WEB DESK, July 19(ABC): Oil prices fell on Tuesday, taking a breather after surging more than $5 a barrel in the previous session as a plunging dollar supported buying interest and on expectations the US Federal Reserve’s interest rate hike may be less than thought. Brent crude futures for September settlement fell 69 cents to $105.58 a barrel by 0036 …

KARACHI, Jul 18(ABC): Remittances from overseas Pakistanis, in June 2022, rose to $2.76 billion increasing by 18.4 percent on a month-on-month basis and 1.7 percent on a year-on-year basis. During the last month, the remittances were mainly sourced from Saudi Arabia ($666 million), United Arab Emirates ($495 million), United Kingdom ($455 million) and United States of America ($285 million), said …

KARACHI: Gold in Pakistan jumped by over Rs1,000 per tola in Pakistan as the rupee depreciated to an all-time low and the results of Punjab’s by-polls clouded the political outlook and bolstered the bullion’s safe-haven allure. The precious commodity has emerged as a safe asset in these challenging times of the economic and political crisis. People were aggressively buying gold to protect …

ISLAMABAD, 18 July(ABC): The Engineering Development Board (EDB) is all set to submit its policy document on Solar Panels and Allied Equipments Manufacturing to the Government by the end of this month. EDB initiated working on this policy formulation some time back under directions from its parent ministry (Ministry of Industries & Production and the EDB’s Board of Management). The …

HONG KONG, July 18(ABC): Stocks rose in Asia on Monday following a rally on Wall Street in response to data indicating US consumers remained resilient to surging inflation and higher interest rates, easing concerns about a possible recession. Speculation that Saudi Arabia will lift oil production after Joe Biden’s visit last week also provided some relief as crude prices — …

ISLAMABAD, Jul 17(ABC): The federal government has allocated Rs. 2300 million in the current Public Sector Development Programme (PSDP) to repair about 100 diesel-electric locomotives. The government has allocated funds amounting to Rs. 32, 648.036 million for the execution of 36 ongoing and new projects of the Railways Division, said an official of the ministry. About Rs. 26,648.036 million have …

ISLAMABAD, Jul 17 (ABC): The government has imported oil worth $ 17.03 billion during the first 10 months (July-April) of the last fiscal year to meet energy needs of the country, which showed almost 96 percent increase in the oil import bill as compared to the same period of 2020-21. “Latest data indicates that the import bill of oil has …

LONDON, July 17 (ABC): The euro’s plunge against the dollar, triggered by the Ukraine war and mounting risks to the EU economy, has driven the two currencies to parity for the first time in two decades. The European single currency sank to $0.9952 on Thursday — a level not seen since the end of 2002, the year it was officially …

KARACHI, July 16(ABC): Auto sales surged by a whopping 55% during the fiscal year 2021-22, however, growth is seen moderating as borrowing costs rise and as parts markers struggle to meet demand, reported. Arif Habib Limited in its commentary noted that the yearly auto sales reached an all-time high of 279,700 units (+55% year-on-year) during FY22. Data released by Automotive Manufacturers …

KARACHI, July 15(ABC): The Pakistan Stock Exchange (PSX) closed the week on a negative note as the bears and bulls locked horns to take charge of the bourse in the absence of major positive triggers that could provide direction to the market. Investors reacted with panic to the depreciating Pakistani rupee against the US dollar and political uncertainty in the …

HONG KONG, July 15(ABC): Asian markets fluctuated Thursday as another forecast-busting US inflation print ramped up bets on a quick series of sharp interest rate hikes that traders hope can be quickly walked back once prices are brought under control. The keenly awaited consumer price index came in at a blistering 9.1 percent in June, the highest since November 1981, …

KARACHI, July 15(ABC): The price of gold on Thursday dropped as the Pakistani rupee thrashed greenback after deal with International Monetary Fund (IMF). The price of 24-carat gold has declined by Rs1050. The 24-carat gold is being traded for Rs141,150 at the local market. Meanwhile, the price of 10-gram gold of 24-carat has also decreased by Rs901. The price of …

KARACHI, July 14(ABC): The country’s foreign exchange reserves held by the State Bank of Pakistan (SBP) continued to decline on a weekly basis. On July 7, the foreign currency reserves held by the SBP were recorded at $9,717.5 million, down $99 million compared with $9,816.3 on June 30, data released by the State Bank of Pakistan (SBP) on Thursday showed. …

BEIJING, July 14 (ABC): Currently, out of the $144 million in foreign investment in Solar PV plants in Pakistan, $125 million is from China, accounting for nearly 87% of the total. Among the 530MW cumulative generation capacity in Pakistan, 400 MW (75%) is generated from Quaid-e-Azam Solar Park, the first-ever power plant capable of generating solar energy in Pakistan, owned …

KARACHI, Jul 14 (ABC): Yutong Buses China, a Chinese company has agreed to set up public transport plant in Sindh that would be established in Karachi or Hyderabad to improve public transport facilities. This important development took place in a meeting between Provincial Minister for Transport Sharjeel Inam Memon and Country Manager of Yutong Buses China Paul Zhang, said a …

ISLAMABAD, Jul 14 (ABC): Chairman of Pakistan Hi-Tech Hybrid Seed Association (PHHSA) Shahzad Ali Malik Thursday urged the farmers to use ultra-modern Chinese agricultural technologies for getting bumper crop production to make Pakistan self-sufficient in food. In a statement issued here today he said cultivators must acquaint themselves with new technologies like mechanised direct-seeded rice (DSR) which saved sufficient quantum …

ISLAMABAD, Jul 14 (ABC): Federal Minister for Finance and Revenue, Miftah Ismail on Thursday assured the Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) to resolve their issues at priority basis. During a meeting with PRGMEA delegation, headed by its Chairman, Shaikh Luqman Amin, the minister expressed the resolve to promote the business activities and facilitate the business community to …

ISLAMABAD, July 14 (ABC): Prime Minister Shehbaz Sharif has appointed eminent entrepreneur Zeeshaan Shah as Ambassador-at-Large on Investment, according to a notification issued by secretary to the prime minister. Later, Zeeshan Shah called on Prime Minister Shehbaz Sharif and discussed in detail his plans to facilitate foreign investment to Pakistan. The prime minister assured Shah of full support of his …

ISLAMABAD, July 14(ABC): Islamabad Excise and Taxation Department has broken all previous records of tax collection by collecting 72% more taxes this year as compared to last year. In a statement on Thursday, Excise Department Director Bilal Azam said that the record tax collection became possible due to induction of modern technology.  “In five years, tax collection has increased 300 …

ISLAMABAD, July 14 (ABC): Foreign Secretary Sohail Mahmood on Thursday said that Pakistan deeply valued its relations with the European Union and wished to further enhance the partnership, especially in trade, investment and people to people links. The Foreign Secretary expressed these views as he welcomed the EU’s new Ambassador Dr Riina Kionka here, Foreign Office said in a tweet …

HOUSTON, July 14 (ABC):U.S. crude oil imports decreased but exports increased during the week ending July 8, the U.S. Energy Information Administration (EIA) said in a report released on Wednesday. U.S. crude oil imports averaged 6.675 million barrels per day (b/d) last week, down by 164,000 b/d from the previous week, while crude oil exports averaged 3.024 million b/d, up …

ISLAMABAD, Jul 14 (ABC): Pakistan Railways has utilized funds amounting to Rs 167.659 million, out of total Rs 352 million allocations made during the last three years to ensure safe and secure travelling for the passengers of the Balochistan province. “The government had allocated Rs 121 million in 2018-19 and the department spent Rs 42.430 million out of it, while …

SINGAPORE, July 14 (ABC): The Monetary Authority of Singapore (MAS) on Thursday further tightened its policy stand by raising the mid-point of the Singapore dollar Nominal Effective Exchange Rate (S$NEER) policy band to its prevailing level to fight price pressures. According to the newly-published MAS Monetary Policy Statement, the authority kept the slope and width of the policy band unchanged. …

ISLAMABAD, Jul 14 (ABC): The Central Directorate of National Savings (CDNS) has set a saving target of Rs 1.5 trillion for the current Financial Year (2022-23) which will promote savings culture in the country. At this time, the current market trend in the country and the ambitious target was set to further improve the savings culture, the senior official of …

CANBERRA, July 14 (ABC): Australia’s unemployment rate has fallen to its lowest level in almost 50 years. According to labor force data published by the Australian Bureau of Statistics (ABS) on Thursday, the official unemployment rate in June was 3.5 percent, down from the 3.9 percent recorded for the previous three months. “This is the lowest unemployment rate since August …

NEW YORK, July 14(ABC): Oil prices rose on Thursday, with Brent breaking above $100 a barrel, as investors weighed tight supplies against the prospect of a large US rate hike that would stem inflation and curb crude demand. Brent crude futures for September climbed 68 cents, or 0.7%, to $100.25 a barrel by 0400 GMT after settling below $100 for …

LONDON (ABC): Britain’s economy rebounded in May, official data showed Wednesday, dampening fears of a slowdown despite surging inflation and rising interest rates. Gross domestic product expanded by 0.5 percent, the Office for National Statistics said in a statement, beating expectations of no growth. “The economy rebounded in May with growth across all main sectors,” said Darren Morgan, ONS director …

KARACHI, July 13(ABC): The Pakistan Stock Exchange (PSX) opened the short trading week — after a five-day-long Eid ul Adha holiday — in the green with a gain of over 500 points. The market players assumed fresh positions in hopes of revival of the stalled International Monetary Fund (IMF) programme which will provide a much-needed breather to the economic crisis …

WASHINGTON, July 13(ABC): US consumer prices accelerated in June as gasoline and food costs remained elevated, resulting in the largest annual increase in inflation in 40-1/2 years and cementing the case for the Federal Reserve to hike interest rates by 75 basis points later this month. The consumer price index increased 1.3% last month after advancing 1.0% in May, the …

ISLAMABAD, July 13 (ABC): Pakistan to participate in 13 trade exhibitions in China during 2022-23, reported on Wednesday. In line with Trade Development Authority Pakistan (TDAP) Annual Business Plan (ABP), Pakistani officials, experts, importers, and exporters will participate in exhibitions and fairs in different Chinese cities during this period. The exhibitions will cover a variety of topics including textile, leather, …

NEW YORK, 13 July(ABC):Brent oil futures closed Tuesday under $100 a barrel for the first time in three months as recession worries cloud the near-term outlook for crude demand. The contract for the international oil benchmark for September delivery tumbled 7.1 percent to $99.49 a barrel as the market focused on worries about further China Covid-19 restrictions and the slowdown …

WEB DESK, July 13(ABC): Airlift — the Lahore-based online shopping delivery firm — has decided to “permanently” shut down its operations amid a global recession. The company announced the decision via a press release on Tuesday. “While the global recession and recent downturn in capital markets has affected economic activity across the board, it has had a devastating impact on …

LONDON, July 12(ABC): The euro sank to within a whisker of parity with the dollar on Tuesday and stock markets fell as the prospect of further central bank tightening and worries about the health of economies worldwide unnerved investors. The dollar s role as the safe-haven go-to currency for investors worried about the economic outlook has been burnished in recent weeks, …

ISLAMABAD, July 12 (ABC): Pakistan’s exports to China in June 2022 have increased by 8% to US$251.30 million as compared to the corresponding month of the previous year when it was recorded at US$232.74 million in June 2021, reported on Tuesday quoting Trade Development Authority Pakistan (TDAP). Also, as compared to May 2022, Pakistan’s exports to China have shown positive …

SINGAPORE, July 12(ABC): Oil prices fell on Tuesday as fresh COVID-19 curbs in China, the world’s biggest crude importer, and fears of a global economic slowdown weighed on the fuel demand outlook. Brent crude futures for September fell $1.35, or 1.3%, to $105.75 a barrel by 0305 GMT, while U.S. West Texas Intermediate crude for August delivery was at $102.64 …

HONG KONG, July 12(ABC): Asian stocks mostly fell Tuesday, along with oil, on fears that central bank moves to fight inflation will spark a recession, while the euro fell towards parity with the dollar as energy and cost-of-living crises loom over the eurozone economy. Worries about a fresh Covid flare-up in China — fuelling talk of another round of painful …

WEB DESK, July 11(ABC): Every year at Eidul Azha, there used to be a difficult question that was asked of anyone who was sacrificing an animal. It did not matter whether you had sacrificed a cow, an oxen, a goat or a sheep, the ultimate question was: what do you do with its hide? Most people used to donate the …

HONG KONG, July 11(ABC): Asian markets and oil prices mostly fell Monday with a fresh Covid flare-up in Shanghai fanning fears of another economically painful lockdown in China’s biggest city. The news came after a forecast-busting US jobs report last week indicated the world’s top economy was coping so far with the Federal Reserve interest rate hikes, giving it room …

KARACHI, July 9(ABC): Gold price remains unchanged in Pakistan amid volatility in the international market and rupee appreciation against the US dollar. According to rates issued by the All Sindh Sarafa Association, gold prices remained stable at Rs142,200 per tola and Rs121,914 per 10 grams on Saturday. Cumulatively, the precious metal gained Rs500 per tola during the week ended July …

ISLAMABAD, July 9(ABC): While acknowledging its contribution to the protection of rock carvings at Diamer Basha Dam Project (DBDP) site, PowerChina has received a “letter of thanks” from the Pakistan Water and Power Development Authority (WAPDA), the Chinese company said, according to report. “This has laid a solid foundation for joint protection of the historical and cultural heritage of Pakistan,” …