Tag: second consecutive

December 2, 2020 (MLN): Chinese Smart Phone Manufacturer, VIVO, has decided to establish a smart phone manufacturing facility in Pakistan, for which the land has been purchased.

 This was informed by Minister of Industries and Production Hammad Azhar, via his official Twitter account on Wednesday.

“Deployment of DIRBS eliminated smuggled phones. It was followed up by Mobile Manufacturing Policy,” he said, adding that revenues are already doubled, and now local manufacturing is taking off.

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December 2, 2020 (MLN): Adviser to Prime Minister on Commerce and Investment, Abdul Razak Dawood on Wednesday informed that the Economic Coordination Committee (ECC) of the cabinet, approved removal of Regulatory Duty on Cotton Yarn.

In a statement on his official twitter account, the Adviser said this will facilitate the exporters of Apparel sector.

He further stated that this is in line with our policy of getting more value-added products.

The ECC decision will now go to the cabinet for ratification, after which it will be notified, he added.

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December 02, 2020 (MLN): Pakistani rupee (PKR) depreciated by 65 paisa against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 160.46 per USD, against yesterday's closing of PKR 159.82 per USD.

The rupee saw a volatility free session as very little movement was recorded trading in a range of 68 paisa per USD showing an intraday high bid of 160.50 and an intraday Low offer of 159.92.

Within the Open Market, PKR was traded at 160.00/160.80 per USD.

Meanwhile, the currency lost 35 paisa to the Pound Sterling as the day's closing quote stood at PKR 214.54 per GBP, while the previous session closed at PKR 214.19 per GBP.

Similarly, PKR's value weakened by 1.9 rupees against EUR which closed at PKR 193.4 at the interbank today.

On another note, within the money market, the overnight repo rate towards close of the session was 6.70/6.85 percent, whereas the 1 week rate was 6.90/7.00 percent.

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December 2, 2020 (MLN): Pakistan has been ranked 83rd among 128 countries surveyed in the world on complaint mechanism, a World Justice Project (WJP) Survey conducted by Gallup Pakistan stated on Wednesday.

As per the report, the survey results are based on sub-Factor 3.4 of the WJP Open Government Index which measures whether people are able to bring specific complaints to the government about the provision of public services or the performance of government officers in carrying out their legal duties in practice, and how government officials respond to such complaints.

With regards to Pakistan vs. Neighboring/ South Asian Countries, India ranks much higher on this index than Pakistan at 25, while rest rank much lower with China at 101, Bangladesh at 96 and Iran at 125. 

Whereas, on the index of Pakistan vs. Developed countries, Denmark ranks 4^th, followed by UK at 16 and USA at 14.

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December 2, 2020: Euro zone government bond yields held steady on Wednesday, boosted by hopes of a quick approval of a coronavirus stimulus plan in the United States, while expectations of more easing by the ECB was capping possible gains.

Top Senate Republican Mitch McConnell said on Tuesday the U.S. Congress should include a fresh wave of stimulus in a must-pass $1.4 trillion spending bill aimed at heading off a government shutdown.

U.S. Treasury yields surged on Tuesday, propelled by the new push in Congress to send federal aid to businesses and state and local governments hit by the pandemic.

ECB Board member Philip Lane is due to speak as part of the Thomson Reuters Global Investment Summit at 1400 GMT, ahead of the Dec. 10 ECB policy meeting, which is expected to increase and extend its Pandemic Emergency Purchase Programme (PEPP).

“Yesterday’s price action is a reminder of how a U.S. Treasuries sell-off could tighten financing conditions for Europe,” Citi told customers.

“PEPP is likely to respond to cap euro yields, but it is worth remembering that ECB QE normally breaks over year-end, perhaps opening up a small window of vulnerability.”

German 10-year government bond yields were at -0.525%, not far from a 3-week high.

The spread between U.S. Treasuries and Bund yields is down 0.5 basis points to 144.8.

“The broad sell-off across Treasuries and Bunds amid struggling spreads underscores the tricky interaction of positioning and swings in sentiment heading into year-end,” Commerzbank told customers.

Italian 10-year government bond yield was down 1 basis point at 0.631%.

Reuters