COLOMBO, July 29(ABC): The World Bank said Friday it would not offer new funding to Sri Lanka unless the bankrupt island nation carried out “deep structural reforms” to stabilise its crashing economy. Sri Lanka has suffered an unprecedented downturn with its 22 million people enduring months of food and fuel shortages, rolling blackouts and rampant inflation. The South Asian nation …

ISLAMABAD, Jul 29 (ABC): Pakistan’s goods and services trade with the United State of America (USA) witnessed an increase of 44.91 percent during twelve months of fiscal year (2021-22) as compared to the corresponding period of last year. The overall exports to the USA were recorded at US $ 6798.982 million during July-June (2021-22) against exports of US $5030.724 million …

LONDON, July 29(ABC): British Airways parent IAG said Friday it flew back into profit for the first time since the start of the Covid pandemic, boosted by a “strong recovery” in demand. IAG said in a statement that it swung back to net profit of 133 million euros ($135 million) in the second quarter from a loss of 981 million …

FRANKFURT, July 29(ABC): German growth stagnated in the second quarter of the year, official data showed on Friday, as analysts warned that a recession could be round the corner amid a looming energy crisis. Europe’s largest economy grew zero percent due to “difficult” global economic conditions, the federal statistics agency Destatis said. The continuing impact of the “Covid-19 pandemic, interruptions …

TOKYO, July 29(ABC): Sony trimmed its annual net profit forecast on Friday, partly due to acquisition expenses from the purchase of US game studio Bungie, creator of hits like “Halo” and “Destiny”. The PlayStation maker announced in February it would buy Bungie for $3.6 billion, weeks after rival Microsoft unveiled a landmark pact to acquire “Call of Duty” maker Activision …

LONDON, July 29(ABC): Wall Street stocks rose on Thursday despite data showing the US economy contracted for a second straight quarter as investors took it as a signal the Federal Reserve may slow interest rate hikes. The increase follows a surge in Wall Street’s main stock indices on Wednesday, after investors welcomed comments by US Federal Reserve chief Jerome Powell …

ISLAMABAD, July 29(ABC): Tobacco exports during the twelve months of fiscal year of 2021-22 grew up by 51.24 percent as compared to the exports of the commodity during the corresponding period of last year. During the period from July-June 2021-22, Tobacco worth US $54,384 were exported as compared to the exports of US $ 35,959 during the same period of …

ISLAMABAD, July 29(ABC): Pakistan’s exports to the seven regional countries witnessed an increase of 16.97 percent in twelve months of fiscal year (2021-22), as compared to the corresponding period of last year. The country’s exports to seven regional countries including Afghanistan, China, Bangladesh, Sri Lanka, India, Nepal and the Maldives account for a small amount of $4591.998 million, which is …

KARACHI, July 28(ABC): Gold price rose to a fresh record high of Rs162,500 per tola on Thursday — after recording a single-day highest rise of Rs10,500 — with investors scurrying for a safe haven after a softening currency and bleak economic data underlined the shaky pace of growth. Data released by the All Sindh Saraf and Jewellers Association (ASSJA) showed …

ISLAMABAD, July 28(ABC): Pakistan’s two leading car assemblers, Toyota and Suzuki, plan partial plant shutdowns from next month due to unavailability of raw material amid import restrictions and exchange rate volatility, officials at both companies said. The Toyota company has now been offering refunds to customers facing delays and mark-ups on their payments, with deliveries likely to be delayed by …