November 7, 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.

• Advisor to the Prime Minister on Commerce and Investment, Mr. Abdul Razak Dawood, and Minister of Road and Urban Development of Iran, Mr. Rostam Ghasemi discussed ways to promote the uninterrupted flow of trade and transportation through the land borders and road connectivity during the 9th session of the Pakistan-Iran Joint Trade Commission (JTC) in Tehran, today.
• On Saturday, the Spokesperson for Finance Minister Muzammil Aslam said millers in Punjab will begin crushing cane from November 15.
• A comprehensive economic plan along with political will is crucial to regain the country’s lost economic glory, Shaukat Tarin, Advisor to Prime Minister on Finance and Revenue said on Friday while addressing the 18th Annual Excellence Award ceremony of Chartered Financial Analysts (CFA) Society.
• On the same day, Pakistan LNG (PLL) received three bids for Liquefied Natural Gas (LNG) supply during November.
• The Securities and Exchange Commission of Pakistan (SECP) registered 2,017 new companies in October 2021, raising the total number of registered companies to 154,093.
• The Cabinet Committee on Energy (CCOE) on Thursday reviewed the summary of the Development Plan for the Pakistan Oil and Gas Sector presented by the Petroleum Division.
• The government has increased the price of petrol by Rs 8.03 per litre, a day after Prime Minister Imran Khan announced a relief package of Rs 120 billion whereby he warned that the POL prices would have to be increased further.
• During the week ended October 29, 2021, SBP’s reserves increased by US$ 52.9 million to US$ 17,199.6 million.
• The Economic Coordination Committee (ECC) of the Cabinet approved technical Supplementary grants worth US$ 190 million to National Disaster Management Authority (NDMA).
• The World Bank has projected Pakistan's debt to Gross Domestic Product (GDP) ratio to ease to 90.6 percent in the current fiscal year and to 89.3 percent in the next fiscal year 2022-23.
• Prime Minister Imran Khan on Thursday said the government was extending all possible support to foreign investors through the policy of ease of doing business.
• Cement despatches declined by 9.07 percent in October 2021. Total Cement despatches during October 2021 were 5.214 million tons against 5.735 million tons despatched during the same month of last fiscal year.
• The Oil and Gas Development Company Limited (OGDCL) injected four operated wells, producing 69,770 barrels (BBL) crude oil and 184 million cubic feet (MMCF) gas, in its production gathering system during the first quarter of the current fiscal year.
• The two state-owned companies, Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company (SSGC) are in process of executing at least seven major projects to reinforce gas transmission and distribution systems in their respective areas.
• During the departed week, National Electric Power Regulatory Authority (NEPRA) approved the Winter Package of Rs12.96 per unit on incremental consumption for residential, commercial, and general services consumers as proposed by the Ministry of Energy.
• The government has provided Rs 386.155 million to K-Electric with the subsides at par with the Ex-WAPDA DISCOs under Tariff Differential Subsidy during last 10 years.
• Prime Minister Imran Khan announced a historic relief package of 120 billion rupees to provide essential commodities to twenty million families on subsidized rates.
• On the telecom front, Ufone has secured its largest syndicated financing facility jointly led by MCB Bank Limited (MCB) (Agent bank), Allied Bank Limited (ABL), Bank of Punjab (BoP), National Bank of Pakistan (NBP), and United Bank Limited (UBL) to fund the acquisition and rollout of its 4G services across Pakistan.
• Foreign Minister Shah Mahmood Qureshi said that Pakistan-EU Strategic Engagement Plan (SEP) had ushered into a new phase by laying a solid foundation and framework for multidimensional cooperation.
• Governor State Bank of Pakistan, Dr. Reza Baqir announced that banks have shown an overwhelming response to an innovative financing scheme for collateral-free lending to SMEs.
• On Wednesday, Minister for Energy Hammad Azhar said Pakistan was near completing the action plans given by the Financial Action Task Force (FATF) to ensure compliance in line with its standards.
• Pakistan Railways is expecting to transport over 20 percent of the country’s freight business after the completion of Main Line-I (ML-I) under the China Pakistan Economic Corridor (CPEC).
• Chaman border has reopened after being closed for almost a month, officials said on Tuesday.
• Foreign Minister Shah Mahmood Qureshi emphasized the importance of enhanced political and economic linkages and operationalization of the Pakistan-Uzbekistan Transit Trade Agreement (UPTTA) recently signed between the two countries.
• Federal Secretary Board of Investment (BOI) encouraged Investors to explore the housing sector of Pakistan, which offered tremendous ‘Tax-Based Rebates'.
• FBR is all set to launch the Single Sales Tax Portal in November 2021.
• Small and Medium Enterprise Development Authority (SMEDA) has extended the date of submitting applications for small business grants for “Early Stage Start-Ups” up to November 22, 2021.
• The Ambassador of Thailand to Pakistan, Chakkrid Krachaiwong on Tuesday said the Free Trade Agreement (FTA) between Pakistan and Thailand is expected to be finalized by the end of this year.
• Ministry of Information Technology and Telecommunication is in process of forming a Computer Emergency Response Team (CERT) at the national and regional levels aimed at countering any possible cyber-attack efficiently.
• The government released funds amounting to Rs1,624.770 million to execute seven ongoing and six new petroleum-related projects under the Public Sector Development Programme (PSDP 2021-22)
• Pakistan and Uzbekistan signed a Protocol on the Establishment of Joint Security Commission which was followed by the inaugural session of the Commission formed under the protocol.
• Pakistan’s non-energy import bill shrank by 12.5% in Oct 2021, i.e. by $624 million, compared to September 2021.
• Power generation of Tarbela Dam on Monday decreased to 1496 Megawatts as 11 power generation units of the dam were working.
• Oil and Gas Regulatory Authority (OGRA) on Monday issued a price-revision notification of Liquefied Petroleum Gas (LPG) for the month of November, increasing the commodity price by Rs155.8 per 11.8-KG cylinder.
• The Federal Board of Revenue (FBR) has extended the deadline for digital payments by the corporate sector stipulated in Section 21 (la) of Income Tax Ordinance-2001 up to 30th November 2021.

Announcements:

• The Shareholders of Nishat Chunian Limited (NCL) resolved to make investments of up to a Rs1billion from time to time in Nishat Chunian Power Limited (“NCPL”).
• Crescent Star Insurance Limited (CSIL) informed that the company attended AGM of Dost Steels Limited (DSL), on 28th October’21 whereby DSL management resorted to malpractices by denying the microphone facility to Managing Director & CEO, Mr. Naim Anwar and other shareholders who were physically attending the meeting.
• The Board members of Air Link Communication Limited resolved to increase authorized share capital from Rs4bn to Rs6bn.
• First National Equities Limited (FNEL) decided to invest up to Rs200 million from time to time in Real Estate Sector.
• The Shareholders of Pakistan State Oil (PSO) resolved that the authorized share capital of the company be increased from Rs5 billion Rs10bn.
• The shareholders of Crescent Textile Mills Limited resolved to increase authorized share capital from Rs1bn to Rs2bn.
• The Board of Directors of the MCB Bank accorded its in-principle approval to conduct due diligence for a potential transaction for the purchase of 55% shares of Telenor Microfinance Bank Limited.
• Indus Motor Company (IMC) announced a 20% increase in its production capacity to meet the increasing demand for vehicles and to ensure it stays committed to progress and advancements.
• The profitability of Roshan Packages Limited (RPL) shrunk by 88.27% YoY in 1QFY22, which stood at Rs33.13 million, compared to the profit of Rs95mn (EPS: 0.55) in 1QFY21.
• The management of Air Link Communication Limited (AIRLINK) informed that Xiaomi has joined hands with Select Technologies (Pvt) Limited (SELECT), a wholly-owned subsidiary of Air Link AIRLINK.

Copyright Mettis Link News

27932