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MoC releases Rs1.78 billion DLTL refunds for Textile sector

December 04, 2020 (MLN): Ministry of Commerce has released Rs. 1.78 billion for Textiles Sector under Drawback of Local Taxes and levies (DLTL) scheme.

 The aforesaid announcement was made by Advisor to PM on Commerce and Industries, Abdul Razak Dawood on his Twitter handle.

‘I hope this will resolve the liquidity issues of our exporters & enable them to enhance exports. The DLTL for Non-Textile Sector are also being released shortly’, he said.

Copyright Mettis Link News

Drop in US jobless claims small bright spot in...

December 04, 2020: A drop in new applications for US unemployment benefits reported Thursday offered small comfort to the millions of Americans who will see pandemic aid expire without an agreement in Congress on a new relief program.

With just weeks left before President-elect Joe Biden takes office, Republicans and Democrats remain at odds over what should be included in a new spending package to help businesses and families struggling from the damage inflicted by Covid-19.

New US jobless claims fell to 712,000 last week, a better-than-expected decline of 75,000, seasonally adjusted, the Labor Department reported Thursday.

Economists had been anticipating the number of new claims to hold steady after spiking in the week ended November 21 to an upwardly revised 787,000.

Combined with Pandemic Unemployment Assistance -- which goes to people who normally would not qualify for benefits -- there were still more than a million new claims for some form of benefit last week.

The report showed that through the week ended November 14, 20.2 million people continued to receive some form of unemployment benefit, including through the special pandemic programs that will terminate at the end of the year.

The fate of those programs remains uncertain as Congress has yet to break the impasse over a new federal relief plan that can be approved in the "lame duck" session before Biden takes charge of the White House.

                                 

                  - Congress keeps talking -

 

Democratic leaders in Congress have thrown their support behind a $908 billion bipartisan proposal, at least as a starting point for discussions, and Biden too said it would be a good first step.

"That would be a good start. It's not enough," Biden said in a joint CNN interview with Vice President-elect Kamala Harris, adding that he would pursue further aid after he takes office on January 20.

"People are really hurting. They're scared to death."

But Republican Senate Majority Leader Mitch McConnell continues to press for a much more limited plan of about $500 billion that repurposes unspent funds from the $2.2 trillion CARES Act approved in March.

McConnell on Thursday urged lawmakers to support his plan.

"Compromise is within reach," he said on the Senate floor, describing his proposal as "serious and highly targeted relief" that contains "elements which we know the president is ready and willing to sign into law."

"Why should these impactful and non-controversial life-preservers be delayed one second longer?" McConnell said.

             

                  - Double-dip recession -

                               

Asked about McConnell's proposal, President Donald Trump indicated he would support it.

"I want it to happen. And I believe we are getting very close to a deal," Trump told reporters.

 But top Senate Democrat Chuck Schumer pushed back, saying McConnell's stance is "take it or leave it." He called for "good faith" talks and stressed the urgency as the economy falters.

"Many family budgets and small businesses are at their breaking point," Schumer said, noting that economists have warned of a double-dip recession where growth falters again after an apparent recovery.

Biden's Treasury secretary nominee Janet Yellen on Wednesday called the crisis "an American tragedy."

US employment spiked during the pandemic to nearly 15 percent, but in October had recovered to 6.9 percent. However there have been growing signs the labor market recovery has stalled as surging Covid-19 cases prompt more business restrictions.

The Labor Department will release its November employment report Friday, with analysts expecting the unemployment rate to hold steady as the economy adds 650,000 jobs, about the same as the prior two months.

                        

                  - Will it last? -

                                   

Economists warn the big drop in last week's jobless claims could be a blip since the data are for the week that includes the Thanksgiving holiday, which could skew the figures.

"The plunge in initial claims does not refute the idea that the trend is rising," said Ian Shepherdson of Pantheon Macroeconomics.

He warned that "initial claims likely will rebound strongly next week, probably rising above the 800,000 mark for the first time in eight weeks."

Rubeela Farooqi, the chief US economist at High-Frequency Economics, highlighted the danger posed by the potential for rising layoffs in coming weeks.

"The hit to household balance sheets from the job and income loss as well as expiring federal benefits is a downside risk for spending going forward."

AFP/APP

SBP to Conduct 7 Day OMO

December 04, 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 - December 04, 2020

 

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PM directs to facilitate allied industries connected to construction...

December 04, 2020: Prime Minister Imran Khan has directed to ensure the provision of facilities to allied industries connected to the construction sector to keep moving the economy's wheel of the country.

He was chairing the weekly meeting of the National Coordination Committee for Housing, Construction, and Development in Islamabad yesterday.

Imran Khan said Islamabad is the only planned city of Pakistan, but now its outlook is getting worse. He directed to ensure measures to protect green areas in the federal capital.

Governor State Bank informed the meeting that banks have almost achieved the quarterly targets regarding Housing and Construction sector. He said banks have been instructed to provide further facilities to the consumers. 

Chairman Capital Development Authority briefed the meeting that work on automation is continuing with great pace and will be completed by the end of this month. He said the automation will save people from unnecessarily visiting CDA offices. He said CDA has so far received maps of four out of 12 commercial plots on which construction will be started soon.

Meanwhile, Prime Minister Imran Khan has directed for implementation of an industrial package provided for industries.

Presiding over a meeting regarding reforms introduced in the energy sector, in Islamabad today, he also directed for sustainable resolution of problems related to the energy sector and to take every possible step in providing facilities to the general public.

The meeting was informed on the progress of the reform process and negotiation with IPPs.

The meeting was attended by Ministers for Planning, Information, Industries and Production, Power Division and Advisors on Finance, Petroleum and others.

Radio Pakistan

China acknowledges major progress in CPEC infrastructure, energy projects

December 04, 2020: China has acknowledged progress in the infrastructure and energy projects being completed under the China-Pakistan Economic Corridor framework.

The acknowledgment was made by the Chinese Foreign Ministry's Spokesperson Hua Chunying at the 11th International Infrastructure Investment and Construction Forum in Macao.

The Chinese spokesperson said CPEC is an important pilot program and both China and Pakistan are committed to bringing greater benefits to both the countries and the entire region.

Speaking at the forum, Chairman of CPEC Authority Asim Saleem Bajwa said there are 22 construction projects under the framework of CPEC, covering roads, railways, airports, thermal power, hydropower, renewable energy, Gwadar Port, special economic zones and other areas.

Radio Pakistan

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