ISLAMABAD, June 07(ABC): Australia’s central bank raised interest rates more than expected Tuesday and warned of more increases as officials try to rein in “significantly” high inflation. Governor Philip Lowe said the Reserve Bank’s main lending rate would go up half a percentage point to 0.85 percent, surprising analysts who had tipped a quarter point lift. He also said “extraordinary” …

CALIFORNIA, June 07(ABC): Elon Musk warned Twitter Inc that he might walk away from his $44 billion deal to acquire the social media company if it fails to provide the data on spam and fake accounts that he seeks. This was not the first time Musk had suggested publicly his acquisition of Twitter may not happen. But the warning, delivered …

LONDON, June 07(ABC): Oil prices were stable on Tuesday as the market balanced risk sentiment with supply concerns and the prospect of higher demand as China relaxes its COVID curbs. Brent crude futures were down 38 cents, or 0.3%, at $119.13 barrel at 09:26 GMT. US West Texas Intermediate (WTI) crude futures were down 25 cents, or 0.2%, at $118.25 …

SINGAPORE, June 07(ABC): Oil futures jumped on Monday, with Brent rising above $120 a barrel after Saudi Arabia hiked prices for its crude sales in July, signalling tight supply even after OPEC+ agreed to accelerate output increases over the next two months. Brent crude was up 91 cents, or 0.8%, at $120.63 a barrel at 0343 GMT after touching an …

HONG KONG, June 07(ABC): Asian markets struggled Tuesday on long-running worries over surging inflation and rising interest rates, which overshadowed hopes that China would ease off its regulatory drive against the country’s beleaguered tech giants. A spike in US Treasury yields took the wind out of the sales for Wall Street, with focus now on the release of inflation data …

KARACHI, June 07(ABC): The bulls staged a comeback at the Pakistan Stock Exchange (PSX) on Monday following a bloodbath last week as the benchmark KSE-100 began the week with a gain of over 250 points. Initially, the positivity came from the cement sector as prices in the south region have increased by Rs25 per bag (effective from June 6, 2022) …

ISLAMABAD, June 06(ABC): Pakistan has accomplished all 27 targets of Financial Action Task Force (FATF). According to sources, the name of Pakistan will likely come in white list from grey list. The meeting of FATF will be held in Berlin from 13 June to 17 June. The delegation from Pakistan will go to Berlin to attend meeting. Minister of Foreign …

ISLAMABAD, June 06(ABC): Federal Government is considering a proposal to increase tax on income made through social media platforms. According to details, International Monetary Fund (IMF) has placed tough conditions for resumption of its program and has asked government to reduce income tax credits and allowances. In view of conditions of the international lender, authorities are considering proposal to hike …

KARACHI, June 07(ABC): The Pakistani rupee plunged to 200.06 against the US dollar in the interbank market as concerns regarding the upcoming budget 2022-23 and revival of the multibillion-dollar International Monetary Fund (IMF) programme fueled a downtrend. According to the State Bank of Pakistan (SBP), the local currency shed Rs2.14, or 1.07%, against the greenback on Monday. The last time …

KARACHI, June 05(ABC): The Pakistani rupee is expected to remain stable during the next week amid improved dollar liquidity from exporters, say traders. Investors, however, are likely to remain somewhat cautious, seeking more clarity on the political front and ahead of the next fiscal year budget, traders said,  reported. The local unit consolidated its gains and rose to 197.59 against the …