May 16, 2022: Tesla Inc has delayed a plan to restore production at its Shanghai plant to levels before the city's COVID-19 lockdown by at least a week, according to an internal memo seen by Reuters.
The U.S. electric car maker originally aimed to increase output at its Shanghai plant to 2,600 cars a day from May 16, Reuters reported earlier this month citing another memo.
But the latest memo said that it plans to stick to one shift for its Shanghai plant for the current week with a daily output of around 1,200 units. It also said that it would now aim to increase output to 2,600 units per day from May 23.
Tesla did not immediately respond to a request for comment.
Jun 27, 2022: The government has notified the revised control lists of goods, technologies, material and equipment that are subject to Strategic Export Control Division (SECDIV) license for export, the Foreign Office said Monday.
The lists have been notified pursuant to the export control related to Nuclear and Biological Weapons and their Delivery Systems Act 2004.
The Act enables the government to control export, re-export, trans-shipment and transit of goods, technologies, material and equipment related to nuclear and biological weapons and their delivery systems.As part of regular review process, the SECDIV of the Ministry of Foreign Affairs has updated the control lists, in consultation with other relevant ministries and departments.
The revised control lists have been notified vide Gazette of Pakistan S.R.O. 551(I)/2022 dated 12 April 2022. The control lists were originally notified in 2005 and subsequently revised in 2011, 2015, 2016 and 2018.The FO said, "Over the years, Pakistan has streamlined and strengthened its export control regime and enhanced its engagement with international export control regimes i.e., the Nuclear Suppliers Group, the Missile Technology Control Regime and the Australia Group".
It said the revised control lists are harmonized with the standards and lists of these export control regimes.
"The notification signifies the continuing resolve and policy of Pakistan as a responsible nuclear state to advance the shared goals of non-proliferation and strictly adhere to its commitments," the FO said.
June 27, 2022 (MLN): The capital market kicked off the week on a bullish note as the local bourse cherished the news flows suggesting that IMF is expected to send a draft of the Memorandum of Economic and Financial Policies (MFEP) to Pakistan today.
In addition to it, the final budget for FY23 would be passed on 30th June 2022 with the finance bill tabling a day before the NA session to get approved which will be a crucial step to secure the IMF deal.
Meanwhile, the uncertainty on the trading floor was also wiped out on the freshly received inflow of $2.3bn from China.
As a result, the benchmark KSE100 index ended the trading session with a gain of 826.78 points to close at 41,878.57, witnessing an intraday high of 41,952.43.
Of the 92 traded companies in the KSE100 Index 78 closed up 13 closed down, while 1 remained unchanged. The total volume traded for the index was 122.62 million shares.
Sectors propping up the index were Commercial Banks with 182 points, Fertilizer with 97 points, Cement with 93 points, Technology & Communication with 85 points, and Oil & Gas Exploration Companies with 81 points.
The most points added to the index were by MARI which contributed 65 points followed by FFC with 55 points, SYS with 51 points, MCB with 46 points, and HBL with 44 points.
Sector-wise, the index was let down by Inv. Banks / Inv. Cos. / Securities Cos. with 3 points and Sugar & Allied Industries with 2 points.
The most points taken off the index was by OGDC which stripped the index of 7 points followed by DAWH with 6 points, PPL with 3 points, SML with 2 points and ILP with 2 points.
All Share Volume decreased by 176.33 Million to 247.90 Million Shares. Market Cap increased by Rs.109.60 Billion.
Total companies traded were 333 compared to 364 from the previous session. Of the scrips traded 228 closed up, 90 closed down while 15 remained unchanged.
Total trades decreased by 63,399 to 99,296.
Value Traded decreased by 5.43 Billion to Rs.7.38 Billion
June 27, 2022 (MLN): Pakistan has signed an agreement with France to get a suspension of loans worth $107 million under the G-20 Debt Service Suspension Initiative (DSSI) frameworks, a press release said today.
This amount, initially repayable between July and December 2021 will now be repaid over a period of six years (including a one-year grace period) in semi-annual installments.
The agreement was signed by Mr. Mian Asad Hayaud Din, Federal Secretary for Economic Affairs Division and H.E. Nicolas Galey, the Ambassador of the French Republic to Pakistan in Islamabad today.
The Government of Pakistan (GoP) has already signed agreements with the French Republic for a suspension of $261 million. Due to the support extended by the development partners of Pakistan, the G-20 DSSI has provided the fiscal space which was necessary to deal with the urgent health and economic needs of the Islamic Republic of Pakistan. The total amount of debt that has been suspended and rescheduled under the DSSI framework, covering the period from May 2020 to December 2021, stands at $3,688 million.
Pakistan has already concluded and signed 93 agreements with 21 bilateral creditors for the rescheduling of its debts under the G-20 DSSI framework, amounting to rescheduling of almost $3,150 million. The signing of the above-mentioned agreements brings this total to $3,257 million. Negotiations for the remaining agreements to be signed under the G-20 DSSI are ongoing.
June 27, 2022 (MLN): The Board of Waves Singer Pakistan Limited has discussed and formulated a plan to complete all actions regarding the Scheme of Arrangement between Waves Singer Pakistan Limited and Samin Textiles Limited, in accordance with the Order of Lahore High Court (LHC).
Accordingly, it has been decided that the name of Waves Singer Pakistan Limited shall be changed into Waves Corporation Limited and Samin Textiles Limited into Waves Home Appliances Limited.
Hence, the stock symbol of the Company will be changed to "WeCorp" and the Stock symbol of Waves Home Appliances Limited will be changed to "Waves".
Demerger and amalgamation of home appliances business of the Company with and into Waves Home Appliances Limited, with effect from 31 August 2021, while, real estate development business and retail shop network for consumer appliances and other consumer goods, will be retained in the Company.
Moreover, the company planned to issue 199,724,956 new ordinary shares of Waves Home Appliances Limited to the Company, whereby Waves Home Appliances Limited will become a subsidiary of the company and issuance of 56,281,240 new ordinary shares of Waves Home Appliances Limited to shareholders of the Company (in the ratio of 20 shares of Waves Home Appliances Limited for every 100 shares held by shareholders of the Company).
The issuance of new shares of Waves Home Appliances Limited will take place after the consolidation of existing shares of Waves Home Appliances Limited in the ratio of 100 shares for every 225 existing shares pursuant to the Scheme.
The Board decided that no fractional shares shall be issued under the Scheme of Arrangement. All fractions less than a single share shall be consolidated into whole shares, which shall be issued to any one of the Directors or
Company Secretary upon trust to sell such shares and to pay the proceeds realized (less expenses of sale) to a registered charitable institution.
Separate book closure notices shall be issued to the shareholders of the Company in respect of the determination of entitlement of new share of Waves Home Appliances Limited to the Company and its shareholders, in consultation with PSX, CDC and the share registrar etc., subject to completion of necessary formalities as may be required.
The Board has authorized the Chief Executive Officer (CEO) to undertake and complete any or all formalities on part of the Company that are required pursuant to the Scheme and Order of LHC. The CEO is further authorized to delegate any of his power to any person as he may deem appropriate for the purpose of the above.
June 27, 2022 (MLN): After witnessing a notable gain of around one rupee against the US dollar in early trade on the back of a fresh inflow of $2.3bn from China, thePakistani rupee (PKR) joined back its downward journey and depreciated by 47 paisa in today's interbank session to close the trade at PKR 207.94 per USD.
The rupee endured a volatile trading session with quotes being recorded in a range of 1.25 rupees per USD showing an intraday high bid of 207.75 and an intraday low offer of 207.00 while in the open market, PKR was traded at 205/207 per USD.
Speaking to Mettis Global, Malik Bostan, President of Forex Association of Pakistan said, “The interbank market is still going through a period of uncertainty due to political chaos as elections are around the corner. Meanwhile, former Prime Minister Imran Khan issued a fresh call for a protest which has also smashed market sentiments.”
Adding to it, he said that apart from the political scenario, the rest of the indicators are in favor of the interbank market. Since Pakistan has also received inflows from China and there have been positive developments on the IMF front, the PKR is likely to appreciate in the near term, he added.
From July’21 to date, the local unit has lost Rs50.4 against the USD. Similarly, the rupee fell by Rs31.43 in CY21, with the month-to-date (MTD) position showing a decline of 4.56%, as per data compiled by Mettis Global.
During the last 52 weeks, PKR lost 24.24% against the greenback while reaching its lowest at 211.93 on June 22, 2022, and the highest of 157.54 on June 30, 2021.
Furthermore, the local unit has weakened by 15.12% since its high on July 02, 2021, against EUR while, it has dropped by 15.17% against GBP since its high on July 02, 2021.
The performance of the local unit remained bleak against other major currencies in MTD as the currency lost its value by 4.79%, 4.56%, 4.51%, 4.16%, 3.25%, and 2.30% against CHF, AED, SAR, CNY, EUR, and GBP, respectively. On the other hand, the local unit has appreciated by 0.73% against JPY.
Meanwhile, the currency lost 1.5 rupees to the Pound Sterling as the day's closing quote stood at PKR 256.12 per GBP, while the previous session closed at PKR 254.64 per GBP.
Similarly, PKR's value weakened by 1.6 rupees against EUR which closed at PKR 220.06 at the interbank today.
On another note, within the money market, the overnight repo rate towards the close of the session was 12.75/12.80 percent, whereas the 1-week rate was 13.05/13.15 percent.
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