BERLIN, Sept 4 (ABC):The German government on Sunday unveiled a new multi-billion euro plan to help housesholds cope with soaring prices, and said it was eyeing windfall profits from energy companies to help fund the relief. German businesses and consumers are feeling the pain from sky-high energy prices, as Europe’s biggest economy seeks to extricate itself from reliance from Russian …

FAISALABAD, Sep 04 (ABC): Farmers have been advised to start the cultivation of winter vegetables as September was the suitable month for this purpose. According to a spokesman for the agriculture (extension) department, radish, carrot, turnip, spinach, coriander, fenugreek (methi), peas, cauliflower, cabbage, salad, etc. were often cultivated during September. He said that farmers should use 3-4 kg seed of …

MULTAN, Sep 03 (ABC): Seed cotton (Phutti) equivalent to over 1.5 million or exactly 15,39,710 bales have reached ginning factories across the country till September 1, registering decrease of 14.04 percent as compared to corresponding period of last year. According to a fortnightly report of Pakistan Cotton Ginners Association (PCGA) released on Saturday, over 1.4 million or 14,04,254 bales have …

MANILA, Sep 3(ABC): The Philippines’ debt reached 12.89 trillion pesos (about 226.97 billion U.S. dollars) at the end of July, 0.8 percent higher than the debt incurred in June, the Philippine Bureau of Treasury said on Saturday. The bureau attributed the increase in debt portfolio in July to the net issuances of domestic and external loans and currency adjustments. “The …

KARACHI, Sep 02 (ABC): Gold prices rose on Thursday, as skyrocketing inflation dulled risk appetite and boosted demand for the safe-haven metal, although an advancing Pakistani rupee limited bullion’s gains. Data released by All Sindh Sarafa Association showed that the gold price in Pakistan surged by Rs2,000 per tola and Rs1,715 per 10 grams to settle at Rs141,000 and Rs120,885. …

KARACHI, Sep 1(ABC): The Pakistani rupee continued to strengthen against the dollar in the interbank on Thursday despite the flood emergency triggering economic and humanitarian losess in the country. The dollar shed Rs1.5 and was trading at Rs217.25 in the interbank market during intraday trade as of 10:10am. The unit has lost Rs4.67 during the last three sessions since the …

ISLAMABAD, Aug 31(ABC): The Oil and Gas Regulatory Authority (OGRA) on Wednesday slashed the price of liquefied petroleum gas (LPG) by RS 6.36 per kg. According to an OGRA notification, LPG prices have been reduced by Rs 6.36 per kg and domestic cylinder prices have been reduced by Rs75.11. The new price of LPG for September has been set at …

ISLAMABAD, August 31 (ABC): It has now become “bitter” reality that passing and promulgating of numerous acts by the US government clearly demonstrates that it has been geared-up against China’s immense corporate, energy and technological rise. According to Gwadar Pro,  Pakistani Analyst Mehmood Ul Hassan Khan, Executive Director of the Center for South Asia & International Studies (CSAIS) stated, most recently the US president …

ISLAMABAD, Aug 31 (ABC): The price of 24 karat per tola gold witnessed a decrease of Rs1500 on Wednesday and was sold at Rs.139,000 against its sale at Rs.140,500 the previous day. The price of 10 gram 24 karat also declined by Rs.1286 and was sold at Rs119,170 against Rs.120,456  whereas that of 10 gram 22 karat decreased to Rs.109,239 …

ISLAMABAD, Aug 31 (ABC):Pakistan earned US $541.030 million by exporting different travel services in various countries during the twelve months of the fiscal year 2021-22. This shows an increase of 08 percent as compared to the US $500.960 million same services were provided during the corresponding period of the last fiscal year 2020-21, Pakistan Bureau of Statistics (PBS) reported. During …

BEIJING, Aug 31(ABC): The purchasing managers’ index (PMI) for China’s manufacturing sector came in at 49.4 in August, up from 49 in July, data from the National Bureau of Statistics (NBS) showed Wednesday. NBS senior statistician Zhao Qinghe said the majority of the manufacturing sectors reported improving business climate as PMIs rose in 12 of 21 surveyed industries. “Despite the …

KARACHI, Aug 31(ABC): The US dollar continued to lose ground against the Pakistani rupee Wednesday despite deadly floods causing huge economic losses to the country. Early estimates put the damage from the floods at more than $10 billion, government officials have said, adding that the world had an obligation to help the South Asian country cope with the effects of …

ISLAMABAD, Aug 31(ABC): Pakistani authorities have decided to import onions and tomatoes from neighbouring producers Iran and Afghanistan in light of the soaring prices and impending food crisis, after catastrophic floods across the country. The recent torrential rains and flooding have affected the production of vegetables and other crops. The Ministry of Commerce announced the decision at a meeting chaired …

PESHAWAR, Aug 30(ABC): The fishing sector has been destroyed in the flood-stricken districts of Khyber Pakhtunkhwa. According to the preliminary report of the Fisheries Department received on Tuesday, the fishing sector in Chitral, Dir Bala, Swat, Shangla, Kohistan and Mansehra was damaged which due to the recent catastrophic floods in the province. Because of the calamitous flood, the fishing sector …

COLOMBO, Aug 30(ABC):Cash-strapped Sri Lanka’s president announced further tax hikes and sweeping reforms on Tuesday, saying that bailout talks with the International Monetary Fund were in the “final stage”. The country of 22 million people has suffered months of dire shortages and protests culminating in the ouster of Gotabaya Rajapaksa last month. Presenting a new budget, his successor Ranil Wickremesinghe …

KARACHI, Aug 30(ABC): Gold prices dropped over 3% to a near two-and-a-half-month low on Tuesday as investors scrambled for cash to cover losses in other asset classes mainly driven by an appreciation of the rupee against the US dollar after the International Monetary Fund (IMF) approved the revival of Pakistan’s bailout programme. In data released by the All Sindh Sarafa Association, …

ISLAMABAD, Aug 30(ABC): Catastrophic monsoon floods in Pakistan have sent food prices skyrocketing, putting many staples out of the reach of the poor as the cash-strapped nation battles shortages. The floods have submerged a third of the country, killing more than 1,100 people and affecting over 33 million. Recovery could cost more than $10 billion, according to the planning minister. …

HONG KONG, Aug 30(ABC): Asian markets were mixed Tuesday with confidence at a premium as traders contemplate the prospect of more Federal Reserve interest rate hikes and a possible recession. Wall Street suffered another day in the red after Friday’s capitulation in response to a warning from US central bank boss Jerome Powell that more tightening was needed to bring …

Aug 30(ABC): Oil prices fell on Tuesday after notching their highest gains in more than a month in the previous session, as global inflation worries overshadowed the prospect of possible OPEC+ output cuts. Brent crude futures fell 39 cents, or 0.3%, to $104.70 a barrel by 0012 GMT after climbing 4.1% on Monday. U.S. West Texas Intermediate crude was at …

KARACHI, Aug 29(ABC): The Pakistani rupee surged against the US dollar Tuesday during intraday trade after the International Monetary Fund’s (IMF) executive board revived the much-awaited bailout programme for Islamabad. The rupee appreciated by 2.42 to 219.50 against the US dollar during intraday trade in the interbank market, down from Monday’s close of 221.92. After months-long hectic efforts, the global …

KARACHI, Aug 29(ABC): Stocks rallied Wednesday after the International Monetary Fund (IMF) approved releasing a $1.17 billion tranche to Pakistan following several months of delay. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index moved up 436.11 points or 1.03% to 42,940.45 points as of 9:40 am, up from yesterday’s close of 42,504.34 points. The revival of the IMF programme has …

ISLAMABAD, Aug 29 (ABC): The United States of America (USA) remained the top exports destination of the Pakistani products during the first month of current fiscal year, followed by China and United Kingdom (UK).Total exports to the US during July 2022 were recorded at US $499.686 million against the exports of US $503.118 million during July 2021, showing decline of …

ISLAMABAD, Aug 29 (ABC): President, Pakistan Businesses Forum, Mian M. Usman Zulfiqar on Monday said Pakistan could generate an additional $2 billion in exports solely by focusing on branding.He said Pakistan’s textile sector needs branding as it can promote Pakistani flavour in the international market and help secure maximum orders, which can augment the export value of readymade garments, said …

ISLAMABAD, Aug 29 (ABC): The price of 24 karat per tola gold witnessed a decrease of Rs1400 on Monday and was sold at Rs.145,600 against its sale at Rs.147,000 the previous day. The price of 10 gram 24 karat also declined by Rs.1200 and was sold at Rs124,828 against Rs.126,028 whereas that of 10 gram 22 karat decreased to Rs.114,426 …

ISLAMABAD, Aug 29 (ABC): Federal Minister for Finance and Revenue Miftah Ismail here on Monday shared the fiscal measures being undertaken for economic revival of country’s economy with newly appointed Governor of State Bank of Pakistan (SBP) Jameel Ahmad. According to a press statement issued by the finance ministry during a meeting with the SBP governor, the minister also shared …

ISTANBUL, Aug 29 (ABC): Japan’s prime minister announced a $30 billion investment in Africa, saying his country will contribute vigorously to African development. “Japan aspires to be a partner, growing together with Africa,” Fumio Kishida told a joint news conference along with African Leaders on Sunday after hosting the Eighth Tokyo International Conference on African Development. He virtually addressed the …

KUALA LUMPUR, Aug 29(ABC): The growth of Malaysia’s Producer Price Index (PPI), which measures the prices of goods at factory gate, eased to 7.6 percent in July from 10.9 percent in June, official data showed Monday. It was attributed to the manufacturing index which grew 9.9 percent, followed by the mining index that increased 9 percent, the Department of Statistics …

ISLAMABAD, Aug 29(ABC):  Owing to the flood that wreaked havoc in various parts of the country, the prices of vegetables, particularly onions and tomatoes, have increased manifold in Islamabad. In various markets of Islamabad, onions are being sold at Rs280 and tomatoes at Rs220 per kilogramme. Whereas, in the Sunday Bazaars, average quality onions were available at Rs230 and tomatoes …

ISLAMABAD, Aug 29(ABC):  Pakistan has assured international LNG suppliers of timely payments for their spot cargoes over the next six years through standby letters of credit (SBLCs) to top-ranking international banks. The state-run Pakistan LNG Limited (PLL) has given the assurance to international bidders, seeking 72 cargoes over the next six years (2023-28) at the rate of one cargo per …

LAHORE, Aug 29(ABC): In the wake of the massive damage caused to crops by the monsoon rains and floods, different organisations have urged the government to extend financial help to affected farmers to enable them to sow the next crop. Farmers Associates Pakistan (FAP) Director Farooq Bajwa says that the record-breaking rains have caused 30 per cent losses to the …

MELBOURNE, Aug 29(ABC): Oil prices rose 1% on Monday, as expectations OPEC will cut output if needed to support prices, conflict in Libya, and rising demand amid soaring natural gas prices in Europe helped offset a dire outlook for growth in the United States. U.S. West Texas Intermediate (WTI) crude futures jumped $1.09, or 1.2%, to $94.15 a barrel at …

SYDNEY, Aug 29(ABC): Asian shares slid on Monday as the mounting risk of more aggressive rate hikes in the United States and Europe shoved bond yields and the dollar sharply higher, and tested equity and earnings valuations. Federal Reserve Chair Jerome Powell’s promise of policy “pain” to contain inflation quashed hopes that the central bank would ride to the rescue …

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 …