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Ghani Global Holdings to set up another glass melting...

Aug 6, 2020 (MLN): The Board of Directors of Ghani Global Glass Limited has decided to set up another glass melting furnace for tube in view of an increase in demand for glass tubing, vials & ampoules and to meet forecasted export and local demands for COVID-19 vaccine.

As a result of this expansion plan, the production capacity of import substitute products will be 100% increased, as per the notification issued to PSX.

Copyright Mettis Link News

BoE sees less severe UK recession, leaves rate on...

Aug 06, 2020: The Bank of England on Thursday said it had voted to keep its main interest rate at a record-low 0.1 percent, while predicting a less severe recession for the UK.

The BoE added that its huge cash stimulus programme used to prop up the British economy during the coronavirus pandemic would remain at £745 billion ($967 billion, 813 billion euros).

Britain's economy was expected to contract by 9.5 percent this year, the BoE said, downgrading its prior estimate of minus 14 percent.

"Nonetheless, the recovery in demand takes time as health concerns drag on activity," the BoE said in minutes of its latest regular meeting that took place Tuesday.

"GDP is not projected to exceed its level in 2019 Q4 until the end of 2021, in part reflecting persistently weaker supply capacity," it added.

The pound meanwhile rallied against the dollar on the revision.

"The BoE was considerably more upbeat about the recovery than had been expected," noted City Index analyst Fiona Cincotta.

"Upwardly revised growth forecasts, a more rapid recovery than initially feared and no tilting towards negative rates at this time has sent the pound surging towards $1.32."

The BoE also forecast that Britain's unemployment rate would shoot higher to around 7.5 percent by the end of the year.

"Employment appears to have fallen since the COVID-19 outbreak, although this has been very significantly mitigated by the extensive take-up of support from temporary government schemes," the minutes said.

"Surveys indicate that many workers have already returned to work from furlough, but considerable uncertainty remains about the prospects for employment after those support schemes unwind."

UK companies, from major retailers to airlines, are axing thousands of jobs despite government efforts to safeguard employment during the pandemic.

The government is paying up to 80 percent of workers' wages under the state's furlough scheme, which finance minister Rishi Sunak has said must end in October.

Replacing the scheme is a stimulus package worth £30 billion, including bonuses for companies retaining furloughed staff and offering apprenticeships amid fears of mass youth unemployment resulting from COVID-19 fallout.

AFP/APP

European stock markets drop at open

Aug 06, 2020: European stock markets dropped at the open Thursday, with London's FTSE 100 index losing 1.1 percent to 6,035.95 points as the Bank of England froze its interest rate.

In the eurozone, Frankfurt's DAX 30 index dipped 0.1 percent to 12,653.34 points and the Paris CAC 40 slid 0.6 percent to 4,902.64.

AFP/APP

OMO Result: SBP Mops Up Rs.20.00 Billion for 1...

August 06, 2020 (MLN): The State Bank of Pakistan (SBP) conducted an Open Market Operation on Thursday in which it mopped upRs.20.00 Billion from the market for 1 Day.

Summary of OMO Result

  Amount*RateBids
TenorTypeOfferedAcceptedHigh - LowAcceptedOfferedAccepted
1DRepo (Mop-Up)30.50020.0006.89 - 6.886.8933
Total amount offered at 6.89% was PKR 23,000.00 mio, out of which SBP accepted PKR 12,500.00 mio on pro rata basis.
OMO Settlement: same day August 06, 2020
*Amount in Billions

 

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ECNEC approves 6.8bn dollars for upgradation of Pakistan Railways...

Aug 6, 2020: Executive Committee of the National Economic Council approved project for up-gradation of Pakistan Railways existing Mainline-1 at the cost of over 6.8 billion dollars.

The meeting of the Committee was held in Islamabad on Wednesday with Adviser to Prime Minister on Finance Dr. Abdul Hafeez Shaikh in the chair.

The project will be completed in three packages in which the existing 2,655 KM track will be upgraded.

The speed of passenger trains will increase from 65/110 KM/h to 165 KM/h and line capacity will increase from 34 to 137/171 trains each way per day.

Ministry of Railways will constitute a project steering committee for effective supervision and implementation of the project.

The establishment of a dry port near Havelian was also approved in the meeting.

Radio Pakistan

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