Weekly News Roundup

January 23, 2022: 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.

  • Following the tax imposed in the recent Finance Amendment Bill, Honda Atlas Cars Pakistan Limited has raised the prices of cars by up to Rs126,000 on Friday.
  • Pak Suzuki Motor Company (PSMC) has also raised the prices of all its variants by up to Rs 150,000.
  • On the same day, the Economic Coordination Committee (ECC) approved technical supplementary grants of Rs 5 billion to conduct the 7th Population and Housing Census.
  • The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) will meet on Monday, January 24, 2022, at 4:00 pm.
  • During the week, the privatisation board was informed that six parties submitted statements of qualification for the revival of Pakistan Steel Mills (PSM) and a prequalification committee was formulated to scrutinize the pre-qualified parties.
  • All Pakistan Textile Mills Association requested Prime Minister of Pakistan, Mr Imran Khan’s intervention to save the export-oriented textile industry of Sindh and Baluchistan from total closure as they have become almost standstill due to inadequate gas supply.
  • On the positive side, Pakistan has been ranked second in the Economist normalcy index which tracks the global return to pre-pandemic life, showing great resilience against the COVID-19 pandemic.
  • Meanwhile, the National Accounts Committee (NAC) approved the revised estimate of GDP growth for 2020-21 which was 5.37% when compared to the base year 2005-6.
  • The Ministry of Information Technology (MoITT) has set a target to establish 18 more Software Technology Parks by the end of December 2022.
  • To unleash the huge potential of e-commerce in the country, the government is focused on creating a startup-friendly ecosystem.
  • In addition, the government has allocated Rs30 billion for growth in the Small and Medium Enterprises (SMEs) sector to boost employment opportunities in the country.
  • In a major step towards ease of doing business, the State Bank of Pakistan (SBP) has digitized the process of obtaining refinance from SBP by banks under the Export Finance Scheme (EFS) for conventional and shariah-compliant versions.
  • The government on Wednesday has taken one more step to document the buy and sell of foreign exchange currency, as it plans to set up Point of Sale (POS) units at all foreign exchange dealers.
  • During the departed week, Prime Minister Imran Khan has directed to improve the performance of national airline Pakistan International Airlines (PIA).
  • Fitch Ratings assigned Pakistan's proposed US-dollar sovereign global Sukuk certificates, which will be issued through The Pakistan Global Sukuk Programme Company Limited, a 'B-' rating.
  • Moody's Investors Service (Moody's) assigned a B3 backed senior unsecured rating to the proposed US dollar-denominated trust certificates (Sukuk) issuance by the government of Pakistan through the Pakistan Global Sukuk Programme Company Limited.
  • The International Monetary Fund (IMF) board will meet on January 28, 2022, to revive Pakistan’s $6bn bailout package.
  • Pakistan on Tuesday thanked Qatar for ensuring timely supplies of the Liquefied Natural Gas (LNG) to it despite the commodity’s shortage in the international market.
  • The board of directors of the Pakistan Software Export Board (PSEB) emphasized the need of taking steps for increasing IT exports and gave approval for the formulation of the marketing sub-committee here on Monday.
  • On the upside, Pakistan Post has come out of the deficit and now a marked improvement is witnessed due to digitalization.
  • The Union of Small and Medium Enterprises (UNISAME) has urged the Ministry of Commerce (MoC) to facilitate barter trade with Iran.
  • Amid disparity in price due to China-Pak Free Trade Agreement (CPFTA), the ministry of petroleum on Friday has asked all oil marketing companies (OMCs) to submit data on the import of petrol from China for two years.
  • Bureau of Emigration and Overseas Employment (BEOE), Ministry of Overseas Pakistanis and Human Resource Development (OP&HRD), has launched an online foreign jobs portal to facilitate overseas job seekers.
  • Norwegian telecom firm Telenor agreed to sell its 51% stake in Myanmar's Wave Money, a digital payment service provider, for $53 million to a subsidiary of Yoma Strategic.
  • Executive Committee of the National Economic Council (ECNEC) approved the mega Nullah Lai Expressway and Flood Channel project.
  • A total of 44 MoUs worth $8 billion have been signed for investment in Khyber Pakhtunkhwa at the investment conference in Dubai on the sidelines of Dubai Expo 2020.

Announcements:

  • On the equity front, the booking rates of Amreli Steels' rebars have been decreased by Rs5,000/MT with effect from 21st January 2022 amid a continuous decline in raw material price.
  • Hashmi Can Company Limited is in process of getting the necessary amendment done in its memorandum for starting a new line of business, as the SECP has graciously set aside the winding-up order.
  • Crescent Star Insurance Limited (CSIL) informed that the Extra Ordinary General Meeting (EOGM) of Dost Steels Limited will be held on Friday, 11 February 2022 to consider and pass the resolution for the removal of current directors of DSL.
  • Bolan Castings Limited (BCL) as a part of its annual maintenance plan will shut down its manufacturing plant from Monday, January 24, 2022, to Sunday, February 06, 2022.
  • Hascol Petroleum Limited managed to condense its net losses by 90% YoY to Rs936.5 million during quarter Jan-Mar 2021, compared to the huge loss of Rs9.47billion reported in the same quarter last year.
  • Maqbool Textile Mills Limited (MQTM) informed that installation of the company's Unit No. 4 (MVS Spinning) stands completed and its production and sales of yarn have commenced successfully.
  • The Pakistan Credit Rating Agency Limited (PACRA) has maintained entity ratings of Loads Limited (LOADS) at ‘A’ for the long term and ‘A1’ for the short term with a stable outlook.
  • The Board of Directors of Flying Cement Company Limited decided to increase the paid-up share capital of the company by issuing a further 300 million ordinary shares, having a value of Rs10 each.
  • Dost Steels Limited approved the investment offer of up to 29% ordinary share capital of the company from Mr Khawaja Shahzeb Akram.
  • Hi-Tech Lubricants Limited (HTL) informed that Oil and Gas Regulatory Authority (OGRA) has renewed the license for the operation of the lubricant marketing company of HTL for a further period of 15 years from December 14, 2021.
  • Hub Power Company Limited approved an interim cash dividend for the year ending June 30, 2022, at Rs.6.50 per share.
  • The board of TRG Pakistan Limited has appointed Mr Waleed Tariq Saigol as its Chairman in place of Mr Peter H.R. Riepenhausen with effect from 14th January 2022.
  • Zahur Cotton Mills Limited (ZHCM) received an in-principle inquiry from a multinational Information Technology (IT) company, through their financial advisor's Frontline Advisory Private Limited for the proposed merger with ZHCM.
  • VIS Credit Rating Company Limited (VIS) reaffirmed the entity ratings of Thal Power (Private) Limited (TPPL) at ‘AA/A-1+’ (Double-A /A-One Plus).
  • Interloop Limited (ILP)’s Hosiery Division V plant is fully operational as the company successfully commissioned and installed all 1,200 machines.
  • Octopus Digital Limited secured a high-value five-year Infrastructure as a Service (IAAS) contract on Build, Train to Operate, Maintain & Improve (BTMI) basis.

Copyright Mettis Link News

Posted on: 2022-01-23T10:50:57+05:00

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