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 …