KARACHI: Gold prices were subdued on Wednesday in choppy trade as a rupee appreciation and the prospect the central bank could raise interest rates after record high inflation kept investors on edge. The price of gold — considered a safe haven — plummeted by Rs3,500 per tola and Rs3,001 per 10 grams to settle at Rs154,900 and Rs131,945 in the …

LONDON, August 2(ABC): Oil prices dropped sharply on Tuesday as weak manufacturing data from China and Europe weighed on the demand outlook while investors braced for this week’s meeting of officials from OPEC and other top crude producers on supply. Brent crude futures were down $3.77, or 3.6%, at $100.20 a barrel by 1319 GMT, having fallen to a session …

ISLAMABAD, August 1(ABC): Chinese companies Jinko Solar and JA Solar, together with another company, will provide photovoltaic cells/panels and other related equipment for the establishment of a solar photovoltaic power plant with an installed capacity of 1.931-megawatt peak (MWp) in Punjab, reported on Monday. The National Electric Power Regulatory Authority (NEPRA) on July 29 granted a generation license to GSOLAR …

SEOUL, August 1(ABC): South Korea’s global automotive sale marked the first rebound in five months last month due to the improved supply of semiconductors used to make cars, industry data showed on Monday. Five domestic automakers, Hyundai, Kia, GM Korea, Renault Samsung and Ssangyong, sold 637,393 units in the global market in July, up 7.2 percent from a year earlier. …

ISLAMABAD, August 1(ABC): The signing ceremony for the project named “Regional Infrastructure Fund – II for Khyber Pakhtunkhwa for Resilient Resource Management in Cities (RRMiC)” was held between both government of Pakistan and Federal Republic of Germany in the Ministry of Economic Affairs on Monday. According to the press release, Mian Asad Hayaud Din, Secretary Ministry of Economic Affairs, and …

MUMBAI, August 1(ABC): Asia’s richest men made multi-billion-dollar bets on the future of Indian telecommunications in the country’s 5G auction Monday, but nearly 30 percent of the available spectrum went unsold. Narendra Modi’s government plans to roll out 5G networks offering up to 10 times the speed of 4G to its 1.4 billion population before the end of the year. …

KARACHI, August 1(ABC): Gold prices slipped on Monday as the government’s stance on economic growth dimmed the metal’s appeal, with additional pressure from a rebound in local currency. Data released by the All Sindh Saraf and Jewellers Association (ASSJA) showed that the price of gold, considered a safe haven, plunged by Rs2,200 per tola and Rs1,886 per 10 grams to …

HONG KONG, August 1(ABC): Asian markets were mixed Monday and oil fell as investors assessed data showing further weakness in China’s economy and comments from Federal Reserve officials showing it was wedded to its campaign of interest rate hikes to fight inflation. A strong set of earnings from Wall Street titans Amazon and Apple helped US markets end last week …

SINGAPORE, August 1(ABC): Oil prices dropped on Monday, as weak manufacturing data from China and Japan for July weighed on the outlook for demand, while investors braced for this week’s meeting of officials from OPEC and other top producers on supply adjustments. Brent crude futures were down 82 cents, or 0.8%, at $103.15 a barrel at 0608 GMT. U.S. West …

ISLAMABAD, July 31(ABC): Foreign investors, including Chinese, Kuwaiti and German companies have called upon the Pakistan federal government to issue notifications of the tariffs of as many as 11 wind and solar energy projects with a total capacity of more than 600 megawatts of clean and cheaper electricity, reported on Sunday. The tariffs of these projects have been duly approved …

RIYADH, July 31(ABC): Saudi Arabia’s year-on-year economic growth hit nearly 12 percent for the second quarter, led by a surging oil sector, the government’s statistics agency said Sunday. The Middle East’s largest economy has benefited from a spike in oil prices triggered by Russia’s invasion of Ukraine, and has largely resisted appeals from Western countries to raise output in order …

ISLAMABAD, July 31(ABC): The rate of inflation in the country in the last week reached record high of 37.6 percent amid higher food and fuel costs even as the nation closes in on an International Monetary Fund bailout. The Weekly Sensitive Price Indicator (SPI) for the Combined Group increased by 3.68% during the week ended Jul 28, 2022 while the …

NEW YORK, July 31(ABC):  Central banks and markets may have dropped the narrative that inflation is “transitory,” but there is a strong chance that current spikes in prices are temporary and will soon begin to trend downward, economists and former central bank policymakers told the Reuters Global Markets Forum (GMF). “I’ll confess I’m still in team transitory,” said the Bank …

KARACHI, July 30(ABC): Amid a dollar shortage and concerns over a delay in an International Monetary Fund (IMF) bailout programme, the Pakistani rupee witnessed its worst month since 1972, reported Saturday. The local currency depreciated nearly Rs34.5, or more than 14%, against the US dollar in July — the biggest monthly drop in history on possible default jitters as foreign currency …

COLOMBO, July 29(ABC): The World Bank said Friday it would not offer new funding to Sri Lanka unless the bankrupt island nation carried out “deep structural reforms” to stabilise its crashing economy. Sri Lanka has suffered an unprecedented downturn with its 22 million people enduring months of food and fuel shortages, rolling blackouts and rampant inflation. The South Asian nation …

ISLAMABAD, Jul 29 (ABC): Pakistan’s goods and services trade with the United State of America (USA) witnessed an increase of 44.91 percent during twelve months of fiscal year (2021-22) as compared to the corresponding period of last year. The overall exports to the USA were recorded at US $ 6798.982 million during July-June (2021-22) against exports of US $5030.724 million …

LONDON, July 29(ABC): British Airways parent IAG said Friday it flew back into profit for the first time since the start of the Covid pandemic, boosted by a “strong recovery” in demand. IAG said in a statement that it swung back to net profit of 133 million euros ($135 million) in the second quarter from a loss of 981 million …

FRANKFURT, July 29(ABC): German growth stagnated in the second quarter of the year, official data showed on Friday, as analysts warned that a recession could be round the corner amid a looming energy crisis. Europe’s largest economy grew zero percent due to “difficult” global economic conditions, the federal statistics agency Destatis said. The continuing impact of the “Covid-19 pandemic, interruptions …

TOKYO, July 29(ABC): Sony trimmed its annual net profit forecast on Friday, partly due to acquisition expenses from the purchase of US game studio Bungie, creator of hits like “Halo” and “Destiny”. The PlayStation maker announced in February it would buy Bungie for $3.6 billion, weeks after rival Microsoft unveiled a landmark pact to acquire “Call of Duty” maker Activision …

LONDON, July 29(ABC): Wall Street stocks rose on Thursday despite data showing the US economy contracted for a second straight quarter as investors took it as a signal the Federal Reserve may slow interest rate hikes. The increase follows a surge in Wall Street’s main stock indices on Wednesday, after investors welcomed comments by US Federal Reserve chief Jerome Powell …

ISLAMABAD, July 29(ABC): Tobacco exports during the twelve months of fiscal year of 2021-22 grew up by 51.24 percent as compared to the exports of the commodity during the corresponding period of last year. During the period from July-June 2021-22, Tobacco worth US $54,384 were exported as compared to the exports of US $ 35,959 during the same period of …

ISLAMABAD, July 29(ABC): Pakistan’s exports to the seven regional countries witnessed an increase of 16.97 percent in twelve months of fiscal year (2021-22), as compared to the corresponding period of last year. The country’s exports to seven regional countries including Afghanistan, China, Bangladesh, Sri Lanka, India, Nepal and the Maldives account for a small amount of $4591.998 million, which is …

KARACHI, July 28(ABC): Gold price rose to a fresh record high of Rs162,500 per tola on Thursday — after recording a single-day highest rise of Rs10,500 — with investors scurrying for a safe haven after a softening currency and bleak economic data underlined the shaky pace of growth. Data released by the All Sindh Saraf and Jewellers Association (ASSJA) showed …

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. …