LAHORE, June 07(ABC): Newly appointed Trade Officers of Pakistan have sought assistance and cooperation from the All Pakistan Textile Mills Association (APTMA) in upsurging textile exports of the country and exploring investment potential in the textile sector. A 14-member delegation of officers selected from different occupational groups for posting in Pakistani missions abroad as Consul Generals, Ministers, Consulars and attachés …

ISLAMABAD, June 07(ABC): Australia’s central bank raised interest rates more than expected Tuesday and warned of more increases as officials try to rein in “significantly” high inflation. Governor Philip Lowe said the Reserve Bank’s main lending rate would go up half a percentage point to 0.85 percent, surprising analysts who had tipped a quarter point lift. He also said “extraordinary” …

CALIFORNIA, June 07(ABC): Elon Musk warned Twitter Inc that he might walk away from his $44 billion deal to acquire the social media company if it fails to provide the data on spam and fake accounts that he seeks. This was not the first time Musk had suggested publicly his acquisition of Twitter may not happen. But the warning, delivered …

LONDON, June 07(ABC): Oil prices were stable on Tuesday as the market balanced risk sentiment with supply concerns and the prospect of higher demand as China relaxes its COVID curbs. Brent crude futures were down 38 cents, or 0.3%, at $119.13 barrel at 09:26 GMT. US West Texas Intermediate (WTI) crude futures were down 25 cents, or 0.2%, at $118.25 …

SINGAPORE, June 07(ABC): Oil futures jumped on Monday, with Brent rising above $120 a barrel after Saudi Arabia hiked prices for its crude sales in July, signalling tight supply even after OPEC+ agreed to accelerate output increases over the next two months. Brent crude was up 91 cents, or 0.8%, at $120.63 a barrel at 0343 GMT after touching an …

HONG KONG, June 07(ABC): Asian markets struggled Tuesday on long-running worries over surging inflation and rising interest rates, which overshadowed hopes that China would ease off its regulatory drive against the country’s beleaguered tech giants. A spike in US Treasury yields took the wind out of the sales for Wall Street, with focus now on the release of inflation data …

KARACHI, June 07(ABC): The bulls staged a comeback at the Pakistan Stock Exchange (PSX) on Monday following a bloodbath last week as the benchmark KSE-100 began the week with a gain of over 250 points. Initially, the positivity came from the cement sector as prices in the south region have increased by Rs25 per bag (effective from June 6, 2022) …

ISLAMABAD, June 06(ABC): Pakistan has accomplished all 27 targets of Financial Action Task Force (FATF). According to sources, the name of Pakistan will likely come in white list from grey list. The meeting of FATF will be held in Berlin from 13 June to 17 June. The delegation from Pakistan will go to Berlin to attend meeting. Minister of Foreign …

ISLAMABAD, June 06(ABC): Federal Government is considering a proposal to increase tax on income made through social media platforms. According to details, International Monetary Fund (IMF) has placed tough conditions for resumption of its program and has asked government to reduce income tax credits and allowances. In view of conditions of the international lender, authorities are considering proposal to hike …

KARACHI, June 07(ABC): The Pakistani rupee plunged to 200.06 against the US dollar in the interbank market as concerns regarding the upcoming budget 2022-23 and revival of the multibillion-dollar International Monetary Fund (IMF) programme fueled a downtrend. According to the State Bank of Pakistan (SBP), the local currency shed Rs2.14, or 1.07%, against the greenback on Monday. The last time …

KARACHI, June 05(ABC): The Pakistani rupee is expected to remain stable during the next week amid improved dollar liquidity from exporters, say traders. Investors, however, are likely to remain somewhat cautious, seeking more clarity on the political front and ahead of the next fiscal year budget, traders said,  reported. The local unit consolidated its gains and rose to 197.59 against the …

WASHINGTON, June 05(ABC): The United States and European Union will announce a joint effort to avert a “subsidy race” as they scramble to boost production of scarce semiconductor chips, a senior Biden administration official said. The move will be unveiled at the second meeting of the US-EU Trade and Technology Council (TTC), taking place on Sunday and Monday in Paris. …

SEOUL, June 05(ABC): Samsung Group will invest 450 trillion won ($356 billion) in the next five years to accelerate growth in semiconductors, biopharmaceutical and other next-generation technologies, Samsung Electronics said. South Korea’s top conglomerate said on Tuesday the investments through 2026 are expected to help Samsung drive long-term growth in strategic areas such as the chip sector, while pledging aggressive …

SAN FRANCISCO, June 05(ABC): Tesla (TSLA.O) CEO Elon Musk has a “super bad feeling” about the economy and needs to cut about 10% of salaried staff at the electric carmaker, he said in emails seen by Reuters. A message sent to executives on Thursday laid out his concerns and told them to “pause all hiring worldwide.” The dire outlook came …

WEB DESK, June 05(ABC): More than 46,000 people reported losing over $1 billion in cryptocurrency scams since the start of 2021, the Federal Trade Commission (FTC) said in a report. Nearly half the people who reported losing digital currencies in a scam said it started with an ad, post or a message on a social media platform, according to the …

BERLIN, June 05(ABC): German carmaker Mercedes-Benz is recalling nearly one million older vehicles worldwide due to a potential problem with the braking system, the federal transport authority (KBA) said. The KBA said in a statement dated June 1 and reported late Saturday in German media that the recall affected cars built between 2004 and 2015, of the SUV series ML …

WEB DESK, June 05(ABC): The Gaming Spotlight 2022 report has revealed that mobile gaming represents 61% of the overall gaming market, which is set to hit $222 billion in 2022. Mobile gaming is set to surpass $136 billion in 2022 — growing 1.7x faster than the gaming market overall. Globally, users downloaded 45% more mobile games per week in Q1 …

ISLAMABAD, June 05(ABC): The federal cabinet on Saturday approved a 2.4 billion dollar loan from China. The federal cabinet approved the acquisition of the loan through a summary circulation. The loan from China will be for three years. The 2.4 billion dollar loan from China will be received at one percent margin. The loan will be received under the 2019 …

ISLAMABAD, June 05(ABC): The Annual Plan Coordination Committee (APCC) on Saturday recommended the allocation of Rs2,184 billion for the National Development Plan of the National Economic Council (NEC) in the next budget 2022-23, including a federal development outlay of Rs800 billion and provincial development plans of Rs1,384 billion. The Sindh and KP government ministers raised objections to the reduced allocation …

ISLAMABAD, June 04(ABC): The Sensitive Price Indicator (SPI) based weekly inflation for the week ended on June 2 for the combined consumption group, witnessed an increase of 2 percent as compared to the previous week. The SPI for the week under review in the above mentioned group was recorded at 178.12 points against 174.62 points registered in the previous week, …

ISTANBUL, June 04(ABC): Turkey’s annual inflation rate jumped to a 24-year high of 73.5% in May, fuelled by the war in Ukraine, rising energy prices and a tumbling lira — though the figure was slightly lower than economists had feared. Inflation has surged since last autumn, when the lira slumped after the central bank launched a 500 basis-point easing cycle …

KARACHI, June 03(ABC): The Pakistani rupee on Friday reversed the momentum as it shed 0.17% to close at Rs197.92 against the US dollar in the interbank market owing to concerns regarding widening trade deficit and depleting foreign exchange reserves. According to the data released by the State Bank of Pakistan (SBP), the local currency closed at Rs197.92 compared to Rs197.59 …

KARACHI, June03(ABC): The Pakistan Stock Exchange (PSX) Friday remained under pressure due to selling in almost all sectors on investor concerns over economic uncertainty in the country. The market opened slightly in the green, however, it was quick to enter the red zone. The benchmark KSE-100 index opened at 42,310.94 points and at close, it recorded a decrease of 923.03 …

BEIJING, June 03 (ABC): Pakistan’s rice export to China crossed $ 225.52 million in the first fourth months of this year, while Broken rice witnessed an increase of 40.27% as compared with last year in the same period, according to General Administration of Customs of the People’s Republic of China (GACC). Although the COVID-19 pandemic affected the months of April …

BELGRADE, June 03 (ABC): While the European Union scrambles to isolate Russia and reduce energy imports from the country, EU candidate Serbia is tightening its bond with Moscow through a new gas supply deal. Belgrade has condemned the Russian invasion of Ukraine at the United Nations, but it has refused to take part in sanctions against its old ally, even …

TOKYO, June 03 (ABC): Tokyo stocks closed higher Friday, extending rallies on Wall Street with investors eyeing the release of US jobs data later in the day. The benchmark Nikkei 225 index gained 1.27 percent, or 347.69 points, to 27,761.57, while the broader Topix index advanced 0.35 percent, or 6.75 points, to 1,933.14. “Tokyo shares opened higher following gains by …

KARACHI, June 03(ABC): The State Bank of Pakistan’s (SBP) total foreign reserves dropped by $366 million to $9.72 billion due to external debt repayments. Sharing the data, the SBP said the total liquid foreign reserves, as of May 27, stood at $15,771.4 million. The central bank added that the decrease occurred due to “external debt repayment”. The development comes as …

NEW YORK/LONDON, June 02(ABC): Russia’s failure to pay $1.9 million in accrued interest on a dollar bond will trigger payouts potentially worth billions of dollars, a panel of investors determined on Wednesday, as the country teeters on its first major external debt default in over a century. Sanctions imposed by western countries and their allies on Russia following its invasion …

BERLIN, June 02 (ABC): Prices at the pumps dipped across Germany and commuters began paying just nine euros ($9.60) a month for public transport, as inflation-relief measures in Europe’s biggest economy kicked in on Wednesday. With consumer price hikes striking new records in recent months following Russia’s invasion of Ukraine, Germany is unleashing 30 billion euros from its coffers to …

KARACHI, June 02(ABC): The automobile sector of Pakistan endured a rollercoaster ride during the outgoing fiscal year 2021-22 owing to a host of factors such as multiple price hikes and a singular drop in prices on account of the government’s decision to slash duties and taxes. The country saw car prices going down across the board for the first time …

ISLAMABAD, Jun 01 (ABC): The Consumer Price Index (CPI) increased by 13.8% on year-on-year (YoY) basis in May 2022 as compared to the corresponding month of last year, Pakistan Bureau of Statistics (PBS) reported on Wednesday. On month-on-month basis, it increased by 0.4% in May 2022 as compared to increase of 1.6% in the previous month (April) and increase of …

TOKYO, Jun 01 (ABC): Capital spending by Japanese companies increased in the January-March quarter from a year earlier, booking the fourth quarter of gains, as business spending on digital and green technology rose notably, the government said in a report on Wednesday. According to the Finance Ministry, capital spending by Japanese companies rose 3.0 percent in the January-March quarter from …

HONG KONG, June 01(ABC): Asian markets fluctuated Tuesday as investors struggled to maintain a global rally, with inflation continuing to niggle owing to a pick-up in oil prices while a top Federal Reserve official pressed for a series of sharp interest rate hikes. With Wall Street closed for a holiday there were few catalysts to help extend the gains enjoyed …

PARIS, June 01(ABC):France’s economy shrank in the first quarter as households spent even less than previously thought due to rising inflation, the statistics agency said Tuesday, lowering an initial estimate of zero growth. Russia-Ukraine conflict has sent energy and food prices soaring worldwide, raising concerns that inflationary pressure could derail the economic recovery from the Covid pandemic. France’s worse-than-estimated performance …

BEIJING, June 01(ABC): China’s State Council issued a circular on Tuesday, urging the implementation of a package of detailed policy measures to further stabilize the economy. The package, which was announced at a State Council executive meeting last week, includes 33 measures covering fiscal and financial policies as well as policies on investment, consumption, food and energy security, industrial and …

ISLAMABAD, June 01(ABC): The Finance Minister Miftah Ismail said that Russia did not offer a 30% discount on oil and wheat, adding that the budget is likely to withdraw subsidies and increase taxes. Pakistan’s Finance Minister Miftah Ismail said on Tuesday that Islamabad has asked both Russia and Ukraine to sell it wheat, stressing that sanctions on Moscow mean it …

  ISLAMABAD, June 01(ABC): Prices of ghee and cooking oil have increased immensely at utility stores all over the country on Tuesday. The Utility Stores Corporation has issued a notification of the increase in the prices. As per the notification, the price of ghee has been increased up to Rs. 208 per kg and price of cooking oil of different …

  ISLAMABAD, June 01(ABC): The federal government Tuesday approved keeping the prices of petroleum products unchanged, a notification from the Ministry of Finance said. Prime Minister Shehbaz Sharif has directed the ministry to maintain the price announced on May 27 — the day that the federal government made a massive price hike of Rs30 in petroleum products. “With a view …

KARACHI: Following the major hike in the prices of petroleum products by the government, hopes have risen for the revival of the IMF programme as analysts say that the Pakistani rupee is likely to start an upward drive against the US dollar in the next week. The rupee recovered lost ground and closed at 199.76 per dollar in the interbank …

DAVOS, May 29(ABC): Israel President Isaac Herzog has said that he had had an “amazing experience” while meeting a delegation of Pakistani expatriates living in the United States. The Israeli president was speaking at the World Economic Forum (WEF) — held in Davos, Switzerland, on Thursday — about the Abraham Accords, a US-backed deal that led to the normalisation of Israel’s …