NEW YORK, July 7(ABC): Recession worries pushed the price of Brent oil briefly back under $100 on Wednesday, and the euro moved closer to parity with the dollar. European stocks rebounded thanks to lower bond yields and bargain hunting, while US stocks also advanced, climbing after Federal Reserve minutes maintained a tough line on inflation. Europe s benchmark crude oil contract, …

ISLAMABAD, July 7(ABC): The Executive Committee of the National Economic Council (ECNEC) here on Wednesday approved construction of Hyderabad–Sukkur Motorway on Built Operate Transfer (BOT) basis with revised cost of Rs. 308,194.00 Million. Federal Minister for Finance and Revenue, Miftah Ismail chaired the ECNEC meeting while among others it was attended by Federal Minister for Planning, Development and Special Initiatives, …

KARACHI, July 6(ABC): The Pakistan Stock Exchange (PSX) staged a rebound on Wednesday but the KSE-100 index rose just 57 points in range-bound trading as investors were wary of surging COVID-19 cases in the country and expectations of the rate hike in the monetary policy announcement due tomorrow. Trading remained mixed as bulls locked horns with bears to take control …

ISLAMABAD, July 5, 2022 (ABC): The Economic Co-ordination Committee (ECC) has lifted the ban on import of luxury items. During the meeting, the Economic Co-ordination Committee (ECC) approved the continuation of subsidy on five basic items at utility stores. Approval was also given to impose National Disease Emergency while a committee was set up for issuance of telecom license. The …

ISLAMABAD, July 6(ABC): The exports of services from the country witnessed an increase of 17.71 percent during the first eleven months of the current financial year (2021-22) as compared to the corresponding period of last year, the Pakistan Bureau of Statistics (PBS) reported. The exports of services during July-May (2021-22) were recorded at US$ 6,318.11 million against the exports of …

HONG KONG, July 6(ABC): Oil prices rose Wednesday after suffering a painful drop the previous day, though the euro remained wedged at a 20-year low and equities mostly fell in Asia as recession fears continue to flow through trading floors. Both main crude contracts were pummelled Tuesday as investors grow increasingly worried that leading economies will contract this year or …

ISLAMABAD, July 5 (ABC): There is a great potential in expanding the value chain of agricultural products in Pakistan. If the country brings average crop yield to par with that of the world, Pakistani farmers can generate additional revenue, says a report on Tuesday. In this regard, China Machinery Engineering Corp (CMEC) is playing a vital role in helping Pakistan …

LONDON, July 5(ABC): Oil prices dropped $6 on Tuesday as concerns about a possible global recession curtailing demand outweighed supply disruption fears, highlighted by an expected production cut in Norway. Brent crude was down $6.65, or 5.9%, at $106.85 a barrel by 1,344 GMT, and US West Texas Intermediate (WTI) crude fell $5.65, or 5.2%, to $102.78 a barrel from …

KARACHI, July 5(ABC): Gold price in Pakistan rise by Rs1,500 per tola in Pakistan on Tuesday in line with the depreciation of the Pakistani rupee against the US dollar. The price of the precious commodity rose by Rs1,500 per tola and Rs1,286 per 10 grams to settle at Rs142,900 and Rs122,514, respectively. A day earlier, the precious commodity closed at Rs141,400 …

KARACHI, July 5(ABC): The Pakistan Stock Exchange (PSX) on Tuesday continued its downward trend with a loss of over 200 points. The stock market opened in the green, however, it later succumbed to selling pressure as the bears staged a comeback following Pakistan rupee’s depreciation against the US dollar. At close, the benchmark KSE-100 index closed at 41,102.57 points with a loss …

TOKYO, July 5 (ABC): It’s still dark when the line starts forming outside an electronics store in Tokyo, as desperate gamers try to snag the latest PlayStation or Xbox despite chronic shortages in Japan. The consoles made by Sony and Microsoft have been hard to buy since their November 2020 release, as has Nintendo’s Switch, with supply chain issues exacerbated …

BEIJING, July 5 (ABC): Pakistan’s export of rice to China crossed $277.56 million in the first five months of Financial Year 2021-2022, up 9.73 percent year-on-year bases. Pakistan remained one of the major broken rice suppliers to China, according to the official data from the General Administration of Customs of the People’s Republic of China (GACC). Badar uz Zaman, Commercial …

TOKYO, July 5 (ABC): Tokyo stocks closed higher Tuesday, with exporters buoyed by a weaker yen, and investors watching speculation that Washington could roll back some tariffs on Chinese goods to battle inflation. The benchmark Nikkei 225 index gained 1.03 percent, or 269.66 points, to end at 26,423.47, while the broader Topix index climbed 0.50 percent, or 9.41 points, to …

PARIS, July 5(ABC): Gas consumption will contract slightly this year due to high prices and Russian cuts to Europe, with only slow growth over coming years as consumers switch to alternatives, the IEA said Tuesday. The International Energy Agency chopped its forecast for global gas demand by more than half in its latest quarterly report on gas markets. It now …

ISLAMABAD, Jul 4 (ABC): Owing to incentives introduced by the government for enhancing area under oil seeds cultivation, local output of oil seed crops including canola, sunflower and mustard witnessed encouraging growth during last season, which would help to increase local output of edible oil as well as reduce the reliance on imported commodity. Meanwhile, area under oil seed cultivation …

KARACHI, July 4(ABC): The Pakistan Stock Exchange (PSX) started the week on a negative note as the bulls staged a comeback and the market closed with a loss of 200 points on Monday. The market opened in the green but soon witnessed profit-taking. At close, the benchmark KSE-100 index closed at 41,348.19 points with a loss of 282.16 points or …

KARACHI, July 4(ABC): The gold price in Pakistan receded on Monday with a drop of Rs300 per tola amid rising inflation. According to the All Sindh Sarafa and Jewellers Association (ASSJA), the price of the yellow metal settled at Rs141,400 per tola in the local bullion market. Meanwhile, the price of gold lost Rs257 per 10 grams to close at …

PARIS, July 4(ABC): France’s Schneider Electric SE (SCHN.PA)has agreed to sell its Russian unit to the local leadership team, it said on Monday, joining a wave of companies divesting their Russian businesses. Schneider Electric said it expected to write off up to 300 million euros ($313 million) in net book value as a result of the divestment. “Schneider Electric is …

DETROIT, July 4(ABC): Tesla’s sales from April through June fell to their lowest quarterly level since last fall as supply chain issues and pandemic restrictions in China hobbled production of its electric vehicles. The company disclosed it sold more than 254,000 cars and SUVs from April through June, an 18% drop from the first three months of this year and …

HONG KONG, July 4(ABC): Asian markets were mixed and oil fell as traders fret over a possible recession caused by central bank interest rate hikes aimed at fighting soaring inflation. Data showing a flare-up of fresh Covid-19 cases in China revived concerns about the government’s policy of locking down towns and cities to eradicate the disease, despite the economic cost. …

ISLAMABAD, July 4(ABC): The demand for petrol and diesel dropped 8% and 10% respectively in June 2022 compared to same month last year. According to details, the demand for petrol decreased to 702,000 tons in June while sales of diesel dropped to 713,000 tons in June compared to 776,000 tons in the same month last year. Sales of furnace oil …

ISLAMABAD, 3 July (ABC): The government has released funds amounting to Rs 1,575.06 million, under the Public Sector Development Programme (PSDP 2021-22) against total allocation of Rs 3,558.20 million to advance 17 different projects and schemes to ensure improved services in the aviation sector. Out of the total disbursement of Rs 1,575.06 million, around Rs 733.7 million have been spent …

ISLAMABAD, 03 July (ABC): The government has released funds amounting to Rs1,949.72 million to execute seven ongoing and six new petroleum-related projects during the last fiscal year under the Public Sector Development Programme (PSDP 2021-22) against a total allocation of Rs3,249.54 million. Out of the total disbursement of Rs1,949.72 million, around Rs586.54 million have been spent on petroleum projects to …

LAHORE, July 3(ABC): With Eid-ul-Azha just around the corner, prices of vegetables have almost doubled across the country. The prices of essential vegetables have skyrocketed as shopkeepers are selling items at their own rates instead of following the official price list released by the government. In Lahore, onions are being sold within a range of Rs80 to Rs110, while the …

NEW YORK, July 3(ABC): The rapid rise of the US dollar since the start of the year is a double-edged sword for American multinational companies, pushing some of them to decide whether to hedge or reposition their activities abroad to avoid fallout. For an importer, the surge in the greenback against the euro, yen or British pound is a plus, …

KARACHI, July 3(ABC): Pakistan’s imports of cooking oil spiked to $3.56 billion in the first 11 months of the previous fiscal year that ended on June 30, 2022, which was equivalent to 60% of the three-year International Monetary Fund (IMF) loan programme of $6 billion. The edible oil imports were 44% (or $1.1 billion) higher compared to $2.47 billion in …

ISLAMABAD, July 2(ABC): China Machinery Engineering Corp. (CMEC) successfully concluded a 7-day long reliability test run of the first unit of the 1,263-megawatt thermal power plant in the Jhang district of Punjab province. The 400 MWs Gas Turbine 1 (GT1) will start commercial operations on July 6 after some heat and cooling-related tests on stopped machines, an official told Gwadar …

KARACHI, July 2(ABC): The bulls staged a comeback at the Pakistan Stock Exchange (PSX) after a week of bearish trade as the benchmark KSE-100 finished the last week of FY22 with a gain of 579 points or 1.41% to settle at 41,630 points. Interest in selected stocks kept the market buoyant as sector-specific developments spurred buying interest. The index maintained …

ISLAMABAD, July 2(ABC): All Pakistani commercial banks have refused to open letters of credit (LCs) for Russian-origin crude oil in the light of economic sanctions by the United States, the United Kingdom and the European Union against Moscow for invading Ukraine, reported Saturday. The commercial banks, according to the publication, have stated that payment in US dollars is not possible …

NEW YORK, July 2(ABC): Asian shares were ending a rough quarter in a sombre mood on Thursday amid fears central banks’ cure for inflation will end up sickening the global economy, though it is proving to be a fillip for the safe-haven dollar and government bonds. Policy makers on Wednesday reiterated their commitment to controlling inflation no matter what pain …

FAISALABAD, July 1(ABC): Bilateral trade between Pakistan and Bangladesh is growing at a rapid pace and it will cross the $1 billion mark by the yearend, Bangladesh High Commissioner Ruhul Alam Siddique said.  Addressing the business community at the Faisalabad Chamber of Commerce and Industry (FCCI) on Thursday, he said that Pakistan was very important for Bangladesh in terms of …

ISLAMABAD, July 01 (ABC): The country’s top motorcycles companies have announced a hefty increase in the prices of all models of their motorcycles. The Honda company registered a jump in prices from Rs5,000 to Rs15,000 in its whole range of motorbikes while Yamaha company raised prices of its all brands from Rs23,000 to Rs26,500. Honda’s best-selling model CD-70 registered an …

ISLAMABAD, Jul 1 (ABC): United States remained the top export destinations of Pakistani products during the eleven months of fiscal year (2021-22), followed by China and United Kingdom (UK). Total exports to the USA during July-May (2021-22) were recorded at US $6158.171 million against the exports of $4475.232 million during July- May (2020-21), showing a growth of 37.60 percent, according …

TOKYO, Jul 1 (ABC): Japan’s jobless rate rose to 2.6 percent in May, with the figure rising for the first time in four months, the government said in a report on Friday. From the previous month, on a seasonally-adjusted basis, the unemployment rate increased from 2.5 percent to 2.6 percent in the recording period, as more people left jobs to …

BRUSSELS, July 1 (ABC):Eurozone inflation accelerated to another record high in June, official data showed on Friday, as the consequences of the Ukraine war continued to hammer the European economy. The EU’s Eurostat data agency said the increase in consumer prices in the 19 countries that use the euro reached 8.6 percent in June, leaping from the previous record of …

WASHINGTON 01 July (ABC): The World Bank has approved creation of a fund meant to finance investments in strengthening the fight against pandemics. The fund will support prevention, preparedness and response with a focus on low and middle-income countries. In a statement, the Bank said the devastating human, economic and social cost of COVID-19 has highlighted the urgent need for …

LONDON, July 1 (ABC): European stock markets steadied Friday with traders having expected news of record-high eurozone inflation that reinforced expectations of an ECB interest rate hike this month. On the upside, the haven dollar jumped one percent against the pound on rising expectations of a recession, while oil rebounded on tight supplies. Eurozone inflation accelerated to another record high …

ISLAMABAD, Jul 1 (ABC): In an effort to take the country towards self reliance in food commodities especially in edible oil, the government has planned to increase the annual domestic edible oil production up to 4.793 million tons in 10 years. At present the country produces 0.745 million tons of edible oil annually which is only 8% of the total …

ISLAMABAD, July 1(ABC): The inflation rate in Pakistan spiked to 21.3% in June — the highest pace since 2008 —  because of exponential growth in the prices of petroleum products, the Pakistan Bureau of Statistics (PBS) reported on Friday. On a month-on-month basis, inflation soared to a 30-year high as it clocked in at 6.3% in the last month of …

KARACHI, July 1(ABC): Gold price in Pakistan Friday extended losses as the yellow metal shed Rs400 per tola to settle at Rs141,100 as prospects of higher interest rates eroded its appeal. The precious commodity lost Rs343 per 10 grams to settle at Rs120,970 per 10 grams, respectively. Gold’s retreat came despite data showing Pakistan’s inflation — based on the consumer price index …