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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...

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.

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.

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...

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...

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.

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...

Please Be Informed that as per notification from Pakistan Stock Exchange, the 5th and last phase of Current Regime on Enhancement of Circuit Breakers is Being Implemented from Monday - March 16 2020. *Circuit Breaker (Cap or Floor) will be of 7.5% or PKR 1, whichever is higher.* Please note that the Market Halts will now be Triggered once the *KSE 30 Index Reaches 5%*.

World Health Organisation WHO Country Representative Dr Palitha Gunarathna Mahipala, lauded Pakistan's efforts in tackling coronavirus, noting that the country had come up "with one of the world’s best National Response Program against the virus". The WHO official urged people to follow the precautionary and preventive measures to avoid contracting the lethal virus, which is extremely contagious but not as lethal as some other members of the coronavirus family. “Pakistan has timely come up with one of the world’s best National Response Program against COVID-19 and it is being implemented very effectively. Authorities are doing their job and now it is the responsibility of the people to follow the instructions and take preventive and precautionary measures to avoid contracting the viral disease”, Dr Mahipala said while speaking exclusively to The News International during his visit to Karachi. The WHO representative inspected the isolation ward of the Jinnah Postgradu...

Oil prices were up more than 5% on Friday but set for their worst weekly drubbing since the 2008 financial crisis as investors fretted over the coronavirus knocking demand and plans by producers to boost output. Brent crude LCOc1 was up $1.77, or 5.3%, at $34.99 per barrel by 1011 GMT after falling more than 7% on Thursday. Brent this week is set to fall by around 23% in its biggest weekly decline since December 2008, when it fell nearly 26%. U.S. West Texas Intermediate (WTI) crude CLc1 was up $1.58 cents, or 5%, to $33.08 per barrel. WTI is set to drop 20% this week, also the most since the financial crisis. “It’s been a very rough week and so it’s not impossible people are locking in ahead of the weekend,” said Michael McCarthy, chief market strategist at CMC Markets in Sydney. “I would also point out that in the context of the recent moves it’s not really a major move,” he added, noting that “volumes are terrible” and down significantly on average. World stocks were also set...

The government of Pakistan has acquired an additional debt of Rs.131.69 billion during the week ended March 06_ 2020, which brings its total net borrowing for ongoing fiscal year 2020 to Rs.281.84 billion. As of prior week, the government had borrowed a net sum of Rs.150.15 billion. According to the State Bank of Pakistan's weekly estimates in this regard, this year's overall net borrowing as of this week has decreased by Rs.451.61 billion over the year as last year's net borrowing for the same period stood at Rs.733.45 billion. The government sector borrowings are divided into three broad categories based on the purpose of loan which are budgetary support, commodity operations and others. Split three ways between these broad categories, the cumulative net borrowing for budgetary support was Rs.378.97 billion, while that for other purposes stood at Rs.4.4 billion. On the contrary, a net total of Rs.101.53 billion were retired off Commodity Operations. The two biggest s...

The Securities and Exchange (SECP) Policy Board met in Islamabad at the SECP Headquarters yesterday under the Chairmanship of Professor Khalid Mirza. The Policy Board approved the proposed amendments to the Companies Act, 2017 and the Limited Liability Partnership Act, 2017 in respect of FATF recommendation 24 on Transparency of Legal Persons. These are aimed to prevent misuse of companies and LLPs for money laundering and terrorist financing for prohibiting the issuance of bearer shares and the obligation to trace ownership by 25% shareholders to reach the original natural persons. The Board also approved the significant amendments relating to revamping the Listed Companies (Further Issue of Shares) Regulations, 2018 to facilitate and promote the mobilization of capital. In this connection, the Board further asked the Commission to re-consider removal of the underwriting requirement in respect of rights shares. As advised by the Regulations Committee, the Board also endorsed amendm...

The Weekly Sensitive Price Indicator (SPI) for the Combined Group increased by 0.71% during the week ended Mar 12, 2020 while the SPI increased by 12.40% compared to the corresponding period from last year. According to data released by the Pakistan Bureau of Statistics (PBS) the Combined Index was at 129.66 compared to 128.74 on Mar 05, 2020 while the index was recorded at 115.36 a year ago, on Mar 13, 2019 Out of the 51 monitored items, the average price of 14 items increased, 9 items decreased whereas 28 items registered no change during the week. The weekly SPI percentage change by income groups showed that SPI increased across all quantiles ranging between 0.66% and 0.78%. The Lowest Income Group witnessed a weekly increase of 0.75% while the highest income group recorded an increase of 0.66%. On an yearly basis, analysis of SPI change across different income segments showed that SPI increased across all quantiles ranging between 10.87% and 14.91%. Yearly SPI for the Lowest ...

Pakistan Refinery Limited (PRL) is working to upgrade its operational system in order to produce EURO II standard High-Speed Diesel (HSD) by the end of June, which is expected to save a handsome amount of its Rs. 1.15 billion on the account of penalty and price differential. The company will become compliant with the regulatory requirements of producing an improved quality of diesel with comparatively less harmful content for the environment. According to the stock filing, the oil refining company has considered new crude oil recipes which are expected to positively change its product slate making the refinery compliant with the regulatory requirements. ALSO READ Petrol Prices to Drop By Rs. 20-25 Soon: Reports In this regard, the company has undertaken certain non-CAPEX options to achieve operational and financial sustainability. PRL stated that it is now producing Motor Gasoline (Petrol) of 92 RON thus saving the RON differential penalty. It is also producing MS 95/97 RON fo...

The Crescent Steel and Allied Product has disclosed that the shareholding of Pak Qatar Family Takaful Limited PQFTL in Crescent Steel and Allied Products Limited increased to 10.03 percent said the company in a statement to the Pakistan Stock Exchange on Friday. “By virtue of acquiring 130,000 ordinary shares, the Pak Qatar Family Takaful Limited shareholding in the company increased to 7,790,550 shares which is equivalent to 10.03% of the total issued shares of the Company,” the statement added.

After a brutal trading session on Thursday, Italian and Spanish securities regulators have banned short sales during Friday on some stocks. The Spanish ban will affect 69 stocks, including all liquid stocks that fell more than 10% Thursday and all illiquid stocks that fell more than 20%, while in Italy 85 stocks will be affected by the ban.

The growth momentum of Fauji Foods Limited's PSX: FFL topline was interrupted in CY19. FFL registered a negative growth in topline for the first time since its acquisition of Noon Pakistan Limited. The company's gross margins dipped further into the negative due to rising cost of sales. During the year under review, the 10 percent sales tax on tea whitener and 5 percent additional custom duty on skim milk powder import made the dairy product more expensive. Moreover, the dairy sector continues to face high input costs brought about by the elimination of zero rating sales tax regime in 2016. In the global arena as well, the prices of imported skim milk prices increased, specifically in the last quarter. This added to the industry's input costs. The effect of this was also seen on the local milk prices, which increased in the second half of the year. Moreover, the government's policies to rectify macroeconomic challenges such as increasing policy rate to double digi...