KARACHI, July 22(ABC): The bulls staged a comeback at the Pakistan Stock Exchange (PSX) on Friday — the last session of the trading week — as players cherry-picked stocks that lost valuation during the last bearish spell. The benchmark KSE-100 index traded between hope and despair, which eventually let loose the bulls, who pulled the bourse into the green. Investors …

ISLAMABAD, Jul 22(ABC): Pakistan earned US $2,380.852 million by providing different Information Technology (IT) services in various countries during the eleven months of fiscal year 2021-22. This shows growth of 25.45 percent as compared to US $1,897.820 million earned through provision of services during the corresponding period of fiscal year 2020-21, Pakistan Bureau of Statistics (PBS) reported. During July-May (2021-22), …

NEW YORK, July 22(ABC): Oil prices fell on Thursday for a second straight session, as demand concerns outweighed tight global supply after US government data showed tepid gasoline demand during the peak summer driving season. Brent crude futures dropped 77 cents, or 0.7%, to $106.15 a barrel by 0427 GMT after slipping 0.4% in the previous session. US West Texas …

TOKYO, July 22(ABC): Asian stock markets were on course for their best week in months and the dollar held off recent record highs after the European Central Bank (ECB) raised rates for the first time in more than a decade and bets on the size of US rate hikes eased. Japan’s Nikkei rose 0.24% on Friday and was on course to …

ISLAMABAD, Jul 20 (ABC): Leather manufactures exports during the twelve months of fiscal year of 2021-22 grew up by 10.43 percent as compared to the exports of the commodity during the corresponding period of last year. During the period from July-June 2021-22, leather manufactures worth US $621,081 were exported as compared to the exports of US $ 562,248 during the …

ISLAMABAD, Jul 21(ABC): The exports of textile commodities surged by 25.53 percent during the fiscal year 2021-22 as compared to the corresponding period of last year. The textile exports were recorded at $19,329.985 million in July-June (2021-22) against the exports of $15,399.083 million July-June (2020-21), showing growth of 25.53 percent, according to the latest data released by Pakistan Bureau of …

ISLAMABAD, July 21 (ABC): Solar tube wells powered by Chinese technology is a success story in Pakistan, and the same technology will be used in the KP’s southern district of Tank, reported on Thursday. To resolve the longstanding water problem in the area, the Government of Khyber Pakhtunkhwa (KP) has decided to set up solar-powered tube wells in the area. …

ISLAMABAD, July 21(ABC): The imports of overall petroleum group witnessed an increase of 105.31 percent during the fiscal year 2021-22 as compared to the corresponding period of the last year. During the period under review, the total imports of the petroleum group stood at $23,318.722 million, as against the imports of $ 11,357.853 million last year, according to the latest …

  KARACHI, July 21(ABC): Gold firmed on Thursday as the prospect of aggressive policy tightening by major central banks weighed on the non-interest-bearing metal’s appeal, while investors awaited European Central Bank’s policy announcement. According to All Sindh Sarafa Jewellers Association (ASSJA), gold prices in the local bullion market rose by Rs500 per tola to reach Rs144,500, while the price of …

TOKYO, July 21(ABC): Tokyo stocks shrugged off early losses to close higher on Thursday after the Bank of Japan left its monetary easing policy unchanged. The benchmark Nikkei 225 index gained 0.44 percent, or 122.74 points, to end at 27,803.00, while the broader Topix index advanced 0.21 percent, or 4.15 points, to 1,950.59. The BoJ’s decision leaves the central bank …

ISLAMABAD, Jul 20 (ABC): Pakistan and Afghanistan have agreed on multiple measures to ensure early clearance and free movement of bilateral trade traffic, improve efficiency in goods clearance and launch luxury bus services between the two countries by end of next month. The bilateral trade relations were discussed between the authorities of the two countries during the visit of a …

ISLAMABAD, Jul 20 (ABC): Bulgaria and Pakistan on Wednesday agreed to enhance cooperation in the field of education, professional training and culture. It was agreed during a called on meeting held here between Ambassador of Bulgaria to Pakistan Ms. Irena Gancheva and Rana Tanveer Hussain, Federal Minister for Education, Professional Training, Rana Tanveer Hussain. Senior officials of the ministry including …

BEIJING, July 20(ABC): Pakistan Ambassador to China, Moinul Haque has invited the Chinese technology enterprises to come and visit Pakistan and explore the country for their future businesses and investment and asked them to take advantage of incentives being offered by the government. “We are promoting establishment of Chinese industries, manufacturing units in special economic and technologies zones and facilitating …

PARIS, July 20(ABC): The French government on Tuesday outlined its plans to take full control of EDF, the highly indebted power utility that is to spearhead efforts to relaunch the country’s nuclear industry. The offer to minority shareholders will be priced at 12 euros per share, meaning the operation to fully nationalise the group will cost 9.7 billion euros ($9.9 …

ISLAMABAD, July 20(ABC): Ambassador of Norway to Pakistan, Per Albert Ilsaas here on Tuesday said that Pakistan and Norway were enjoying excellent relations, which needed to be further promoted, especially on economic fronts. The ambassador was talking to Federal Minister for Finance and Revenue, Miftah Ismail during a call on meeting, according to press statement issued by finance ministry. The …

WEB DESK, July 20(ABC): Oil prices edged down on Wednesday, pressured by global central bank efforts to tame inflation and ahead of expected builds in U.S. crude inventories as product demand weakens. Brent crude prices for September fell 37 cents, or 0.3%, to $106.98 a barrel by 0340 GMT, while U.S. West Texas Intermediate (WTI) crude for August slipped 69 …

HONG KONG, July 20(ABC): Asian markets piled higher Wednesday following a surge on Wall Street, as investors grow hopeful in the ongoing earnings season, while sentiment was also boosted by news that Russian gas flows to Europe will not be cut off. Markets also reacted positively to a report saying China will fine ride-hailing giant Didi $1 billion but bring …

ISLAMABAD, July 19 (ABC): Ambassador of Indonesia to Pakistan, Adam Mulawarman Tugio on Tuesday said the cultural and religious links between Indonesia and Pakistan play an important role in the economic integration of both countries. Indonesia and Pakistan have been linked for centuries by a historical cultural, religious and shared cultural heritage, which is deeply rooted in history, he said. …

DUBAI, July 19(ABC): Higher oil prices have helped Dubai-based transport startup Swvl attract customers as people in its bigger markets such as Egypt and Pakistan ditch their cars in favour of buses, Chief Financial Officer Youssef Salem told. The Nasdaq-listed company has however aggressively cut costs and put some business expansion plans on hold as it steers a path towards …

WEB DESK, July 19(ABC): Aiming to break into the world’s top 10 metaverse economies, Dubai is adopting a new strategy where it will be targeting 40,000 virtual jobs and add $4 billion to the city’s GDP in the next five years, reported. News agency reported the Dubai government was seeking to develop global standards for users. The government wants to …

ISLAMABAD, July 19(ABC): The wholesale dealers Monday announced a decrease of Rs150 in the prices of the 5kg pack of first category ghee and oil. Now, the prices of the 5kg pack of first category ghee and oil have been reduced from Rs2,800 to Rs2,650. It is to be noted here that the prices of the first category ghee and …

MUMBAI, July 19 (ABC): The Indian rupee fell to more than 80 per US dollar for the first time on record Tuesday, as the greenback extended its rally and foreign capital outflows intensified. The rupee 80.0600 against the greenback soon after trading started, Bloomberg data showed. High inflation and rising interest rates in the United States coupled with fears of …

BEIJING, July 19 (ABC): China Machinery Engineering Corp (CMEC) will operate two units of thermal power plants of Punjab Thermal Power (Pvt) Ltd (PTPL) in Jhang district of Punjab province. PTPL has signed an operations and maintenance agreement with CMEC) in this regard, reported. “As we move closer to achieving simple-cycle Commercial Operations Date (COD), we have signed a simple-cycle …

WASHINGTON, July 19(ABC): The US Department of Defense is nearing an agreement with Lockheed Martin Corp for around 375 F-35 fighter jets over three years, three sources said on Monday, amid expectations of a price increase for the most common version of the jet due to lower quantities and inflation. The first F-35A cost $221 million when it came off …

PARIS, July 19(ABC): The governments of France and the United Arab Emirates signed on Monday a strategic agreement to cooperate in the energy sector, the French government said. The partnership aimed to identify joint investment projects in France, the UAE or elsewhere in the sectors of hydrogen, renewable and nuclear energy, the French government said in a statement. “In the …

WEB DESK, July 19(ABC): Oil prices fell on Tuesday, taking a breather after surging more than $5 a barrel in the previous session as a plunging dollar supported buying interest and on expectations the US Federal Reserve’s interest rate hike may be less than thought. Brent crude futures for September settlement fell 69 cents to $105.58 a barrel by 0036 …

KARACHI, Jul 18(ABC): Remittances from overseas Pakistanis, in June 2022, rose to $2.76 billion increasing by 18.4 percent on a month-on-month basis and 1.7 percent on a year-on-year basis. During the last month, the remittances were mainly sourced from Saudi Arabia ($666 million), United Arab Emirates ($495 million), United Kingdom ($455 million) and United States of America ($285 million), said …

KARACHI: Gold in Pakistan jumped by over Rs1,000 per tola in Pakistan as the rupee depreciated to an all-time low and the results of Punjab’s by-polls clouded the political outlook and bolstered the bullion’s safe-haven allure. The precious commodity has emerged as a safe asset in these challenging times of the economic and political crisis. People were aggressively buying gold to protect …

ISLAMABAD, 18 July(ABC): The Engineering Development Board (EDB) is all set to submit its policy document on Solar Panels and Allied Equipments Manufacturing to the Government by the end of this month. EDB initiated working on this policy formulation some time back under directions from its parent ministry (Ministry of Industries & Production and the EDB’s Board of Management). The …

HONG KONG, July 18(ABC): Stocks rose in Asia on Monday following a rally on Wall Street in response to data indicating US consumers remained resilient to surging inflation and higher interest rates, easing concerns about a possible recession. Speculation that Saudi Arabia will lift oil production after Joe Biden’s visit last week also provided some relief as crude prices — …

ISLAMABAD, Jul 17(ABC): The federal government has allocated Rs. 2300 million in the current Public Sector Development Programme (PSDP) to repair about 100 diesel-electric locomotives. The government has allocated funds amounting to Rs. 32, 648.036 million for the execution of 36 ongoing and new projects of the Railways Division, said an official of the ministry. About Rs. 26,648.036 million have …

ISLAMABAD, Jul 17 (ABC): The government has imported oil worth $ 17.03 billion during the first 10 months (July-April) of the last fiscal year to meet energy needs of the country, which showed almost 96 percent increase in the oil import bill as compared to the same period of 2020-21. “Latest data indicates that the import bill of oil has …

LONDON, July 17 (ABC): The euro’s plunge against the dollar, triggered by the Ukraine war and mounting risks to the EU economy, has driven the two currencies to parity for the first time in two decades. The European single currency sank to $0.9952 on Thursday — a level not seen since the end of 2002, the year it was officially …

KARACHI, July 16(ABC): Auto sales surged by a whopping 55% during the fiscal year 2021-22, however, growth is seen moderating as borrowing costs rise and as parts markers struggle to meet demand, reported. Arif Habib Limited in its commentary noted that the yearly auto sales reached an all-time high of 279,700 units (+55% year-on-year) during FY22. Data released by Automotive Manufacturers …

KARACHI, July 15(ABC): The Pakistan Stock Exchange (PSX) closed the week on a negative note as the bears and bulls locked horns to take charge of the bourse in the absence of major positive triggers that could provide direction to the market. Investors reacted with panic to the depreciating Pakistani rupee against the US dollar and political uncertainty in the …

HONG KONG, July 15(ABC): Asian markets fluctuated Thursday as another forecast-busting US inflation print ramped up bets on a quick series of sharp interest rate hikes that traders hope can be quickly walked back once prices are brought under control. The keenly awaited consumer price index came in at a blistering 9.1 percent in June, the highest since November 1981, …

KARACHI, July 15(ABC): The price of gold on Thursday dropped as the Pakistani rupee thrashed greenback after deal with International Monetary Fund (IMF). The price of 24-carat gold has declined by Rs1050. The 24-carat gold is being traded for Rs141,150 at the local market. Meanwhile, the price of 10-gram gold of 24-carat has also decreased by Rs901. The price of …

KARACHI, July 14(ABC): The country’s foreign exchange reserves held by the State Bank of Pakistan (SBP) continued to decline on a weekly basis. On July 7, the foreign currency reserves held by the SBP were recorded at $9,717.5 million, down $99 million compared with $9,816.3 on June 30, data released by the State Bank of Pakistan (SBP) on Thursday showed. …

BEIJING, July 14 (ABC): Currently, out of the $144 million in foreign investment in Solar PV plants in Pakistan, $125 million is from China, accounting for nearly 87% of the total. Among the 530MW cumulative generation capacity in Pakistan, 400 MW (75%) is generated from Quaid-e-Azam Solar Park, the first-ever power plant capable of generating solar energy in Pakistan, owned …

KARACHI, Jul 14 (ABC): Yutong Buses China, a Chinese company has agreed to set up public transport plant in Sindh that would be established in Karachi or Hyderabad to improve public transport facilities. This important development took place in a meeting between Provincial Minister for Transport Sharjeel Inam Memon and Country Manager of Yutong Buses China Paul Zhang, said a …