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Hi-Tech Lubricants enters into agreement to sell and supply...

January 19, 2021 (MLN): Hi-Tech Lubricants Ltd. (HTL) and Hyundai Nishat Motor (Pvt.) Ltd. (HNMPL) through its After-Sales Department have entered into an agreement on January 18, 2021, for the Sale, Supply & Branding of ZIC Brand Lubricants to all the Authorized / Designated Dealers of HNMPL.

The aforementioned information was announced by HTL via Pakistan Stock Exchange.

Copyright Mettis Link News

Pakistan witnesses Foreign Direct Investment of $193.6 million in...

January 19, 2021 (MLN): Pakistan welcomed Foreign Direct Investments of $193.6 million during the month of December 2020, after witnessing divestment of $16 million in November 2020.

According to the data compiled by the State Bank of Pakistan, FDI fell by 29.8% YoY to $952.6 million during 1HFY21, i.e. July to December, as compared to FDI of $1.35 billion reported in the corresponding period last year.

During the month of December, the Foreign Private Investment into the country amounted to $134.8 million, out of which, $193.6 million was attributed to Direct Investments, whereas disinvestment of $58.9 million was attributed to Equity Securities i.e. a part of Portfolio Investments.

Within the Direct Investments, there was an inflow of $246.7 million and an outflow of $53.1 million during the month.  

Under the Foreign Public Investment, $67.7 million worth of investment witnessed in debt securities during December 2020, showing a more than three-fold increase against the net inflows of $19.6 million in November 2020.

All in all, the Foreign Investments in Pakistan during the month amounted to $202.4 million, when compared to net outflows of $36.2 million recorded in November 2020.

Copyright Mettis Link News

 

Brent crude edges up as optimism over economy trumps...

January 19, 2021: Brent crude futures edged up on Tuesday as optimism that government stimulus will buoy global economic growth and oil demand trumped concerns that renewed COVID-19 pandemic lockdowns globally could cool fuel consumption.

Brent crude futures for March rose 17 cents, or 0.3%, to $54.92 a barrel by 0150 GMT after slipping 35 cents in the previous session.

U.S. West Texas Intermediate crude was at $52.25 a barrel, down 11 cents, or 0.2%. There was no settlement on Monday as U.S. markets were closed for a public holiday. Front-month February WTI futures expire on Wednesday.

Investors are upbeat about demand in China, the world's top crude oil importer, after data released on Monday showed its refinery output rose 3% to a new record in 2020. China was also the only major economy in the world to avoid a contraction last year as many nations struggled to contain the COVID-19 pandemic.

"Yesterday's data out of China was positive for oil prices," Michael McCarthy, chief market strategist at CMC Markets in Sydney said.

Investors are watching out for U.S. President-elect Biden's inauguration speech on Wednesday for details on the country's $1.9 trillion aid package.

Oil prices have also been supported by Saudi Arabia's additional supply cuts in the next two months which are expected to draw down global inventories by 1.1 million barrels per day in the first quarter, ANZ analysts said.

Concerns about rising COVID-19 cases globally and renewed lockdowns weighing down fuel demand kept a lid on oil prices.

ANZ analysts flagged concerns about falling fuel sales in India in January from December and rising COVID-19 cases in China and Japan that could dampen oil demand.

"In Europe and the U.S., the slow rollout of vaccines is also raising concerns that a rebound in demand will remain elusive," the bank said.

Reuters

Pakistan approves Chinese Sinopharm COVID-19 vaccine for emergency use

January 19, 2021: Pakistan approved the Chinese Sinopharm COVID-19 vaccine for emergency use on Monday, a government statement said, two days after AstraZeneca's vaccine developed with Oxford University received a similar authorization.

The Drug Regulatory Authority Pakistan (DRAP) said the vaccine, manufactured by China National Pharmaceutical Group (SinoPharm), had been given emergency use approval (EUA).

Pakistan's health ministry has said the country was in process of speaking to different vaccine makers.

"The two COVID-19 vaccines have been granted EUA with certain conditions," a DRAP's spokesman said, adding that both vaccines have been evaluated for their safety and quality.

The authorization will be reviewed on a quarterly basis for further data regarding safety, efficacy, and quality, the spokesman said.

Pakistan has been engaging with a number of vaccine makers, health minister Faisal Sultan said over the weekend, adding that the country could get "in the range of tens of millions" of vaccine doses under an agreement with China's Cansino Biologics Inc.

The vaccine company's Ad5-nCoV COVID-19 candidate is nearing completion of Phase III clinical trials in Pakistan. The preliminary results of the Cansino vaccine may come in by mid-February, Sultan said.

However, Pakistan has yet to place an order to procure any vaccine.

The minister said Pakistan planned to cover vaccines for the majority of the population for free, adding that private companies could also be allowed to import and sell vaccines once supply was available to an authorized company.

Pakistan reported 1,920 new coronavirus infections and 46 deaths on Monday, taking the total number of cases to more than 521,212 with fatalities approaching 11,000.

Reuters

Pakistan aims to further strengthen relations with Vietnam: President

January 19, 2021: President Dr. Arif Alvi says Pakistan wants to further strengthen relations with Vietnam in diverse fields, including trade and economy.

He was talking to the outgoing Ambassador of Vietnam Pham Hoang Kim, who called on him in Islamabad on Monday.

The President said Vietnamese investors need to take advantage of Pakistan's improved business environment as Pakistan offers an on-arrival visa facility to Vietnamese nationals.

Highlighting the need to institutionalize high-level bilateral exchanges, the President said the exchange of parliamentary delegations will open up new avenues of bilateral cooperation.

He underlined the need to foster people-to-people contacts by promoting cooperation in the fields of tourism and education.

The President congratulated Pham Hoang Kim on the successful completion of his tenure in Pakistan and appreciated his efforts towards the promotion of bilateral ties between Pakistan and Vietnam.  

Radio Pakistan

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