Weekly News Roundup

October 17, 2021 (MLN): The highlights of the important economic and business events that took place during the last week are in order so as to become acquainted with the recent developments in Pakistan’s economic and public policy.

  • The government on Saturday decided to increase the price of petroleum products by up to Rs10.95 per litre owing to the strong surge in global energy prices.
  • Chairman Businessmen Group (BMG) & Former President Karachi Chamber of Commerce & Industry (KCCI) Zubair Motiwala, while expressing sheer dismay over exorbitant hike in petroleum prices appealed to the Government to subsidize the impact of international oil prices.
  • Lucky Cement Limited has notified recently that the company is up to increase the price of cement by Rs30 per bag.
  • Mian Nasser Hyatt, President FPCCI has urged Pakistani & Iranian governments to come up with a payment mechanism based on barter trade.
  • Meanwhile, the government has allowed NEPRA to increase the electricity tariff by Rs1.39 per unit from the next month.
  • Finance Minister Shaukat Tarin encouraged U.S. corporate sector representatives to invest in Pakistan.
  • On Friday, Federal Minister for Industries and Production said that a comprehensive steel policy would be rolled out soon.
  • Chairman Sindh Revenue Board (SRB) said that SRB has been making cautious efforts all the time to ensure that the business community do not faces a situation in which they receive notices from FBR.
  • Fauji Fertilizer Company (FFC) Limited has been awarded as “Largest Tax Payer from Manufacturing Sector” in First Taxpayer Recognition Awards.
  • On the same day, President Dr. Arif Alvi stressed the need for promoting technical education and information technology so as to fulfil the requirements of industrial sector.
  • Towards digitization of payments and receipts in the corporate sector, SBP has now made it mandatory for its regulated entities (REs) to provide digital means of payments to their corporate clients.
  • Pakistan Water and Power Development Authority (WAPDA) has been constructing 10 projects in water and hydropower sectors under ‘Decade of Dams’ to be completed in a phased manner from 2023 to 2029.
  • The government had decided to impose a complete ban on energy projects based on imported coal in the future.
  • The Prime Minister said both RUDA and CBD are flagship real estate projects of the Government to promote smart, self-sustaining, clean and green housing and business activities in the country.
  • Foreign Minister Shah Mahmood Qureshi Thursday said that Pakistan's shift of focus from geopolitics to geo-economics, improved security environment, and enhanced ranking of Pakistan in the Ease of Doing Business index, offered attractive opportunities for German investors.
  • During the week, the Special Technology Zones Authority (STZA) signed three Memorandum of Understanding (MoUs) with international companies to attract foreign direct investment.
  • According to industry sources, in order to absorb the impact of Rupee depreciation and rise in international coal prices, Cement manufacturers are expected to increase cement prices by Rs25 to Rs30 per bag of 50kg.
  • Petroleum Division signed Petroleum Concession Agreements (PCAs) and Exploration Licenses (ELs) for two Blocks on Wednesday.
  • All Pakistan Textile Mills Association (APTMA) leadership and representatives of the US Cotton have resolved to enhance mutual cooperation in cotton and textile trade and investment opportunities.
  • The Securities and Exchange Commission of Pakistan (SECP) under the Second Cohort of Regulatory Sandbox granted approval to various innovative solutions including parametric insurance, real estate asset tokenization, unified digital distribution of mutual fund application, digital identity/AML/KYC (AI-based) and centralized KYC.
  • On Tuesday, the International Monetary Fund (IMF) projected Pakistan’s real Gross Domestic Product (GDP) to grow by 4.0% in the current fiscal year (2021-22).
  • Oil and Gas Regulatory Authority (OGRA) notified the revised price of Re-gasified Liquefied Natural Gas (RLNG) on networks of the SSGC and SNGPL for the current month with a slight upward adjustment.
  • Pakistan’s IT sector has made measurable and quantifiable progress. The number of IT companies have increased to 4641 as of June 30, 2021.
  • National Electric Power Regulatory Authority (NEPRA) disposed of 9,984 complaints of consumers received against power distribution companies (DISCOs) during last fiscal year 2020-21.
  • The first National Logistics Cell (NLC) truck reached Turkey through Iran under the Transports Internationaux Routiers (TIR) convention.
  • Pakistan and Saudi Arabia on Monday agreed to further strengthen economic and business ties between the two brotherly countries.
  • The Economic Coordination Committee (ECC) approved a summary for the provision of the maximum quantity of gas to the Pak-Arab Fertilizer Plant and Fauji Fertilizer Bin Qasim Limited (FFBQL).
  • To promote investment in renewable energy solutions by companies, the State Bank of Pakistan (SBP) eased the conditions for renewable energy solution providers under its Refinance Scheme for Renewable Energy.
  • In continuation of its efforts to promote financial inclusion through digitalization, increase investor base and micro-savings, the Securities and Exchange Commission of Pakistan has specified a swift and simplified onboarding framework for customers of AMCs and PFM.
  • Small and Medium Enterprise Development Authority (SMEDA) invited applications for small business grants for “Early Stage Start-Ups”.

Announcements:

  • Interloop Limited announced a profit for 1QFY22 at Rs2.69 billion depicting a whopping year-on-year increase of 95%.
  • Habib Bank Limited (HBL) posted its consolidated profit after tax (PAT) of Rs26.99 billion for 9MCY21, registering a nominal increase of 6% YoY.
  • Lotte Chemical Pakistan Limited (LOTCHEM) reported 3.7x YoY jump in net profit to Rs3.23billion in the nine months ended on September 30, 2021.
  • Meezan Bank Limited (MEBL) witnessed an up of 8.17% in its net profit, standing at Rs19.97 billion which translated into an EPS of Rs12.14 during 9MCY21.
  • Engro Fertilizers Limited reported a 30% YoY increase in profit to Rs14.9bn during 9MCY21.
  • Sazgar Engineering Works Limited (SAZEW) informed that the company sold 1,172 units of three-wheelers during the month of September 2021, i.e., down by 5.64% MoM.
  • The Board of Directors of Summit Bank Limited approved the increase in the Authorized Capital of the Bank from Rs28 billion to Rs 90 billion.
  • The Board of Sui Southern Gas Company Limited (SSGC) authorized to explore the possibility of the restructuring of the Meter Manufacturing Plant (MMP) owned and operated the company.
  • The holding company of National Foods Limited, ATC Holdings made an equity investment of around Rs128 million by way of acquiring ordinary shares of National Foods Limited.

Copyright Mettis Link News

Posted on: 2021-10-17T12:09:07+05:00

27517