Sep 9(ABC):India banned exports of broken rice and imposed a 20% duty on exports of various grades of rice on Thursday as the world’s biggest exporter of the grain tries to augment supplies and calm local prices after below-average monsoon rainfall curtailed planting. The new duty is likely to discourage buyers from making purchases from India and prompt them to shift …

ISLAMABAD, Sep 9(ABC): The rapid assessment cost on projected economic losses following floods as calculated by the Centre and endorsed by the provinces has gone up further to the tune of $17-$18 billion. The economic losses have further increased mainly because agricultural crops have been destroyed across 8.25 million acres as compared to an initial assessment of 4.2 million acres. Cotton, rice, …

KARACHI, Sep 9(ABC): The Pakistani rupee persisted on Friday in losing its value for the sixth straight session against the US dollar as the country continues to suffer an economic hit caused by heavy floods. The local unit was trading at 229.50 after losing 4.08 in the interbank market during intraday trade, down in value from yesterday’s close of 225.42 — when …

ISLAMABAD, Sep 8 (ABC): Pakistan rupee on Thursday depreciated by Rs 2.01 against the US dollar in the interbank trading and closed at Rs 225.42; against the previous day’s closing of Rs 223.41 According to the Forex Association of Pakistan (FAP), the buying and selling rates of dollars in the open market were recorded at Rs 232.1 and Rs 234.6 …

ISLAMABAD, Sep 8 (ABC): Recent flash floods and torrential rains have not only destroyed the major and minor cash crops standing over thousands of hectares across the four provinces of the country, but it also ruined basic livestock infrastructure developed over vast areas. Due to the devastation, hundreds of thousands small and large animals killed, besides destroying and damaging of …

ISLAMABAD, Sep 7 (ABC):Pakistan rupee on Wednesday depreciated by Rs 1.99 against the US dollar in the interbank trading and closed at Rs 223.41; against the previous day’s closing of Rs 221.42 According to the Forex Association of Pakistan (FAP), the buying and selling rates of dollars in the open market were recorded at Rs 232 and Rs 234.5 respectively. …

ISLAMABAD, Sep 6(ABC): The KSE 100-index of the Pakistan Stock Exchange (PSX) turned around on Tuesday, gain 1.06 point, closing at 41,860.36 points against 41,859.30 points on the last working day. A total of 187,263,407 shares were traded during the day compared to the trade of 156,803,627 shares the previous day, whereas the price of shares stood at Rs 4.017 …

KARACHI, Sep 6(ABC): Amid a financial crisis in the country in the wake of massive devastations caused by flash floods, the gold price in Pakistan jumped by Rs3,050 per tola as unruly inflation and the intensifying economic crisis fed demand for the safe-haven metal. According to the All Sindh Sarafa and Jewellers Association (ASSJA), the price per tola gold settled …

MELBOURNE, Sep 6(ABC): Oil prices slipped early on Tuesday, paring the previous session’s 3% gain, as an OPEC+ deal to cut output by 100,000 barrels per day in October was seen as a largely symbolic move to stem the market’s recent slide. Brent crude futures fell 33 cents, or 0.3%, to $95.44 a barrel at 0054 GMT. U.S. West Texas …

HONG KONG, Sep 6(ABC): Asian shares rose on Tuesday morning after China pledged to make renewed efforts to boost its economy on Monday, while investors pinned hope on more clarity ahead of a number of central bank meetings. MSCI’s gauge of Asia-Pacific stocks outside Japan (.MIAPJ0000PUS) was up 0.47%, with China’s benchmark CSI300 Index (.CSI300) and Hang Seng Index (.HSI) …

KARACHI, Sep 6(ABC):  The Pakistan rupee continued to remain under pressure Tuesday and depreciated against the dollar in the interbank market following a fluctuation in the demand and supply position of the greenback in the currency market. The local unit was exchanging hands at 221.60 after losing 1.74 against the dollar during intraday trade in the interbank market, up from …

Sep 6(ABC): Sri Lanka’s International Monetary Fund bailout plan could be a turning point in its worst economic crisis, but far-from-stable politics and a need to get debt relief from competing powers China, India and Japan means some of the hardest work is still to come. President Ranil Wickremesinghe knows a lot of circles will need to be squared for …

ISLAMABAD, Sep 5 (ABC): The Central Directorate of National Savings (CDNS) on Monday collected the target of issuing Rs 220 billion fresh bonds in the current fiscal year 2022-23 from July 1st to August 31, 2022. The Central Directorate of National Savings (CDNS) has set a saving target of Rs1.5 trillion for the current financial year (2022-23) which will promote …

KARACHI, Sep 05 (ABC): The State Bank of Pakistan (SBP) has barred banks of charging any service charges on donations to Prime Minister Flood Relief Fund 2022 The central bank’s Payment System Department through a circular letter directed all the issuing and acquiring banks, micro-finance banks and other payment schemes operating in Pakistan to meticulously comply with the instructions and …

PESHAWAR, Sep 05 (ABC): President Dr Arif Alvi here Monday said that economic prosperity of the country was linked with increasing tax collection and underlined the need for bringing rich people under tax-net to economically strengthen the poor segment of the society. Addressing an awareness seminar regarding role of Federal Tax Ombudsman (FTO) Office for provision of prompt, quick and …

BEIJING, Sept 5 (ABC): China has put together 200 tons of onions and will soon dispatch via Karakoram Highway to the flood-hit people of Pakistan, Chinese Foreign Ministry Spokesperson, Mao Ning said on Monday. “Based on Pakistan’s needs, the Chinese side has put together 200 tons of vegetables and will deliver them via the Karakoram Highway as soon as possible,” …

KARACHI, Sep 5(ABC): The Pakistan Stock Exchange (PSX) witnessed bearish activity on Monday after some experts revised downwards the growth estimate for fiscal year 2023 and the government issued an estimate of the damages caused by floods. The KSE-100 index was down 333.58 points, or 0.79 per cent, to reach 41,975.53 points at 2:59pm. Arif Habib Corporation’s Ahsan Mehanti said …

PARIS, Sep 5(ABC): The euro sunk below $0.99 on Monday, a 20-year-low, following the announcement last week that Russia would cut off gas deliveries to Germany via the Nord Stream pipeline. The euro fell 0.70 percent to 0.9884 dollars Monday at 0535 GMT, its lowest since December 2002. The European currency has continued to weaken against the dollar since the …

VIENNA, Sep 5(ABC): Faced with recession fears, the OPEC+ countries are expected to agree a modest increase in oil production at a meeting on Monday, with some experts even forecasting a cut to support prices. The 13 members of the Organization of the Petroleum Exporting Countries (OPEC) cartel, led by Saudi Arabia, and their 10 partners, led by Russia, are …

FRANKFURT, Sep 5(ABC): After raising interest rates for the first time in over a decade at their last meeting, European Central Bank policymakers are poised to deliver another bumper hike on Thursday in a show of determination to tame soaring inflation. Steep increases in the price of energy in the wake of the Russian invasion of Ukraine have heaped pressure …

HONG KONG, Sep 5(ABC): Asian markets were mixed Monday as the positive vibes from a US jobs report were offset by growing fears about an energy crisis in Europe, Chinese Covid lockdowns and geopolitical tensions. The closely watched payrolls for August showed employment growth moderating and unemployment ticking higher, easing pressure on the Federal Reserve to sharply lift interest rates. …

SINGAPORE, Sep 5(ABC): Oil prices jumped more than $1 a barrel on Monday, extending gains as investors eyed possible moves by OPEC+ producers to tweak production and support prices at a meeting later in the day. Brent crude futures rose $1.43, or 1.5%, to $94.45 a barrel by 0054 GMT after gaining 0.7% on Friday. U.S. West Texas Intermediate crude …

BEIJING, Sep (ABC): Royal Group, China, and JW Holdings, Pakistan, in the spirit to enhance cooperation in buffalo business between the two countries, signed a Memorandum of Understanding (MoU) as a side event of the 2022 China International Fair for Trade in Services (CIFTIS), reported on Sunday. According to the MoU, the two companies will deepen cooperation in buffalo farm …

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. …