September 13, 2021: Federal Board of Revenue in an effort to facilitate overseas Pakistanis has allowed tax-exempted remittances through international exchange companies, money transfer companies and money services businesses from abroad.
This is in addition to remittances through normal banking channels.
Radio Pakistan
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October 18, 2021: Sindh Governor Imran Ismail on Sunday reiterated that the government believed that attention and investment in skills development was a national priority, and efforts were underway to improve governance and private sector participation in the technical vocational education and training sector (TVET).
He stated this as a chief guest at a certificate distribution ceremony of Skills Competition, 1st Karachi International Salonniere Certificate Ceremony, under Technical and Vocational Education Training Sector Support Program (TVET-SSP) at a local hotel, said a press release.
‘It was a competition of cooking among chefs of Pakistan, Germany, Norway, Greece, Azerbaijan, South Africa and Sri Lanka.’
TVET-SSP is funded by European Union and government of Germany & Norway for supporting Pakistan to improve the access, quality, and relevance of TVET.
The program is being implemented by GIZ, in close collaboration with NAVTTC, TEVTAs and Private Sector.
The Governor appreciated the endeavours of Chef Association of Pakistan for
organising such a colourful and tasteful event and their resolve to represent Pakistan in the coming international chef competition. He also assured maximum possible support and assistance to the association for promoting their future programmes.
APP
October 18, 2021 (MLN): Commodities are scaling new peaks with each passing day as coal, Liquefied Natural Gas (LNG), crude; zinc, etc are at their highest since the 2008 crisis.
At the moment, LNG spot prices are well above the $55 per MMBtu mark and are unlikely to stop here as buyers are flocking to the market to secure supplies for winters as temperatures begin to fall in the Asian markets.
The government has messed up its LNG procurement business almost every year during the winters. In addition to unnecessary politicization of long-term LNG supply agreements and its initial reluctance to open up the sector for private investors leading to inadequate storage and low supplies, the government has failed at the basic task of forecasting demand and securing supplies beforehand.
The approvals for necessary infrastructure such as the Pakistan Stream Gas Pipeline have been delayed time and again leading to inadequate supplies for the northern region where winters are much harsher than in the south.
Currently, the Pakistan State Oil (PSO) and Pakistan LNG Ltd (PLL) are the only two government entities with the mandate to import LNG into the country. These two use Engro and Pakistan Gasport terminals and their FSRUs for transmission and distribution through the Sui Southern Gas Company Ltd (SSGC) and Sui Northern Gas Pipelines Ltd (SNGPL) systems.
In addition to the long-term contracts to supply baseload gas requirements in the country, PSO and PLL seek spot cargos during winters. The spot cargos are naturally more expensive than those arriving under long-term contracts.
This year around, the situation is even worse. PLL invited eight cargoes, four each for December and January but received no bids from suppliers. This was mainly because the orders have piled up for LNG suppliers. Asian buyers are scrambling to get their hands on precious gas as their dependence has increased on LNG fuel over the last half-decade. Meanwhile, alternate fuels such as coal and crude which could be substituted for LNG (in the power sector) have also become dearer. The commodity boom set off by the post-pandemic economic recovery has sent the prices of coal and crude skyrocketing.
Energy Minister Hammad Azhar thinks the solution to the imminent gas shortage lies in fewer supplies for consumers and promoting electric appliances for heating and cooking during winters.
The minister and government argue that the gas should be reserved for more productive sectors i.e. fertiliser, textile, captive power plants etc. where recoveries are way better. So, he has sought a halt in the supply of imported gas to household consumers. As a counter-strategy, Azhar wants household users to purchase new electricity geezers and stoves instead of those powered by gas. While pushing for electricity geezers, the government on the other hand has hiked the electricity tariff by Rs1.10 per unit under pressure from the International Monetary Fund (IMF).
Although, asking consumers to shift from gas to electricity during winters might seem like a eureka! moment to the current government, such a massive shift in habits of an entire country takes decades. The consequence of this shortfall – mainly because of the government’s incompetence and partly because of the commodity boom – would result in political upheaval as the opposition would definitely exploit the population’s sentiments.
Meanwhile, the gas supplies to fertilizer, textile sectors, which are already subsidized, will have to be rationed thereby reducing the output and affecting the overall large-scale manufacturing sector. In order to ensure the engines of growth are running, the government will have to increase its subsidy for the various sectors which is unlikely to be approved by the IMF.
So, it seems that consumers – commercial as well as residential – will have to pay higher gas prices as well as higher electricity tariffs. Meanwhile, both these measures will likely increase the overall quantum of inflation adding to the further misery of the common man who is still paying for the rupee’s unbridled fall against the USD two years ago.
Copyright Mettis Link News
October 18, 2021: Peaceful Afghanistan could harness its potential as to the “Heart of Asia” and connect to the south and central Asian regions.
President SAARC Chamber of Commerce and Industry Iftikhar Ali Malik said on Sunday while talking to a delegation of traders led by Mian Faryad Ahmad Raza.
He said the current Afghan peace process is a must to make it.
He said over the past forty years of conflicts, Afghanistan’s potential to contribute towards development and prosperity in Asia was unrealized.
He said unlock opportunities for all in developing infrastructure is need of the hour to integrate the region and stimulate the country’s fragile economy, doing so would not only increase regional engagement but also serve their economic interests and open up access avenues to new markets. He said improved infrastructure would offer ample opportunities to trade an array of goods via land routes that are most efficient economically than air routes.
Iftikhar Ali Malik said Pakistan, too, would benefit from a peaceful Afghanistan. A direct land route to Central Asia through Afghanistan would provide Pakistan a more efficient and convenient alternative to its current routes through Iran or China. Pakistan would be able to access new markets for its goods and strengthen ties with its Muslim majority neighbors.
He said Afghanistan can leverage its strategic geographical position not only to begin to rebuild its economy but also help the region achieve greater prosperity. Yet that only underscores the need for countries in the region to prioritize the task of crafting consensus for peace in Afghanistan, a necessary condition to harness this untapped potential.
While concluding Iftikhar Ali Malik said creating land corridors through Afghanistan would give the Central Asian countries access to Iran, in one direction and to Pakistan, India and the greater Indo- Pacific region in another.
He said regional connectivity would also help restart Afghanistan’s fractured economy most notedly by connecting it to the region’s largest markets in South Asia.
He said such infrastructure would accelerate trade and the flow of people, ideas between both regions, and the additional flow would stimulate innovation, job opportunities and economic growth.
APP
October 18, 2021: Oil prices hit their highest in years on Monday as demand continues its recovery from the COVID-19 pandemic, boosted by more custom from power generators turning away from expensive gas and coal to fuel oil and diesel.
Brent crude oil futures rose 87 cents, or 1%, to $85.73 a barrel by 0111 GMT, the highest price since October 2018.
U.S. West Texas Intermediate (WTI) crude futures climbed $1.12, or 1.4%, to $83.40 a barrel, the highest since October 2014.
Both contracts rose by at least 3% last week.
"Easing restrictions around the world are likely to help the recovery in fuel consumption," analysts from ANZ bank said in a note on Monday.
"The jet fuel market was buoyed by news that the U.S. will open its borders to vaccinated foreign travellers next month. Similar moves in Australia and across Asia followed."
They added that gas-to-oil switching for power generation alone could boost demand by as much as 450,000 barrels per day in the fourth quarter.
Still, supply could also increase from the United States, where energy firms last week added oil and natural gas rigs for a sixth week in a row as soaring crude prices prompted drillers to return to the wellpad.
The U.S. oil and gas rig count, an early indicator of future output, rose 10 to 543 in the week to Oct. 15, its highest since April 2020, energy services firm Baker Hughes Co said last week.
China's economy, meanwhile, likely grew at the slowest pace in a year in the third quarter, hurt by power shortages, supply bottlenecks and sporadic COVID-19 outbreaks.
The world's second-largest oil consumer issued a new batch of oil import quotas for independent refiners for 2021 that show total annual allowances were lower than last year, a first reduction of import permits since these firms were allowed into the market in 2015.
Reuters
