MADRID, June 22(ABC): Spain will cut the value-added tax on electricity by half to shield consumers from soaring inflation fuelled by Russia’s invasion of Ukraine, Prime Minister Pedro Sanchez said Wednesday. The announcement comes after Sanchez’s Socialists were thrashed Sunday in a regional election in Andalusia, a longtime party stronghold. Sanchez told parliament the VAT reduction, from 10% to five …

RAJANPUR, June 22 (ABC): The OGDCL has notifed the discovery of gas reserves found in 4 wells in Rajanpur Punjab. According to details, the Oil and Gas Development Company Limited notified the discovery of oil reserves in 4 different well in Rajanpur city of Panjab. The notification issued by OGDCL said that the gas reserves discovered amount to 2.081 million …

BEIJING, Jun 22 (ABC): Gansu is to transfer modern Chinese agricultural science and technology particularly applicable to arid and semi-arid regions to Pakistan, revealed at the memorandum of understanding (MoU) signing ceremony between Gansu Academy of Agricultural Sciences (GAAS), China and the Islamia University of Bahawalpur (IUB), Pakistan held online on Wednesday. Sharing similarities in climate, crop types and environment, …

ISLAMABAD, Jun 22 (ABC): The country assembled record 46 million smart and feature mobile phones during first 11 months of current fiscal year were assembled in Pakistan in 11 month of current fiscal year. During the period under review, some 20 millions smart mobile phones were assembled of which 99 percent have so far been sold in the markets while …

ISLAMABAD, Jun 22 (ABC) :The export of plastic materials from the country has witnessed an increase of 42.30 percent during the eleven months of the fiscal year (2021-22) as compared to the corresponding period of last year. Pakistan exported plastic material worth US $385.643 million during July-May (2021-22) as compared to the export of $271.014 million during July-May (2020-21), showing …

ISLAMABAD, June 22(ABC): A storm of inflation has taken up utility stores and the prices of various essential commodities have gone up by a significant margin. According to the notification, 75 gram toothpaste has gone up by Rs 20 to Rs 117, toilet roll paper has gone up by Rs 5 to Rs 74, while tissue paper has gone up …

ISLAMABAD, June 22 (ABC): A European Union monitoring mission comprising officials from the European External Action Service (EEAS) and the European Commission’s Directorates-General for Trade and for Employment, Social Affairs and Inclusion, arrived in Pakistan on 22 June. The mission will make an assessment of the effective implementation of 27 international conventions Pakistan is signatory to. The GSP+ (Generalised Scheme …

HONG KONG, June 22(ABC): Equities struggled Wednesday after a brief respite from last week’s painful rout across world markets, with recession fears continuing to build as central banks hike interest rates to combat decades-high inflation. While Asia, Wall Street and Europe all enjoyed healthy gains on Tuesday, analysts warned the downbeat mood on trading floors means the selling is unlikely …

MELBOURNE, June 22(ABC): Oil prices skidded in early trade on Wednesday amid a push by U.S. President Joe Biden to bring down soaring fuel costs, including pressure on major U.S. firms to help ease the pain for drivers during the country’s peak summer demand. U.S. West Texas Intermediate (WTI) crude futures fell $1.34, or 1,2%, to $108.18 a barrel at …

KARACHI, June 22(ABC): Deposit inflows in Roshan Digital Account (RDA) recorded highest ever daily figure on Tuesday as $57 million were deposited in a single day. According to a message by official twitter handle of the State Bank of Pakistan with the significant increase, total deposits in RDA have crossed $4.5bn till June 21, 2022. At the end May 2022 …