Mettis Global News
Mettis Global News
Mettis Global News
Mettis Global News

Trending :

Weekly News Roundup

Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp

December 12, 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.

  • In order to streamline the requirement of obtaining a Credit Information Report (CIR) and simplifying the documentary requirements from microfinance borrowers, the State Bank of Pakistan (SBP), on Saturday has issued revised prudential regulations for Microfinance Banks (MFBs).
  • Punjab Information Technology Board (PITB) on Friday shared details on Federal Food Security Portal enabling importers and exporters to register them and initiate their trade requests without visiting the field offices for submission of applications.
  • To give a boost to industrial production, Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company (SSGC) are in process of executing at least six strategic projects to supply gas to Special Economic Zones (SEZs) and industrial parks.
  • On Friday, the governor SBP, Dr. Reza Baqir has been appointed as the Chairman of the Council of Islamic Financial Services Board (IFSB).
  • National Electric Power Regulatory Authority (NEPRA) on Thursday notified Rs4.74 per unit increase in tariff for October under the monthly fuel cost adjustment (FCA) mechanism.
  • On the same day, the government has increased profits rates on all national savings schemes by up to 2.4%, which would be effective from December 12, 2021.
  • Foreign exchange inflows through Roshan Digital Account (RDA) reached $2.92 billion in November 2021 since its launch in September 2020, indicating the increasing confidence of non-residents Pakistanis (NRPs).
  • Brother Gas, one of the leading oil & gas companies based in Dubai is planning to invest $15 million to build a bottling plant at Special Economic Zone in Faisalabad, Pakistan.
  • The Asian Development Bank (ADB) on Wednesday approved an amount of $603 million results-based lending program to strengthen and expand social protection programs (SPP) in Pakistan.
  • Fitch Ratings has affirmed Pakistan’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'B-' with a ‘Stable’ outlook.
  • To reap maximum benefits from the tremendous trade opportunities from China Pakistan Economic Corridor (CPEC) and Gwadar Port, Kyrgyzstan is interested to join CPEC, Ulanbek Totuiaev, Ambassador of the Republic of Kyrgyzstan to Pakistan said on Tuesday.
  • The government has re-appointed Aamir Ali Khan as Securities and Exchange Commission of Pakistan (SECP) commissioner for a period of three years.
  • The Cotton Crop Assessment Committee (CCAC) has revised the cotton production target for the fourth time, by around 3 percent, from 9.37 million bales set for 2021-22 to 9.1 million bales.
  • During the outgoing week, Amreli Steels (ASTL) and Agha Steels (AGHA) have increased their prices for rebars and girders by around Rs2,000/ton.
  • Special Assistant to Chief Minister on Power, Taj Muhammad Tarand Monday said that the Khyber Pakhtunkhwa government has approved Rs1.5 billion for up-gradation of the power distribution system and provision of electricity of new areas in merged districts.
  • International Finance Corporation (IFC) to partner with Engro Corporation to help reduce plastic waste promote recycling, and boost the company’s energy efficiency.
  • Coca-Cola Icecek Pakistan (CCIP) on Monday said the $50 million Greenfield project would be completed by February 2022.
  • The All Pakistan CNG Association (APCNGA) has rejected the decision of the Cabinet to suspend the supply of gas to the CNG stations in Punjab and Khyber Pakhtunkhwa for an indefinite period.
  • Pakistan Stock Exchange (PSX) listed Universal Network Systems Limited (UNS), the second company on its Growth Enterprise Market (GEM) board.
  • The Oil and Gas Regulatory Authority (OGRA) on Monday has reserved its decision on the Sui Southern Gas Company Limited (SSGCL) petition for raising gas tariff by Rs58.42 per mmbtu for the fiscal year 2022.
  • Pakistan and Saudi Arabia signed a landmark momentous agreement for certification and employment of the Pakistani skilled workforce through Takamol and NAVTTC.
  • Sui Northern Gas Pipelines (SNGPL) detected around 87,197 cases of gas theft on its network during the last fiscal year, under a comprehensive Unaccounted for Gas (UFG) reduction plan given by the government.

Announcements:

  • On the equity side, Fauji Foods Limited (FFL) appointed Mr. Ebad Khalid as Chief Executive Officer (CEO) of the company with effect from December 09, 2021, in place of Mr.  Muhammad Haseeb Aslam.
  • On Friday, Modaraba Al-Mali (MODAM) informed PSX that the company is targeting to complete the revival of Drekkar Kingsway Limited (DKL) by the end of April 30, 2022, under the “Revival Business Plan.”
  • TRG Pakistan notified that the Resource Group International Limited (TRGI) Board has approved the allocation of its liquid assets to its shareholders whereby TRG Pakistan’s portion would be approximately $120 million.
  • The honorable Islamabad High Court has dismissed the winding-up petition against the Drekkar Kingsway Limited (DKL) as withdrawn.
  • VIS Credit Rating Company Limited (VIS) has reaffirmed the entity ratings of A-/A-2 to EMCO Industries Limited (EMCO).
  • Image Pakistan is looking to expand its retail network in high per capita income cities as a move to increase its market share and sales volume.
  • During the departed week, Pak-Qatar Asset Management Company Ltd (PQAMCL) has been granted a license by the Securities and Exchange Commission of Pakistan to offer asset management and investment advisory services.
  • Octopus Digital disclosed that the company is currently in the process of setting up a joint venture (JV) with a Saudi Arabian firm to expand its footprint in multiple industries including infrastructure.
  • Pakistan Stock Exchange (PSX) has been credited with 3,900,000 ordinary shares of Rs10 per share of EClear Services Limited (EClear) against the remaining investment of Rs39 million in EClear.
  • The Board of Directors of the MCB Bank Limited has approved the appointment of Mr. Shoaib Mumtaz as Acting President & Chief Executive Officer (CEO) of the bank effective from December 21, 2021.
  • Telecard Limited’s 100% owned subsidiary Supernet Limited (SNL) has been awarded a contract worth Rs 100millin by the State Bank of Pakistan (SBP) in the IT and Cyber Security domain.
  • Zahidjee Textile Mills Limited announced on Tuesday that Zahidjee Towers (Pvt) Limited (ZTL) is no longer a subsidiary of the Zahidjee Textile Mills Limited.
  • Hascol Petroleum Limited stated that the company is nearing to conclude the negotiation with banks for a debt restructuring agreement as the company is carrying a heavy burden of accumulated debt.
  • Telecard Limited, in its extraordinary general meeting which is scheduled to take place on 24th December 2021, will pass or consider a special resolution to change the name of the company from Telecard Limited to Telecore Technologies Limited.
  • Universal Network Systems Limited (BlueEx) signed a Memorandum of Understanding (MoU) with Peak XV, a Venture Capital Company based out of Nepal.
  • Pakistan Stock Exchange has placed Clover Pakistan Limited (CLOV) in the defaulter’s segment with effect from Monday, December 06, 2021

Copyright Mettis Link News

Posted on: 2021-12-12T12:45:43+05:00

29517