ISLAMABAD, July 28(ABC): Pakistan’s two leading car assemblers, Toyota and Suzuki, plan partial plant shutdowns from next month due to unavailability of raw material amid import restrictions and exchange rate volatility, officials at both companies said. The Toyota company has now been offering refunds to customers facing delays and mark-ups on their payments, with deliveries likely to be delayed by …

LONDON, July 28(ABC): British energy giant Shell said Thursday that its net profit soared more than five-fold to $18 billion in the second quarter, fuelled by resurgent oil and gas prices, and rewarded shareholders with another bumper buyback. The surge in profits in the three months to June was partially attributable to a reversal of $4.3 billion in impairments after …

LAHORE, July 28(ABC): The volume of bilateral trade between Pakistan and Iran can comfortably swell from existing level of $Ibn to $5bn annually if potentials of either sides are fully exploited, said Meher Kashif Younis, Coordinator to Federal Tax Obdusman. It was stated here on Thursday while talking to delegation of Gold Ring Economic Forum think tank led by it’s …

SINGAPORE, July 28(ABC): Oil gained more than $1 a barrel on Thursday, extending gains from the previous session, buoyed by improved risk appetite among investors while lower crude inventories and a rebound in gasoline demand in the United States supported prices. Brent crude futures for September rose $1.20, or 1.1%, to $107.82 a barrel by 0158 GMT, after gaining $2.22 …

LAHORE, Jul. 27 (ABC): Pakistan-China Joint Chambers of Commerce and Industry (PCJCCI) has planned dairy products export to China, reported on Wednesday. The cooperation between China and Pakistan in the dairy industry and China’s demand for high-quality dairy products will provide a contemporary path of development for Pakistan’s dairy industry, said Wang Zihai President PCJCC at a think-tank session held here at the PCJCCI …

ISLAMABAD, Jul. 27 (ABC): In a major development, exports have been set in motion for the first time in Gwadar Free Zone under the backdrop of exemption from all sorts of taxes and custom duties in the Free Zone for a period of 20 years,  reported on Wednesday. Along with exports to foreign countries, Gwadar Free Zone (GFZ, both South …

ISLAMABAD, July 27(ABC): The production of farm tractors in the country witnessed an increase of 16.01 percent to 58,880 units during the twelve months of fiscal year 2021-22, against the production of 50,751 units in same months of last year. During the period under review, the production of trucks also witnessed an increasing trend as it went up from 3,808 …

KARACHI, July 27(ABC): Pakistan’s current account deficit — the gap between the country’s higher foreign expenditure and low income — widened to $2.3 billion in June 2022 despite higher exports and remittances. According to the State Bank of Pakistan, the current account deficit of the country has risen to $2.3 billion in June 2022 compared to a deficit of $1.6 …

KARACHI, July 27(ABC): Pakistan’s two leading car assemblers, Toyota and Suzuki, plan partial plant shutdowns next month due to unavailability of raw material amid import restrictions and exchange rate volatility, officials at both companies said on Wednesday. The government in recent weeks has attempted to curb imports in the face of fast depleting foreign reserves, a declining currency and a …

SAN FRANSISCO, July 27(ABC): Google-parent Alphabet reported Tuesday its profit and revenue slipped as the internet giant’s long sizzling ad revenue growth cooled, but the market seemed relieved the news wasn’t worse. Big tech firms are grappling with multiple problems, from inflation to the war in Ukraine, and results in general for the quarter have not been great so far. …

HONG KONG, July 27(ABC): Stocks fell Wednesday as recession fears returned to the forefront of traders  minds ahead of an expected Federal Reserve interest rate hike later in the day. The selling followed a steep drop on Wall Street fuelled by concerns that four-decade high inflation and rising borrowing costs were keeping Americans from spending, and pushing the economy towards …

BEIJING, July 27(ABC): Pakistan’s rice export to China in the first six months of this year is worth around US$345 million, compared with the US$ 258 million in the same period last year, according to the General Administration of Customs of the People’s Republic of China (GACC). Pakistan’s rice exports witnessed a 23% growth in the fiscal year 2021-2022 and …

WASHINGTON, July 27(ABC): The International Monetary Fund cut global growth forecasts again on Tuesday, warning that downside risks from high inflation and the Ukraine war were materializing and could push the world economy to the brink of recession if left unchecked. Global real GDP growth will slow to 3.2% in 2022 from a forecast of 3.6% issued in April, the …

LONDON, July 26(ABC): Oil prices rose on Tuesday for a second day on increasing concerns about tightening European supply after Russia, a key energy supplier to the region, cut gas supply through a major pipeline. Brent crude futures rose $1.14, or 1.1%, to $106.29 a barrel by 1029 GMT, extending a 1.9% gain the previous day. US West Texas Intermediate …

KARACHI, July 26(ABC): The gold price soared to a record high at Rs149,500 per tola (11.66 grams) in Pakistan on Tuesday. The surge was contradictory to the decline in the prices of the commodity in global markets. Gold prices in the local bullion market soared by Rs1,200 per tola and Rs1,029 per 10 grams today to reach an all-time high …

DHAKA, July 26(ABC): Bangladesh has sought a $4.5 billion loan from the International Monetary Fund, reported on Tuesday, the latest country in South Asia to seek such support amid rising pressure on the economies of the region. Bangladesh has sought the funds for its balance of payment and budgetary needs, as well as for efforts to deal with climate change, …

KARACHI, July 26(ABC): The Pakistan Stock Exchange (PSX) ended the second session of the rollover week on a flat note on Tuesday, with the benchmark KSE-100 index crawling up nearly 50 points. The index oscillated between red and green zones as certain sectors experienced selling pressure. Investors were concerned over rising political tensions, which prevented the market from advancing further. …

NEW YORK, July 26(ABC):Walmart cut its profit outlook Monday as surging inflation prompts shoppers to cut back on higher-margin items as they contend with increased prices for gasoline, food and other staples. The world’s biggest retailer now expects a double-digit decline in operating income for both the second quarter and full year after previously projecting the potential for a slight …

ISLAMABAD, Jul 25 (ABC): In order to give a strategic boost to commercial activities, an e-custom clearance system “Web Based One Custom” (WeBOC) has been installed in Gwadar Free Zone, Gwadar Pro reported on Monday. It is a milestone development in the history of Gwadar Port Free Zone consisting of the South Free Zone (Phase I) and the North Free …

ISLAMABAD, July 25 (ABC): Chairman of Pakistan Hi Tech Hybrid Seed Association (PHHSA) Shahzad Ali Malik called for Pakistani farmers to use modern Chinese agricultural technologies to get bumper crops in order to make the country self-sufficient in food. Mr. Malik said Pakistani growers should acquaint themselves with new technologies like mechanized direct-seeded rice (DSR), which saves 50 percent of …

TOKYO, July 25(ABC): Oil prices dropped on Monday, extending a recent losing streak on concerns that an expected rise in US interest rates would weaken fuel demand. Brent crude futures for September settlement fell $1.19, or 1.2%, to $102.01 a barrel by 0645 GMT, down for a fourth day. US West Texas Intermediate (WTI) crude futures for September delivery slid …

ISLAMABAD, July 25(ABC): The exports from the country in rupee term witnessed an increase of 40.11 per cent during the current fiscal year 2021-22 as compared to last year, Pakistan Bureau of Statistics (PBS) reported. The exports during July–June (2021–2022) were recorded at Rs. 5,663,089 million as against Rs. 4,041,927 million during the corresponding period of last year showing an …

BEIJING, July 25(ABC): As one of the main olive producing areas in China, the processing industrial chain in Fujian Province is still far from perfect. The supply of high-quality olives is in short supply; besides, the by-product market also contains unlimited potential. Namely, the market space is huge. In the future, if we can introduce excellent olive varieties from countries …

KARACHI, July 25(ABC): Gold scaled to a new peak on Monday as the delayed political uncertainty clouded the economic outlook and bolstered bullion’s safe-haven allure, though analysts said the rapid pace of gains could prompt some correction. The precious commodity has emerged as a safe asset in these challenging times of the economic and political crisis. People were aggressively buying …

WEB DESK, July 25(ABC): Amid a severe shortage of US dollars that plunged the rupee to its highest weekly drop since 1998, the State Bank of Pakistan (SBP) has discouraged interbank trading, reported, citing well-informed sources. In order to control the free-fall of rupees against the US dollar, the central bank— with its limited power under the International Monetary Fund …

HONG KONG, July 25(ABC): Asian markets slipped Monday at the start of a key week for equities as the Federal Reserve prepares to lift interest rates again and some of the world’s biggest companies report earnings. While the US central bank is widely expected to hike borrowing costs by 75 basis points, traders will be poring over policymakers’ views on …

KARACHI, July 24(ABC): State Bank of Pakistan (SBP) acting Governor Dr Murtaza Syed said that the comparison of Pakistan with Sri Lanka, and negatively analysis of the economy is not correct. In the podcast, conducted by the SBP on Saturday discussing the overall economic situation, the SBP governor said there is no doubt that the next 12 months will be …

BEIJING, July 23(ABC): Pakistan’s export to China crossed $1.918 billion in the first half (H1) of this year, up 10.97 percent from $1.728 billion in the same period of the previous year, which continue to increase on yearly basis, reported on Saturday quoting official data from the General Administration of Customs of the People’s Republic of China (GACC). According to …

ISLAMABAD, July 23(ABC): Oil and Gas Regulatory Authority (OGRA) on Friday notified the revised price of Re-gasified Liquefied Natural Gas (RLNG) on networks of the SSGC and SNGPL for the current month of July, with a significant downward adjustment. According to the notification, the authority decreased the price of imported RLNG by $4.6501 per Metric Million British Thermal Unit (MMBTU) …

ISLAMABAD, July 23(ABC): Sensitive price Indicator (SPI) based weekly inflation for the week ended on July 21 for the combined consumption group, witnessed a decrease of 0.22 percent as compared to the previous week. SPI for the week under review in the above mentioned group was recorded at 200.10 points against 200.55 points registered in the previous week, according to …

KARACHI, July 22(ABC): State Bank of Pakistan (SBP) acting Governor Murtaza Syed on Friday said that Pakistan’s external debt of $95 billion is very low. Murtaza Syed said in an interview with a foreign broadcasting organization said that “Pakistan is being unfairly branded with other countries that are much more vulnerable.” “This is because there is little discrimination between countries …

KARACHI, July 22(ABC): Gold continued to shine with the precious metal seeing an increase of Rs900 in its price on Friday in line with an uptrend in the international market and depreciating Pakistani rupee. According to rates released by the All Sindh Sarafa Jewellers Association (ASSJA), gold prices in the local bullion market rose by Rs900 per tola to reach …

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 …