Daily News:27th Apr 2020

Good Morning

The weekly inflation during week ended April 23 against April 16, 2020 on Week-on-Week (WoW) basis witnessed an increase of 0.62 percent for combine income group, from 125.16 points to 125.93 points, the Pakistan Bureau of Statistic (PBS) revealed. Prices of essential kitchens items have witnessed an increasing trend during this past week compared to the week before, a survey conducted by Business Recorder revealed here on Saturday. The Federal Board of Revenue (FBR) actual tax shortfall stood at Rs 918 billion against the target of Rs 3,756 billion set for July-March (2019-20).

Market View: The KSE100 Index lost 44.45 points on Friday, ending the session at 32,806.38 points. We believe the first working day of Ramadan might keep the markets under pressure today.

Commodities:

Brent oil (USD/bbl): 20.98 (-2.15% D/D)
Crude oil (USD/bbl): 15.46 (-8.74% D/D)
Gold (USD/oz): 1,743.00 (+0.4264% D/D)

National News

SPI increases 7.9pc YoY

The weekly inflation during week ended April 23 against April 16, 2020 on Week-on-Week (WoW) basis witnessed an increase of 0.62 percent for combine income group, from 125.16 points to 125.93 points, the Pakistan Bureau of Statistic (PBS) revealed.

https://epaper.brecorder.com/2020/04/25/1-page/834884-news.html

Prices of Ramazan-specific food items increase

Prices of essential kitchens items have witnessed an increasing trend during this past week compared to the week before, a survey conducted by Business Recorder revealed here on Saturday.

https://epaper.brecorder.com/2020/04/26/7-page/835038-news.html

Profit rates on savings schemes slashed

The government on Friday slashed profit rates on all savings schemes and accounts of the Central Directorate of National Savings (CDNS). The new rates will be applicable to deposits and investments with effect from April 24.

https://www.dawn.com/news/1552085/profit-rates-on-savings-schemes-slashed

ADB says will provide $1.7bn

The Asian Development Bank (ADB) on Friday assured Pakistan of providing $1.7 billion during ongoing calendar year for dealing with the coronavirus pandemic.

https://epaper.brecorder.com/2020/04/25/1-page/834878-news.html

ADB says project performance falls modestly

The Independent Evaluation Department (IED) of the Asian Development Bank (ADB) has said that Pakistan’s project performance marginally declined, from 80 percent in 2016–18 to 78 percent in 2017–19.

https://epaper.brecorder.com/2020/04/26/1-page/834979-news.html

PIA incurs Rs12bn losses due to suspension of flights

The Pakistan International Airlines (PIA) has incurred an estimated Rs12 billion financial losses following suspension of its flights operation worldwide; however, it has no plan, like other airlines, to lay-off its employees, high-level sources said.

https://epaper.brecorder.com/2020/04/26/8-page/835049-news.html

‘Construction Industry Development Board’ to be set up

Ministry of Planning, Development and Special Initiatives, has decided to establish Construction Industry Development Board (CIDB) as an autonomous body, allegedly to “accommodate” one of the close friends of a top man in the Ministry as Chief Executive Officer(CEO), well-informed sources told Business Recorder. The administrative control of the entity will be determined by consultation after its establishment and transferred accordingly. The Board will have a Chief Executive and Council, which according to Transparency International-Pakistan will result in cartelization like in other sectors.

https://epaper.brecorder.com/2020/04/25/1-page/834881-news.html

Gas-based urea plants record highest-ever Q1 output

The urea fertilizer plants based on indigenous gas have recorded their highest-ever first quarter urea production of around 1.43 million tons.

https://epaper.brecorder.com/2020/04/25/2-page/834893-news.html

Hammad Azhar says support package for small businesses to be presented to ECC tomorrow

Industries and Production Minister Hammad Azhar said Sunday his ministry would present a support package for small businesses to the Economic Coordination Committee (ECC) tomorrow (Monday) to help cushion the economic impact of the coronavirus pandemic.

https://www.thenews.com.pk/latest/650183-hammad-azhar-says-relief-package-for-smes-to-be-presented-to-ecc-tomorrow

Forensic report on sugar crisis delayed

The forensic report of the inquiry commission probing the recent sugar crisis has been delayed as the body sought three more weeks for submitting it, Special Assistant to the Prime Minister (SAPM) on Accountability Mirza Shahzad Akbar revealed on Saturday.

https://tribune.com.pk/story/2207253/1-forensic-report-sugar-crisis-delayed/

Tax refund claims surge to Rs348b

The income tax refund claims have surged to a record Rs348 billion or 9% of last year’s tax collection as taxpayers have been waiting for the past many years to receive their due refunds, reveal statistics of the Federal Board of Revenue (FBR).

https://tribune.com.pk/story/2207018/2-tax-refund-claims-surge-rs348b/

Tractor industry cannot operate without exempting supply chain: Paapam

Pakistan Association of Autoparts Accessories Manufacturers (Paapam) Chairman Capt Muhammad Akram (retd), while praising the Punjab government decision to allow tractor industry to operate, has highlighted that without granting exemption to downstream suppliers of tractor industry, this sector cannot operate beyond April.

https://epaper.brecorder.com/2020/04/26/3-page/835009-news.html

Tractor industry in Turmoil

Pakistan Association of Automotive Parts and Accessories Manufacturers (Paapam) has announced that the sector cannot operate beyond April without the grant of exemption to downstream suppliers of the tractor industry.

https://tribune.com.pk/story/2206200/2-tractor-industry-turmoil/

Banks ask small units for hefty collateral

The need for presenting sizable collateral to commercial banks against a loan is preventing micro businesses and small enterprises from taking benefit of the State Bank of Pakistan (SBP)’s wage relief programme during the current difficult times.

https://tribune.com.pk/story/2206207/2-banks-ask-small-units-hefty-collateral/

Govt urged to withdraw ISPA

Industrial community has urged federal government to permanently withdraw the Industrial Support Packaged Adjustment (ISPA).

https://epaper.brecorder.com/2020/04/26/2-page/834995-news.html

Power generation needs to triple by year 2047

Even though the government appears to be slowing down upcoming power projects, it would have to increase generation capacity by at least 182 per cent in about 25 years to reach 75,550 megawatts by the year 2047.

https://www.dawn.com/news/1552074/power-generation-needs-to-triple-by-year-2047

IPPs: Nepra forms experts’ body to prepare report

The National Electric Power Regulatory Authority (Nepra) has constituted a committee of experts to prepare its reply on the report on Independent Power Producers (IPPs) prepared by a nine-member committee.

https://epaper.brecorder.com/2020/04/26/7-page/835034-news.html

PTI govt lifts ban on import of crude oil

 The federal government has lifted a ban on import of crude oil and allowed oil refineries to import crude oil in a bid to meet growing demand of petroleum products due to harvesting season.

https://tribune.com.pk/story/2207256/2-pti-govt-lifts-ban-import-crude-oil/

PM-appointed body calls for cut in policy rate, oil prices

Members of a think tank constituted by the prime minister proposed on Saturday downward revision in the policy rate, passing on the benefit of reduced oil prices in the global market to the public, and provision of further liquidity for banks to boost the economy under strong recessionary headwinds.

https://www.dawn.com/news/1552322/pm-appointed-body-calls-for-cut-in-policy-rate-oil-prices

Dealers seek clearance of used cars at port

While proposing to allow the commercial import of cars in the budget 2020-21, the used car importers are seeking clearance of more than 7,000 cars held up at Karachi port imported in violation of procedures.

https://www.dawn.com/news/1552344/dealers-seek-clearance-of-used-cars-at-port

Pakistan’s economy in deep trouble

The World Bank has warned that Pakistan’s economy can shrink 1.3% to 2.2% in the current fiscal year whereas the International Monetary Fund (IMF) says the economy may contract 1.5%.

https://tribune.com.pk/story/2207551/2-pakistans-economy-deep-trouble/

Pakistan’s economic revival to take time

There are two issues being faced by the country’s political and economic managers. These are the economy of health and the health of economy.

https://tribune.com.pk/story/2207552/2-pakistans-economic-revival-take-time/

Corona to persist till June in Pakistan

Special Assistant to the Prime Minister (SAPM) on Health Dr Zafar Mirza Sunday said that there is some stability at the global level as the disease curve is straightening, meaning that the situation may stabilise in the days to come.”

https://www.thenews.com.pk/print/650292-corona-to-persist-till-june-in-pakistan

Jul-Mar revenue shortfall stands at Rs918bn

The Federal Board of Revenue (FBR) actual tax shortfall stood at Rs 918 billion against the target of Rs 3,756 billion set for July-March (2019-20).

https://epaper.brecorder.com/2020/04/27/1-page/835054-news.html

International News

Asia stocks rise as Bank of Japan meets; oil prices drop

Stocks in Asia Pacific rose in morning trade on Monday, with the Bank of Japan due to kick off its monetary policy meeting.

https://www.cnbc.com/2020/04/27/asia-markets-oil-prices-coronavirus-currencies-in-focus.html

Oil falls as crude in US storage nears all-time high

Oil prices fell on Monday on signs that worldwide oil storage is filling rapidly, raising concerns that production cuts will not be fast enough to catch up with the collapse in demand from the coronavirus pandemic.

https://www.cnbc.com/2020/04/27/oil-markets-coronavirus-pandemic-crude-output-in-focus.html

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