NEW YORK, July 26(ABC):Walmart cut its profit outlook Monday as surging inflation prompts shoppers to cut back on higher-margin items as they contend with increased prices for gasoline, food and other staples. The world’s biggest retailer now expects a double-digit decline in operating income for both the second quarter and full year after previously projecting the potential for a slight …

ISLAMABAD, Jul 25 (ABC): In order to give a strategic boost to commercial activities, an e-custom clearance system “Web Based One Custom” (WeBOC) has been installed in Gwadar Free Zone, Gwadar Pro reported on Monday. It is a milestone development in the history of Gwadar Port Free Zone consisting of the South Free Zone (Phase I) and the North Free …

ISLAMABAD, July 25 (ABC): Chairman of Pakistan Hi Tech Hybrid Seed Association (PHHSA) Shahzad Ali Malik called for Pakistani farmers to use modern Chinese agricultural technologies to get bumper crops in order to make the country self-sufficient in food. Mr. Malik said Pakistani growers should acquaint themselves with new technologies like mechanized direct-seeded rice (DSR), which saves 50 percent of …

TOKYO, July 25(ABC): Oil prices dropped on Monday, extending a recent losing streak on concerns that an expected rise in US interest rates would weaken fuel demand. Brent crude futures for September settlement fell $1.19, or 1.2%, to $102.01 a barrel by 0645 GMT, down for a fourth day. US West Texas Intermediate (WTI) crude futures for September delivery slid …

ISLAMABAD, July 25(ABC): The exports from the country in rupee term witnessed an increase of 40.11 per cent during the current fiscal year 2021-22 as compared to last year, Pakistan Bureau of Statistics (PBS) reported. The exports during July–June (2021–2022) were recorded at Rs. 5,663,089 million as against Rs. 4,041,927 million during the corresponding period of last year showing an …

BEIJING, July 25(ABC): As one of the main olive producing areas in China, the processing industrial chain in Fujian Province is still far from perfect. The supply of high-quality olives is in short supply; besides, the by-product market also contains unlimited potential. Namely, the market space is huge. In the future, if we can introduce excellent olive varieties from countries …

KARACHI, July 25(ABC): Gold scaled to a new peak on Monday as the delayed political uncertainty clouded the economic outlook and bolstered bullion’s safe-haven allure, though analysts said the rapid pace of gains could prompt some correction. The precious commodity has emerged as a safe asset in these challenging times of the economic and political crisis. People were aggressively buying …

WEB DESK, July 25(ABC): Amid a severe shortage of US dollars that plunged the rupee to its highest weekly drop since 1998, the State Bank of Pakistan (SBP) has discouraged interbank trading, reported, citing well-informed sources. In order to control the free-fall of rupees against the US dollar, the central bank— with its limited power under the International Monetary Fund …

HONG KONG, July 25(ABC): Asian markets slipped Monday at the start of a key week for equities as the Federal Reserve prepares to lift interest rates again and some of the world’s biggest companies report earnings. While the US central bank is widely expected to hike borrowing costs by 75 basis points, traders will be poring over policymakers’ views on …

KARACHI, July 24(ABC): State Bank of Pakistan (SBP) acting Governor Dr Murtaza Syed said that the comparison of Pakistan with Sri Lanka, and negatively analysis of the economy is not correct. In the podcast, conducted by the SBP on Saturday discussing the overall economic situation, the SBP governor said there is no doubt that the next 12 months will be …

BEIJING, July 23(ABC): Pakistan’s export to China crossed $1.918 billion in the first half (H1) of this year, up 10.97 percent from $1.728 billion in the same period of the previous year, which continue to increase on yearly basis, reported on Saturday quoting official data from the General Administration of Customs of the People’s Republic of China (GACC). According to …

ISLAMABAD, July 23(ABC): Oil and Gas Regulatory Authority (OGRA) on Friday notified the revised price of Re-gasified Liquefied Natural Gas (RLNG) on networks of the SSGC and SNGPL for the current month of July, with a significant downward adjustment. According to the notification, the authority decreased the price of imported RLNG by $4.6501 per Metric Million British Thermal Unit (MMBTU) …

ISLAMABAD, July 23(ABC): Sensitive price Indicator (SPI) based weekly inflation for the week ended on July 21 for the combined consumption group, witnessed a decrease of 0.22 percent as compared to the previous week. SPI for the week under review in the above mentioned group was recorded at 200.10 points against 200.55 points registered in the previous week, according to …

KARACHI, July 22(ABC): State Bank of Pakistan (SBP) acting Governor Murtaza Syed on Friday said that Pakistan’s external debt of $95 billion is very low. Murtaza Syed said in an interview with a foreign broadcasting organization said that “Pakistan is being unfairly branded with other countries that are much more vulnerable.” “This is because there is little discrimination between countries …

KARACHI, July 22(ABC): Gold continued to shine with the precious metal seeing an increase of Rs900 in its price on Friday in line with an uptrend in the international market and depreciating Pakistani rupee. According to rates released by the All Sindh Sarafa Jewellers Association (ASSJA), gold prices in the local bullion market rose by Rs900 per tola to reach …

KARACHI, July 22(ABC): The bulls staged a comeback at the Pakistan Stock Exchange (PSX) on Friday — the last session of the trading week — as players cherry-picked stocks that lost valuation during the last bearish spell. The benchmark KSE-100 index traded between hope and despair, which eventually let loose the bulls, who pulled the bourse into the green. Investors …

ISLAMABAD, Jul 22(ABC): Pakistan earned US $2,380.852 million by providing different Information Technology (IT) services in various countries during the eleven months of fiscal year 2021-22. This shows growth of 25.45 percent as compared to US $1,897.820 million earned through provision of services during the corresponding period of fiscal year 2020-21, Pakistan Bureau of Statistics (PBS) reported. During July-May (2021-22), …

NEW YORK, July 22(ABC): Oil prices fell on Thursday for a second straight session, as demand concerns outweighed tight global supply after US government data showed tepid gasoline demand during the peak summer driving season. Brent crude futures dropped 77 cents, or 0.7%, to $106.15 a barrel by 0427 GMT after slipping 0.4% in the previous session. US West Texas …

TOKYO, July 22(ABC): Asian stock markets were on course for their best week in months and the dollar held off recent record highs after the European Central Bank (ECB) raised rates for the first time in more than a decade and bets on the size of US rate hikes eased. Japan’s Nikkei rose 0.24% on Friday and was on course to …

ISLAMABAD, Jul 20 (ABC): Leather manufactures exports during the twelve months of fiscal year of 2021-22 grew up by 10.43 percent as compared to the exports of the commodity during the corresponding period of last year. During the period from July-June 2021-22, leather manufactures worth US $621,081 were exported as compared to the exports of US $ 562,248 during the …

ISLAMABAD, Jul 21(ABC): The exports of textile commodities surged by 25.53 percent during the fiscal year 2021-22 as compared to the corresponding period of last year. The textile exports were recorded at $19,329.985 million in July-June (2021-22) against the exports of $15,399.083 million July-June (2020-21), showing growth of 25.53 percent, according to the latest data released by Pakistan Bureau of …

ISLAMABAD, July 21 (ABC): Solar tube wells powered by Chinese technology is a success story in Pakistan, and the same technology will be used in the KP’s southern district of Tank, reported on Thursday. To resolve the longstanding water problem in the area, the Government of Khyber Pakhtunkhwa (KP) has decided to set up solar-powered tube wells in the area. …

ISLAMABAD, July 21(ABC): The imports of overall petroleum group witnessed an increase of 105.31 percent during the fiscal year 2021-22 as compared to the corresponding period of the last year. During the period under review, the total imports of the petroleum group stood at $23,318.722 million, as against the imports of $ 11,357.853 million last year, according to the latest …

  KARACHI, July 21(ABC): Gold firmed on Thursday as the prospect of aggressive policy tightening by major central banks weighed on the non-interest-bearing metal’s appeal, while investors awaited European Central Bank’s policy announcement. According to All Sindh Sarafa Jewellers Association (ASSJA), gold prices in the local bullion market rose by Rs500 per tola to reach Rs144,500, while the price of …

TOKYO, July 21(ABC): Tokyo stocks shrugged off early losses to close higher on Thursday after the Bank of Japan left its monetary easing policy unchanged. The benchmark Nikkei 225 index gained 0.44 percent, or 122.74 points, to end at 27,803.00, while the broader Topix index advanced 0.21 percent, or 4.15 points, to 1,950.59. The BoJ’s decision leaves the central bank …

ISLAMABAD, Jul 20 (ABC): Pakistan and Afghanistan have agreed on multiple measures to ensure early clearance and free movement of bilateral trade traffic, improve efficiency in goods clearance and launch luxury bus services between the two countries by end of next month. The bilateral trade relations were discussed between the authorities of the two countries during the visit of a …

ISLAMABAD, Jul 20 (ABC): Bulgaria and Pakistan on Wednesday agreed to enhance cooperation in the field of education, professional training and culture. It was agreed during a called on meeting held here between Ambassador of Bulgaria to Pakistan Ms. Irena Gancheva and Rana Tanveer Hussain, Federal Minister for Education, Professional Training, Rana Tanveer Hussain. Senior officials of the ministry including …

BEIJING, July 20(ABC): Pakistan Ambassador to China, Moinul Haque has invited the Chinese technology enterprises to come and visit Pakistan and explore the country for their future businesses and investment and asked them to take advantage of incentives being offered by the government. “We are promoting establishment of Chinese industries, manufacturing units in special economic and technologies zones and facilitating …

PARIS, July 20(ABC): The French government on Tuesday outlined its plans to take full control of EDF, the highly indebted power utility that is to spearhead efforts to relaunch the country’s nuclear industry. The offer to minority shareholders will be priced at 12 euros per share, meaning the operation to fully nationalise the group will cost 9.7 billion euros ($9.9 …

ISLAMABAD, July 20(ABC): Ambassador of Norway to Pakistan, Per Albert Ilsaas here on Tuesday said that Pakistan and Norway were enjoying excellent relations, which needed to be further promoted, especially on economic fronts. The ambassador was talking to Federal Minister for Finance and Revenue, Miftah Ismail during a call on meeting, according to press statement issued by finance ministry. The …

WEB DESK, July 20(ABC): Oil prices edged down on Wednesday, pressured by global central bank efforts to tame inflation and ahead of expected builds in U.S. crude inventories as product demand weakens. Brent crude prices for September fell 37 cents, or 0.3%, to $106.98 a barrel by 0340 GMT, while U.S. West Texas Intermediate (WTI) crude for August slipped 69 …

HONG KONG, July 20(ABC): Asian markets piled higher Wednesday following a surge on Wall Street, as investors grow hopeful in the ongoing earnings season, while sentiment was also boosted by news that Russian gas flows to Europe will not be cut off. Markets also reacted positively to a report saying China will fine ride-hailing giant Didi $1 billion but bring …

ISLAMABAD, July 19 (ABC): Ambassador of Indonesia to Pakistan, Adam Mulawarman Tugio on Tuesday said the cultural and religious links between Indonesia and Pakistan play an important role in the economic integration of both countries. Indonesia and Pakistan have been linked for centuries by a historical cultural, religious and shared cultural heritage, which is deeply rooted in history, he said. …

DUBAI, July 19(ABC): Higher oil prices have helped Dubai-based transport startup Swvl attract customers as people in its bigger markets such as Egypt and Pakistan ditch their cars in favour of buses, Chief Financial Officer Youssef Salem told. The Nasdaq-listed company has however aggressively cut costs and put some business expansion plans on hold as it steers a path towards …

WEB DESK, July 19(ABC): Aiming to break into the world’s top 10 metaverse economies, Dubai is adopting a new strategy where it will be targeting 40,000 virtual jobs and add $4 billion to the city’s GDP in the next five years, reported. News agency reported the Dubai government was seeking to develop global standards for users. The government wants to …

ISLAMABAD, July 19(ABC): The wholesale dealers Monday announced a decrease of Rs150 in the prices of the 5kg pack of first category ghee and oil. Now, the prices of the 5kg pack of first category ghee and oil have been reduced from Rs2,800 to Rs2,650. It is to be noted here that the prices of the first category ghee and …

MUMBAI, July 19 (ABC): The Indian rupee fell to more than 80 per US dollar for the first time on record Tuesday, as the greenback extended its rally and foreign capital outflows intensified. The rupee 80.0600 against the greenback soon after trading started, Bloomberg data showed. High inflation and rising interest rates in the United States coupled with fears of …

BEIJING, July 19 (ABC): China Machinery Engineering Corp (CMEC) will operate two units of thermal power plants of Punjab Thermal Power (Pvt) Ltd (PTPL) in Jhang district of Punjab province. PTPL has signed an operations and maintenance agreement with CMEC) in this regard, reported. “As we move closer to achieving simple-cycle Commercial Operations Date (COD), we have signed a simple-cycle …

WASHINGTON, July 19(ABC): The US Department of Defense is nearing an agreement with Lockheed Martin Corp for around 375 F-35 fighter jets over three years, three sources said on Monday, amid expectations of a price increase for the most common version of the jet due to lower quantities and inflation. The first F-35A cost $221 million when it came off …

PARIS, July 19(ABC): The governments of France and the United Arab Emirates signed on Monday a strategic agreement to cooperate in the energy sector, the French government said. The partnership aimed to identify joint investment projects in France, the UAE or elsewhere in the sectors of hydrogen, renewable and nuclear energy, the French government said in a statement. “In the …