KARACHI, July 13(ABC): The Pakistan Stock Exchange (PSX) opened the short trading week — after a five-day-long Eid ul Adha holiday — in the green with a gain of over 500 points. The market players assumed fresh positions in hopes of revival of the stalled International Monetary Fund (IMF) programme which will provide a much-needed breather to the economic crisis …

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 …

WASHINGTON, July 13(ABC): US consumer prices accelerated in June as gasoline and food costs remained elevated, resulting in the largest annual increase in inflation in 40-1/2 years and cementing the case for the Federal Reserve to hike interest rates by 75 basis points later this month. The consumer price index increased 1.3% last month after advancing 1.0% in May, the …

ISLAMABAD, July 13 (ABC): Pakistan to participate in 13 trade exhibitions in China during 2022-23, reported on Wednesday. In line with Trade Development Authority Pakistan (TDAP) Annual Business Plan (ABP), Pakistani officials, experts, importers, and exporters will participate in exhibitions and fairs in different Chinese cities during this period. The exhibitions will cover a variety of topics including textile, leather, …

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 …