SEOUL, May 24 (ABC): Samsung Group on Tuesday unveiled a massive $356 billion investment blueprint for the next five years aimed at making it a frontrunner in a wide range of sectors from semiconductors to biologics. The new figure is an increase of more than a third over its earlier plan announced last year. The tech giant is South Korea’s …

HONG KONG, May 24 (ABC): Asian stocks retreated Tuesday on concerns over the impact of China’s Covid restrictions on the world’s second-largest economy as investment banks slashed their forecasts. A strong rally on Wall Street, where the Dow closed 2.0 percent higher, did not carry over to Asia, and Beijing’s announcement of a fresh raft of measures to stimulate the …

BRASILIA, May 24 (ABC): Brazilian President Jair Bolsonaro on Monday dismissed the president of state oil giant Petrobras, who had been in the job for only 40 days. Fuel prices in Brazil have increased more than 33 percent in the past year, according to official figures, driving annual inflation of more than 12 percent and hurting Brazilians’ wallets. Inflation is …

LONDON, May 23 (ABC): The euro jumped one percent versus the dollar Monday after European Central Bank chief Christine Lagarde signalled the end of negative interest rates. The euro struck a one-month high at $1.0688 after Lagarde said the central bank would probably draw a line under the era of negative interest rates by September owing to soaring eurozone inflation. …

KARACHI, May 23(ABC): The State Bank of Pakistan (SBP) on Monday raised the benchmark policy rate by 150 basis points (bps) to 13.75% for the next six weeks to maintain the balance between inflation and economic growth. The central bank believes that this “effective action” was important to anchor inflation expectations and maintain external stability. “This action, together with much …

KARACHI, May 23(ABC): US Dollar’s rate is continuously rising as compared to Pakistani Rupee and has risen by Rs1.06 in the Interbank on Monday. Enduring the rough patch amid weakening macros has kept the dollar demand elevated and after the increase, the greenback is now being traded Rs.201.2. The local currency is being weighed by depleting foreign exchange reserves and …

KARACHI, May 23(ABC): Pakistan’s central bank is scheduled to meet today (Monday) to announce its key policy rate for the next six weeks to maintain the balance between inflation and economic growth. On April 7, the State Bank of Pakistan (SBP), in a surprise move, raised its benchmark interest rate by a significant 250 basis points (bps) to 12.25% to …

HONG KONG, May 23(ABC): Asian stocks came under pressure on Monday as persistent worries about inflation and rising interest rates dogged the global economic outlook and fresh selling in technology stocks weighed on Chinese markets. MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was flat, after U.S. stocks ended the previous session with negligible gains for the day. The …

MELBOURNE, May 23(ABC): Oil prices rose in early trade on Monday with U.S. fuel demand, tight supply and a slightly weaker U.S. dollar supporting the market, as Shanghai prepares to reopen after a two-month lockdown fuelled worries about a sharp slowdown in growth. Brent crude futures rose 82 cents to $113.37 a barrel at 0126 GMT, while U.S. West Texas …

ISLAMABAD, May 22 (ABC): Inflow of remittances under Roshan Digital Account (RDA) rose to US $4.167 billion by the end of April 2022 as compared to US $3.92 billion till end of March, according to a latest data released by the State Bank of Pakistan. The data showed that the inflows of remittances during the month of April were recorded …