SYDNEY, Aug 29(ABC): Asian shares slid on Monday as the mounting risk of more aggressive rate hikes in the United States and Europe shoved bond yields and the dollar sharply higher, and tested equity and earnings valuations. Federal Reserve Chair Jerome Powell’s promise of policy “pain” to contain inflation quashed hopes that the central bank would ride to the rescue …

JACKSON HOLE, Aug 29(ABC): European Central Bank policymakers made the case on Saturday for a large interest rate hike next month as inflation remains uncomfortably high and the public may be losing trust in the bank’s inflation-fighting credentials. The ECB raised rates by 50 basis points to zero last month and a similar or even bigger move is now expected …

BEIJING, Aug 29(ABC): China’s central bank Monday conducted 2 billion yuan (about 291.1 million U.S. dollars) of reverse repos to maintain liquidity in the banking system. The interest rate for the seven-day reverse repos was set at 2 percent, according to the People’s Bank of China. The move aims to keep stable liquidity in the banking system, the central bank …

SHANGHAI, Aug 27(ABC): Profits at China’s industrial firms sank in July, reversing previous gains as fresh COVID-19 curbs dragged down demand and squeezed factory margins, while power shortages due to heatwaves threatened production. Profits at China’s industrial firms fell 1.1% in January-July from a year earlier, wiping out the 1.0% growth logged during the first six months, the National Bureau …

KARACHI, Aug 27(ABC): Gold price declines by Rs100 per tola in Pakistan despite rupee depreciation against the US dollar — which lost Rs6.01 during the week. According to rates issued by the All Sindh Sarafa Association, gold price settled at Rs147,000. The price decreased by Rs87 per 10 grams to settle at Rs126,028 per 10 grams on Saturday. The association …

KARACHI, Aug 27(ABC):  The Pakistan Stock Exchange (PSX) endured a relatively volatile week as the winning streak of the past three weeks came to an end. The equity market shed 679 points or 1.57% in the outgoing week and settled at 42,592 points as external woes and fast depleting foreign exchange reserves kept the benchmark index under pressure. The week kicked …

ISLAMABAD, August 27 (ABC): Gwadar is undergoing repaid transformation phase under China-led developments, says a report on Saturday. Compared with the past, Gwadar is passing through a promising and positive change in terms of its outlook and public life. It is still in the phase of transformation with flying colors. According to the reports, the people of Gwadar are witnessing …

BEIJING, Aug. 27 (ABC): Stocks on Shanghai and Shenzhen bourses saw their key indices down at the end of July compared with the end of June, according to the People’s Bank of China, the country’s central bank.At the end of July, the Shanghai Stock Exchange Composite Index closed at 3,253.2, down 145.4 points, or 4.3 percent, month on month. The …

TUNIS, Aug 27 (ABC): Tunisia and Japan launched a pan-African investment conference on Saturday, seeking to counter the influence of rival China whose economic imprint on the continent has steadily grown. The conference takes place amid a “complex” international environment caused by the coronavirus pandemic and the war in Ukraine, the Japanese foreign ministry has said. Some 30 heads of …

LAHORE, Aug 27 (ABC): The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Saturday urged the government to maximum facilitate the Small and Medium Enterprises (SMEs) and take concrete steps for enhancing exports and developing the IT sector. SMEs are the backbone of the country’s economy and promotion of the sector would not only eliminate a gap in …