HONG KONG, July 1(ABC): Asian markets struggled again Friday following another selloff on Wall Street fuelled by recession fears, with warnings of a bleak outlook for the global economy as central banks slam on the brakes to battle soaring inflation. Data showing US consumers — the backbone of the world’s top economy — were growing increasingly reticent about spending dealt …

ISLAMABAD, Jun 30 (ABC): Minister for Information Technology and Telecommunication Syed Amin-Ul-Haque here on Wednesday said that the Information Technology (IT) exports have surged at the growth rate of 25.45 percent in eleven months of the current financial year. The minister in a statement said, “ICT export remittances, including telecommunication, computer and information services for the period July 2021 to …

ISLAMABAD, Jun 30 (ABC): Pakistan’s goods and services trade with the United State of America (USA) witnessed surplus of 51.22 percent during eleven months of fiscal year (2021-22) as compared to the corresponding period of last year. The overall exports to the USA were recorded at $ 6158.171 million during July-May (2021-22) against exports of $4475.232 million during July-May (2020-21), …

HONG KONG, June 30 (ABC): Fears of a recession caused by sharp interest rate hikes aimed at fighting soaring inflation sent Asian and European markets tumbling Wednesday, tracking a sharp drop on Wall Street. The hefty selling came after more than a week of gains across the world caused by hopes that any signs of contraction could give central banks …

SEOUL, June 30 (ABC): South Korea’s import value logged a double-digit growth last month due to expensive crude oil, central bank data showed Wednesday. The import value index stood at 176.50 in May, up 32.0 percent from a year earlier, according to the Bank of Korea (BOK). The index continued to rise for the 18th consecutive month, after gaining 19.3 …

SINGAPORE, June 30(ABC): Oil prices edged higher on Thursday after dipping in early Asian trade, as concerns about global supply tightness outweighed a build in US gasoline and distillate inventories. Brent crude futures for September, the more actively traded contract, rose 63 cents, or 0.6%, to $113.08 a barrel at 0250 GMT. The less liquidly traded August contract, which expires …

HONG KONG, June 30(ABC): Most Asian markets fell again Thursday as traders fear that hefty rate hikes to rein in soaring inflation will spark a recession, though a slight improvement in Chinese data did provide some cheer. The rally enjoyed across the world last week appears to have given way to nervousness about the economic outlook, while the Ukraine war …

BERLIN, June 30(ABC): Mercedes-Benz is adjusting its network of plants to manufacture a new range of luxury electric vehicles as it prepares to switch to electric by the end of the decade. Mercedes aims to halve CO2 emissions per passenger car over the life cycle by the end of this decade compared to 2020. “We are ready for the rapid …

KARACHI, June 29(ABC): The State Bank of Pakistan (SBP) Wednesday announced that it would remain closed for public dealings on Friday (July 1, 2022). According to a notification issued by the SBP, July 1 will be observed as a bank holiday in order to enable banks to close their accounts. “All banks, development finance institutions (DFIs), and micro-finance banks (MFBs) …

KARACHI, June 29(ABC): The Pakistan Stock Exchange (PSX) has remained under pressure since yesterday due to profit-booking ahead of the financial year closing. The stock market opened in the green, however, it later succumbed to the selling pressure as the bears staged a comeback. The market closed in the red with a loss of over 400 points. At close, the …