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ورلڈ بینک اور ایشین ڈویلپمنٹ بینک نے COVID-19 کے ہنگامی رسپانس پلان کے لئے 588 ملین ڈالر کی امداد فراہم کرنے اور اس سے وابستہ معاشرتی و اقتصادی رکاوٹ کو دور کرنے پر اتفاق کیا ہے۔ منصوبہ بندی کمیشن نے ورلڈ بینک کی فنڈنگ ​​سے 238 ملین ڈالر کی رقم کی منظوری دے دی ہے اور "پاکستان نیشنل ایمرجنسی تیاری اور جوابی منصوبہ برائے COVID-19 اور COVID" کے عنوان سے منصوبے کے تصور کی حمایت میں ایشین ڈویلپمنٹ بینک (ADB) کے ذریعہ پیش کردہ مزید million 350 ملین فنڈ کی توثیق کی ہے۔ وزارت منصوبہ بندی کی ترقی اور خصوصی اقدام کی وزارت کی طرف سے جاری کردہ ایک بیان میں کہا گیا ہے کہ ہنگامی ردعمل اور اس سے وابستہ معاشی و معاشی خلل کو دور کرنے کے لئے۔ ڈپٹی چیئرمین پلاننگ کمیشن محمد جہانزیب خان کی زیر صدارت آج بدھ کو کانسیسیٹ کلیئرنس کمیٹی / سی ڈی ڈبلیو پی کا خصوصی اجلاس ہوا۔ ممبر سوشل سیکٹر ڈاکٹر شبنم سرفراز ، ممبر نجی شعبے عاصم سعید ، ڈی جی ہیلتھ ڈاکٹر صافی ، کنٹری ڈائریکٹر ، ورلڈ بینک ، ایلنگو پٹچاموتو ، اے ڈی بی کے کنٹری ڈائریکٹر ژاؤونگ یانگ اور ای ڈی ، وزارت خزانہ اور وزارت صحت کے نمائندے ب...

امریکی کروڈ نے 18 سال تک اپنی کم ترین سطح پر آنے کے ایک روز بعد جمعرات کے روز تیل کی قیمتوں میں زبردست تیزی دیکھی گئی ، کیونکہ یوروپی مرکزی بینک نے کورونا وائرس وبائی امراض کا مقابلہ کرنے کے لئے بانڈ خریدنے کی اسکیم شروع کی۔ امریکی بینچ مارک ویسٹ ٹیکساس انٹرمیڈیٹ 24 فی صد ڈوبنے کے ایک دن بعد ، تقریبا 17 percent 24 فی بیرل پر رہا۔ بین الاقوامی بینچ مارک برینٹ کروڈ 14 فیصد گرنے کے ایک دن بعد 8.5 فیصد اضافے کے ساتھ 27 ڈالر فی بیرل رہا۔ تیل کی منڈیوں میں تیزی کے ساتھ رسید کی پابندی اور کاروبار بند ہونے کا اشارہ کرنے کی وجہ سے تیل کی منڈیوں میں دھوم مچ گئی ہے ، اور سعودی عرب اور روس کے بڑے پروڈیوسر قیمتوں کی جنگ میں مصروف ہیں۔ جمعرات کی چھلانگ اس وقت آئی جب سرمایہ کاروں نے سودے بازی کی قیمت پر اجناس کی خریداری کی ، اور حکومت اور کارپوریٹ بانڈوں کی خریداری کے لئے 750 بلین یورو اسکیم کے ای سی بی کے حیرت انگیز اعلان کی پیروی کی۔ نام نہاد پانڈیمک ایمرجنسی خریداری پروگرام ای سی بی کی جانب سے اعصابی بازاروں کو پرسکون کرنے میں ناکام ہونے والے محرک پیکیج کی رونمائی کے ٹھیک چھ دن بعد ہی آیا...

وزیر اعظم کے مشیر برائے تجارت ، ٹیکسٹائل ، صنعت ، پیداوار ، اور سرمایہ کاری عبدالرزاق داؤد نے اعلان کیا ہے کہ حکومت آنے والے دنوں میں برآمد کنندگان کو لیکویڈیٹی کی پریشانیوں کو کم کرنے کے لئے ایک امدادی پیکیج دے گی۔ ٹویٹر پر گفتگو کرتے ہوئے ، وزیر نے برآمد کنندگان کو یقین دلایا کہ حکومت کورونا وائرس کی وجہ سے برآمد کنندگان کو درپیش مشکلات سے پوری طرح آگاہ ہے۔ وزیر تجارت برائے تجارت ، ٹیکسٹائل ، صنعت و پیداوار ، اور سرمایہ کاری عبدالرزاق داود نے ٹویٹر پر بتایا کہ وزارت تجارت نے مختلف منصوبوں کے تحت ٹیکسٹائل برآمد کنندگان کو 9.37 ارب روپے جاری کیے ہیں۔

بدھ کے روز پاکستان مرکنٹائل ایکسچینج لمیٹڈ میں ، پی ایم ای ایکس کموڈٹی انڈیکس 148 پوائنٹس کی کمی سے 3،333 کی سطح پر بند ہوا۔ میٹلز ، انرجی اور سی او ٹی ایس / ایف ایکس کی تجارت کی مالیت PKR 10.878 بلین ریکارڈ کی گئی اور لاٹ کی تجارت کی تعداد 15،728 رہی۔ اس بڑے کاروبار میں سونے کی مدد سے پی کے آر 6.243 بلین ، اس کے بعد کرنسیوں کے توسط سے سی او ایس (پی کے آر 1.385 بلین) ، ڈی جے (پی کے آر 1.319 بلین) ، خام تیل (پی کے آر 698.801 ملین) ، این ایس ڈی کیو 100 (پی کے آر 544.047 ملین) ، سلور (پی کے آر 283.932) تھے۔ ملین) ، پلاٹینم (پی کے آر 216.722 ملین) ، ایس پی 500 (پی کے آر 91.378 ملین) ، قدرتی گیس (پی کے آر 51.072 ملین) ، کاپر (پی کے آر 34.785 ملین) اور برینٹ کروڈ آئل (پی کے آر 9.194 ملین)۔ زراعت کی اجناس میں ، پی کے آر 6.604 ملین کی سویا بین کی ایک بہت کچھ ، گندم کی ایک بہت زیادہ رقم پی کے آر 3.945 ملین ، پی کے آر میں 2.730 ملین مکئی کی ایک بہت سی ، اور پی کے آر 0.917 ملین کی کاٹن کی ایک بہت سی تجارت ہوئی۔

Wuhan was overwhelmed with thousands of new cases of coronavirus each day. But in a dramatic development that underscores just how much the outbreak has pivoted toward Europe and the United States, Chinese authorities said on Thursday that the city and its surrounding province had no new cases to report. The news offered a rare glimmer of hope for the rest of the world as it battles the virus, and perhaps a lesson in the strict measures needed to halt its spread. It came as President Donald Trump likened the fight to “a war” and invoked emergency powers that allow him to compel manufacturers to deal with the pandemic. Wuhan was where the outbreak first took hold and thousands once lay sick or dying in hurriedly constructed hospitals. But Chinese authorities said on Thursday that all 34 new cases recorded over the previous day had been imported from abroad. “Today we have seen the dawn after so many days of hard effort,” said Jiao Yahui, a senior inspector at the National Healt...

The pharmaceutical industry of Pakistan has voiced fear of a shortage of imported raw material needed for various medicines to combat the threat of coronavirus, due to a lockdown in several foreign countries. Speaking at the Karachi Press Club on Wednesday, Pakistan Pharmaceutical Manufacturers’ Association (PPMA) Senior Vice Chairman Farooq Bukhari said the country’s pharmaceutical industry was ready to fight coronavirus alongside provincial and federal government, however, it needed relief from the authorities in a bid to function efficiently. Endorsing his views, PPMA Executive Committee Member Kaiser Waheed said Pakistan had around 770 medicine companies, which were registered with the association. Speaking to The Express Tribune on the sidelines of the meeting, he said the companies used 1,200 molecules and other active pharmaceutical ingredients to produce 98,000 medical products. He pointed out that the country imported 95% of its raw material from Shanghai and Beijing w...

In the wake of COVID-19 and its unprecedented effect on global stock markets, the Securities and Exchange Commission of Pakistan  in consultation with market stakeholders and market infrastructure institutions, has decided that for the April 2020 contract, a short sale in 36 specific shares of the futures market shall be subject to an uptick rule. This will ensure the provision of a required prior notice period to the market and retain liquidity in the rollover week. The uptick rule means that the shares of that relevant scrip have to be sold at a price higher than the last trade not lower. Further, to support the mutual fund industry, the maximum period of borrowing by mutual funds for redemption purposes will be extended from existing 90 days to 360 days. Moreover, the commission has allowed relaxing deposit requirements against the base minimum capital of TREC holders. The requirement to perform biometric verification at the time of opening of the account is eased and ...

In order to curtail the risk of the spread of Coronavirus (COVID-19) and limit the physical interaction of citizens at the branch level, State Bank of Pakistan (SBP) has waived off transactional charges on various modes of online payments for customers on a temporary basis to be effective from March 20. Customers can now make banking transactions without any charges for fund transfer, utility bills payments, tax submission, mobile top-ups and etc. According to a circular issued by SBP, commercial and microfinance banks shall waive all charges for customers using their online fund transfer services including Intra and Interbank Fund Transfers IBFT till further instructions. Banks/MFBs shall waive the transaction charges on RTGS customer transfers (MT 102 and MT103). In this regard, SBP has also waived charges on such transactions with immediate effect till further instructions. It has been decided that fees earned on all online bill payment services including utility bill pa...

Due to the adverse impact of the coronavirus pandemic on the economy, the government on Tuesday decided to revise all international and local agreements in the energy sector, including those related to Independent Power Projects (IPPs) and Liquefied Natural Gas (LNG), to provide relief to the common man.

Amreli Steels Limited has encountered an unexpected breakdown in its re-heating furnace at the re-rolling plant situated in Dhabeji. The management expects that the rolling mill will be non-operational for ten days which may result in decline of rebars production of up to 8,000 metric tons for the quarter ending March 31, 2020. ‘The teams are working to fix the fault and resume the production facility as early as possible. However. It may be clarified that our Steel Meltshop located at Dhabeji and Rolling Mill located in S.I.T.E area remains operational’ a notice issued by the company said on Wednesday.

عالمی مالیاتی فنڈ (آئی ایم ایف) نے کرونا وائرس سے متاثرہ اور اس کے باعث معاشی مشکلات کے شکار ممالک کو 1 کھرب ڈالر تک قرضہ صفر شرح سود پر دینے کا اعلان کیا ہے۔ عالمی خبر رساں ادارے کے مطابق آئی ایم ایف کی منیجنگ ڈائریکٹر کرسٹالینا جورجیفا نے رکن ممالک کو کرونا وائرس سے نبرد آزما ہونے اور معیشت کی بحالی کے لیے 1 کھرب ڈالر تک کا قرضہ دینے پر رضامندی کا اظہار کرتے ہوئے بتایا کہ قرضہ صفر شرح سود پر ابھرتی اور ترقی پذیر معیشتوں کو 50 ارب ڈالر جبکہ کم آمدنی والے رکن ممالک کو 10 ارب ڈالر تک دیا جائے گا۔ منیجنگ ڈائریکٹر کرسٹالینا جورجیفا نے مزید کہا کہ 20 ممالک نے قرضوں کے لیے دلچسپی کا اظہار کیا ہے اور ہماری کوشش ہے کہ کرونا وائرس سے متاثرہ ممالک کو ترجیحی بنیاد پر اور تیز رفتاری سے بلا سود قرضے جاری کیے جائیں گے تاکہ معاشی بحران کے شکار اور مالی مدد کے حق دار ممالک کو اپنے امور چلانے کے لیے کچھ سہارا مل سکے۔ علاوہ ازیں سی سی آر ٹی فنڈز غریب ترین ممالک کو فوری طور پر قرضوں سے نجات دلانے میں بھی مدد فراہم کرسکتا ہے۔ آئی ایم ایف پہلے ہی مجموعی طور پر 200 ارب ڈالر کی ادائیگی کا وعدہ کرچ...

Crescent Steel and Allied Products Limited has been awarded a contract from (SNGPL) for the supply of 16 and 24-inch diameter pipes amounting to Rs 1,688 million. The aforesaid contract is expected to be executed during first quarter of next financial year, revealed an official notice sent by the company to Exchange.

GSK has signed an agreement with LG Household & Health Care Ltd ( a Korean cosmetic, personal care, home care, and beverage business), which will acquire Physiogel business rights for the Asian and North American regions, revealed a notification to the Exchange. GSK Consumer Healthcare Pakistan Ltd  currently operates as a Distributer of Physiogel in Pakistan, which makes up 0.9% of the overall annual sakes of GSK CHC. The distribution rights will be revoked upon completion of the above-mentioned global transaction, expected by end of July 2020 for Pakistan.

Fauji Cement Company Limited has commissioned 2.5 Mega Watt Captive Solar Power Plant, which is in addition to the already installed 12.5 MW Captive Solar Plant. This will add to the captive generation capacity of the company, a notification  issued in this regard by the Company said on Tuesday.

China has emerged as the leading investor by investing $696.5 million (net) as Direct Foreign Investment (FDI), most of which poured in Pakistan’s Power and Telecom sector under China-Pakistan Economic Corridor (CPEC) projects. According to the latest data released by SBP, during Jul-Feb FY20 net FDI from China increased significantly by 129% YoY as it was $303.7 million (net) in Jul- Feb FY19. Norway emerged as the second leading country with net FDI of $288.5 million in Jul-Feb FY20, which was 237 times higher compared to just $1.2 million in the same period of last year. Meanwhile, inflows from Malta were recorded at $148.2 million during eight month period of FY20 compared to outflow of $93.3 million in the last year. Hongkong came at number four with net inflows of $105.8 million during the period under review compared to $91.3 million in the same period of last year. while UK brought in investments of $90.9 million (net) compared with $137.4 million in the corresponding...

The US embassy in Pakistan has suspended the visa services for Pakistan amid Coronavirus. According to communiqué all visa appointments of consulates and embassy have been suspended. According to US embassy visa service will be restored soon, however, no date on this count can be given while services for US citizens will continue as normal.  Pakistan confirms first death from coronavirus It is vital to mention here that tally of COVID 19 patients in Pakistan have reached more than 184 due to which all sports activities, events, shrines, and entertainment activities have been banned in several parts of the country. On the other hand, all educational institutions have been closed and examinations have been postponed. Besides all, travel is allowed through only three airports of the country under strict security measures. The Nation

The catastrophe turned into a calamity at the Pakistan stock market last week when investors scrambled to dump shares and seek the safety of havens: gold and dollar. It started from the first trading day when a bloodbath was witnessed that sent shares reeling and the benchmark KSE-100 caved in by 2,302 points or 6.41 per cent, representing the heaviest single-day decline in 10 years. All of that happened in just 7 minutes of the start of trading. The episode was repeated on Thursday and Friday. The market was rescued from crash by the new circuit breaker regulation made effective from December last year that provides the ‘’trading halt’’ mechanism which is triggered if the market capitalisation based KSE-30 index sinks by 4pc during the session and is unable to wriggle out of it in 5 minutes. It provides a cooling period of 45 minutes which enables brokers to collect mark-to-market margins from leveraged players to mitigate systemic risk at the market. On all three occasions (Mon...

Engro Polymer and Chemicals Limited (EPCL) has started production activities at its plant, revealed a notification from EPCL to PSX dated today i.e. March 16th, 2020. To recall, an isolated incident of gas leak occurred at the EPCL, Port Qasim on March 6 2020. As a precautionary measure, specific areas of the plant had been taken offline.

The State Bank of Pakistan has said that it is willing to take all measures to support the financial markets against all the economic adversities created by the Covid-19 pandemic. According to a report by Bloomberg, the pandemic which has created an uproar in economies across the globe, has not even spared Pakistan from its wrath. For the uninitiated, the equity market in Pakistan have taken a massive hit and has been on a declining trend ever since the news of the virus broke out. However, the Governor of the Central Bank of Pakistan, Raza Baqir has said that: “The current market volatility in Pakistan is externally driven and the strengthening in the fundamentals of Pakistan’s economy that drove the improvement in Pakistan markets before the outbreak of coronavirus remains intact”. “The central bank is monitoring the situation closely and remains ready to take any actions needed to address disorderly market conditions”, he added. It is worthwhile to mention that the Central B...

Govt has rejected to grant a one-time exemption to Lotte Chemical Pakistan Ltd (LOTCHEM) to import Paraxylene from India. According to the research note by Sherman Securities, LOTCHEM had asked permission for import of 40,000 MT paraxylene with a supply agreement of 140,000 MT from Reliance (India), out of which 82,500 MT has already been imported. It is pertinent to mention that LOTCHEM imports Paraxylene, a liquid chemical used as a feedstock in the manufacture of Purified Terephthalic Acid (PTA) which is not domestically produced. Therefore, it is expected that PTA production may fall by 60,000 MT, the research added. As a matter of fact, PTA is a base raw material for textile and packaging industries and LOTCHEM is the supplier of PTA. Mettisglobal.news اطلاع ہے کہ اب سری لنکا سے منگوایا جائے گا جو انڈیا کہ مقابلے سستا پڑنا۔

The government will provide 400 million rupees subsidy to framers on the import of PB Rope from the current cotton sowing season. According to Cotton Commissioner in the Ministry of National Food Security and Research Dr Khalid Abdullah، subsidy for PB Rope imports for about 2,00,000 hectares would be provided to help overcome threats of pest attacks on crop during its fruiting season and save the crop from damage. He said the amount is being allocated to enhance per-acre cotton output across the crop sowing areas of the country. Cotton Commissioner informed that government in close coordination with private sector had also designed a holistic program to ensure provision of certified cotton seed to farmers in order to achieve maximum per acre crop output during the season and get more profit.

The two gas marketing companies, SSGC and SNGPL had filed respective petitions for determination of estimated revenue requirement for FY21, on the last day of 2019. The regulator has now issued public notices inviting comments on the said petitions as the new prescribed prices are scheduled to go effective from July 1, 2020. SNGPL has asked for a near 90 percent increase in average prescribed prices for FY21 to Rs1335 per MMBTU from Rs730 per MMBTU at present. SSGC on the other hand has asked for a much modest increase at 20 percent year on year to Rs934 per MMBTU. The likelihood of these petitions being approved as requested, is extremely low, given the history. Recall that the SNGPL had applied for a similar increase of nearly 90 percent for FY20 but ended up getting no more than 17 percent. The regulator's stance on treatment of a number of variables is not likely to change overnight as Ogra has a completely different understanding of how to treat prior years' shortfal...

The U.S. Federal Reserve slashed rates back to near zero, restarted bond buying and launched other measures from its crisis-era toolkit, along with other central banks, to put the floor under a rapidly disintegrating global economy assailed by efforts to contain the escalating coronavirus pandemic. "The effects of the coronavirus will weigh on economic activity in the near term and pose risks to the economic outlook. In light of these developments, the Committee decided to lower the target range," the Fed said. The Fed cut rates to a target range of 0% to 0.25% and said it would expand its balance sheet by at least $700 billion in coming weeks. "The Committee expects to maintain this target range until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals" the Fed said. In other moves, the Fed encouraged banks to use the trillions of dollars in equity and liquid assets built up ...

Pakistan stock and money markets’ pundits, who are believed to be the heavyweights and trendsetters, appeared cautiously optimistic regarding extension in the slight recovery seen in closing hours at the domestic asset markets over the weekend — Friday. Earlier, the stock market crashed again and again and got temporarily suspended three times during the outgoing week as per the laws. This has never happened in the history. Similarly, the rupee lost against the US dollar for the first time in the past eight months. The outgoing week saw the KSE-100 dive 2,159 points or 5.65% to finish at 36,061. Arif Habib Limited Chairman Arif Habib and AKD Group Chairman Aqeel Karim Dhedhi said new cases of the virus-infected people could continue to emerge around the globe, including Pakistan. They, however, see return of positive trend on Monday and onward. “The stock market may see positive trend on Monday while rupee would fluctuate but maintain around the current level,” Habib anticipa...

Right now the market is dangerous for traders But there is no problem for the investor .Market right now Standing under 200 DMA😁 And I think traders should enter the level above 38k😊Short sellers do not even need to be happy😉If the swings are in the market then the shot sellers will not get a chance to leave. 😂😊 Yes, if the government cut the interest rate, then 2 days of fun 😁

Pakistan’s central bank said it’s ready to take action to support financial markets in the face of the coronavirus pandemic, which has led to a sell-off in the country’s bonds. Ad Pakistan has seen net sales of $772 million in short-term rupee debt this month after eight successive months of purchases that totaled $3.1 billion. “The current market volatility in Pakistan is externally driven and the strengthening in the fundamentals of Pakistan’s economy that drove the improvement in Pakistan markets before the outbreak of coronavirus remains intact,” State Bank of Pakistan Governor Reza Baqir said in an email. The central bank “is monitoring the situation closely and remains ready to take any actions needed to address disorderly market conditions.” Pakistan’s central bank intervened on Friday, helping the rupee advance 0.1% after a four-day decline, according to people familiar with the matter. Global central banks stepped up their crisis-fighting measures last week in a campaign t...

*FBR to launch online production monitoring of three major sectors: Cement, Sugar, Fertilizer through online Trade and Trace System* Federal Board of Revenue (FBR) to launch online monitoring of production in three major sectors for preventing tax evasion. The FBR has decided to launch real-time monitoring of production by cement, sugar and fertilizer sectors in order to prevent tax evasion. In this regard the FBR issued Invitation for Licence (IFL) for IT based solution for Electronic Monitoring (Trade and Trace System) of specified products i.e. cement, sugar and fertilizer. The FBR said that the trade and trace system established, maintained and operated must enable FBR to monitor production activities and to generate real-time information volumes produced at the manufacturing sites, including verification data of collection of applicable taxes relating to specified goods produced. The track and trace system must be able to provide FBR enforcement officials and delegated agenci...

Haroon Akhtar Khan, former special assistant to prime minister on revenue has said that some people in the current setup like to see him appointed as chairman of the Federal Board of Revenue (FBR) instead of SAPM, which was not acceptable to him. This, he stated while speaking at Aaj TV programme “Paisa Bolta Hai” with Anjum Ibrahim. Khan also said that owing to changed external conditions on account of coronavirus and the decline in oil prices, the government can re-negotiate the International Monetary Fund (IMF) programme and cut down the interest rate by 200 basis points. He said that Prime Minister Imran Khan had invited him to give unbiased view on economy, especially related to businesses and ground realities. “I went as a patriotic Pakistani citizen,…while seeing that the PM has a vision to turn around the country and the economy,” said Khan, adding that, he went for presentation and discussion, and not seeking a job at all. However, Akhtar said, the prime minister off...

As a collapse in the oil price unleashed chaos in financial markets, Madrid money manager Diego Parrilla phoned a colleague who agreed: they had better head to work early in the morning. By daybreak in Europe, the price of crude oil had fallen by a third. The shock had turned worry about the coronavirus to full-blown panic, wiped trillions of dollars from Asian stocks and sent futures for European and US markets plunging. “We assessed the book,” said Parrilla, 46, who runs a €300 million ($332 million) fund that is long gold and bonds and uses options to bet on just about everything but dollars and volatility falling. “We were in a good position, he said. “We decided which parts of the portfolio we would take profits on first.” So began what became the worst week on Wall Street since 2008, which has left Parrilla one of the few winners in the shakeout that ended the longest bull-run in US history. His Quadriga Igneo fund is up 30% for the year to date. The wipe-out has also e...

The Board of Directors  of Packages Limited (PKGS) met on Friday to review the company’s performance and announce its financial results for the accounting year ended December 31, 2019. During the meeting, the board recommended a cash dividend to the shareholders for approval at the Annual General Meeting , purposed to be held on April 29, 2020. The BOD recommended dividend to the preference share/convertible stockholder (International Finance Corporation) as per the term of the subscription agreement between Packages Limited and IFC; and to the ordinary shareholders at the rate of 120pc i.e. Rs12 per ordinary share of Rs10 (2018: cash dividend 150pc i.e. Rs15 per ordinary share of Rs10). The packaging giant posted a profit after tax of Rs1.346 billion during the period under review as compared to Rs2.736 billion during the same period last year, showing a decline of 50.8pc. Meanwhile, the company’s consolidated profit after tax clocked at Rs278 million as compared to Rs1....

A 3pc YoY decline in urea offtake has neutralised the impact of higher urea prices (Rs260 per bag over 2019 vs. gas price hike impact of Rs180 per bag), keeping the gross profit flattish.  Results remained below their expectations due to one-off. Naeem shared that Fauji Fertilizer Company FFC posted 19pc YoY higher profit after tax of Rs17.1 billion (EPS: Rs13.45). Higher other income, up 85pc YoY, led by interest earned on cash reserves (GIDC accumulation) was the major earnings growth driver during CY19 while major drags included (i) 51pc YoY higher finance cost and, (ii) 62pc YoY higher other expenses, led by Rs1.1bn of impairment of FFL recorded (-ve EPS impact: Rs0.61/share) during 4QCY19. HIGHER OFFTAKE She recalled that the ECC had approved the removal of Gas Infrastructure Development Cess on feed/fuel gas supply for the fertilizer sector on January 20, in a move to make urea prices more affordable. Following the GIDC waiver, FFC announced Rs300/bag urea price...

In a major development, Prime Minister of Pakistan Imran Khan has accorded approval to the country’s textile policy 2020-25 under which the textile exports will be jacked up to $28 billion in five years' time by 2025. And to achieve the target of $28 billion textile exports, cotton production in the country will be enhanced to make availability from nine million bales to 20 million bales within five years. Razak Dawood, Adviser to PM on Commerce and Textile, in his tweet said that the prime minister has in principle approved the Textile Policy 2020-25 and under the rules of business it will be processed to the federal cabinet for approval. The draft of the Textile Policy 2020-25 available with The News also reveals that electricity and gas tariff will be fixed for the next five years till 2025 at US Cent 7.5 per KWh and $6.5 per MMBTU respectively. It also indicates that withdrawal of Zero Rating or SRO 1125 will be reviewed. Under the textile policy, formation of Specialized...

Having infected more than 130,000 individuals, and with a death toll surpassing 5,000 people, coronavirus (COVID-19) – now labelled a global pandemic – has brought life around the world to a halt, resulting in global economies feeling the heat due to disruptions in supply and dampened demand sentiments. In the wake of the deadly virus, global GDP estimates have been slashed by 5bps to 2.4pc as opposed to previous estimates of 2.9pc. Although the spread has been curtailed in Pakistan, and the World Health Organisation (WHO) has expressed satisfaction with national policies against the disease, Pakistan is not an island, and thereby the impact of the virus is likely to penetrate into the economy. TRADE IMPACT As per a report by BMA Research, the impact is likely to hit Pakistan due to its trading with infected countries. The report reads, “A large portion of Pakistan’s economy is driven by imported materials including most key sectors such as textiles, automobile, energy, steels,...

The country representative of The World Health Organisation’s (WHO) in Pakistan, Dr Palitha Gunarathna Mahipala, said on Friday that Pakistan had observed one of world’s best “national response programmes’ against COVID-19 pandemic in Pakistan and urged the people to follow the precautionary and preventive measures to avoid contracting the virus, which is extremely contagious but not as lethal as some other members of the coronavirus family. Talking about the  the severity of the COVID-19 pandemic, he said even countries with well-advanced health systems like South Korea and Italy had failed to contain COVID-19. He added that Pakistani authorities timely responded to the threat and took measures which resulted in keeping the virus at bay for a longer time when other counties were having its cases. Further more, he urged the people to take precautionary measures to avoid contracting the viral disease, saying they should avoid visiting public gatherings,...

A team of Securities and Exchange Commission of Pakistan (SECP) led by the Chairman SECP and Commissioner(SM) held a detailed meeting with the CEOs of Pakistan Stock Exchange, National Clearing Company and Central Depository Company (CDC) on Friday to review and discuss the stock market situation after the market was halted for third time this week. The meeting also discussed risk management and business continuity. The index based market halts were triggered three times during this week. This cooling-off period gave an opportunity to investors to align their trading strategy and collection of margins by the Clearing Company. The participants of the meeting affirmed that risk management system was functioning efficiently and margins were being collected timely. The market operations are running smoothly as a whole. The CEOs further apprised that their business continuity plans and disaster recovery setup was in place based on SECP’s earlier instructions. The chairman SECP emphasized o...

The Board of Directors (BoDs) of the Searle Company Limited, in their meeting, held on March 6, 2020 has approved the making of an equity investment in the amount of up to Rs 7.2 billion in Luna Pakistan (Private) Limited for the purposes of settling and swapping the finance facility availed by Luna from Habib Bank Limited “Proposed Equity Investment” The funding of Proposed Equity Investment is intended to be made through availing of a finance facility from a syndicate of banks and financial institutions arranged by Habib Bank Limited itself. To recall, BoDs of Searle Company Limited had approved the acquisition of 100% of the issued and paid-up share capital of Luna Pakistan Pvt Limited (Luna) on December 17, 2019.

The COVID-19 pandemic could be brought under control in June if all impacted countries take the virus seriously and implement strong national-level measures to control it, said Zhong Nanshan, a well-known Chinese respiratory expert and head of its top-level panel of scientists against the new coronavirus outbreak. He warned in south China’s Guangdong province that many countries are still not taking the virus seriously enough and called for strengthened international communication on COVID,19 amid the global spread, according to China Global Television Network (CGTN). “In general, coronaviruses are less active in summer when the temperature is relatively high,” Zhong explained. “But the end of the epidemic depends heavily on how seriously every country is taking it. “With more hard-hit countries taking it seriously, I believe it is possible to end the epidemic by the end of June,” he added. The World Health Organization (WHO) has declared the outbreak a pandemic. “That's the hi...

The Oil and Gas Regulatory Authority (Ogra) has invited gas consumers and the general public for public hearings on the Sui Northern Gas Pipeline Limited (SNGPL)'s petition for an increase in its average prescribed price by Rs 133.31 per mmbtu effective July 1, 2020. The gas utility is seeking total increase in average prescribed priced by Rs 670.75/mmbtu after including Rs 173.6 billion shortfall of pervious years, and projected shortfall of Rs 43.067 billion for the financial year 2020-2021. The gas company has estimated re-gasified liquefied natural gas (RLNG) cost of service at Rs 104.21/mmbtu with effect from July 1, 2020. The cost of RLNG diverted towards domestic sector during winter has also been claimed at Rs 73.8 billion. The petitioner is projecting the cost of gas at Rs 531.66/mmbtu and operating cost of SNGPL Rs 107 per mmbtu by selling 323,070 bbtu for the next financial year. Average prescribed price at Rs 1334.99/mmbtu has been sought including current average pr...

Alan Duncan has joined the Board of the Directors of the Company as nominee Director of Vitol Dubai Limited. Alan is a former UK government minister. After studying at Oxford and Harvard, he worked first for Shell and then spent 10 years as an oil trader with Marc Rich now Glencore-. From 1992-2020 he was a member of the Parliament of UK, and was an International Development Minister 2010-14, and Foreign Minister 2016-19. Earlier, the Board of Directors had appointed Waheed Ahmed Shaikh as CEO of the Company on 4th March 2020. Shaikh was previously Chief Operating Officer of Al-Dabbagh Group and played a pivotal role in the acquisition of the Petromin Corporation, Al-Dabbagh Group's wholly-owned entity. Prior to joining Al-Dabbagh Group, he spent 12 years working in Shell Pakistan Limited. Shaikh holds a Master's degree in Business Administration from the University of Hawaii in the US and a Bachelors in Mechanical Engineering from the University of Engineering & Technolo...

Users across Pakistan are experiencing disrupted internet services as Internet Service Providers across the nation have notified users of the fault. The fault is said to be in SMW_5 international submarine cables. The South East Asia–Middle East–Western Europe 5 is an optical fibre submarine communications cable system that carries telecommunications between Singapore and France. At this time, the issue has not been resolved and users can face some problems in internet browsing quality. While PTA or PTCL have not confirmed an issue as of yet according to official social media accounts, multiple users from Karachi, Islamabad and Lahore have reported that they experienced slow internet speeds and ISPs across the country have confirmed the issue to their users. This issue comes at an unfortunate time for users nationwide as companies have begun work from home due to the on-going Coronavirus pandemic.

Three coronavirus patients in Pakistan have been discharged from hospitals after recovery and no fatalities in the country are reported so far. The recovered patients belong to Sindh. The Ministry of National Health Services has on Saturday prepared a report over coronavirus cases in Pakistan stating that total 609 suspects were tested for the virus on Friday and 78 more samples have been sent to the laboratories. 28 patients in Pakistan have been tested positive for coronavirus so far. The sufferers include 16 from Sindh, six from Balochistan and three apiece from Islamabad and Gilgit. All patients are stable as per the report.

The US tech giant said in a statement on Friday that its co-founder, billionaire Bill Gates, 64, will dedicate more time to other priorities, including global health, education and issues connected with mitigating climate change. READ MORE: Govt serious for the creation of South Punjab: FM Qureshi According to Microsoft, Bill Gates will, however, keep his post as Technology Advisor to the company CEO Satya Nadella and other board members. “It’s been a tremendous honor and privilege to have worked with and learned from Bill over the years. Bill founded our company with a belief in the democratizing force of software and a passion to solve society’s most pressing challenges. And Microsoft and the world are better for it. The board has benefited from Bill’s leadership and vision. And Microsoft will continue to benefit from Bill’s ongoing technical passion and advice to drive our products and services forward. I am grateful for Bill’s friendship and look forward to continuing to work al...

Pakistan earned $652.720 million by providing different information technology (IT) services in various countries during the first six months of current financial year 2019-20. READ MORE: Govt serious for the creation of South Punjab: FM Qureshi This shows growth of 21.79 percent as compared to $535.940 million earned through provision of services during the corresponding period of fiscal year 2018-19, Pakistan Bureau of Statistics (PBS) reported. During the period under review, the computer services grew by 25.35 percent, from $391.770 million last year to $491.090 million during July-December 2019-2020 Among the computer services the exports of hardware consultancy services witnessed increase of 90.45 percent, from $0.880 million to $1.676 million while the export of software consultancy services also grew by 11.68 percent, from $173.972 million to $194.289 million. The export and import of computer software related services increased by 9.32 percent, from $149.540 million to $16...