SAN FRANCISCO, July 9(ABC): Elon Musk pulled the plug on his $44 billion deal to buy Twitter, accusing the social media giant of “misleading” statements about the number of fake accounts, a regulatory filing showed. Musk s effort to terminate the deal that he inked in April sets the stage for an epic court battle over a billion-dollar breakup fee and …

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 — …

KARACHI, July 8(ABC): Foreign exchange reserves held with the State Bank of Pakistan dipped below the $10 billion level at the end of the last week, despite the fact that Pakistan received a generous injection of $2.3 billion from Chinese commercial banks late last month. This was revealed in fresh data released by the State Bank of Pakistan (SBP) on …

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 …

NEW YORK, July 8(ABC): Asian shares tracked overnight Wall Street gains in early trading on Friday as fears of an economic slowdown cooled and sterling began to claw back recent losses following British Prime Minister Boris Johnson’s decision to resign. Japan’s Nikkei index was up 1.23% at 26,817.24 in morning trade, its highest mark since June 29th. MSCI’s broadest index of …

KARACHI, July 8(ABC): The Pakistan Stock Exchange (PSX) witnessed tepid trading in the outgoing week as delay in the revival of the International Monetary Fund (IMF) programme kept market participants mostly on the sidelines. Resultantly, the KSE-100 index declined 286 points or 0.7% to end the week at 41,344.01 points. The market commenced the week on a negative note, amid …

KARACHI, July 8(ABC): Despite the appreciation of the Pakistani rupee against the US dollar, the gold price in Pakistan extended gains on Friday. The price of the precious commodity rose by Rs200 per tola and Rs172 per 10 grams to settle at Rs142,200 and Rs121,914, respectively. A day earlier, the precious commodity closed at Rs142,000 per tola and Rs121,742 per …

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 …

ISLAMABAD, July 7(ABC): Weekly Inflation in the country has further increased by 3.32 percent, and the overall rate has reached 33.66 percent. The report issued by the Pakistan Bureau of Statistics (PBS) stated that the prices of 30 essential commodities have gone up in a week, 5 items became cheaper and 16 items remained stable. While petrol prices rose by …