BEIJING, July 27(ABC): Pakistan’s rice export to China in the first six months of this year is worth around US$345 million, compared with the US$ 258 million in the same period last year, according to the General Administration of Customs of the People’s Republic of China (GACC). Pakistan’s rice exports witnessed a 23% growth in the fiscal year 2021-2022 and …

WASHINGTON, July 27(ABC): The International Monetary Fund cut global growth forecasts again on Tuesday, warning that downside risks from high inflation and the Ukraine war were materializing and could push the world economy to the brink of recession if left unchecked. Global real GDP growth will slow to 3.2% in 2022 from a forecast of 3.6% issued in April, the …

LONDON, July 26(ABC): Oil prices rose on Tuesday for a second day on increasing concerns about tightening European supply after Russia, a key energy supplier to the region, cut gas supply through a major pipeline. Brent crude futures rose $1.14, or 1.1%, to $106.29 a barrel by 1029 GMT, extending a 1.9% gain the previous day. US West Texas Intermediate …

KARACHI, July 26(ABC): The gold price soared to a record high at Rs149,500 per tola (11.66 grams) in Pakistan on Tuesday. The surge was contradictory to the decline in the prices of the commodity in global markets. Gold prices in the local bullion market soared by Rs1,200 per tola and Rs1,029 per 10 grams today to reach an all-time high …

DHAKA, July 26(ABC): Bangladesh has sought a $4.5 billion loan from the International Monetary Fund, reported on Tuesday, the latest country in South Asia to seek such support amid rising pressure on the economies of the region. Bangladesh has sought the funds for its balance of payment and budgetary needs, as well as for efforts to deal with climate change, …

KARACHI, July 26(ABC): The Pakistan Stock Exchange (PSX) ended the second session of the rollover week on a flat note on Tuesday, with the benchmark KSE-100 index crawling up nearly 50 points. The index oscillated between red and green zones as certain sectors experienced selling pressure. Investors were concerned over rising political tensions, which prevented the market from advancing further. …

NEW YORK, July 26(ABC):Walmart cut its profit outlook Monday as surging inflation prompts shoppers to cut back on higher-margin items as they contend with increased prices for gasoline, food and other staples. The world’s biggest retailer now expects a double-digit decline in operating income for both the second quarter and full year after previously projecting the potential for a slight …

ISLAMABAD, Jul 25 (ABC): In order to give a strategic boost to commercial activities, an e-custom clearance system “Web Based One Custom” (WeBOC) has been installed in Gwadar Free Zone, Gwadar Pro reported on Monday. It is a milestone development in the history of Gwadar Port Free Zone consisting of the South Free Zone (Phase I) and the North Free …

ISLAMABAD, July 25 (ABC): Chairman of Pakistan Hi Tech Hybrid Seed Association (PHHSA) Shahzad Ali Malik called for Pakistani farmers to use modern Chinese agricultural technologies to get bumper crops in order to make the country self-sufficient in food. Mr. Malik said Pakistani growers should acquaint themselves with new technologies like mechanized direct-seeded rice (DSR), which saves 50 percent of …

TOKYO, July 25(ABC): Oil prices dropped on Monday, extending a recent losing streak on concerns that an expected rise in US interest rates would weaken fuel demand. Brent crude futures for September settlement fell $1.19, or 1.2%, to $102.01 a barrel by 0645 GMT, down for a fourth day. US West Texas Intermediate (WTI) crude futures for September delivery slid …