ISLAMABAD, Aug 18 (ABC): President, Islamabad Chamber of Commerce and Industry (ICCI) Muhammad Shakeel Munir said that Pakistan needed productive entrepreneurs to create new jobs, introduce new technologies, increase productivity and enhance exports in order to steer the economy out of current troubles and put in on the path of sustainable growth. Therefore, students should focus on entrepreneurship that offers …

ISLAMABAD, Aug 17 (ABC): Lucky Cement Limited (LUCK) won the Environment Excellence Award at the 19th Annual Environment Excellence Awards 2022, organized by The National Forum of Environment and Health (NFEH). Lucky Cement received the award in recognition to its commitment towards sustainable development and contribution towards protecting the overall environment for a greener Pakistan. Instituted seventeen years ago, The …

LONDON, Aug 17 (ABC): Britain’s Consumer Prices Index (CPI) surged by 10.1 percent in the 12 months to July, the highest level in 40 years, official statistics showed on Wednesday. The latest inflation rate was a further increase from 9.4 percent in June and beat economists’ forecast of 9.8 percent. On a monthly basis, CPI also rose by 0.6 percent …

ISLAMABAD, August 17(ABC): Food group exports from the country during first month (July) of current fiscal year grew by 6.57 percent and imports increased by 17.87 percent as compared the corresponding month of last year. Different food commodities including rice, wheat, sugar, fruits, vegetables, oil seeds and nuts, besides meat, fish spices and pulses valuing $358.097 million were exported in …

SINGAPORE, August 17(ABC): Singapore’s non-oil domestic exports (NODX) rose by 7 percent year on year in July, following a revised 8.5 percent growth in June, Enterprise Singapore, a government agency, reported on Wednesday. It is the 20th consecutive month for Singapore’s NODX to grow year on year. In a breakdown, the electronic NODX increased by 10.3 percent year on year …

ISLAMABAD, Aug 17 (ABC): State Minister for Law and Justice Shahadat Awan told Senate here on Wednesday that theincumbent government had resolved to support automobile manufacturing industry in the country in order to discourage assembling of spare parts and to bring down prices. Responding to a calling attention notice moved by Senator Mohsin Aziz, he said the government would welcome …

ISLAMABAD, August 16 (ABC): The socio-economy and geopolitics of the Indo-Pacific region has entered into a new “blind alley” of another trade war in terms of semiconductor/CHIPs, says a report published by Gwadar Pro on Tuesday. Most recently, the US government has announced to form a BIG/CHIP 4 Alliance (US, Japan, South Korea and Taiwan) to contain the Chinese semiconductor …

KARACHI, August 16(ABC): The Pakistan Stock Exchange endured a range-bound trading session on Tuesday as the benchmark KSE-100 index faced both bullish and bearish pressures but ended the day on a negative note. The trading session started on a positive note but it registered a sharp decline around midday as investors weighed the impact of discouraging economic cues. Discouraging financial …

KARACHI, August 16(ABC): After registering losses over the last five sessions, the price of gold surged by over 4% despite the appreciation of the Pakistani rupee against the US dollar. The price of gold rose by Rs5,700 per tola and Rs4,887 per 10 grams to settle at Rs139,900 and Rs119,942, data released by All Sindh Sarafa Jewellers Association (ASSJA) showed. …

KARACHI, August 16(ABC): In line with the trend over the past many months, workers’ remittances stayed above $2 billion in July 2022 despite a decline of over 8% on a month-on-month basis According to data released by the State Bank of Pakistan (SBP) on Tuesday, the remittances sent home by overseas Pakistanis declined by 8.6% (month-on-month) and 7.8% (year-on-year) to …

HONG KONG, August 16(ABC): Oil prices extended losses Tuesday after weak US and Chinese data reinforced recession expectations, though equities won support from hopes the figures will allow central banks to temper their pace of interest rate hikes. Stock traders tracked a Wall Street advance led by tech firms thanks to an increase in bets that the Federal Reserve will …

SINGAPORE, August 16(ABC): Asian markets struggled for direction on Tuesday, weighed by worries over global growth following weak China data that knocked oil prices and commodity-linked currencies. The dollar held near a one-week high as investors piled back into the safe-haven currency, while the Aussie, euro and Chinese yuan buckled. MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) ticked …

ISLAMABAD, August 15(ABC): The Oil and Gas Regulatory Authority (OGRA) on Monday issued a notification to slash the prices of imported liquefied natural (LNG) for the month of August. The price per unit of LNG for the Sui Northern system has been reduced by $0.5107. The price of LNG on the Sui Southern system has been reduced by $0.4792 per …

ISLAMABAD, Aug 15 (APP):The 5th edition of “Leaders in Islamabad Business Summit (LIIBS)” will begin on August 17 at Serena Hotel, Islamabad. This year’s theme is “Imagineering the Future.” According to the details, 20 plus global speakers from various industries and different parts of the world will be attending the two-day summit in-person. Both days of the summit will be …

KARACHI, August 15(ABC): Stocks rallied Monday following news of Saudi Arabia’s plans to renew the $3 billion deposit with Pakistan and the hopes of the International Monetary Fund programme’s (IMF) revival. Pakistan Stock Exchange’s (PSX) benchmark index KSE-100 opened today’s trade at 42,857.57 points, however, later it went up by 764.25 points or 1.78% and closed at 43,621.82 points. Capital …

ISLAMABAD, August 15(ABC): The Central Directorate of National Savings (CDNS) on Monday achieved the target of issuing Rs. 100 billion fresh bonds in the first months of current fiscal year 2022-23 from July 1st to July 31th, 2022. The Central Directorate of National Savings (CDNS) has set a saving target of Rs. 1.5 trillion for the current Financial Year (2022-23) …

ISLAMABAD, August 15(ABC): Speakers at an international symposium on “Climate Smart Sustainable Rice and Wheat Production System” held on Monday stressed the need to have a systematic approach to address food security challenge in the country. The symposium was held at the Faculty of Agriculture, University of the Punjab in cooperation with COMSTECH, UPSIGN, SAWIE, SACAN and Dawood Agro. The …

KARACHI, August 15(ABC): Pakistan and China have agreed to enhance the business and economic relations and industrial cooperation for joint ventures. The consensus was reached at a meeting between the Board of Investment delegation led by Additional Secretary and the Chinese Consul General, Li Bijian in Karachi. The Consul General, Li Bijian appreciated BOI for meeting the Chinese and Pakistani …

KARACHI, August 15(ABC): The domestic gold prices on Saturday continued to fall as the rupee keeps on showing recovery against the greenback. The price of gold per tola of 24-karat decreased by Rs500. With this decline, the price of gold per tola of 24-karat reached Rs138,500. The price of 10-gram of glittery metal also dropped by Rs429 to reach Rs118,741. …

SYDNEY, August 15(ABC): Asian shares turned mixed on Monday after China’s central bank trimmed key lending rates as a raft of economic data missed forecasts, underlining the need for more stimulus to support the world’s second largest economy. Retail sales and industrial output both rose by less than expected in July, adding to a disappointing reading on new bank lending. …

SINGAPORE, August 15(ABC): Oil prices dropped for a second session on Monday after the head of the world’s top exporter, Saudi Aramco, said it is ready to ramp up output while production at several offshore U.S. Gulf of Mexico platforms is resuming after a brief outage last week. Brent crude futures fell 27 cents, or 0.3%, to $97.88 a barrel …

TOKYO, August 15(ABC): Japan’s economy grew at an annual rate of 2.2% in the April-June quarter, the government said Monday, as consumer spending rebounded with the gradual lifting of pandemic precautions. After keeping its borders closed to most travelers throughout the pandemic, Japan has slowly begun reopening to tourism, as meanwhile business has returned more or less to normal after …

KARACHI, August 15(ABC): Pakistan has unveiled the design of a commemorative note of Rs75 to mark the nation’s 75th Independence Day. In a tweet, the State Bank of Pakistan revealed the layout of the new currency note. It is imprinted with the portraits of Quaid-e-Azam Muhammad Ali Jinnah, Mohtarma Fatima Jinnah, Sir Syed Ahmed Khan and Allama Iqbal, unlike the …

KARACHI, August 13(ABC): Owing to extravagant auto prices, high-interest rates, and waning affordability, passenger car sales plunged by 50% to 10,377 units in July compared to 20,669 units in the same month last year,  reported, citing monthly data. Data released by Pakistan Automotive Manufacturers Association (PAMA) showed that the sales of all vehicles including passenger cars, trucks, jeeps, pick-ups, tractors, …

ISLAMABAD, August 12(ABC): China and Pakistan on Friday agreed to enhance the business and economic relations for joint ventures, business to business talk for increasing industrial cooperation. On the backdrop of the successful meeting of the Minister, Chaudhry Salik Hussain and Secretary, Asad Rehman Gillani, Board of Investment with Ambassador of China, Mr. Nong Rong, during which the resolve was …

TOKYO, August 12(ABC): Tokyo shares jumped more than two percent following gains on Wall Street after US economic data showed inflation may be slowing. The benchmark Nikkei 225 index gained 2.62 percent, or 727.65 points, to end at 28,546.98, while the broader Topix index rose 2.04 percent, or 39.53 points, to 1,973.18. The dollar fetched 133.17 yen, against 133.05 yen …

SEOUL, August 12(ABC): Price for imported goods to South Korea posted the first fall in three months in July on cheaper crude oil, central bank data showed Friday. The import price index came in at 153.49 in July, down 0.9 percent from the previous month, according to the Bank of Korea (BOK). Price for imported raw materials, including crude oil, …

ISLAMABAD, Aug 11 (APP):The Asian Development Bank (ADB) has identified six policy reforms to strengthen railway system in Pakistan and across the Central Asian Regional Economic Cooperation (CAREC) region saying that railways across the region must consider implementing key reforms that would make them more efficient and financially sustainable. A new study by the Asian Development Bank (ADB) assessed the …

ISLAMABAD, August 11(ABC): Chinese operators have invested more than 400 billion yuan (about $59 billion) in 5G construction, according to the 2022 World 5G Convention held in northeast China’s Harbin. A total of 1,854,000 5G bases have been built in China, attracting over 450 million end users, accounting for more than 60 percent of the world total, ecns.cn reported on …

SEOUL, August 11(ABC): South Korea logged a trade deficit in the first 10 days of August due to a faster increase in import than export, customs office data showed Thursday. The trade deficit amounted to 7.68 billion U.S. dollars in the Aug. 1-10 period, according to Korea Customs Service. The trade balance stayed in the red most months of this …

ISLAMABAD, August 11(ABC): The price of 24 karat per tola gold decreased by Rs.1400 per tola and was sold at Rs.141,700 on Thursday against sale at Rs.143,100 the previous day in the local market. The price of 10 gram 24 karat fold also decreased by Rs.1200 and was sold at Rs.121,485 against its sale at Rs.122,685 whereas the prices of …

ANKARA, August 11(ABC): Türkiye’s current account balance registered a $3.4 billion deficit in June, widening by $2.2 billion year-on-year, according to official data released on Thursday. The figure stemmed from a marked rise in the goods trade deficit, which grew $4.8 billion to reach $6.4 billion, the Turkish Central Bank said. The country’s 12-month rolling deficit stood at $32.7 billion …

WEB DESK, August 11(ABC): Oil prices fell in early Asian trade on Thursday as traders anticipated more supply of crude entering the market coupled with weaker demand. Brent crude futures fell by 53 cents, or 0.5%, to $96.87 a barrel by 0005 GMT, while U.S. West Texas Intermediate crude futures fell 61 cents, or 0.7%, to $91.32. U.S. crude oil …

WEB DESK, August 10(ABC): Tesla Chief Executive Officer Elon Musk sold $6.9 billion worth of shares in the electric vehicle maker, saying the funds could be used to finance a potential Twitter deal if he loses a legal battle with the social media platform. “In the (hopefully unlikely) event that Twitter forces this deal to close *and* some equity partners …

KARACHI, August 10(ABC): The Pakistani rupee continued to strengthen against the US dollar for the seventh consecutive session during intraday trade in the interbank market on Wednesday. The market remained closed for two days — Monday and Tuesday — on account of Ashura, but as it opened today (Wednesday), the rupee gained 2.51 against the dollar and was trading at …

LONDON, August 10(ABC): Oil rose over $1 a barrel on Tuesday, reversing an earlier decline, after Russia said oil exports to Europe via the southern leg of the Druzhba pipeline had been suspended since early August, reviving concern about tight supply. Russian pipeline monopoly Transneft said Ukraine had suspended oil flows via the pipeline leg because Western sanctions had prevented …

LONDON, August 8(ABC): Stock markets rose and the dollar retreated Monday as investors turned their attention to US inflation data later this week and weigh the prospect of further monetary policy tightening. The dollar was weaker as investors took profit on the strong gains notched up last week on speculation that the US Federal Reserve will announce a third successive …

ISLAMABAD, August 6(ABC): Gems exports during the twelve months of fiscal year of 2021-22 grew up by 14.10 percent as compared to the exports of the commodity during the corresponding period of last year. During the period from July-May 2021-22, Gems worth US $ 7,626 as compared to exports of $6,684 during the same period of last year. According to …

NEW YORK, August 6(ABC): Stock markets mostly fell Friday as a much stronger-than-expected US jobs report raised the prospect that the Federal Reserve will maintain its aggressive monetary policy to combat inflation. Official data published Friday showed the US economy added 528,000 positions, defying all expectations of a slowdown. Friday’s data also showed US wages jumped, which will add to …

BEIJING, August 6(ABC): The China Machinery Engineering Corp. (CMEC) successfully commissioned two gas turbines (405 MWs each) of the Punjab Thermal Power Ltd. (PTPL) power plant in the Jhang district. We have started simple-cycle commercial operations from the two RLNG-based gas turbines of total 810 megawatts capacity, PTPL said. Work on the 443 MWs steam turbine is also underway at …