SEOUL, August 1(ABC): South Korea’s global automotive sale marked the first rebound in five months last month due to the improved supply of semiconductors used to make cars, industry data showed on Monday. Five domestic automakers, Hyundai, Kia, GM Korea, Renault Samsung and Ssangyong, sold 637,393 units in the global market in July, up 7.2 percent from a year earlier. …

ISLAMABAD, August 1(ABC): The signing ceremony for the project named “Regional Infrastructure Fund – II for Khyber Pakhtunkhwa for Resilient Resource Management in Cities (RRMiC)” was held between both government of Pakistan and Federal Republic of Germany in the Ministry of Economic Affairs on Monday. According to the press release, Mian Asad Hayaud Din, Secretary Ministry of Economic Affairs, and …

KARACHI, August 1(ABC): Gold prices slipped on Monday as the government’s stance on economic growth dimmed the metal’s appeal, with additional pressure from a rebound in local currency. Data released by the All Sindh Saraf and Jewellers Association (ASSJA) showed that the price of gold, considered a safe haven, plunged by Rs2,200 per tola and Rs1,886 per 10 grams to …

HONG KONG, August 1(ABC): Asian markets were mixed Monday and oil fell as investors assessed data showing further weakness in China’s economy and comments from Federal Reserve officials showing it was wedded to its campaign of interest rate hikes to fight inflation. A strong set of earnings from Wall Street titans Amazon and Apple helped US markets end last week …

SINGAPORE, August 1(ABC): Oil prices dropped on Monday, as weak manufacturing data from China and Japan for July weighed on the outlook for demand, while investors braced for this week’s meeting of officials from OPEC and other top producers on supply adjustments. Brent crude futures were down 82 cents, or 0.8%, at $103.15 a barrel at 0608 GMT. U.S. West …

ISLAMABAD, July 31(ABC): Foreign investors, including Chinese, Kuwaiti and German companies have called upon the Pakistan federal government to issue notifications of the tariffs of as many as 11 wind and solar energy projects with a total capacity of more than 600 megawatts of clean and cheaper electricity, reported on Sunday. The tariffs of these projects have been duly approved …

RIYADH, July 31(ABC): Saudi Arabia’s year-on-year economic growth hit nearly 12 percent for the second quarter, led by a surging oil sector, the government’s statistics agency said Sunday. The Middle East’s largest economy has benefited from a spike in oil prices triggered by Russia’s invasion of Ukraine, and has largely resisted appeals from Western countries to raise output in order …

ISLAMABAD, July 31(ABC): The rate of inflation in the country in the last week reached record high of 37.6 percent amid higher food and fuel costs even as the nation closes in on an International Monetary Fund bailout. The Weekly Sensitive Price Indicator (SPI) for the Combined Group increased by 3.68% during the week ended Jul 28, 2022 while the …

NEW YORK, July 31(ABC):  Central banks and markets may have dropped the narrative that inflation is “transitory,” but there is a strong chance that current spikes in prices are temporary and will soon begin to trend downward, economists and former central bank policymakers told the Reuters Global Markets Forum (GMF). “I’ll confess I’m still in team transitory,” said the Bank …

KARACHI, July 30(ABC): Amid a dollar shortage and concerns over a delay in an International Monetary Fund (IMF) bailout programme, the Pakistani rupee witnessed its worst month since 1972, reported Saturday. The local currency depreciated nearly Rs34.5, or more than 14%, against the US dollar in July — the biggest monthly drop in history on possible default jitters as foreign currency …