ISLAMABAD Jun 19 (ABC): Eastbay Expressway in Gwadar has turned into a road of technology, says a report on Sunday As the only expressway in Gwadar, Eastbay Expressway runs through an array of complicated terrains from coast to mountains. Underpinning is the advanced construction technology. Of the over 19-km road, about 4 kilometers of the area is reclaimed from the …

ISLAMABAD, June 19 (ABC): To meet the deadline, construction is underway simultaneously at 10 sites of Dasu Hydropower Project (DHPP) in Upper Kohistan district of Khyber Pakhtunkhwa (KP) province, according to report. Chairman WAPDA Naveed Asghar Chaudhry on Friday chaired a progress review meeting on HDPP. “Work on 10 project sites is underway to meet the 2026 deadline for power …

ISLAMABAD, Jun 19 (ABC): Ambassador of the Republic of Kyrgyzstan to Pakistan Ulanbek Totuiaev on Sunday said that the bilateral Preferential Trade Agreement (PTA) between Pakistan and Kyrgyzstan would not only increase the trade volume between the two countries but also act as a catalyst for regional economic integration. Ulanbek Totuiaev said the implementation of the PTA would serve as …

NEW YORK, June 18 (ABC): Stock markets wobbled and oil prices sank on Friday amid growing fears that inflation-fighting interest rate hikes by central banks could trigger recession. Investors were shaken this week after the US Federal Reserve unleashed its biggest hike in borrowing costs for almost 30 years to tackle red-hot consumer prices. The third Fed increase was followed …

ISLAMABAD, June 18 (ABC): Federal Minister for Planning and Development Ahsan Iqbal directed the authorities to ensure inauguration of the new Gwadar Airport by March 23, 2023 along with shifting flight operations from the old airport to the new one. According to reports, the minister was chairing a meeting to enhance Balochistan’s national and international air connectivity. He said that …

ISLAMABAD, JUNE 18 (ABC): Pakistan and Canada have agreed to enhance bilateral cooperation in diverse fields. The understanding was reached at a meeting between Pakistan’s High Commissioner to Canada Zaheer Janjua and Canadian Member of Parliament Salma Zahid in the Canadian capital. During the meeting with Salma Zahid who is also the Chairperson of Canada Pakistan Parliamentary Friendship Group, the …

BRUSSELS, June 18 (ABC): Europe sent a powerful symbol of solidarity with Ukraine on Friday, when Brussels backed Kyiv’s bid for EU candidate status, even as Russia shelled frontline Ukrainian cities and cut back gas supplies to the West. With the European Commission’s backing, Ukraine could now be added to the list of countries vying for EU membership as early …

ISLAMABAD, June 18(ABC): Keeping in view growing demand, Pakistan is seeking four shipments of liquefied natural gas (LNG) for delivery in July According to details, Pakistan LNG Limited has sought bids from interested international suppliers by June 23. According PLL statement, the four delivery windows given to companies for the cargoes are July 3-4, 8-9, 25-26 and 30-31.

NEW YORK, June 18(ABC): Oil prices tumbled about 6% to a four-week low on Friday on worries that interest rate hikes by major central banks could slow the global economy and cut demand for energy. Also pressuring prices, the US dollar this week rose to its highest level since December 2002 against a basket of currencies, making oil more expensive …

KARACHI, June 18(ABC): Following an increase in petrol and diesel prices to revive the International Monetary Fund (IMF) loan programme, the weekly inflation — based on the sensitive price index (SPI) — surged 3.38% week-on-week and 27.82% year-on-year hitting a 14-year high during the week ended June 16. According to the data released by the Pakistan Bureau of Statistics (PBS), prices of …

ISLAMABAD, June 17 (ABC): Pakistan’s agricultural exports to China will soon grow beyond US$ 1 billion per annum, Gwadar Pro reported on Friday quoting Dr Gu Wenliang, Agricultural Counsellor here at the Embassy of the People’s Republic of China. Speaking at a seminar in Rawalpindi regarding China-Pakistan agricultural cooperation under CPEC on Thursday, Dr Gu said that China offered a …

ISLAMABAD, Jun 17 (ABC): Food exports from the country witnessed an increase of 24.23 percent during the eleven months of the current fiscal year as compared to the corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported. The exports of various food commodities were recorded at $4,919.434 million during July-May (2021-22) as compared to the exports of $3,959.964 …

LONDON, June 17(ABC): The Bank of England on Thursday hiked its main interest rate for a fifth straight time, as it forecast British inflation to soar further this year to above 11 percent. BoE policymakers agreed at a regular meeting to increase the cost of borrowing by a quarter-point to 1.25 percent, the highest level since the global financial crisis …

TOKYO, June 17 (ABC): Tokyo stocks closed lower on Friday as moves by central banks outside Japan to hike interest rates fuelled recession fears. The benchmark Nikkei 225 index was down 1.77 percent, or 468.20 points, to end at 25,963.00, while the broader Topix index slipped 1.71 percent, or 31.91 points, to 1,835.90. The US Federal Reserve’s decision to raise …

Geneva, June 17 (ABC): The World Trade Organization concluded a landmark bundle of deals Friday covering fishing subsidies, food insecurity and Covid-19 vaccines following hectic round-the-clock talks. WTO director-general Ngozi Okonjo-Iweala said trade ministers had struck an “unprecedented package of deliverables” which would make a difference to people’s lives across the planet. The talks at the global trade body’s Geneva …

ISLAMABAD, June 17 (ABC): Rising Cost of Energy and taxation haunting Ceramic tile Industry and what is the way-out needed to be considered, says a report on Friday. Since 2018, with strong policy support, the ceramic tile industry, which used to be highly dependent on imports, began to turn to local production. Now, 80% of tiles in Pakistan are produced …

BEIJING, June 17 (ABC): Enhancing Sino-Pak national quality infrastructure connectivity will reduce trade deficit between the two countries, says a report  on Friday. According to the report, to reduce Sino-Pak trade deficit and boost trade facilitation, a research on China-Pakistan quality infrastructure establishment and connectivity was initiated by the Development Research Center, State Administration of Market Regulation of China. Data …

KARACHI, June 17(ABC): Pakistan’s foreign exchange reserves fell to their lowest levels since November 2019, reaching $14,943 million, data from the central bank showed Thursday. The total forex reserves held by the country stand at $14 billion as of June 10 — a level that covers imports for 1.32 months. Meanwhile, the total reserves that the State Bank of Pakistan …

MARANELLO, June 17(ABC): Ferrari unveiled Thursday plans to turn 80% of its production into all-electric or hybrid cars by 2030 in a major shift for an iconic brand renowned for its powerful combustion engines. “Electrification is a way to improve performance,” new chief executive Benedetto Vigna said as he unveiled a four-year strategic plan at the brand’s historic Maranello site …

BEIJING, Jun 16 (ABC): A special salon themed “Pakistani Mango Tasting, Idea Exchange on Business Development” was held in Guangzhou, China to promote communication and trade between Pakistan and Guangzhou, a busy trade hub that knotted friendship city ties with Lahore, Pakistan. Enjoying the taste and aroma of Pakistan’s Sindhri Mango, one of the world’s top available varieties, guests including …

ISLAMABAD, Jun 16 (ABC): Minister for Board of Investment and Special Initiative, Chaudhry Salik Hussain on Thursday said invited the Developing-8 countries for exploring the investment opportunities in Pakistan Special Economic Zones (SEZs). The Minister interacted with the delegates from the Developing 8 countries and welcomed them to explore the immense investment, especially in Pakistan’s SEZs, said a press release …

ISLAMABAD, Jun 16 (ABC): Ambassador of Portugal to Pakistan Paulo Neves Pocinho on Thursday said that there are vast opportunities for trade and investment between Pakistan and Portugal. The ambassador, Paulo Neves Pocinho, called for strengthening ties between the two countries, especially in economic terms related to investment and trade opportunities. Ambassador of Portugal to Pakistan said this while talking …

ZURICH, June 16 (ABC): Switzerland’s central bank hiked interest rates Thursday for the first time in 15 years and warned of more possible increases, joining a global tightening of monetary policy to tame inflation. In a surprise announcement, the Swiss National Bank raised the rate by 0.5 percentage points, though it remains in negative territory at minus 0.25 percent. The …

FRANKFURT, June 16 (ABC): European Central Bank policymakers called an emergency meeting on Wednesday, as more indebted eurozone states have come under pressure from rising borrowing costs. A week after a regular gathering, the governing council will hold an “ad-hoc meeting” to discuss “current market conditions,” an ECB spokesperson said. The ECB drew a line under years of ultra-loose monetary …

SYDNEY, June 16 (ABC): Australia’s new centre-left government submitted new, more ambitious, emissions targets to the United Nations Thursday, seeking to end a decade of footdragging on climate change. Prime Minister Anthony Albanese raised the country’s 2030 emissions reduction target to 43 percent, saying it “sets Australia up for a prosperous future, a future powered by cleaner, cheaper energy”. Australia’s …

NEW YORK, June 16 (ABC): Wall Street stocks welcomed aggressive moves by the Federal Reserve to counter inflation, while European equities also gained following an emergency central bank meeting to address fallout from monetary tightening. The US central bank raised the benchmark borrowing rate by 0.75 percentage points, bigger than the telegraphed 0.5-percentage-point increase after economic data in recent days …

KARACHI, June 16(ABC): The increase in petroleum prices and hopes of the revival of the International Monetary Fund (IMF) programme helped the Pakistan Stock Exchange (PSX) remain in the green on Thursday. The stock market started in the red but soon the bulls staged a comeback and held a firm grip during the session. At close, the benchmark KSE-100 index closed …

WASHINGTON, June 16(ABC): The Federal Reserve announced the most aggressive interest rate increase in nearly 30 years, raising the benchmark borrowing rate by 0.75 percentage points on Wednesday as it battles against surging inflation. The Fed’s policy-setting Federal Open Market Committee reaffirmed that it remains “strongly committed to returning inflation to its 2 per cent objective” and expects to continue …

KARACHI, June 15(ABC): The bulls dominated the trading at the Pakistan Stock Exchange (PSX) on Wednesday as the benchmark KSE-100 index gained over 300 points. The stock market managed to stay in the green throughout the day and closed on a positive note. At close, the benchmark KSE-100 index closed at 41,438.79 points with a gain of 384.11 points or …

HONG KONG, June 15(ABC): Asian equities were mixed Wednesday with investors nervously awaiting a Federal Reserve interest rate decision that has taken on greater significance since a forecast-busting inflation report sent shockwaves through world markets. Trading floors saw a sea of red at the start of the week after data showed US consumer prices soared at their fastest pace in …

ISLAMABAD, June 15(ABC): Ten ships of edible oil will arrive in Pakistan in the next two weeks from Indonesia and Malaysia. After successful negotiations of Pakistani delegation that visited Indonesia, it was agreed between the two countries that Indonesia will provide 2.5 million metric tons of edible oil to Pakistan on urgent basis. According to a statement released today by …

ISLAMABAD: Additional measures will be needed to bring Pakistan’s budget for FY2022-23 in line with the key objectives of its International Monetary Fund programme, the lender’s resident representative in Islamabad said on Monday. Pakistan unveiled a 9.5 trillion Pakistani rupee ($47 billion) budget for 2022-23 on Friday aimed at tight fiscal consolidation in a bid to convince the IMF to restart much-needed …

ISLAMABAD, June 14(ABC): Director General, Asian Development Bank (ADB), Eugene Zhukov here on Monday apprised the Federal Minister for Finance and Revenue, Miftah Ismail about the Country Partnership Strategy for Pakistan 2021-25, which is aligned with the government’s development vision. He was talking to finance minister during a meeting, which among others were also attended by Country Director ADB, Yong …

HONG KONG, June 14(ABC): Equity markets tumbled again Tuesday to extend a global rout fuelled by fears of recession, with the Federal Reserve preparing to ramp up interest rates as inflation shows no sign of slowing. Panic has swept through trading floors since data on Friday showed US consumer prices rising at their fastest pace in a generation owing to …

OTTAWA, June 14(ABC): Canada’s jobless rate inched down to a new record low after adding more jobs than expected in May, and wage growth picked up steam, official data showed on Friday, bolstering the case for an even larger rate increase next month by the central bank. Canada added a net 39,800 jobs in May, entirely in full-time work, beating …

COLOMBO, June 14(ABC):  Crisis-hit Sri Lanka announced weekly fuel quotas for motorists on Sunday, as an acute shortage worsened and longer queues formed outside the few pumping stations still operating. Energy minister Kanchana Wijesekera said the state-run Ceylon Petroleum Corporation was struggling to finance oil imports, while consumption had shot up due to shortages of electricity and liquefied petroleum gas. …

HONG KONG, June 13(ABC): Markets tumbled in Asia on Monday and the dollar rallied as part of a global rout fuelled by a forecast-beating US inflation print that ramped up bets on a more aggressive campaign of Federal Reserve interest rate hikes. Fresh Covid outbreaks in Shanghai and Beijing have also seen authorities reimpose containment measures soon after lifting them, …

KARACHI, June 13(ABC): The Pakistani rupee (PKR) continued taking a beat from the US dollar on Tuesday in intraday trade as it has lost 1.65 rupees. The greenback was being quoted around 204 against the local currency compared to Rs202.35 in the previous session close in the interbank market. Meanwhile, the KSE 100-index of the Pakistan Stock Exchange (PSX) also …

ISTANBUL, June 12 (ABC): Turkish consumers on Saturday was struck by the third round of fuel price hike in a week, as a volatile Turkish currency took its toll on the economy, which relies largely on imports. The per liter gasoline price rose by 2.18 liras (about 0.12 U.S. dollars) to nearly 28.5 liras across the country, Birgun daily reported, …

ISLAMABAD, Jun 12 (ABC): Chief Executive Officer Pakistan Furniture Council (PFC) Mian Kashif Ashfaq Sunday disclosed that for the first time Pakistan’s exports to Italy exceeded its imports from the country – depicting upward trends in promotion of bilateral trade between the two countries. Talking to a delegation of exporters and importers led by honorary Investment Consular and Tourism Ambassador …