HONG KONG, Aug 30(ABC): Asian markets were mixed Tuesday with confidence at a premium as traders contemplate the prospect of more Federal Reserve interest rate hikes and a possible recession. Wall Street suffered another day in the red after Friday’s capitulation in response to a warning from US central bank boss Jerome Powell that more tightening was needed to bring …

Aug 30(ABC): Oil prices fell on Tuesday after notching their highest gains in more than a month in the previous session, as global inflation worries overshadowed the prospect of possible OPEC+ output cuts. Brent crude futures fell 39 cents, or 0.3%, to $104.70 a barrel by 0012 GMT after climbing 4.1% on Monday. U.S. West Texas Intermediate crude was at …

KARACHI, Aug 29(ABC): The Pakistani rupee surged against the US dollar Tuesday during intraday trade after the International Monetary Fund’s (IMF) executive board revived the much-awaited bailout programme for Islamabad. The rupee appreciated by 2.42 to 219.50 against the US dollar during intraday trade in the interbank market, down from Monday’s close of 221.92. After months-long hectic efforts, the global …

KARACHI, Aug 29(ABC): Stocks rallied Wednesday after the International Monetary Fund (IMF) approved releasing a $1.17 billion tranche to Pakistan following several months of delay. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index moved up 436.11 points or 1.03% to 42,940.45 points as of 9:40 am, up from yesterday’s close of 42,504.34 points. The revival of the IMF programme has …

ISLAMABAD, Aug 29 (ABC): The United States of America (USA) remained the top exports destination of the Pakistani products during the first month of current fiscal year, followed by China and United Kingdom (UK).Total exports to the US during July 2022 were recorded at US $499.686 million against the exports of US $503.118 million during July 2021, showing decline of …

ISLAMABAD, Aug 29 (ABC): President, Pakistan Businesses Forum, Mian M. Usman Zulfiqar on Monday said Pakistan could generate an additional $2 billion in exports solely by focusing on branding.He said Pakistan’s textile sector needs branding as it can promote Pakistani flavour in the international market and help secure maximum orders, which can augment the export value of readymade garments, said …

ISLAMABAD, Aug 29 (ABC): The price of 24 karat per tola gold witnessed a decrease of Rs1400 on Monday and was sold at Rs.145,600 against its sale at Rs.147,000 the previous day. The price of 10 gram 24 karat also declined by Rs.1200 and was sold at Rs124,828 against Rs.126,028 whereas that of 10 gram 22 karat decreased to Rs.114,426 …

ISLAMABAD, Aug 29 (ABC): Federal Minister for Finance and Revenue Miftah Ismail here on Monday shared the fiscal measures being undertaken for economic revival of country’s economy with newly appointed Governor of State Bank of Pakistan (SBP) Jameel Ahmad. According to a press statement issued by the finance ministry during a meeting with the SBP governor, the minister also shared …

ISTANBUL, Aug 29 (ABC): Japan’s prime minister announced a $30 billion investment in Africa, saying his country will contribute vigorously to African development. “Japan aspires to be a partner, growing together with Africa,” Fumio Kishida told a joint news conference along with African Leaders on Sunday after hosting the Eighth Tokyo International Conference on African Development. He virtually addressed the …

KUALA LUMPUR, Aug 29(ABC): The growth of Malaysia’s Producer Price Index (PPI), which measures the prices of goods at factory gate, eased to 7.6 percent in July from 10.9 percent in June, official data showed Monday. It was attributed to the manufacturing index which grew 9.9 percent, followed by the mining index that increased 9 percent, the Department of Statistics …

ISLAMABAD, Aug 29(ABC):  Owing to the flood that wreaked havoc in various parts of the country, the prices of vegetables, particularly onions and tomatoes, have increased manifold in Islamabad. In various markets of Islamabad, onions are being sold at Rs280 and tomatoes at Rs220 per kilogramme. Whereas, in the Sunday Bazaars, average quality onions were available at Rs230 and tomatoes …

ISLAMABAD, Aug 29(ABC):  Pakistan has assured international LNG suppliers of timely payments for their spot cargoes over the next six years through standby letters of credit (SBLCs) to top-ranking international banks. The state-run Pakistan LNG Limited (PLL) has given the assurance to international bidders, seeking 72 cargoes over the next six years (2023-28) at the rate of one cargo per …

LAHORE, Aug 29(ABC): In the wake of the massive damage caused to crops by the monsoon rains and floods, different organisations have urged the government to extend financial help to affected farmers to enable them to sow the next crop. Farmers Associates Pakistan (FAP) Director Farooq Bajwa says that the record-breaking rains have caused 30 per cent losses to the …

MELBOURNE, Aug 29(ABC): Oil prices rose 1% on Monday, as expectations OPEC will cut output if needed to support prices, conflict in Libya, and rising demand amid soaring natural gas prices in Europe helped offset a dire outlook for growth in the United States. U.S. West Texas Intermediate (WTI) crude futures jumped $1.09, or 1.2%, to $94.15 a barrel at …

SYDNEY, Aug 29(ABC): Asian shares slid on Monday as the mounting risk of more aggressive rate hikes in the United States and Europe shoved bond yields and the dollar sharply higher, and tested equity and earnings valuations. Federal Reserve Chair Jerome Powell’s promise of policy “pain” to contain inflation quashed hopes that the central bank would ride to the rescue …

JACKSON HOLE, Aug 29(ABC): European Central Bank policymakers made the case on Saturday for a large interest rate hike next month as inflation remains uncomfortably high and the public may be losing trust in the bank’s inflation-fighting credentials. The ECB raised rates by 50 basis points to zero last month and a similar or even bigger move is now expected …

BEIJING, Aug 29(ABC): China’s central bank Monday conducted 2 billion yuan (about 291.1 million U.S. dollars) of reverse repos to maintain liquidity in the banking system. The interest rate for the seven-day reverse repos was set at 2 percent, according to the People’s Bank of China. The move aims to keep stable liquidity in the banking system, the central bank …

SHANGHAI, Aug 27(ABC): Profits at China’s industrial firms sank in July, reversing previous gains as fresh COVID-19 curbs dragged down demand and squeezed factory margins, while power shortages due to heatwaves threatened production. Profits at China’s industrial firms fell 1.1% in January-July from a year earlier, wiping out the 1.0% growth logged during the first six months, the National Bureau …

KARACHI, Aug 27(ABC): Gold price declines by Rs100 per tola in Pakistan despite rupee depreciation against the US dollar — which lost Rs6.01 during the week. According to rates issued by the All Sindh Sarafa Association, gold price settled at Rs147,000. The price decreased by Rs87 per 10 grams to settle at Rs126,028 per 10 grams on Saturday. The association …

KARACHI, Aug 27(ABC):  The Pakistan Stock Exchange (PSX) endured a relatively volatile week as the winning streak of the past three weeks came to an end. The equity market shed 679 points or 1.57% in the outgoing week and settled at 42,592 points as external woes and fast depleting foreign exchange reserves kept the benchmark index under pressure. The week kicked …

ISLAMABAD, August 27 (ABC): Gwadar is undergoing repaid transformation phase under China-led developments, says a report on Saturday. Compared with the past, Gwadar is passing through a promising and positive change in terms of its outlook and public life. It is still in the phase of transformation with flying colors. According to the reports, the people of Gwadar are witnessing …

BEIJING, Aug. 27 (ABC): Stocks on Shanghai and Shenzhen bourses saw their key indices down at the end of July compared with the end of June, according to the People’s Bank of China, the country’s central bank.At the end of July, the Shanghai Stock Exchange Composite Index closed at 3,253.2, down 145.4 points, or 4.3 percent, month on month. The …

LAHORE, Aug 27 (ABC): The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Saturday urged the government to maximum facilitate the Small and Medium Enterprises (SMEs) and take concrete steps for enhancing exports and developing the IT sector. SMEs are the backbone of the country’s economy and promotion of the sector would not only eliminate a gap in …

TUNIS, Aug 27 (ABC): Tunisia and Japan launched a pan-African investment conference on Saturday, seeking to counter the influence of rival China whose economic imprint on the continent has steadily grown. The conference takes place amid a “complex” international environment caused by the coronavirus pandemic and the war in Ukraine, the Japanese foreign ministry has said. Some 30 heads of …

ISLAMABAD, Aug 26(ABC): The Sensitive price Indicator (SPI) based weekly inflation for the week ended on August 25 for the combined consumption group, witnessed an increase of 1.83 percent as compared to the previous week. The SPI for the week under review in the above mentioned group was recorded at 219.97 points against 216.02 points registered in the previous week, …

ISLAMABAD, Aug 26(ABC): The KSE 100-index of the Pakistan Stock Exchange (PSX) witnessed bearish trend on Friday, losing 441.06 points, a negative change of 1.02 percent, closing at 42,591.51 points against 43,032.57 points on the last working day. A total of 265,752,068 shares were traded during the day compared to the trade of 208,115,224 shares the previous day, whereas the …

ISLAMABAD, Aug 26(ABC): The price of 24 karat per tola gold witnessed no change in prices on Friday and was sold at Rs147,100. The price of 10 gram 24 karat and 10 gram 22 karat also remained stagnant at Rs126,115 and Rs115,605 respectively, All Sindh Sarafa Jewellers Association reported. The price of per tola and ten gram silver remained unchanged …

ISLAMABAD, Aug 26 (ABC): Pakistan rupee on Friday depreciated by Rs 1.24 against the US dollar in the interbank trading and closed at Rs 220.65; against the previous day’s closing of Rs 219.41.According to the Forex Association of Pakistan (FAP), the buying and selling rates of dollars in the open market were recorded at Rs 228 and Rs 230 respectively. …

ISLAMABAD, Aug 26 (ABC): Zonergy Solar development, Pakistan’s No.1 Solar solution provider, has participated in 18th International Trade and Industrial Fair of Pakistan. The 3 days exhibition is organized by E-commerce pvt ltd, witnessed leading traders and manufacturers from the industry who displayed their top-of-the-line products to provide practical solution towards Clean Energy, a press release issued here on Friday …

BEIJING, Aug 26 (ABC): In an aim to boost mango quality and rev up the mango industry, the Pakistan Agricultural Research Council (PARC) will join the South and Southeast Asia Mango Network (SSAMN) at the first annual meeting of SSAMN to be held in Kunming, China’s southwest province of Yunnan. In a written interview with China Economic Net (CEN), Dr …

WASHINGTON, Aug 26 (ABC): The U.S. economy shrank at an annual rate of 0.6 percent in the second quarter of this year, up from a 0.9 percent contraction estimated a month ago, according to data released Thursday by the U.S. Commerce Department. The update primarily reflects upward revisions to consumer spending and private inventory investment that were partly offset by …

ISLAMABAD, Aug 26 (ABC): The European Union is disbursing €10 million, nearly PKR 2.2 billion to the Government of Sindh to strengthen the implementation of provincial education policies. It is the second payment of a EUR 42 million grant made available through budget support by the European Union under the Development through Enhanced Education Programme (DEEP). This direct financial support …

CHICAGO, Aug 26(ABC): Chicago Board of Trade (CBOT) agricultural futures fell across the board on Thursday, led by wheat. The most active corn contract for December delivery fell 7.25 cents, or 1.1 percent, to settle at 6.5 U.S. dollars per bushel. December wheat plunged 24.25 cents, or 2.98 percent, to settle at 7.89 dollars per bushel. November soybean lost 25.75 …

YANGON, Aug 26(ABC): Myanmar earned over 800 million U.S. dollars from its natural gas exportation within the four months of this financial year 2022-2023, the state-run the Global New Light of Myanmar quoted the figures of the Ministry of Commerce on Thursday. The country exported 77.89 million kilos of natural gas between April 1 and July 31, receiving a total …

ISLAMABAD, Aug 24 (ABC): The State Bank of Pakistan (SBP) on Wednesday directed all the commercial banks and micro-finance banks to raise awareness among the potential donors and facilitate them in contributing to the PM’s Flood Relief Fund 2022. The SBP, in a circular, advised the banks to take measures in that respect on priority and submit the compliance by …

BEIJING, Aug 24 (ABC): Pakistan Ambassador to China, Moin ul Haque said that Pakistan’s exports to China had registered an upward trend in the first seven months of current year and with this momentum, it was likely to cross US$4 billion target by end of this year. “Our exports to China remained at US$3.6 billion with a record increase last …

ISLAMABAD, Aug 24 (ABC): The export of Pharmaceutical goods witnessed a decrease of 1.44 percent during the first month of current fiscal year, against the exports of the corresponding period of last year. The country exported Pharmaceutical goods worth US $23.970 million during July 2022 against the exports of US $24.319 million during July 2021, showing a decline of 1.44 …

ISLAMABAD, Aug 24 (ABC): Pakistan rupee on Wednesday depreciated by 72 paisa against the US dollar in the interbank trading and closed at Rs 218.37; against the previous day’s closing of Rs 217.65. According to the Forex Association of Pakistan (FAP), the buying and selling rates of dollars in the open market were recorded at Rs 223 and Rs 226 …

BEIJING, Aug 24(ABC): Pakistani pine nuts’ exports to China in the first seven months of this year crossed US $41.48 million, according to the official data from the General Administration of Customs of the People’s Republic of China (GACC). Data from GACC showed that during January-July of 2022, China imported 3,770.76 tons of pine nuts from Pakistan worth $41.48 million …

ISLAMABAD, Aug 24(ABC): The current account deficit shrank to $1.2 billion in July from $2.2 billion in June, largely reflecting a sharp decline in energy imports and a continued moderation in other imports, a data released by State Bank of Pakistan (SBP) said on Wednesday. “The narrower deficit is the result of wide-ranging measures taken in recent months to moderate …