HONG KONG, May 26 (ABC): Asian markets were mixed Thursday as minutes indicating a less hawkish Fed were offset by China’s premier warning that the world’s number two economy was in some ways worse off now than during the early days of the pandemic. The wind was immediately taken out of traders’ sails as they digested Li Keqiang’s warning, which …

DOHA, May 26(ABC): The International Monetary Fund (IMF) late Wednesday delayed the revival of the stalled $6-billion programme under the External Financing Facility (EFF) for Pakistan. The revival was expected to bring stability to the financial markets, the fast-weakening Pakistani rupee, and the depleting foreign exchange reserves, as the government had pinned hopes on the programme’s resumption. Pakistan failed to …

KARACHI, May 25(ABC): The Pakistani rupee dropped to a historic low of Rs202 against the US dollar on Wednesday as an ongoing political crisis rocked confidence in the currency. The rupee has been declining for months, but the fall became precipitous in March when the then opposition parties tabled a no-confidence motion against Imran Khan that led to his ouster. …

TOKYO, May 25 (ABC): Tokyo stocks closed lower on Wednesday after US shares mostly retreated following a profit warning from the owner of Snapchat that shocked the tech sector. The benchmark Nikkei 225 index ended down 0.26 percent, or 70.34 points, at 26,677.80, while the broader Topix index slipped 0.09 percent, or 1.68 points, to 1,876.58. The tech sector was …

BEIJING, May 25 (ABC): “As for the automotive industry, Pakistan is about to usher in a golden age of development. Chinese brands including BAIC Motor, Changan Auto and SAIC Motor, have set up their own assembly plants in Pakistan. Other brands like GWM, BYD and Geely are likely to open plants in Pakistan too,” Philip Jian, Pakistan’s Honorary Investment Counsellor …

KARACHI, May 25(ABC): Instead of boosting the Higher Education Commission’s budget, which was already slashed by the PTI government, the newly established federal government has proposed cutting it by more than half to Rs30 billion for the fiscal year 2022–23, compared to the previous allocation of Rs65.25 billion. The provisional indicative budgetary ceiling and revised estimates for 2021-22 are worth …

DAVOS, May 25(ABC): Saudi Arabia is finalising the extension of the kingdom’s $3 billion deposit to Pakistan, Saudi Minister of Finance Mohammed al-Jadaan told. “We are currently finalising extending the $3 billion deposit to Pakistan,” he said on the sidelines of the World Economic Forum in Davos. Last year, Saudi Arabia deposited $3 billion in Pakistan’s central bank to help …

LAHORE, May 24 (ABC): In a first for Pakistan’s real estate market one of London’s leading luxury real estate agencies Fine & Country have listed apartments for sale at the super prime luxury development One Canal Road, Lahore. Head quartered on London’s Park Lane with over 300 locations worldwide Fine & Country are a market leader specialising in super prime …

KARACHI, May 23(ABC): The exchange rate of US Dollar weakened by 94 paisa in the interbank on Tuesday against Pakistani rupee during intraday trade. The greenback was being traded around Rs200 on second business day of the week compared to previous closing of Rs200.94. A day earlier, the State Bank of Pakistan (SBP) on Monday announced an increase of 150 …

KARACHI, May 23(ABC): Pakistan and the IMF are likely to go above and beyond to complete the seventh review under the bailout programme, the State Bank of Pakistan (SBP) chief was reported, implying that the ongoing talks could last longer than planned to cover the budgetary procedure. “Talks may continue beyond May 25 for a few more days, but the …