GENEVA, Sep 27(ABC): The World Trade Organization’s chief said Tuesday she believes the world is heading towards a global recession due to multiple colliding crises, and called for radical policies to revive growth. WTO Director-General Ngozi Okonjo-Iweala said Russia’s war in Ukraine, the climate crisis, food price and energy shocks plus the aftermath of the Covid-19 pandemic were creating the …

KARACHI, Sep 27(ABC): Battered by a drop in the dollar rate, gold decreased Rs1,450 per tola (11.66 grams) to Rs141,850 in Pakistan as the precious metal also lost around $3 in value in the international market on Tuesday. Gold plunged in line with the dollar’s value in Pakistan. Data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) …

KARACHI, Sep 27(ABC): The bulls dominated trading at the Pakistan Stock Exchange (PSX) on Tuesday as the benchmark KSE-100 index rallied, gaining nearly 400 points on the back of strong investor sentiment. Clarity on the political front after Ishaq Dar took oath as senator and diminishing concerns rupee depreciation encouraged market players to buy stocks. The KSE-100 index shot up from the moment trading …

ISLAMABAD, Sep 27(ABC): The government has decided to shut down expensive fuel-fired power plants producing 7,339 megawatts. A ten-year plan for a cheaper alternative formulated by the National Transmission and Dispatch Company (NTDC) has been sent to the National Electric Power Regulatory Authority (NEPRA) for approval. The agency seeks the closure of eleven furnace oil power plants and five others …

HONG KONG, Sep 27(ABC): The dollar lost a little of its strength Tuesday after starting the week by surging against major peers, including a record high versus the pound, though equity traders struggled to claw back recent losses owing to recession fears. While central banks around the world are ramping up interest rates to fight inflation, the main focus is …

Sep 27(ABC): Oil steadied in early Asian trade on Tuesday as indications that producer alliance OPEC+ sought to avoid a collapse in prices, along with a slight softening in the U.S. dollar, tempered an earlier selloff. Brent crude futures rose 26 cents, or 0.3%, to $84.32 per barrel by 0033 GMT, while U.S. West Texas Intermediate (WTI) crude futures were …

ISLAMABAD, Sep 27(ABC): The Asian Development Bank (ADB) Tuesday announced plans to provide at least $14 billion over 2022–2025 in a comprehensive program of support to ease a worsening food crisis in Asia and the Pacific, and improve long-term food security by strengthening food systems against the impacts of climate change and biodiversity loss. The assistance expands ADB’s already significant …

ISLAMABAD, Sep 27(ABC): Minister for Energy Khurram Dastgir on Tuesday invited the Japanese government and companies to explore renewable energy (RE) investment opportunities in Pakistan. The minister extended the offer during his meeting with State Minister Mr. Nakatani at the Japanese Ministry of Economy, Trade and Industry in Tokyo, said a statement.

Sep 27(ABC): The world economy will take a bigger hit than previously forecast next year due to the effects of Russia’s war in Ukraine, the Organisation for Economic Co-operation and Development (OECD) said Monday. In a bleak report titled “paying the price of war”, the Paris-based organisation noted that the conflict aggravated inflationary pressure when the cost of living was already rising quickly. …

ISLAMABAD, Sep 26 (ABC): The price of 24 karat per tola gold witnessed a decrease of Rs.6800 on Monday and was sold at Rs.143,300 against its sale at Rs. 150,100; the previous day. The price of 10 gram 24 karat also decreased by Rs.5829 and was sold at Rs.122,857 against Rs.128,686 whereas that of 10 gram 22 karat went down …

ISLAMABAD, Sep 26 (ABC): The Universal Service Fund (USF) Board approved an award of 10 contracts worth Rs 21 billion for connectivity of the un-served and under-served communities of Baluchistan, Punjab, Sindh and Khyber Pakhtunkhwa (KP) provinces. The high-speed mobile broadband projects, highways and motorways projects and optical fiber cable (OFC) projects will provide 4G LTE connectivity and backhaul connectivity …

ISLAMABAD, Sep 26 (ABC): In a move forward, the Pakistan Stock Exchange (PSX) has digitised the process of listing through an online portal, PRIDE (Public Offerings Revolutionized through an Integrated and Digitized Experience). According to press statement received here Monday, the online portal is designed to automate the listing process from end to end. Through PRIDE, Lead Managers, Advisors or …

ISLAMABAD, Sep 26 (ABC): The gold imports increased by 15.21 percent during the first two months of the current fiscal year as compared to the corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported. The gold imports during July-August (2022-23) were recorded at $3.447 million as compared to the imports of $2.992 million during July-August (2021-22), according to …

MOSCOW, Sep 26 (ABC): Russian President Vladimir Putin regretted sanctions against Belarusian fertilizers, saying their deliveries are blocked despite great demand in the world. Speaking at a meeting with Belarusian President Alexander Lukashenko in Sochi, Putin said the greatest need for fertilizers is observed among the developing countries. He added that besides food security, he would like to discuss with …

BEIJING, Sept 26 (ABC): Pakistan can make active use of the China-ASEAN Expo in Nanning, China International Import Expo in Shanghai, Canton Fair in Guangzhou and other product-specific platforms exhibitions in China to increase its foreign exchange reserves, Trade and Investment Counselor, Consulate General of Pakistan in Guangzhou, China, Muhammad Irfan said. During the 19th China-ASEAN Expo, which was held …

ISLAMABAD, Sep 26(ABC): The Universal Service Fund (USF) board has approved the award of 10 contracts worth Rs21 billion for the provision of information technology and mobile broadband services to the un-served and underserved communities in all provinces of the country. High-speed mobile broadband projects for highways and motorways and optic fibre cable projects will provide 4G Long-Term Evolution (LTE) …

Sep 26(ABC): Shares at the Pakistan Stock Exchange (PSX) opened the week on a positive note, with analysts citing the rupee’s strong recovery buoyed by a decline in international oil prices as well as Ishaq Dar’s upcoming appointment as the finance minister behind the rally. The benchmark KSE-100 index had gained 411 points, or 1.01 per cent, by 10:46am, to reach …

ISLAMABAD, Sep 26(ABC): Qatar is awaiting progress on ‘reforms’ Pakistan assured last month to facilitate about $3 billion investment in the country as part of foreign financing arrangements required during the current fiscal year under the International Monetary Fund (IMF) programme. Qatar has been seeking pipeline capacity allocation to transport liquefied natural gas (LNG) through a terminal it plans to set …

KARACHI, Sep 26(ABC): Pakistani currency continued to stabilize for the second consecutive working day, as it made fresh recovery against the US dollar in the inter-bank market on Monday. According to details, the local currency appreciated by Rs1.65 against the greenback and was being traded around Rs238. The rupee had closed at Rs239.65 on Friday, according to Pakistan’s central bank …

MELBOURNE, Sep 26(ABC): Oil prices rose modestly in early trade on Monday after sliding to eight-month lows last week weighed down by a surging U.S. dollar and fears sharp interest rate hikes globally would spark a recession and hit fuel demand. The dollar index climbed to a fresh 20-year high on Monday, capping oil price gains. Brent crude futures were …

ABU DHABI , Sep 26(ABC): The United Arab Emirates agreed Sunday to supply natural gas and diesel to Germany as part of an “energy security” deal to replace Russian supplies. Emirati industry minister Sultan Ahmed Al Jaber called it a “landmark new agreement” that “reinforces the rapidly growing energy partnership between the UAE and Germany”, at a signing attended by …

TOKYO, Sep 26(ABC): Sterling tumbled to a record trough on Monday as traders scampered for the exits on speculation the new government’s economic plan will stretch Britain’s finances to the limit. The British pound’s searing drop helped the safe-haven US dollar to a new two-decade peak against a basket of major peers. Sterling slumped as much as 4.9% to an …

ISLAMABAD, Sep 24(ABC):  The Federal Board of Revenue (FBR) on Saturday “categorically denied” issuance of any Statutory Regulatory Order (SRO) that allows ex-military officers to import duty and tax-free bulletproof vehicles. “FBR categorically denies reports appearing in some sections of media that it has issued an SRO allowing duty-free import of bulletproof vehicles,” the revenue board said in a brief …

KARACHI, Sep 24(ABC):  Gold extended losses into a third session on Saturday, closing slightly above the threshold of Rs150,000 per tola in line with price movement in the international market and expectations that economic recovery could sap inflationary pressure, curbing the metal’s appeal as a hedge. Data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that …

ISLAMABAD, Sep 24 (ABC):The Universal Service Fund (USF) Board approved an award of 10 contracts worth Rs. 21 billion for connectivity of the un-served and under-served communities of Baluchistan, Punjab, Sindh and Khyber Pakhtunkhwa (KPK) provinces. The high-speed mobile broadband projects, highways and motorways projects and optical fiber cable (OFC) projects will provide 4G LTE connectivity and backhaul connectivity to …

ISLAMABAD, Sep 24 (ABC):Strategic wheat stocks of the country are recorded at 8.644 million tons, which are sufficient to tackle with the domestic food requirements as well as maintaining smooth demand and supply in local markets during current food year. The food year in the country starts from May 1 to  April 30 every year and government has also allowed …

Doha, Sept 24 (ABC):France’s TotalEnergies on Saturday signed a further $1.5 billion investment in Qatar’s natural gas production expansion, which comes as Europe scrambles to find new energy sources to replace Russian supplies. The French energy giant will have 9.3 percent stake in the North Field South gas project, the first foreign partner in that section of the vast field, …

ISLAMABAD, Sep 23 (ABC): The price of 24 karat per tola gold witnessed a decrease of Rs.850 on Friday and was sold at Rs.153,850 against its sale at Rs.154,700  the previous day. The price of 10 gram 24 karat also decreased by Rs.728 and was sold at Rs.131,902 against Rs.132,630 whereas that of 10 gram 22 karat went down to …

MULTAN, Sep 23 (ABC): Excise and Taxation department has recovered Rs 300 million out of Rs 560 million property tax target set for three months as people availing rebate offer given by the provincial government over payment of taxes through E-pay. Talking here on Friday, Excise and Taxation Officer Admin/ property wing Khalid Hussain Qasoori said that the taxes recovery …

ISLAMABAD, Sep 23 (ABC): Pakistan earned US $199.100 million by providing different Information Technology (IT) services in various countries during the first month of current fiscal year 2022-23. This shows growth of 1.58 percent as compared with US $ 195.996 million earned through provision of services during the corresponding period of last fiscal year 2021-22, Pakistan Bureau of Statistics (PBS) …

ISLAMABAD, Sep 23 (ABC): The Ministry of Housing and Works had set up a laboratory at the site of low-cost housing project of Alipur Frash for the government employees to test the quality of construction material. “The laboratory will not only help testing the material used in construction work, but also save time of the labourers working on the site, …

NICOSIA, Sep 23 (ABC): Cypriot economy is projected to grow by 5.5 percent this year despite adverse international economic conditions, the Central Bank of Cyprus (CBC) said here on Thursday. However, the CBC said in a press release that the outlook of the country’s economy is tempered by the upheaval in the energy sector, which is expected to lower demand …

ISLAMABAD, Sep 23 (ABC): The prices of essential commodities witnessed a considerable decrease as the Sensitive Price Indicator (SPI) based weekly inflation for the week ended on September 22 for the combined consumption group witnessed a sharp decline of 8.11 percent as compared to the previous week. The SPI for the week under review in the above mentioned group was …

ISLAMABAD, Sep 23 (ABC):Pakistan rupee on Friday appreciated by 06 paisas against the US dollar in the interbank trading and closed at Rs 239.65 against the previous day’s closing of Rs 239.71. According to the Forex Association of Pakistan (FAP), the buying and selling rates of dollars in the open market were recorded at Rs 241.5 and Rs\ 244 respectively. …

KUALA LUMPUR, Sep 23 (ABC): The Malaysian Central Bank said here on Friday Malaysian ringgit movements will continue to be market determined. Bank Negara Malaysia (BNM) said in a statement that the bank continues to closely monitor and ensure orderly financial market conditions amidst external developments that have led to persistent strength in the U.S. dollar against almost all currencies, …

KARACHI, Sep 22(ABC): In line with the dominant trend over the last several weeks, the country’s foreign exchange reserves held by the State Bank of Pakistan (SBP) once again declined by 3.21%. On September 16, the foreign currency reserves held by the SBP were recorded at $8,346.4 million, down $278 million compared with $8,624 on September 9, data released by …

KARACHI, Sep 22(ABC):Gold resumed its downtrend in Pakistan in line with the fluctuation in the international market. Data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of precious metal declined by Rs400 per tola and Rs343 per 10 grams to settle at Rs154,700 and Rs132,630 respectively. In the international market, the price of …

ISLAMABAD, Sep 22 (ABC):Minister for National Food Security and Research Tariq Bashir Cheema Thursday said that government would provide subsidize seeds and fertilizers to support the flood affected farmers of the country during upcoming Rabi season. While talking to a delegation led by Regional Director for Sustainable Development South Asia of World Bank John A Roome, the minister said that …

ISLAMABAD, Sep 22 (ABC): Pakistan rupee on Thursday depreciated by 07 paisa against the US dollar in the interbank trading and closed at Rs 239.71; against the previous day’s closing of Rs 239.64.  According to the Forex Association of Pakistan (FAP), the buying and selling rates of dollars in the open market were recorded at Rs 241.7 and Rs 244.1 …

ISLAMABAD, Sep 22 (ABC): Ambassador of Ethiopia to Pakistan, Jemal Baker Abdullah on Thursday said that Ethiopia can play major role in the economic and trade integration of Pakistan in the African region. In the African region, Ethiopia has a prominent position in economic,commercial and political terms, as Pakistan has special importance due to its location, he said in his …