KARACHI, August 15(ABC): Pakistan and China have agreed to enhance the business and economic relations and industrial cooperation for joint ventures. The consensus was reached at a meeting between the Board of Investment delegation led by Additional Secretary and the Chinese Consul General, Li Bijian in Karachi. The Consul General, Li Bijian appreciated BOI for meeting the Chinese and Pakistani …

KARACHI, August 15(ABC): The domestic gold prices on Saturday continued to fall as the rupee keeps on showing recovery against the greenback. The price of gold per tola of 24-karat decreased by Rs500. With this decline, the price of gold per tola of 24-karat reached Rs138,500. The price of 10-gram of glittery metal also dropped by Rs429 to reach Rs118,741. …

SYDNEY, August 15(ABC): Asian shares turned mixed on Monday after China’s central bank trimmed key lending rates as a raft of economic data missed forecasts, underlining the need for more stimulus to support the world’s second largest economy. Retail sales and industrial output both rose by less than expected in July, adding to a disappointing reading on new bank lending. …

SINGAPORE, August 15(ABC): Oil prices dropped for a second session on Monday after the head of the world’s top exporter, Saudi Aramco, said it is ready to ramp up output while production at several offshore U.S. Gulf of Mexico platforms is resuming after a brief outage last week. Brent crude futures fell 27 cents, or 0.3%, to $97.88 a barrel …

TOKYO, August 15(ABC): Japan’s economy grew at an annual rate of 2.2% in the April-June quarter, the government said Monday, as consumer spending rebounded with the gradual lifting of pandemic precautions. After keeping its borders closed to most travelers throughout the pandemic, Japan has slowly begun reopening to tourism, as meanwhile business has returned more or less to normal after …

KARACHI, August 15(ABC): Pakistan has unveiled the design of a commemorative note of Rs75 to mark the nation’s 75th Independence Day. In a tweet, the State Bank of Pakistan revealed the layout of the new currency note. It is imprinted with the portraits of Quaid-e-Azam Muhammad Ali Jinnah, Mohtarma Fatima Jinnah, Sir Syed Ahmed Khan and Allama Iqbal, unlike the …

KARACHI, August 13(ABC): Owing to extravagant auto prices, high-interest rates, and waning affordability, passenger car sales plunged by 50% to 10,377 units in July compared to 20,669 units in the same month last year,  reported, citing monthly data. Data released by Pakistan Automotive Manufacturers Association (PAMA) showed that the sales of all vehicles including passenger cars, trucks, jeeps, pick-ups, tractors, …

ISLAMABAD, August 12(ABC): China and Pakistan on Friday agreed to enhance the business and economic relations for joint ventures, business to business talk for increasing industrial cooperation. On the backdrop of the successful meeting of the Minister, Chaudhry Salik Hussain and Secretary, Asad Rehman Gillani, Board of Investment with Ambassador of China, Mr. Nong Rong, during which the resolve was …

TOKYO, August 12(ABC): Tokyo shares jumped more than two percent following gains on Wall Street after US economic data showed inflation may be slowing. The benchmark Nikkei 225 index gained 2.62 percent, or 727.65 points, to end at 28,546.98, while the broader Topix index rose 2.04 percent, or 39.53 points, to 1,973.18. The dollar fetched 133.17 yen, against 133.05 yen …

SEOUL, August 12(ABC): Price for imported goods to South Korea posted the first fall in three months in July on cheaper crude oil, central bank data showed Friday. The import price index came in at 153.49 in July, down 0.9 percent from the previous month, according to the Bank of Korea (BOK). Price for imported raw materials, including crude oil, …

ISLAMABAD, Aug 11 (APP):The Asian Development Bank (ADB) has identified six policy reforms to strengthen railway system in Pakistan and across the Central Asian Regional Economic Cooperation (CAREC) region saying that railways across the region must consider implementing key reforms that would make them more efficient and financially sustainable. A new study by the Asian Development Bank (ADB) assessed the …

ISLAMABAD, August 11(ABC): Chinese operators have invested more than 400 billion yuan (about $59 billion) in 5G construction, according to the 2022 World 5G Convention held in northeast China’s Harbin. A total of 1,854,000 5G bases have been built in China, attracting over 450 million end users, accounting for more than 60 percent of the world total, ecns.cn reported on …

SEOUL, August 11(ABC): South Korea logged a trade deficit in the first 10 days of August due to a faster increase in import than export, customs office data showed Thursday. The trade deficit amounted to 7.68 billion U.S. dollars in the Aug. 1-10 period, according to Korea Customs Service. The trade balance stayed in the red most months of this …

ISLAMABAD, August 11(ABC): The price of 24 karat per tola gold decreased by Rs.1400 per tola and was sold at Rs.141,700 on Thursday against sale at Rs.143,100 the previous day in the local market. The price of 10 gram 24 karat fold also decreased by Rs.1200 and was sold at Rs.121,485 against its sale at Rs.122,685 whereas the prices of …

ANKARA, August 11(ABC): Türkiye’s current account balance registered a $3.4 billion deficit in June, widening by $2.2 billion year-on-year, according to official data released on Thursday. The figure stemmed from a marked rise in the goods trade deficit, which grew $4.8 billion to reach $6.4 billion, the Turkish Central Bank said. The country’s 12-month rolling deficit stood at $32.7 billion …

WEB DESK, August 11(ABC): Oil prices fell in early Asian trade on Thursday as traders anticipated more supply of crude entering the market coupled with weaker demand. Brent crude futures fell by 53 cents, or 0.5%, to $96.87 a barrel by 0005 GMT, while U.S. West Texas Intermediate crude futures fell 61 cents, or 0.7%, to $91.32. U.S. crude oil …

WEB DESK, August 10(ABC): Tesla Chief Executive Officer Elon Musk sold $6.9 billion worth of shares in the electric vehicle maker, saying the funds could be used to finance a potential Twitter deal if he loses a legal battle with the social media platform. “In the (hopefully unlikely) event that Twitter forces this deal to close *and* some equity partners …

KARACHI, August 10(ABC): The Pakistani rupee continued to strengthen against the US dollar for the seventh consecutive session during intraday trade in the interbank market on Wednesday. The market remained closed for two days — Monday and Tuesday — on account of Ashura, but as it opened today (Wednesday), the rupee gained 2.51 against the dollar and was trading at …

LONDON, August 10(ABC): Oil rose over $1 a barrel on Tuesday, reversing an earlier decline, after Russia said oil exports to Europe via the southern leg of the Druzhba pipeline had been suspended since early August, reviving concern about tight supply. Russian pipeline monopoly Transneft said Ukraine had suspended oil flows via the pipeline leg because Western sanctions had prevented …

LONDON, August 8(ABC): Stock markets rose and the dollar retreated Monday as investors turned their attention to US inflation data later this week and weigh the prospect of further monetary policy tightening. The dollar was weaker as investors took profit on the strong gains notched up last week on speculation that the US Federal Reserve will announce a third successive …

ISLAMABAD, August 6(ABC): Gems exports during the twelve months of fiscal year of 2021-22 grew up by 14.10 percent as compared to the exports of the commodity during the corresponding period of last year. During the period from July-May 2021-22, Gems worth US $ 7,626 as compared to exports of $6,684 during the same period of last year. According to …

NEW YORK, August 6(ABC): Stock markets mostly fell Friday as a much stronger-than-expected US jobs report raised the prospect that the Federal Reserve will maintain its aggressive monetary policy to combat inflation. Official data published Friday showed the US economy added 528,000 positions, defying all expectations of a slowdown. Friday’s data also showed US wages jumped, which will add to …

BEIJING, August 6(ABC): The China Machinery Engineering Corp. (CMEC) successfully commissioned two gas turbines (405 MWs each) of the Punjab Thermal Power Ltd. (PTPL) power plant in the Jhang district. We have started simple-cycle commercial operations from the two RLNG-based gas turbines of total 810 megawatts capacity, PTPL said. Work on the 443 MWs steam turbine is also underway at …

BEIJING, August 6(ABC): China’s renewable energy solutions conglomerate Zonergy has installed four solar power plants at different buildings of BahawalVictoria Hospital in Bahawalpur district of Punjab province. The plants, having a total peak generation capacity of 325kW, have been installed by the Chinese company free of cost under its Corporate Social Responsibility (CSR) agreement with the government of Punjab reported. …

LONDON/NEW YORK, August 5(ABC): Global oil prices dropped on Thursday to their lowest levels since before Russia’s February invasion of Ukraine as traders fretted over the possibility of an economic recession later this year that could torpedo energy demand. Benchmark Brent crude futures dropped more than 3% to $93.81 a barrel after touching a mid-session low of $93.20, the lowest …

ISLAMABAD, August 4(ABC): Bamboo is an effective carbon sink being promoted by China as a unique solution to climate change. Adopting and implementing Chinese strategies in Pakistan are easier than following western and European solutions, says a senior official from Pakistan’s Ministry of Climate Change. While talking to China Economic Net he said, “China has successfully worked on its forestation …

ISLAMABAD, August 3 (ABC): Complete transformation of the energy sector shifting from fossil fuel to clean energy, mainly solar, will achieve miracles in the country, Gwadar Pro reported on Wednesday quoting an article by Dr. Mehmood Ul Hassan Khan, Director Center for South Asia & International Studies (CSAIS). It says, the rapidly changing nature of socio-economic partnerships, conflicting realities of geopolitics …

BEIJING, August 4(ABC): “Pakistan has huge potential to become self-sufficient in the tea sector. If we plant tea on an additional 2,000 hectares of land offered by the government and invested by private companies, we can meet 95% of our national demand”, said Dr Abdul Waheed, Director of National Tea and High Value Crop Research Institute, PARC. “In collaboration with …

WEB DESK, August 4(ABC): Pakistani farmer Sajid Ali wades glumly through his flooded cotton field after days of torrential monsoon rains let up, surveying the irreversible damage. “My crop is almost totally destroyed, all six acres of it. There is no hope left, because even now the fields are covered in four feet of water,” he said from Masoo Burburi, …

KARACHI, August 4(ABC): The State Bank of Pakistan (SBP) on Wednesday said it has started a crackdown on exchange companies (ECs) in the light of findings from ongoing inspections and mystery shopping. In a statement, the central bank stated that due to recent volatility in the exchange rate and the difference between the interbank rate and the rate offered by …

HONG KONG, August 4(ABC): Asian markets on Thursday tracked a Wall Street rally fuelled by healthy economic and earnings data, while there was some relief that Nancy Pelosi’s Taiwan trip did not elicit a harsher response from China despite grave warnings from Beijing. Oil managed to clock up some gains following another sell-off that came on the back of fresh …

WEB DESK, August 4(ABC): Oil prices rose on Thursday as supply concerns triggered a rebound from multi-month lows plumbed in the previous session after U.S. data signalled weak fuel demand. Brent crude futures rose 42 cents, or 0.4%, at $97.20 a barrel by 0250 GMT, while West Texas Intermediate (WTI) crude futures was last up 49 cents, a 0.5% gain, …

SINGAPORE, August 4(ABC): Dubai-based trader Coral Energy has become the top fuel oil supplier to Pakistan in recent months after winning a slew of import tenders floated by state-run Pakistan State Oil (PSO), data compiled showed. Coral Energy won tenders to sell eight fuel oil cargoes to PSO during April-August, said a spokesman for Pakistan’s energy ministry, as the country’s …

KARACHI, August 4(ABC): Gold fell sharply on Wednesday as some investors unwound safe-haven positions as the precious commodity surrendered hefty gains to trade below Rs150,000 per tola as a rupee rally and crude oil drop triggered heavy profit-taking in the precious metal. Gold slides beneath key technical levels around Rs145,000 per tola accelerated the decline as investors liquidated some long …

ISLAMABAD, August 4(ABC): During the first month of fiscal year 2022-23, Pakistan’s exports shrank near a quarter over the previous month and 5.2% over the corresponding month of the last fiscal year, data from the Pakistan Bureau of Statistics (PBS) showed Tuesday. Similarly, according to The News, imports also plunged by 38.3% over the previous month and 12.8% over the same …

ISLAMABAD, August 3(ABC): During the first month of fiscal year 2022-23, Pakistan’s exports shrank near a quarter over the previous month and 5.2% over the corresponding month of the last fiscal year, data from the Pakistan Bureau of Statistics (PBS) showed Tuesday. Similarly, according to report, imports also plunged by 38.3% over the previous month and 12.8% over the same …

ISLAMABAD, August 2(ABC): As a major step towards solving the drinking water problem in Gwadar, construction of a 1.2 gallon per day (MGD) desalination plant in Gwadar Free Zone has commenced, reported on Tuesday quoting China Overseas Port Holding Company (COPHC). “Construction of 1.2 MGD desalination plant in Gwadar Free Zone commenced with full vigor; upon completion, it will assuage …

ISLAMABAD, July 2(ABC): Consecutive increases in the US Fed interest rates have produced havocs in the macro-economy of Pakistan. It badly needs economic stimulation, support and inflows of FDIs to consolidate its draining foreign reserves, says a report on Tuesday. The report contributed by Dr Mehmood Ul Hassan Khan, Director of the Center for South Asia & International Studies (CSAIS) Islamabad, …

ISLAMABAD, August 2(ABC): The imports of agriculture machinery and implements into the country during financial year ended on June 30,2022 witnessed about 18.32 percent increase as against the imports of the corresponding period of last year. During the period from July-June 2021-22, agriculture machinery and implements valuing $112.025 million as against the imports of $84.679 million of same period last …

ISLAMABAD, August 2(ABC): The KSE 100-index of the Pakistan Stock Exchange (PSX) witnessed bullish trend on Tuesday, gaining 115.65 points, a positive change of 0.29 percent, closing at 40,191.61 points against 40,075.96 points on the last working day. A total of 217,504,902 shares were traded during the day compared to the trade of 110,422,594 shares the previous day, whereas the …