LONDON, July 28(ABC): British energy giant Shell said Thursday that its net profit soared more than five-fold to $18 billion in the second quarter, fuelled by resurgent oil and gas prices, and rewarded shareholders with another bumper buyback. The surge in profits in the three months to June was partially attributable to a reversal of $4.3 billion in impairments after …

LAHORE, July 28(ABC): The volume of bilateral trade between Pakistan and Iran can comfortably swell from existing level of $Ibn to $5bn annually if potentials of either sides are fully exploited, said Meher Kashif Younis, Coordinator to Federal Tax Obdusman. It was stated here on Thursday while talking to delegation of Gold Ring Economic Forum think tank led by it’s …

SINGAPORE, July 28(ABC): Oil gained more than $1 a barrel on Thursday, extending gains from the previous session, buoyed by improved risk appetite among investors while lower crude inventories and a rebound in gasoline demand in the United States supported prices. Brent crude futures for September rose $1.20, or 1.1%, to $107.82 a barrel by 0158 GMT, after gaining $2.22 …

LAHORE, Jul. 27 (ABC): Pakistan-China Joint Chambers of Commerce and Industry (PCJCCI) has planned dairy products export to China, reported on Wednesday. The cooperation between China and Pakistan in the dairy industry and China’s demand for high-quality dairy products will provide a contemporary path of development for Pakistan’s dairy industry, said Wang Zihai President PCJCC at a think-tank session held here at the PCJCCI …

ISLAMABAD, Jul. 27 (ABC): In a major development, exports have been set in motion for the first time in Gwadar Free Zone under the backdrop of exemption from all sorts of taxes and custom duties in the Free Zone for a period of 20 years,  reported on Wednesday. Along with exports to foreign countries, Gwadar Free Zone (GFZ, both South …

ISLAMABAD, July 27(ABC): The production of farm tractors in the country witnessed an increase of 16.01 percent to 58,880 units during the twelve months of fiscal year 2021-22, against the production of 50,751 units in same months of last year. During the period under review, the production of trucks also witnessed an increasing trend as it went up from 3,808 …

KARACHI, July 27(ABC): Pakistan’s current account deficit — the gap between the country’s higher foreign expenditure and low income — widened to $2.3 billion in June 2022 despite higher exports and remittances. According to the State Bank of Pakistan, the current account deficit of the country has risen to $2.3 billion in June 2022 compared to a deficit of $1.6 …

KARACHI, July 27(ABC): Pakistan’s two leading car assemblers, Toyota and Suzuki, plan partial plant shutdowns next month due to unavailability of raw material amid import restrictions and exchange rate volatility, officials at both companies said on Wednesday. The government in recent weeks has attempted to curb imports in the face of fast depleting foreign reserves, a declining currency and a …

SAN FRANSISCO, July 27(ABC): Google-parent Alphabet reported Tuesday its profit and revenue slipped as the internet giant’s long sizzling ad revenue growth cooled, but the market seemed relieved the news wasn’t worse. Big tech firms are grappling with multiple problems, from inflation to the war in Ukraine, and results in general for the quarter have not been great so far. …

HONG KONG, July 27(ABC): Stocks fell Wednesday as recession fears returned to the forefront of traders  minds ahead of an expected Federal Reserve interest rate hike later in the day. The selling followed a steep drop on Wall Street fuelled by concerns that four-decade high inflation and rising borrowing costs were keeping Americans from spending, and pushing the economy towards …