WEB DESK, June 12(ABC): The price of US gasoline averaged more than $5 a gallon for the first time on Saturday, data from the AAA showed, extending a surge in fuel costs that is driving rising inflation. The national average price for regular unleaded gas rose to $5.004 a gallon on June 11 from $4.986 a day earlier, AAA data …

LIMASSOL, June 09(ABC): Moody’s Investors Service on Thursday affirmed the B3 long-term deposit ratings of five Pakistani banks. As part of the same rating action, Moody’s has changed the outlook on the banks’ long-term deposit ratings to negative from stable. The rating agency has also downgraded the long-term foreign currency Counterparty Risk Ratings of three of these five banks to …

WASHINGTON, June 09(ABC): The World Bank slashed its growth estimate for the global economy to 2.9 percent, 1.2 percentage points below the January forecast, due to the Russian invasion of Ukraine which has caused a severe downturn. “The world economy is expected to experience its sharpest deceleration following an initial recovery from global recession in more than 80 years,” the …

ISLAMABAD, June 09(ABC): The country’s economic growth rate has reached 6% against the target of 4.8%. According to the outlines of the National Economic survey  the economic growth was higher than the target while the inflation exceeded the target of 8%. The growth rate of inflation is more than 13% and the growth rate in agriculture was 4.4% while in …

HONG KONG, June 09(ABC): Asian markets fell Thursday as a rally in oil ramped up inflation fears, with top officials warning of more pain to come as the Ukraine war continues to push prices up and put further pressure on the global economy. Buyers on Wall Street were in retreat again after data showed US crude and gasoline stockpiles sank, …

NEW YORK, June 09(ABC): Oil prices jumped over 2% to a 13-week high on Wednesday as U.S. demand for gasoline keeps rising despite record pump prices, while expectations that China’s oil demand will increase faced growing supply concerns in several countries, including Iran. Iran said it was removing two International Atomic Energy Agency surveillance cameras at a uranium enrichment facility …

ISLAMABAD, June 11(ABC): The government has allocated Rs 600 million for four ongoing and new schemes of the Religious Affairs and Interfaith Harmony Division for the fiscal year 2022-23 under the Public Sector Development Program (PSDP). The budgetary allocation included Rs 319.612 million for one ongoing project and Rs 280.388 million for three new schemes, according to a budgetary document …

ISLAMABAD, June 11(ABC): The World Bank’s Board of Executive Directors on Friday approved $300 million in financing to support Pakistan in upgrading rural roads to provide safe and reliable access to schools, health facilities and markets in the most vulnerable districts of Khyber Pakhtunkhwa (KP) province. The Khyber Pakhtunkhwa Rural Accessibility Project (KPRAP) will provide safe and affordable transportation to …

HONG KONG, June 11(ABC): Markets extended a global sell-off Friday after the European Central Bank laid the groundwork to join others in a programme of interest rate hikes, while attention turns to the release of key US inflation data. After a largely positive start to the week, Asian investors tracked their US and European colleagues in selling up as they …

ISLAMABAD, June 09(ABC): The incumbent coalition government is all set to present its first “pro-people, business-friendly and progressive” budget for the fiscal year 2022-23 in the Parliament on June 10 (Friday), with a special focus on fiscal consolidation to contain the budget deficit. The budget would be presented by Federal Minister for Finance and Revenue Miftah Ismail. The budget has …