ISLAMABAD, Aug 24 (ABC): The exports of fish and fish preparations increased by 30.02 percent during the first month of the current fiscal year as compared to the corresponding month of last year. The seafood exports during July 2022 were recorded at US $18.506 million against the exports of US $14.233 million in July 2021, showing growth of around 30.02 …

KARACHI, Aug 23(ABC): After a two-session respite, gold resumed its downward trend on Tuesday despite the depreciation of the Pakistani rupee against the US dollar. The price of gold inched down by Rs150 per tola and Rs129 per 10 grams to settle at Rs146,000 per tola and Rs125,171 per 10 grams, data released by the All Sindh Sarafa and Jeweller …

ISLAMABAD, Aug 23(ABC): The Securities and Exchange Commission of Pakistan (SECP) has published a concept paper titled “Review of Landscape and Revamping Framework-REITs” for soliciting public comments. It provided a glance at Real Estate Investment Trusts (REITs) Industry and covered proposed amendment(s) in the REITs regulatory framework, said a press release issued here. The aim of proposed regulatory amendments was …

SYDNEY, Aug 23(ABC): Asian shares were down for a sixth straight session on Tuesday after a renewed spike in European energy prices stoked fears of recession and pushed bond yields higher, while tipping the euro to 20-year lows. Benchmark gas prices in the European Union surged 13% overnight to a record peak, having doubled in just a month to be …

Aug 23(ABC): Oil rose on Tuesday as renewed concerns over tight supply dominated market sentiment after Saudi Arabia warned that the major oil producer could cut output to correct a recent oil price decline. Brent crude futures advanced 93 cents, or 1%, to $97.41 a barrel by 0328 GMT, after a choppy session on Monday when they dropped by more …

ISLAMABAD, Aug 23(ABC): The incumbent government on Monday imposed new taxes of more than Rs70 billion through a mini-budget. According to the Presidential Ordinance, a sales tax of up to 7.5 per cent has been imposed on the electricity bills of traders, and 5pc sales tax will be imposed on the electricity bills of traders less than 20 thousand, and …

ISLAMABAD, Aug 23(ABC): The price of 24 karat per tola gold witnessed an increase of Rs3550 per tola and was sold at Rs146,150 on Tuesday against its sale at Rs142,600 the previous day in the local market. The price of 10 gram 24 karat fold also increased by Rs3044 and was sold at Rs125,300 against its sale at Rs122,256 whereas …

ISLAMABAD, Aug 22 (ABC): The tea imports witnessed an increase of 10.20 percent during the first month of the current fiscal year as compared to the corresponding month of last year.The tea imports during July 2022) were recorded at $45.321 million against the imports of $41.127 million during July 2021), according to data of Pakistan Bureau of Statistics (PBS). In …

KUALA LUMPUR, Aug 20(ABC): Malaysia’s vehicle sales slipped 23.03 percent to 48,922 units in July from 63,563 units in June, the Malaysian Automotive Association (MAA) said. MAA said in a statement the fall was due to exceptionally high total industry volume (TIV) in June because of the fulfillment of bookings by car companies, for many of the bookings were received …

ISLAMABAD, Aug 20(ABC): The price of 24 karat per tola gold witnessed an increase of Rs 200 per tola and was sold at Rs142,600 on Saturday against its sale at Rs 142,400, the previous day in the local market. The price of 10 gram 24 karat fold also increased by Rs.171 and was sold at Rs.122,256 against its sale at …

ISLAMABAD, Aug 20(ABC): Governor Punjab Baligh Ur Rehman Saturday said that engineering industry played a key role in economic growth and development besides significantly improving the life of people. Talking to a delegation of industrialists led by Coordinator to Federal Tax Ombudsman Meher Kashif Younis in Lahore, the governor said that the industry had important link between country’s engineering capacity …

ISLAMABAD, Aug 19 (ABC): Pakistan and Kyrgyzstan on Friday agreed to enhance the economic and trade cooperation and increase the regional connectivity to provide regional economic and trade integration with Central Asian States. Deputy Minister of Foreign Affairs of Kyrgyzstan, Aibek Artykbaev on Friday called on Federal Minister for Commerce and Investment, Syed Naveed Qamar, said a press release issued …

ISLAMABAD, Aug 19 (ABC): Acting High Commissioner of Malaysia Deddy Faisal Ahmad Salleh has said the Malaysian High Commission is planning to offer courses in multiple sectors for Pakistan including agriculture, economy, education, environment, industrial technical training, diplomacy, technology and trade. He made these remarks while addressing the reception hosted for the Alumni of Malaysia Technical Cooperation Programme (MTCP) which …

ISLAMABAD, Aug 19 (ABC): The Economic Coordination Committee (ECC) of the Cabinet at Finance Division here on Friday approved the proposal to exclude new Liquefied Natural Gas (LNG) terminals and associated facilities from application of Third Party Access (TPA) and allowed amendment in article 6.2(a) of LNG policy, 2011. According to press statement issued by finance ministry, Federal Minister for …

KUALA LUMPUR, Aug 19(ABC): Malaysia’s vehicle sales slipped 23.03 percent to 48,922 units in July from 63,563 units in June, the Malaysian Automotive Association (MAA) said. MAA said in a statement the fall was due to exceptionally high total industry volume (TIV) in June because of the fulfillment of bookings by car companies, for many of the bookings were received …

ISLAMABAD, Aug 19 (ABC): The Ministry of Commerce and the Trade Development Authority of Pakistan (TDAP) today unveiled a comprehensive National Priority Sectors Export Strategy (NPSES) for Pakistan to achieve the country’s ambition of growing its trade. It was launched by the Federal Minister for Commerce, Syed Naveed Qamar. The five-year (2023-2027) sector strategies are the result of a consultative …

KUALA LUMPUR, Aug 19(ABC):Malaysia’s exports soared 38 percent to 134.07 billion ringgit (29.95 billion U.S. dollars) in July from a year ago, official data showed Friday. The export growth was driven by higher demand for electrical and electronic (E&E) products, petroleum products as well as liquefied natural gas (LNG), the Malaysian Ministry of International Trade and Industry said in a …

SYDNEY, Aug 19(ABC): Solomon Islands has secured a $66 million loan from China to fund tech giant Huawei building 161 telecoms towers across the Pacific nation, its government said Thursday. It is the first large-scale financing the country has received from Beijing since they signed a secretive security pact in April. The island nation’s growing financial and security links to …

TOKYO, Aug 19(ABC):Tokyo’s benchmark Nikkei index barely changed on Friday, with investors gravitating towards profit-taking but also cheered by a weaker yen. The Nikkei 225 index inched down 11.81 points to 28,930.33, while the broader Topix index advanced 0.20 percent, or 4.02 points, to 1,994.52. The dollar fetched 136.31 yen, compared with 135.88 yen seen late Thursday. Stocks rose in …

ISLAMABAD, Aug 18 (ABC): The Securities and Exchange Commission of Pakistan (SECP) Thursday introduced registration regime for digital-only insurers and dedicated microinsurers. This will promote digitalization and improve customer convenience through instant provision of services. In this regard, amendments to the Insurance Rules, 2017 have been notified vide SRO 1513(I)/2022, said a press release issued here. The new framework is …

ISLAMABAD, Aug 18 (ABC): The KSE 100-index of the Pakistan Stock Exchange (PSX) witnessed bearish trend on Thursday, losing 195.06 points, a negative change of 0.45 percent, closing at 43,481.50 points against 43,676.56 points on the last working day. A total of 621,216,462 shares were traded during the day compared to the trade of 607,995,986 shares the previous day, whereas …

KARACHI, Aug 18 (ABC): Export of services in telecommunication, computer and information sectors from Pakistan crossed $ 2.61 billion during fiscal year 2021-22 depicting 24 percent year on year growth. According to data released by Pakistan Bureau of Statistics (PBS) yearly export of Telecommunication, Computer and Information services increased 15.30, 26.40 and 31 percent respectively as compared to FY 2020-21. …

ISTANBUL, Aug 18 (ABC): Turkey’s central bank on Thursday stunned the markets by lowering its main interest rate even as inflation soared to 24-year high and looks set to climb further. The central bank cited the “weakening effects of geopolitical risks” as it lowered its one-week repo auction rate to 13 percent from 14 percent. “Just insane — with inflation …

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 …