conference, he revealed that the tax collection body …

BEIJING, Sept 30 (ABC): The Global Development Initiative (GDI) is to assist Pakistan in epidemic control and poverty alleviation, as per the first list of projects in the GDI project pool released by China at the ministerial meeting of the Group of Friends of GDI in New York on September 20. Three projects are Pakistan-specific and aim to help Pakistan …

ISLAMABAD, Sep 30(ABC): The government on Friday is likely to announce reduction in the price of petroleum products by Rs 16 from October 1. According to details, the Oil Companies Advisory Council has prepared the working papers, in which the price of high-speed diesel is likely to decrease by Rs 16.61 per liter and the price of petrol by Rs …

ISLAMABAD, Sep 29 (ABC): Federal Board of Revenue (FBR) on Thursday apprised the Finance Minister Muhammad Ishaq Dar on achieving its monthly tax targets for the months of July and August, 2022, and also achieving the quarterly target of September, 2022. The newly sworn in minister, Senator Ishaq Dar, who is also holding the revenue portfolio visited the FBR and …

ISLAMABAD, Sep 29 (ABC):Prime Minister Shehbaz Sharif on Thursday principally approved the construction of solar power projects of 2000 megawatts in the public sector to generate low-cost and environment-friendly electricity. The prime minister, who chaired a meeting to review progress on the installation of 10,000 megawatts solar projects across the country, said it would also reduce the country’s dependence on …

ISLAMABAD, Sep 29 (ABC): Ministry of National Food Security and Research has devised a mechanism to provide Rs5 billion subsidy on certified seeds of wheat to the farmers belonging to worst flood hit districts of Sindh, Punjab and Khyber Pakhtunkhwa. The aim of the initiative is to revive and restore agriculture of these areas, which were the most vulnerable due …

Sep 29(ABC):Tesla Inc (TSLA.O) said on Wednesday that Airbnb Inc (ABNB.O) co-founder Joseph Gebbia has joined the electric vehicle maker’s board, reversing a move to trim the number of directors at the world’s most valuable carmaker. Tesla said in June it planned to have just seven board seats after the departure of Oracle Inc co-founder Larry Ellison in August, sparking …

Sep 29(ABC): Oil prices retreated slightly on Thursday after gaining more than $3 in the prior session, with a strong dollar capping oil demand from buyers using other currencies and concerns over the faltering economic outlook clouding market sentiment. Brent crude futures fell 41 cents, or 0.5%, to $88.91 per barrel by 0337 GMT while U.S. crude futures dropped by …

HONG KONG, Sep 29(ABC): Asian stocks rallied Thursday as UK and US government yields fell after the Bank of England jumped into bond markets to prevent a fresh financial catastrophe. However, the pound — which earlier this week hit a record low against the dollar — struggled to hold its advance against the greenback, with commentators warning it could face …

ISLAMABAD, Sep 29(ABC): With a reduction in palm oil prices in the international market by 35%-40%, the ministry of industries has informed the National Price Monitoring Committee (NPMC) that they are expecting a Rs20 per kg decrease in the price of ghee and cooking oil in a month. The representative of the ministry on Wednesday, according to The News, informed the …

ISLAMABAD, Sep 28(ABC): Newly appointed Finance Minister Ishaq Dar on Wednesday decided to reshuffle the economic team. Finance Minister sources privy to the matter said that major changes will be made in important positions in the FBR and the finance ministry, while the special assistant to the finance minister will also be reshuffled. The Minister of State for Finance, Dr …

KABUL, Sep 28(ABC): The Taliban have signed a provisional deal with Russia to supply gasoline, diesel, gas and wheat to Afghanistan, Acting Afghan Commerce and Industry Minister Haji Nooruddin Azizi told Reuters. Azizi said his ministry was working to diversify its trading partners and that Russia had offered the Taliban administration a discount to average global commodity prices. The move, …

RIYADH, Sep 28(ABC): NEOM Tech & Digital, a subsidiary of the $500 billion signature NEOM project of the Saudi crown prince, has invested $1 billion in 2022 in AI, including a metaverse platform, its chief executive said on Tuesday. Joseph Bradley said the company is also changing its name to Tonomus as NEOM works to integrate AI techs in the …