Weekly News Roundup

December 13, 2020 (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.

Events of Importance through the Week:

On Friday, SBP issues special foreign exchange regulations for entities operating in Special Technology Zones (STZs) in Pakistan.

On the same day, National Electric Power Regulatory Authority (NEPRA) increased Rs. 0.5712 per unit in power tariff on account of fuel charges adjustment for the month of October.

On the upside, British airline Virgin Atlantic started its air operations in Pakistan. According to the details, the first flight of British airline Virgin Atlantic arrived in Islamabad on Friday.

Moreover, China expressed deep interest to make investments of three billion dollars in Ravi Riverfront Urban Development Project. The information was shared with a meeting chaired by Prime Minister Imran Khan in Islamabad today regarding Ravi Urban and Bundal Island projects.

In addition, the Asian Development Bank (ADB) in its recent report said that Pakistan’s economy is recovering particularly in manufacturing and construction sectors supported by the government’s emergency relief package.

Similarly, World Bank, in its Half Yearly Report on Private Participation in Infrastructure 2020, said Pakistan for the first time has become one of the five countries in the world with the most investment commitments in the first half of the year.

The World Bank also approved $300 million in financing for two projects in Pakistan—the Sindh Resilience Project and the Solid Waste Emergency and Efficiency Project.

On the Technology front, in a GITEX Technology Week which held in Dubai and serves as home to tech startups, Pakistan’s Ministry of Information Technology and Telecommunication (MoITT) successfully pitched three startups from Ignite’s National Incubation Center (NIC) Program.

Besides, Moody's Investors Service (“Moody's”) on Friday upgraded the long-term foreign currency deposit ratings of 29 banks and the long-term foreign currency issuer rating of one bank across five countries: Bahrain, Oman, Jordan, Pakistan and Turkey.

On Thursday, State bank of Pakistan (SBP) halted the sale of Rs 25,000 denomination prize bonds with immediate effect. The National Prize Bonds will not be encashed or redeemed after 31^st May 2021.

Moreover, via its official twitter handle, SBP informed that inward remittances from overseas Pakistani into Roshan Digital Account rose to $7.7 million, their highest ever daily amount.

On the tax front, the Federal Board of Revenue (FBR) received a record number of returns along with the highest ever amount of income tax at the time of filing. A total of nearly 1.8 million returns have been filed together with an amount of about Rs.22 billion. Last year at this time, 1.73 million returns were filed while about 13.5 billion were deposited as income tax.

Also, FBR on Thursday clarified that taxpayers were allowed under the law to file annual income tax returns after the completion of the extended period granted by the Chief Commissioners Inland Revenue.

On Tuesday, Pakistan High Commissioner in the United Kingdom Moazzam Ahmad Khan said Pakistan would continue to benefit from the UK’s trade preferences scheme at par with the EU GSP Plus facility after the Brexit.

Furthermore, Advisor to PM for Commerce and Industries, Abdul Razak Dawood took Twitter on Tuesday to announce that Ministry of Commerce (MoC) has achieved cancelation of illegal registration of the trademark “KERNAL” by a rice company overseas. This was tantamount to unfair use of the intellectual property of Pakistan, as the word is similar to SUPER KERNEL, a premium Pakistani rice variety.

Announcements

On the equity front,  the Hub Power Company Limited (Hubco) entered into a MOU with Pakistan Defence Officers Housing Authority, Karachi (DHA) with respect to revival of DHA Cogen Limited, which will generate 84 MW of electric power for supplying to K-Electric and provide 3 million gallons per day of potable water for supplying to Cantonment Board Clifton.

Shandong Yongtai Paper Mills Limited, a shareholder of Roshan Sun Tao Paper Mills (Private) Limited has made an offer to sell their 40% stake in the latter to Roshan Packages Limited (RPL).

The Board of Directors of Fateh Industries Limited, in its meeting held on December 11, 2020, have unanimously resolved to voluntarily delist the company from Pakistan Stock Exchange.

Amreli Steel Limited (ASTL) clarified a snapshot circulating in the market and social media regarding the closing of new orders' booking by the Company due to excess orders in hand and suspension of production for the last few days.

Sazgar Engineering Works Limited (SAZEW) submitted the production and sales data of three-wheelers for the month of November 2020, as per the total number of production units amounted to 1,233, whereas sales units amounted to 806.

Netsol’s sister concern in China signed an agreement with a global automotive financial services company to upgrade from the Company’s legacy NFS system to its premier, next-generation Ascent platform.

The Security Exchange Commission of Pakistan (SECP) allowed Askari Bank Limited to issue up to 210,526,315 shares, against conversion of Term Finance Certificates (TFCs) amounting to Rs.6,000,000,000.

The Board of Directors of Shell Pakistan Limited, in Extraordinary General Meeting held on Wednesday, passed the resolution to increase authorised share capital of the Company, from Rs. 1,500,000,000 to Rs. 3,000,000,000.

State Life Insurance Corporation of Pakistan (SLIC), intends to sell its entire holding of Ravi Textile Mills Limited and Mian Textile Industries Limited under buy back arrangement.

The Organic Meat Company Limited (TOMC) secured a high value contract for supply of frozen boneless meat with National Food Company (Americana), which is one of the most successful organization in the Middle East.

Copyright Mettis Link News