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 …

KARACHI, July 1(ABC): The bulls maintained their grip on the Pakistan Stock Exchange (PSX) on Friday as the benchmark KSE-100 index extended the rally with a meagre gain of nearly 90 points. Investors refrained from taking fresh positions on the last day of the week. At close, the benchmark KSE-100 index closed at 41,630.35 points with a gain of 89.52 …

ISLAMABAD, July 1(ABC): The supply of gas for the export and non-export sectors in Punjab has been cut off till July 9, reported. The decision to suspend the gas supply has been taken to shift the flow of LNG supply towards the power sector so that more electricity could be generated to mitigate the intensity of hours long power outages …

ISLAMABAD, Jul.1 (ABC): A delegation of Chinese company NORINCO called on Prime Minister Shahbaz Sharif on and expressed their interest to invest in Pakistan in renewable energy, optical fibre, iron and copper ore mining and infrastructure in major Pak cities. According to report, Prime Minister welcomed the Chinese investment in Pakistan and assured of all-out support of the government in …

COLOMBO, July 1(ABC): Sri Lanka’s inflation hit a ninth consecutive record in June, official data showed Friday, rising to 54.6 percent a day after the IMF asked the bankrupt nation to rein in galloping prices and corruption. It was the first time the increase in the Colombo Consumer Price Index (CCPI) crossed the psychologically important 50 percent mark, according to …

HONG KONG, July 1(ABC): Asian markets struggled again Friday following another selloff on Wall Street fuelled by recession fears, with warnings of a bleak outlook for the global economy as central banks slam on the brakes to battle soaring inflation. Data showing US consumers — the backbone of the world’s top economy — were growing increasingly reticent about spending dealt …

ISLAMABAD, Jun 30 (ABC): Minister for Information Technology and Telecommunication Syed Amin-Ul-Haque here on Wednesday said that the Information Technology (IT) exports have surged at the growth rate of 25.45 percent in eleven months of the current financial year. The minister in a statement said, “ICT export remittances, including telecommunication, computer and information services for the period July 2021 to …

ISLAMABAD, Jun 30 (ABC): Pakistan’s goods and services trade with the United State of America (USA) witnessed surplus of 51.22 percent during eleven months of fiscal year (2021-22) as compared to the corresponding period of last year. The overall exports to the USA were recorded at $ 6158.171 million during July-May (2021-22) against exports of $4475.232 million during July-May (2020-21), …

HONG KONG, June 30 (ABC): Fears of a recession caused by sharp interest rate hikes aimed at fighting soaring inflation sent Asian and European markets tumbling Wednesday, tracking a sharp drop on Wall Street. The hefty selling came after more than a week of gains across the world caused by hopes that any signs of contraction could give central banks …

SEOUL, June 30 (ABC): South Korea’s import value logged a double-digit growth last month due to expensive crude oil, central bank data showed Wednesday. The import value index stood at 176.50 in May, up 32.0 percent from a year earlier, according to the Bank of Korea (BOK). The index continued to rise for the 18th consecutive month, after gaining 19.3 …

SINGAPORE, June 30(ABC): Oil prices edged higher on Thursday after dipping in early Asian trade, as concerns about global supply tightness outweighed a build in US gasoline and distillate inventories. Brent crude futures for September, the more actively traded contract, rose 63 cents, or 0.6%, to $113.08 a barrel at 0250 GMT. The less liquidly traded August contract, which expires …

HONG KONG, June 30(ABC): Most Asian markets fell again Thursday as traders fear that hefty rate hikes to rein in soaring inflation will spark a recession, though a slight improvement in Chinese data did provide some cheer. The rally enjoyed across the world last week appears to have given way to nervousness about the economic outlook, while the Ukraine war …

BERLIN, June 30(ABC): Mercedes-Benz is adjusting its network of plants to manufacture a new range of luxury electric vehicles as it prepares to switch to electric by the end of the decade. Mercedes aims to halve CO2 emissions per passenger car over the life cycle by the end of this decade compared to 2020. “We are ready for the rapid …

KARACHI, June 29(ABC): The State Bank of Pakistan (SBP) Wednesday announced that it would remain closed for public dealings on Friday (July 1, 2022). According to a notification issued by the SBP, July 1 will be observed as a bank holiday in order to enable banks to close their accounts. “All banks, development finance institutions (DFIs), and micro-finance banks (MFBs) …

KARACHI, June 29(ABC): The Pakistan Stock Exchange (PSX) has remained under pressure since yesterday due to profit-booking ahead of the financial year closing. The stock market opened in the green, however, it later succumbed to the selling pressure as the bears staged a comeback. The market closed in the red with a loss of over 400 points. At close, the …

CHICAGO, June 29 (ABC): Chicago Board of Trade (CBOT) agricultural futures fell across the board on Thursday, led by corn. The most active corn contract for December delivery plunged 38.25 cents, or 5.51 percent, to settle at 6.555 U.S. dollars per bushel. September wheat fell 39.5 cents, or 3.99 percent, to settle at 9.4925 dollars per bushel. November soybean lost …

HONG KONG, June 29(ABC): Fears of a recession caused by sharp interest rate hikes aimed at fighting soaring inflation sent Asian markets tumbling Wednesday, tracking a sharp drop on Wall Street. The hefty selling came after more than a week of gains across the world caused by hopes that any signs of contraction could give central banks room to ease …

WEB DESK, June 29(ABC): Oil prices fell on Wednesday after rising in the previous three sessions but losses were limited to the view that global supply tightness will continue as there is limited room for major producers such as Saudi Arabia to boost production. U.S. West Texas Intermediate (WTI) crude futures slid 44 cents, or 0.4%, to $111.32 a barrel …

WASHINGTON, June 29(ABC): US President Joe Biden’s administration added five companies in China to a trade blacklist on Tuesday for allegedly supporting Russia’s military and defense industrial base, flexing its muscle to enforce sanctions against Moscow over its invasion of Ukraine. The Commerce Department, which oversees the blacklist, said the targeted companies had supplied items to Russian “entities of concern” …

ISLAMABAD, June 28(ABC): The KSE 100-index of the Pakistan Stock Exchange (PSX) witnessed bearish trend on Tuesday, losing 112.95 points, a negative change of 0.27 percent, closing at 41,765.62 points against 41,878.57 points on the last working day. A total of 257,163,743 shares were traded during the day compared to the trade of 247,901,404 shares the previous day, whereas the …

MUMBAI, June 28(ABC): The Indian rupee hit record lows against the US currency on Tuesday after higher oil prices raised concerns of sustained inflation, although intermittent dollar selling by the central bank helped limit losses. The partially convertible rupee was trading at 78.75/76 per dollar by 0745 GMT, compared to its close of 78.34 on Monday. The unit touched an …

KARACHI, June 28(ABC): Pakistan’s current account deficit — the gap between the country’s higher foreign expenditure and low income — widened to $1.4 billion in May 2022 in the wake of a decline in remittances and exports on account of the Eid ul Fitr holidays. According to the State Bank of Pakistan, the current account deficit of the country has …

ISLAMABAD, June 28(ABC): The Federal Board of Revenue (FBR) has collected Rs6 trillion in taxes since the start of the outgoing fiscal year 2021-22 to date, recording a growth of 29%. According to the provisional information, the FBR generated Rs6 trillion in taxes from July 1 to June 28 of the current financial year (2021-22), showing an increase of nearly …

KARACHI, June 28(ABC): The price of gold in Pakistan receded on Wednesday by Rs350 after an increase in its price a day earlier. According to the All Sindh Sarafa and Jewellers Association (ASSJA), the price of the yellow metal settled at Rs141,500 per tola in the local bullion market. Meanwhile, the price declined by Rs301 per 10 grams to settle …

WEB DESK, June 28(ABC): Oil prices rallied for a third day on Tuesday as major producers Saudi Arabia and the United Arab Emirates looked unlikely to be able to boost output significantly while political unrest in Libya and Ecuador added to those supply concerns. U.S. West Texas Intermediate (WTI) crude futures rose $1.13, or 1 per cent, to $110.7 a …

KARACHI, Jun 27 (ABC): Decline in tea import reflects that Pakistanis have trimmed down tea consumption in July-May 2021-22, showing 2 percent decrease in import of the commodity in the country. During 11 months of the Fiscal Year 2021-2022, in terms of quantity, 234,062 metric ton tea was imported that is slightly less then 238,941 M.T import of July-May 2020-21, …

KARACHI, June 27 (ABC): Gold recovered its shine once again in Pakistan after it gained Rs850 per tola on Monday in line with the international market prices as the US currency strengthened further against the rupee. The price per tola gold settled at Rs141,850, while with an increase of Rs729 per 10 grams, the price settled at Rs121,614. Meanwhile, in …

ISLAMABAD, Jun. 27 (ABC): Chinese firms HanGeng Agricultural Group and China Machinery Engineering Corp(CMEC) are exploring the agriculture and livestock sectors of Khyber-Pakhtunkhwa (KP) province for possible investment, according to report. This was stated by KP Board of Investment and Trade (KP-BOIT) CEO Hassan Daud while talking. HanGeng Group is developing an agricultural industrial park in Gwadar Free Trade Zone …

ISLAMABAD, Jun. 27 (ABC):  The introduction of a wholesale electricity market in Pakistan will attract more Chinese investment in the renewable energy sector of the country, an investment expert told. National Electric Power Regulatory Authority (NEPRA) on June 6 awarded market operator license to Central Power Purchasing Authority-Guarantee (CPPA-G) under the Competitive Trading Bilateral Contract Market (CTBCM) initiative. The new …

ISLAMABAD, Jun 27 (ABC): As the Government strives to make transformational changes in the power system by exploring affordable alternative energy sources, Chinese companies are playing a leading role as installers and service providers for on-grid, off-grid, and hybrid energy in the country. According to report, alternative Energy Development Board (AEDB), Ministry of Energy ─besides its main objective to facilitate, …

ISLAMABAD, June 27(ABC): Already overburdened by inflation, increased oil prices, food items, Pakistanis were in for a shock as prices of LPG has been hiked by Rs10 per kg. After the increase price of LPG has reached Rs210 per kg across the country. The price of LPG commercial cylinder has increased by Rs455 and reached Rs9,532, while the domestic cylinder …