May 29, 2020 (MLN): Pakistan Papers Products Limited (PPP) has informed via notification to PSX that the company has installed an imported brand-new state of the art 8 colour Narrow Web Flexo Printing machine in Pro Label segment.
This machine will enhance the company’s existing production capacity so that company can timely meet and execute the increased orders from its clients.
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July 14, 2020 (MLN): The Board of Directors of Dynea Pakistan Limited has approved the installation of a new Moulding Compound Plant at the Gadoon Unit.
With the new Plant, the total production capacity of Moulding Compound would be 24,000 metric tons, as per the notification issued to PSX.
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July 14, 2020: Federal Minister for Industries and Production Hammad Azhar has said the government has given a special economic package to the housing sector to alleviate poverty and unemployment in the country.
Talking to a private news channel, he said at least 140 industrial units are directly linked with the construction sector, and opening the housing sector would largely benefit the common citizens and low-income groups.
The minister said the COVID-19 has also hit business activities in the country.
Radio Pakistan
July 14, 2020: Fears over a spike in infections around the world, the re-imposition of containment measures and China-US tensions pushed Asian equities lower Tuesday, while oil prices were also hit by speculation top producers will begin tapering their output cuts.
And news that Singapore's economy, considered a regional barometer, contracted a mind-boggling 41 percent in the second quarter provided a stark reality-check for traders.
After hitting lows in March, markets have been surging ,thanks to government support, and optimism that the world economy will bounce back as crippling lockdowns are eased.
But a worrying increase in new cases across the planet has forced governments to revert to measures aimed at preventing the disease's spread.
California, the richest of the US states, ordered all indoor restaurants, bars and movie theatres to re-close, while churches, gyms, shopping malls, hair salons and non-essential offices have been told to shut up shop in several densely populated counties, including Los Angeles.
The measures follow new restrictions imposed in Texas, Arizona, Florida and other major states.
Meanwhile, Hong Kong on Monday announced sweeping new measures as the city suffers a relapse. Melbourne is already under a new lockdown and there are signs of new outbreaks in Sydney.
The new spikes come as World Health Organization chief Tedros Adhanom Ghebreyesus warned: "There will be no return to the 'old normal' for the foreseeable future."
He added that without governments adopting a comprehensive strategy, the situation would get "worse and worse and worse".
The developments overshadowed an announcement from Pfizer and BioNTech that two of four vaccine candidates for the virus received "Fast Track" designation from the US Food and Drug Administration.
- Singapore agony -
Asian tracked a weak lead from Wall Street.
Hong Kong fell 1.2 percent, Shanghai dropped 0.8 percent and Tokyo lost 0.8 percent. Sydney fell 0.7 percent and Seoul was off 0.5 percent with Taipei 0.1 percent lower, though Wellington and Jakarta edged up.
Singapore was 0.2 percent down after figures showed the city state's trade-dependent economy plunged into recession for the first time in a decade as it contracted a record 41.2 percent on-quarter in April-June and 12.6 percent on-year.
The worse-than-expected figures will also ring alarm bells for Asia's many trade-dependent economies as Singapore is typically hit first before ripples spread across the region.
"There is a risk that the divergence between a gloomy economic outlook and unexpectedly strong returns from equity markets is reconciled by some pull-back in asset prices rather than a surge in economic optimism," said Chris Iggo, at AXA Investment Managers. "There is a case for caution."
Geopolitical tensions were also back on the table after US Secretary of State Mike Pompeo called China's pursuit of resources in the South China Sea "unlawful", ramping up support for Southeast Asian nations and triggering an angry response from Beijing.
The comments added to a laundry list of issues that have the two economic superpowers at odds, including China's role in the pandemic outbreak, trade, Hong Kong and Huawei.
"The US relationship with China and jobs and law-and-order form the troika of issues that will serve as the primary platform for President Trump's re-election campaign," said Stephen Innes at AxiCorp.
"Growing US-China tensions are now a daily breakfast staple and will likely remain so into the November election."
Oil markets were sharply lower as new lockdowns fuel concerns about demand, while focus is on this week's technical gathering of key crude producers inside and outside OPEC who are expected to roll back production cuts.
The group will discuss its 10-million-barrels-a-day cut in production that was agreed earlier this month to support prices as they plunged to record lows, with speculation the figure could be tapered to around 7.7 million.
- Key figures around 0230 GMT -
Tokyo - Nikkei 225: DOWN 0.8 percent at 22,593.27 (break)
Hong Kong - Hang Seng: DOWN 1.2 percent at 25,461.50
Shanghai - Composite: DOWN 0.8 percent at 3,417.21
West Texas Intermediate: DOWN 2.2 percent at $39.23 per barrel
Brent North Sea crude: DOWN 1.8 percent at $41.95 per barrel
Euro/dollar: DOWN at $1.1340 from $1.1344 at 2050 GMT
Dollar/yen: DOWN at 107.19 yen from 107.24 yen
Pound/dollar: DOWN at $1.2544 from $1.2551
Euro/pound: UP at 90.41 pence from 90.38 pence
New York - Dow: FLAT at 26,085.80 (close)
London - FTSE 100: UP 1.3 percent at 6,176.19 (close)
AFP/APP
July 13, 2020 (MLN): The sale of passenger cars during FY20 was recorded at 96,455 units against a total production of 94,325 units, which is around 53.5 percent lower as compared to the 207,630 units sold in the last year.
According to a monthly report released by Pakistan Automotive Manufacturer's Association (PAMA), the overall sales during the month of June 2020 stood at 7,325 units against an overall production of 5,041 units, which is around 92.8 percent higher than the sales of the previous month and 50.4 percent lower than the sale recorded in the same month of the previous year
A research report by EFG Hermes has pointed our sharp improvement in monthly momentum, due to the lifting of lockdown and resumption of production across several auto companies. The volumetric sale figures were, however, still below pre-COVID-19 levels.
However, the yearly performance turned out to be disastrous due to a number of factors including currency depreciation, higher interest rates, and, an increase in Federal Excise Duty. Moreover, incessant hike in prices along with a slowdown in car financing owing to higher interest rates took a deeper toll on the annual sales.
The Maximum number of sales were made within the '1300 cc and Above' category at 39,386 units. Within this category, Toyota Corolla recorded the highest sales at 22,140 units, followed by Honda Cars and Suzuki Swift which sold 14,091 and 1,327 units, respectively. The newly launched Toyota Yaris saw a cumulative sale of 1,327 units within the two months of its launch.
The second-highest number of sales were made within the 'Below 1000cc' category at 37,778 units. Within this category, Suzuki Alto recorded the highest sales at 30,916 units, followed by Suzuki Bolan and Suzuki Mehran that sold 5,159 and 1,703 units, respectively.
On the contrary, the '1000 cc' category witnessed a sale of 19,291 units during the month. wherein Suzuki Cultus recorded the highest sales at 12,307 units, followed by Suzuki WagonR that sold 6,984 units.
The total number of trucks sold during the year stood at 3,088 units, which translates into a decline of 47 percent as compared to the previous year. Isuzu emerged as the best-selling truck, with sales of around 1,582 units during the year, with Hino following the lead with sales of 1,038 units.
The overall sale of buses was recorded at 559 units, which signifies a decline of 40.2 percent as compared to the previous year. Within this segment, Hino made the maximum sales at 262 units, while Master took the second spot by selling around 177 units during the period under review.
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