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Mitchell’s Fruit Company terminates bidding negotiations with Bioexyte Foods

July 9, 2020: Mitchell’s Fruit Farm Company has informed that the negotiations of the company with its preferred bidders, namely Bioexyte Foods (Pvt.) Limited for the acquisition of more than 30% shares have not been successful, therefore, terminated.

In a notification publicized on Thursday, the company stated that it shall continue exploring other avenues for strategic capital raising options.

Copyright Mettis Link News

Ministry of IT, Huawei jointly work to support local...

July 09, 2020: Federal Secretary Ministry of IT & Telecom Shoaib Ahmad Siddiqui chaired a meeting between the Ministry of IT & Telecom and Huawei Technologies on Wednesday. The meeting was attended by Huawei Technologies Pakistan CEO Mark Meng along with participants from both sides.

The meeting discussed a broad range of initiatives being taken by Huawei Technologies to increase the scope of Information Technology and Telecom in Pakistan. Huawei Pakistan is currently supporting Middle East clients from a Regional Competence Center in Pakistan and has employed more than 800 Pakistani engineers to support the Middle East.

Huawei Technologies and MoIT will work on options to broader the spectrum of support by employing more Pakistani engineers.

Moreover, the Ministry of IT and Telecom offered its support for any initiative that Huawei Technologies is undertaking that could help the local IT industry and create employment opportunities.

It was further stated by secretary IT & Telecom that the government of Pakistan will provide all necessary support to Huawei for establishing R&D centers in Pakistan in the field of emerging technologies.

Secretary IT has also suggested that Huawei technologies may build technology centers in special Technology Zones throughout Pakistan. Both sides agreed to further strengthen their collaboration to expand the range of services being offered by Huawei in Pakistani Market.

Press Release

PIA resuming regular flight operations to UAE from today

July 09, 2020: Pakistan International Airlines (PIA) is resuming its regular flight operations to UAE from Thursday. 

According to PIA Spokesman, the passengers will be able to travel from Pakistan to Dubai, Sharjah, Abu Dhabi and Al Ain through airlines' regular flights.

They can also book and purchase tickets through PIA Offices, Corporate Website and its travel agents.

The PIA Spokesman said passengers will be required to get their COVID-19 test done within 48 hours prior to flight departure and a negative test report would have to be presented at the time of Check-in.

Radio Pakistan

PM urges world to formulate strategy to protect labour...

July 09, 2020: Prime Minister Imran Khan has urged the world community to formulate a combined strategy to protect the vulnerable segments of the society especially the laborers from the impacts of COVID-19.

He was addressing an online ILO Global Summit on COVID-19 and the World of Work.

The Prime Minister pointed out that many countries including Pakistan depend upon remittances sent by the overseas workers. He said though the host countries are also faced with many problems due to Coronavirus, yet we need to convince them to be more sympathetic to these laborers.

Imran Khan emphasized that the lockdown has hit the labor community the most. He said the future is very uncertain as we do not know how long the economy will take to recover from the impacts of the pandemic. He said we are praying that vaccines come out as a cure to the virus but in the meantime, we need to share our experiences and exchange ideas to protect our vulnerable groups.

Sharing the initial lockdown experience of Pakistan, the Prime Minister said it rendered our daily wage workers and laborers unemployed. Hence, he said we came up with the smart lockdown idea under which public gatherings were stopped but we allowed other activities like reopening of construction and agriculture sectors.

Imran Khan said the Pakistani government provided cash assistance to the laborers under Ehsaas Program after completing their registration process.  He said it was the first time in Pakistan's history that such huge money was disbursed in such a short space of time. He said this saved us from the worst effects of the lockdown.

Radio Pakistan

Asian stocks grind higher as focus turns to earnings

July 09, 2020: Asian equity markets ground higher as investors tried to look past gathering Sino-U.S. tension and renewed coronavirus lockdowns to upcoming company earnings, hoping that global stimulus efforts will yield upbeat outlooks.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.6% and touched a 20-week high as Chinese stocks extended their extraordinary rally.

Japan's Nikkei edged ahead by 0.2%.

The Chinese yuan rose to a four-month high of 6.9872 per dollar and the greenback sat near a one-month low against a basket of currencies.

China was hit first and so is emerging first from the COVID-19 pandemic. In addition, fiscal stimulus, heavy government borrowing driving up bond yields, and a state-media editorial extolling strong fundamentals have stoked euphoria.

"The yuan has a perfect combination for a currency - relatively tight monetary policy; yield spreads moving in favour of the currency and equity prices also rising more than most," said Deutsche Bank's chief international strategist, Alan Ruskin.

"Even before we think of COVID-19 virus divergence indicators, there are enough money and related financial indicators consistent with a dollar/yuan below 7," he said.

China's blue-chip index rose for an eighth straight session in early trade on Thursday, gaining 0.6% to touch a five-year high. The Shanghai Composite was up by the same margin and at its highest level since early 2018.

Both have added about 15% this month, and the rally continued in spite of a more circumspect take in Chinese media, which carried a commentary reminding investors about the 2015 crash and suggesting a rational approach to risk-taking.

The mood lifted Australia's S&P/ASX 200 1%, though New Zealand's benchmark fell nearly 2% after a Rio Tinto plan to close an aluminum smelter hit energy stocks.

Restraint was more evident in other asset classes as investors kept a wary eye on surging coronavirus cases and increasing tension between China and its trading partners while waiting for U.S. jobs figures at 1230 GMT and next week's earnings.

U.S. stock futures eased 0.1%, following another session of gains on Wall Street overnight. The yield on benchmark U.S. 10-year Treasuries remained under pressure at 0.6562% and gold sat above $1,800 an ounce.

EARNINGS AHEAD

The U.S. has posted its largest number of daily new infections since the outbreak began and global tensions are on the rise.

Five million Australians are under strict stay-at-home rules in the country's second-largest city of Melbourne.

And - as the West mulls a tougher response to China's crackdown in Hong Kong - China's top diplomat said on Thursday that China-U.S. relations face the most serious challenges since diplomatic ties were established.

That has investors hoping to hear some good news about the outlook when the U.S. earnings season begins next week.

"Earnings season is upon us, and we really want to see what it looks like," said Jun Bei Liu, a portfolio manager at Australia's Tribeca Investment Partners. The focus will be on the outlook as well as on understanding how deeply stimulus efforts have flowed through the real economy, she said.

J.P. Morgan, Citigroup and Wells Fargo report their results on Tuesday, and Microsoft and Netflix on Thursday.

Beyond the yuan, major currencies were mostly steady on Thursday, hanging on to overnight gains against the dollar. The Aussie held near the top of its recent range at $0.6974 and the kiwi briefly made a one-month peak of $0.6583.

Oil prices idled amid concerns about renewed U.S. lockdowns. Brent crude futures was 0.1% weaker at $43.25 per barrel. U.S. crude fell 0.3% to $40.79 per barrel.

Reuters

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