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Dutch Company shows interest to invest $1.3bln in Karachi...

November 27, 2020: A Dutch company has expressed willingness for the establishment of plants for desalination of water and power generation from the garbage in Karachi with the investment of 1.3 billion dollars.

The proposal of AWTEC Netherland was presented at a meeting presided over by Prime Minister Imran Khan in Islamabad.

The Dutch company also expressed deep interest in investment in the Ravi City Project and the establishment of a renewable energy plant in Lahore.

The meeting reviewed progress on projects of Pakistan Islands Development Authority and Ravi River Urban Development Authority.

Speaking on this occasion, the Prime Minister said Pakistan is facing continuous problems due to the unavailability of appropriate arrangements for garbage processing.

He said Pakistan’s water resources particularly its coastal-line was badly affected due to these problems.                                    

The Prime Minister said such projects would help provide residential facilities of international standard in cities.

Radio Pakistan

Asian shares grind lower amid vaccine doubts, economic concern

November 27, 2020: Asian shares fell slightly on Friday, pulling back from a record high hit earlier this week, amid renewed doubts about a highly-anticipated coronavirus vaccine and concern about the economic impact from the pandemic.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.07%. Australian shares were down 0.15%. Japan's Nikkei fell 0.09%.

U.S. S&P 500 e-mini stock futures fell 0.24% in early Asian trade. U.S. financial markets were closed on Thursday for the Thanksgiving holiday and will trade on a partial schedule later on Friday.

Oil prices looked set to extend their declines from a seven-month high due to signs of oversupply.

British drugmaker AstraZeneca's coronavirus drug was touted as a "vaccine for the world" due to its inexpensive cost, but the efficacy of the vaccine is now facing more intense scrutiny, which experts say could delay its approval.

Several scientists have raised doubts about the robustness of results showing the shot was 90% effective in a sub-group of trial participants who, by error initially, received a half dose followed by a full dose.

"With global case numbers having now topped 60 million... there is certainly some rough terrain ahead for the global recovery, and that can create economic scarring," analysts at ANZ Bank wrote in a memo.

MSCI's broadest gauge of world stocks was up 0.02% on Friday in Asia, sitting just below a record high reached in the previous session.

Doubts about the distribution of a coronavirus vaccine have placed renewed focus on the current state of the pandemic, which looks grim for many places.

U.S. hospitalizations for COVID-19 are at a record and experts warn that Thanksgiving could lead to further infections and deaths.

More than 20 million people across England will be forced to live under the toughest restrictions even after a national lockdown ends on Dec. 2. Partial lockdowns in some European countries have also raised concern about economic growth.

The European Central Bank's chief economist highlighted these concerns in dovish comments on Thursday, which pushed European bond yields lower.

The euro, which last bought $1.1910, showed little reaction because currency traders have largely priced in expectations for additional ECB easing next month.

The dollar index was near its lowest in more than two months, but moves were subdued due to the U.S. trading holiday.

U.S. crude dipped 1.71% to $44.93 a barrel.

Fuel demand is falling due to renewed coronavirus lockdowns, but some oil producers are not complying with agreed production cuts, which raises concerns about oversupply.

Spot gold, which is often sought during times of uncertainty, was little changed at $1,809.51 per ounce following a 0.3% gain on Thursday.

Bitcoin, the world's biggest cryptocurrency, steadied at $17,180 on Thursday, but it tumbled by 8.4% in the previous session after failing to take out its record high of $19,666.

Bitcoin has rallied around 140% this year, fuelled by demand for riskier assets.

Reuters

SBP to Conduct 7 Day OMO

November 27, 2020 (MLN): The State Bank of Pakistan (SBP) announced that it will conduct a 7 day OMO to inject funds into the market.

Quotes timing is: 10:30 PST while result will be announced at: 11:00 PST

Settlement is same day - November 27, 2020

 

Copyright Mettis Link News

Britain offers support to mitigate socio-economic impact of COVID-19

November 27, 2020: British High Commissioner Dr. Christian Turner called on the Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh in Islamabad yesterday.

The Adviser exchanged views with the High Commissioner on matters of common interest.

The Adviser briefed him about the measures taken by the Government to lessen the adverse economic impact and protect vulnerable segments of the society during the coronavirus pandemic. 

He shared the economic outlook for Pakistan with the High Commissioner and highlighted that Pakistan has registered an upward trend in foreign remittances, FDI, tax collection and had a current account surplus during the first quarter of the current fiscal year. 

He also explained that owing to the strategy of smart lockdown, the economy has started to recover pace.

The High commissioner offered to provide all possible help from the British Government for the people of Pakistan in mitigating the socio-economic impact of the pandemic.

The Adviser thanked the High Commissioner for his assistance.

Radio Pakistan

 

China-ASEAN Expo to begin in Guangxi today

November 27, 2020: Pakistan is participating in the four-day China-ASEAN Expo in Guangxi province begins on Friday.

Speaking at a news conference, the Spokesperson of the Chinese Ministry of Commerce Gao Feng said that President Dr. Arif Alvi will deliver a special message through video link, together with the leaders of China and ASEAN countries at the inaugural ceremony.

Pakistan’s full-spectrum participation includes a dedicated pavilion, extra booths for enterprises and special trade and investment events to highlight opportunities for China and ASEAN countries in Pakistan.

Radio Pakistan

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