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Brexit hurts EU-UK trade

January 27, 2022: If trade between Britain and the EU didn't seize up after Brexit, the volume of commercial exchanges was considerably lower last year in comparison with 2019, the French economy ministry said Thursday.

Over the first 10 months of last year, European Union exports to Britain fell by 15 percent by value.

Meanwhile, EU imports of goods from Britain fell by 30 percent over the same period, according to data provided on the sidelines of a ministerial meeting on Brexit one year after a new trade deal between the UK and the bloc came into force.

The automotive, textile and aeronautics sectors were the worst hit.

The figures must be considered with caution, however, as the Covid-19 pandemic had a major effect on trade flows.

Nevertheless, the EU's imports and exports exceeded 2019 levels during the first ten months of last year, according to Eurostat data.

The new trade deal between Britain and the EU that took affect at the beginning of 2021 re-established customs checks at the border, creating an administrative burden for transport firms.

It also created delays and added complexity for firms that relied on prompt, regular shipments.

British retailer Marks & Spencer closed many of its Paris shops after struggling to keep perishables on the shelves.

AFP/APP

PSX quotes the OLP Financial Services under Investment Bank/Companies

January 27, 2022 (MLN): Pakistan Stock Exchange (PSX) has approved the quoting of the OLP Financial Services Pakistan Ltd (Formerly: Orix Leasing Pakistan Ltd.) under Investment Bank / Investment Companies / Securities Sector, with effect from Monday, February 07, 2022, a notice issued by PSX showed today.

As per the notice, OLP Financial requested for change of sector of the company from Leasing Sector to Investment Bank / Investment Companies / Securities Sector, after the approval of the Registrar of the companies for change of business.
 

Copyright Mettis Link News

Nissan alliance to invest $25bn in electric vehicles

January 27, 2022: The Nissan auto alliance said on Thursday that it will invest 23 billion euros ($25.7 billion) into electric vehicles over the next five years as the auto industry pours resources into the sector.

Nissan, Renault and Mitsubishi Motors said the latest investment followed more than 10 billion euros already spent on its "offensive strategy in electrification" and would lead to 35 new electric models by 2030.

AFP/APP

Repatriation of profit remains flat during 1HFY22

January 27, 2022 (MLN): Repatriation of profit and dividends by foreign investors mostly remained flat during the first six months of this fiscal year (FY22), the central bank data showed on Wednesday.

The SBP data shows that multinational companies operating in Pakistan repatriated $892.3 million in profit and dividends on investments in the country during the first six months of the ongoing fiscal year which was almost the same compared to the profits of $891.2mn repatriated in the corresponding period last year.

The data further revealed that during the period, foreign companies repatriated $794mn worth of profit against the foreign direct investments (FDI) in various businesses compared to $840mn in SPLY. While the outflow as payment against portfolio investment stood at $97.2mn, compared with $52.2mn in the same period a year earlier, marking a significant growth of 86% YoY could be ascribed to the reclassification of Pakistan in the MSCI.

To note, the repatriation of profit and dividend on account of FDI is lower than overall FDI which amounted to $1.05 billion during the first six month of this fiscal year.

However, in the month of Dec’21 alone, repatriation of profits and dividends on investment by the foreign firms declined by 20% YoY to $115.2mn, data showed.

Sector-wise:

The data shows that the major sectors that repatriated relatively higher profits include the Financial Businesses, Food, Power, Communication, Chemical and Oil & Gas Exploration sector, among which financial businesses repatriated the highest profits of $163.3mn during the period to overseas, against $133.5mn in the same period last fiscal year, showing a growth of 22% YoY.

The data further revealed that Profit outflows from the Food sector clocked in at $106.3mn while during July-Dec FY21, the sector fetched a net $172.9mn as profit. Profits outflow from the Power sector increased by 3.6x YoY to $95mn against an inflow of $26mn in 6MFY21.

The communication sector repatriated $90mn during the period under review, which was 25% YoY lower when compared with $119.5mn in the same period previous fiscal year.

The chemical sector repatriated 3% higher profits during the period under review which amounted to $62mn, while in the same period of FY21, the sector repatriated $60.3mn.

The oil and gas exploration sector repatriated $55.3mn, whereas, in the corresponding period last year, the sector fetched $73.8mn as profits.

Country-wise:

A country-wise break up of data on repatriation of profit released by SBP revealed that firms and individual investors belonging to the UK dispatched the single largest profit of $170.3mn during the period compared to $318mn in the same period prior fiscal year.

The United States witnessed the repatriation of the second-highest profits as the country repatriated $146.7mn abroad during the period under review, compared with $152.6mn in the previous year.

Third in line is Switzerland which repatriated $90.7mn from Pakistan during 6MFY22, up by 64% YoY as last year during July-Dec FY21, the country remitted $55.4mn as profit income from Pakistan.

Next followed by the Netherlands with profit repatriation of $70.5mn which was 4.6x YoY higher when compared with last year's figures.

Copyright Mettis Link News

3G, 4G service consumers increase to 108mn

January 27, 2022: The number of 3G and 4G service users in Pakistan has significant increased and reached 108 million by end of December 2021, as per detail available at the official site of the PTA website.

Pakistan has around 189 million mobile phone users. The number of broadband subscribers has reached 110 million in December while the broadband penetration was recorded at 49.94 percent.

Pakistan Telecommunication Authority (PTA) has blocked about 86,000 mobile devices that were found involved in fraudulent activities.

APP

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