NEW YORK, July 3(ABC): The rapid rise of the US dollar since the start of the year is a double-edged sword for American multinational companies, pushing some of them to decide whether to hedge or reposition their activities abroad to avoid fallout. For an importer, the surge in the greenback against the euro, yen or British pound is a plus, …

KARACHI, July 3(ABC): Pakistan’s imports of cooking oil spiked to $3.56 billion in the first 11 months of the previous fiscal year that ended on June 30, 2022, which was equivalent to 60% of the three-year International Monetary Fund (IMF) loan programme of $6 billion. The edible oil imports were 44% (or $1.1 billion) higher compared to $2.47 billion in …

ISLAMABAD, July 2(ABC): China Machinery Engineering Corp. (CMEC) successfully concluded a 7-day long reliability test run of the first unit of the 1,263-megawatt thermal power plant in the Jhang district of Punjab province. The 400 MWs Gas Turbine 1 (GT1) will start commercial operations on July 6 after some heat and cooling-related tests on stopped machines, an official told Gwadar …

KARACHI, July 2(ABC): The bulls staged a comeback at the Pakistan Stock Exchange (PSX) after a week of bearish trade as the benchmark KSE-100 finished the last week of FY22 with a gain of 579 points or 1.41% to settle at 41,630 points. Interest in selected stocks kept the market buoyant as sector-specific developments spurred buying interest. The index maintained …

ISLAMABAD, July 2(ABC): All Pakistani commercial banks have refused to open letters of credit (LCs) for Russian-origin crude oil in the light of economic sanctions by the United States, the United Kingdom and the European Union against Moscow for invading Ukraine, reported Saturday. The commercial banks, according to the publication, have stated that payment in US dollars is not possible …

NEW YORK, July 2(ABC): Asian shares were ending a rough quarter in a sombre mood on Thursday amid fears central banks’ cure for inflation will end up sickening the global economy, though it is proving to be a fillip for the safe-haven dollar and government bonds. Policy makers on Wednesday reiterated their commitment to controlling inflation no matter what pain …

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 …