July 3, 2020: The number of working hours lost across the world in the first half of 2020 was significantly worse than previously estimated, while the highly uncertain recovery in the second half of the year will not be enough to go back to pre-pandemic levels, even in the best scenario, and risks seeing continuing large scale job losses, warns the International Labour Organization (ILO).
According to the ILO Monitor: COVID-19 and the world of work: 5th Edition, there was a 14 per cent drop in global working hours during the second quarter of 2020, equivalent to the loss of 400 million full-time jobs (based on a 48-hour working week). This is a sharp increase on the previous Monitor’s estimate (issued on May 27), of a 10.7 per cent drop (305 million jobs).
The new figures reflect the worsening situation in many regions over the past weeks, especially in developing economies. Regionally, working time losses for the second quarter were: Americas (18.3 per cent), Europe and Central Asia (13.9 per cent), Asia and the Pacific (13.5 per cent), Arab States (13.2 per cent), and Africa (12.1 per cent).
The vast majority of the world’s workers (93 per cent) continue to live in countries with some sort of workplace closures, with the Americas experiencing the greatest restrictions.
Key challenges ahead
While countries have adopted policy measures with unprecedented speed and scope, the Monitor highlights some key challenges ahead:
Finding the right balance and sequencing of health, economic and social and policy interventions to produce optimal sustainable labour market outcomes.
Implementing and sustaining policy interventions at the necessary scale when resources are likely to be increasingly constrained.
Protecting and promoting the conditions of vulnerable, disadvantaged and hard-hit groups to make labour markets fairer and more equitable.
Securing international solidarity and support, especially for emerging and developing countries.
Strengthening social dialogue and respect for rights.
“The decisions we adopt now will echo in the years to come and beyond 2030. Although countries are at different stages of the pandemic and a lot has been done, we need to redouble our efforts if we want to come out of this crisis in a better shape than when it started,” said ILO Director-General Guy Ryder.
July 3, 2020 (MLN): The Ministry of Industries and Production submitted a proposal to the Economic Coordination Committee (ECC) on Friday, which stated that the national inventory for Urea fertilizer would be below the buffer stock level of 200,000 metric tonnes in the months of December 2020 to February 2021.
The ECC took up the proposal and decided that in order to cover this gap and maintain the buffer stocks at the required level, gas at the rate of Rs 756 MMBTU be provided to two shutdown plants at SNGPL networks, namely Agritech and Fatima Fertilizer, for three months w.e.f. July-September.
This would involve the GoP’s share at Rs 959 million much less than the revenue spent previously on using these plants to produce the Urea fertilizer to cover up the shortage.
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July 03, 2020: On Thursday at Pakistan Mercantile Exchange Limited, PMEX Commodity Index inched lower by only 5 points to close at 4,427. The traded value of Metals, Energy and COTS/FX was recorded at PKR 11.664 billion and the number of lots traded was 13,420.
The major business was contributed by Gold amounting to PKR 7.283 billion, followed by NSDQ 100 (PKR 1.565 billion), Currencies through COTS (PKR 909.368 million), DJ (PKR 647.578 million), Silver (PKR 551.653 million), Crude Oil (PKR 343.368 million), Platinum (PKR 195.629 million), SP500 (PKR 82.982 million), Natural Gas (PKR 54.631 million) and Copper (PKR 29.355 million).
In agriculture commodities, 9 lots of Cotton amounting to PKR 4.707 million and one lot of Wheat amounting to PKR 4.099 million were traded.
July 3, 2020 (MLN): Domestic equities remained range-bound today, after dithering between red and green zone, ultimately fell into bull’s territory with a gain of just 73 points and closed the week at 35,051 points mark. This was 0.2% higher compared to yesterday’s closing.
Over the week, KSE-100 index gained 1,111 points, translating into a WoW increase of 3.3%, despite the terrorist attack at Pakistan Stock Exchange building.
Potential triggers of this optimism were likely clarity over foreign exchange reserve buffer, muted political noise, and smooth approval of federal budget without much resistance, a report by BMA capital mentioned.
Speaking of today’s session, the Index traded in a range of 186.84 points or 0.53 percent of previous close, showing an intraday high of 35,105.16 and a low of 34,918.32.
Of the 90 traded companies in the KSE100 Index 42 closed up 44 closed down, while 4 remained unchanged. Total volume traded for the index was 108.99 million shares.
Sectors propping up the index were Pharmaceuticals with 34 points, Commercial Banks with 32 points, Fertilizer with 28 points, Technology & Communication with 16 points and Insurance with 7 points.
The most points added to the index was by FFC which contributed 24 points followed by SEARL with 23 points, TRG with 21 points, UBL with 21 points and BAFL with 15 points.
Sector wise, the index was let down by Cement with 33 points, Power Generation & Distribution with 13 points, Oil & Gas Marketing Companies with 13 points, Chemical with 2 points and Sugar & Allied Industries with 2 points.
The most points taken off the index was by LUCK which stripped the index of 16 points followed by HUBC with 12 points, OGDC with 9 points, MCB with 8 points and PSO with 7 points.
All Share Volume decreased by 207.32 Million to 175.76 Million Shares. Market Cap increased by Rs.10.43 Billion.
Total companies traded were 346 compared to 381 from the previous session. Of the scrips traded 155 closed up, 172 closed down while 19 remained unchanged.
Total trades decreased by 54,527 to 67,947.
Value Traded decreased by 5.76 Billion to Rs.6.74 Billion
|Jahangir Siddiqui & Co. Ltd.||12,745,000|
|Pakistan Telecommunication Company Ltd||8,320,000|
|Maple Leaf Cement Factory||7,598,000|
|The Searle Company||6,261,400|
|Technology & Communication||51,784,600|
|Inv. Banks / Inv. Cos. / Securities Cos.||14,822,900|
|Power Generation & Distribution||9,606,710|
|Vanaspati & Allied Industries||8,068,100|
|Food & Personal Care Products||7,975,500|
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