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Weekly News Roundup

March 20, 2022 (MLN): The highlights of the important economic and business events that took place during the last week are in order to become acquainted with the recent developments in Pakistan’s economic and public policy.

Events of Importance through the week:

  • On Saturday, the State Bank of Pakistan (SBP) has revealed that Pakistan's current account deficit (CAD) fell sharply by 78% to $0.5 billion in February 2022 from $2.53bn in January 2021, largely due to a decline in imports by 18% MoM.
  • On the same day, SBP together with banks held a Mela in Faisalabad to increase awareness about the affordable housing financing scheme introduced jointly by the SBP and the Government of Pakistan.
  • Vice-President, Asian Development Bank (ADB), Shixin Chen reiterated ADB’s commitment to supporting Pakistan’s economic recovery from the coronavirus disease (COVID-19) pandemic and the country’s development agenda.
  • Meanwhile, the listed companies under the benchmark of the KSE100 Index have achieved double-digit growth of 19%YoY in profits during 2QFY22.
  • On Friday, Federal Minister for IT and Telecommunication Syed Amin Ul Haque informed that MoITT has invested about Rs57bn to enhance connectivity and improve digital infrastructure.
  • Furthermore, Pakistan Software Export Board (PSEB) & HUAWEI have signed a contract to offer cloud services to the IT industry.
  • During the same week, the Ombudsman in Sindh has called upon Excise & Taxation Motor Registration Department officials on March 22, 2022, for the issuance of Number Plates of Motorcycles, Cars and Commercial Vehicle.
  • Oil and Gas Development Company Limited (OGDCL) has carried out 652 Line-kilometer 2D seismic surveys in its various operational areas.
  • In addition, OGDCL has also injected seven operated wells, producing 171,110 barrel (BBL) crude oil and 883 million cubic feet (MMCF) gas, in its production gathering system during the first half of the current fiscal year.
  • Prime Minister Imran Khan on Thursday said that there are massive investment opportunities available for overseas Pakistanis to make safe investments in CBD and RUDA projects.
  • On the same day, Prime Minister Imran Khan said Pakistan desired to add further substance to its excellent bilateral cooperation with Austria.
  • Economic Coordination Committee (ECC) approved a supplementary grant of Rs50bn to the Power Division and Rs4.5bn in favour of the Ministry of Commerce for Export Development Fund (EDF).
  • Ministry of Commerce (MoC) said that Pakistan is ready to launch the Better Work Program (BWP) soon which will enable the country in achieving decent work standards, especially in the export-oriented Textiles and Apparel sector.
  • IFC has partnered with Bank AL Habib Limited to support the import of essential goods and equipment into Pakistan and foster a sustainable recovery from the COVID-19 pandemic.
  • Shan Shares has partnered with Ismail Foundation to construct and maintain a park under the Foundation’s WASL project (Water and Sanitation Logistics).
  • To provide greater opportunities for the public to invest in government securities SBP has allowed Microfinance account holders to open Investor Portfolio of Securities (IPS) accounts.
  •  SBP has also revised Prudential Regulations for Microfinance Banks (MFBs) to promote access to finance for low-cost housing and microenterprises.
  • On the upside, the Executive Committee of the National Economic Council (ECNEC) has given the final approval to the modern Karachi Circular Railway project.
  • To fulfil the domestic requirements as well as keep the strategic reserves the government would procure about 6 million tons of wheat during the current season.
  • Oil and Gas Regulatory Authority (OGRA) on Wednesday assured the Oil Marketing Companies (OMCs) to resolve all the issues confronted by the oil industry on priority.
  • Pakistani business-to-business fintech startup Bazaar has raised $70 million in a Series B funding round.
  • Pakistan International Airlines (PIA) has started chartered commercial cargo flights between Pakistan and China's Xinjiang Uyghur Autonomous Region.
  • On Tuesday, the federal government has kept the petroleum prices unchanged for the next fortnightly despite an abnormal price hike in the international market.
  • The Economic Coordination Committee (ECC) has approved to allocate an additional Rs11.73 billion as a supplementary grant to meet the expenditure on payment of Price Differential Claims (PDC) up to March 31, 2022.
  • ECC also allowed the Ministry of Economic Affairs to sign 15 debt rescheduling agreements with various credit countries, finalized under the Debt Service Suspension Initiative (DSSI).
  • In addition to this, ECC also approved the Ramzan Relief Package– 2022, involving a subsidy of Rs8.2 billion for the whole population of the country.
  • The Securities and Exchange Commission of Pakistan (SECP) registered 2,349 new companies in February 2022.
  • On the development side, the government has disbursed a sum of Rs47,587.63 million under Annual Public Sector Development Programme (PSDP) for the Year 2021-22 so far.
  • Port Qasim Authority and Med Marine Shipyard Turkey signed a contract for the supply and construction of one conventional Twin-screw Buoy Tender (Tug Boat).
  • The Competition Commission of Pakistan (CCP) passed an order against Haier and DEL/Dawlance for violation of Section 4 of the Competition Act, 2010 for entering into resale price maintenance (RPM) arrangements with its dealers.
  • CCP also passed an order against Haier and DEL/Dawlance for violation of Section 4 of the Competition Act, 2010 for entering into resale price maintenance (RPM) arrangements with its dealers.
  • On Monday Federal Board of Revenue (FBR) clarified that it is making all-out efforts in ensuring compliance with Financial Action Task Force (FATF) regulations in cases of DNFBPs (Designated Non-Financial Business or Professions).
  • MOITT through Universal Service Fund (USF) has launched seven more projects worth over Rs8 billion to provide broadband services to over 2.5 million people.
  • To pass on the massive increase in global coal prices, Cement players in the North region have increased cement prices by Rs40-50 per bag for the third time in a row in the past 15 days.

Announcements:

  • On the equity front, Ahmad Hassan Textile Mills Limited (AHTM) has successfully commissioned a solar system supplied by S.M. Jaffer & Co. having a rated capacity of 988.9 KWP on January 27, 2022,
  • Indus Motors (INDU) is likely to announce another price hike in the range of 12%-15% within two weeks on the cost of higher freight charges.
  • Kohinoor Spinning Mills Limited will increase the authorized share capital of the company from Rs1.5bn to Rs2.2bn by increasing 140mn new ordinary shares.
  • Bank of Punjab will raise Rs5bn for tier 1 capital in the ongoing calendar year 2022 to improve the Capital Adequacy Ratio (CAR).
  • Crescent Steel & Allied Products Limited is expected to start working on the K-IV project which is roughly 209 kilometres with a steel requirement of 158,000 metric tons worth Rs50bn.
  • Shell Pakistan Limited witnessed a significant recovery in the calendar year 2021 compared to a very tough last year as the company delivered a profit after tax of Rs4.46bn.
  • Cherat Cement Company Limited has commissioned an 11.35 MW Solar Power plant at its Factory Site Nowshera, KPK.
  • During the departed week, Pakistan Stock Exchange (PSX) proposed amendments to its regulations and invited public comments about the proposed amendments.
  • PSX has also informed all market participants that the first “Fixed Income ETF” is expected to launch soon which shall be quoted on the main board of PSX.
  • Oilboy Energy Limited (OBOY) has received an order to supply 5,000 metric tons of Afghan Coal to Pioneer Cement Limited (PIOC) out of which approximately 1,000 Metric ton has been successfully delivered.
  • JSK Holdings (Private) Limited has purchased a total of 51,000 shares of Saif Power Limited (SPWL) at an average price of Rs 20.44, through PSX.
  • The management of Pace Gulberg Shopping Mall, located at Main Boulevard Gulberg, Lahore has informed that a fire incident occurs at the mall on March 14, 2022.
  • Fauji Fertilizer Company Limited has increased Urea price by Rs80 per bag on a Dealer Transfer Price (DTP) basis to Rs1,803 per bag effective from March 13, 2022, compared to the previous DTP of Rs1,723 per bag.
  •  K-Electric Limited (KE) has informed that the company is evaluating the decision undertaken by the National Electric Power Regulatory Authority (NEPRA) on Multi-Year Tarif (MYT) in response to the company’s petition.

Copyright Mettis Link News

Posted on: 2022-03-20T15:45:39+05:00

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