KASB Morning Shout March 5th, 2021

The foreign exchange reserves held by the central bank rose 0.54% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. On February 26, the foreign currency reserves held by the SBP were recorded at $12,978.4 million, up $70 million compared with $12,908.7 million in the previous week.

Pakistan will import 450 cargos in 10 years from Qatar under G-to-G (govt to govt ) new LNG deal with effective rate of 10.13 percent from January 1, 2022 though the deal is done at 10.20 percent of the Brent.

The Cabinet Committee on Energy (CCoE) considered a proposal of the Petroleum Division regarding reduction of port charges on the Liquefied Natural Gas (LNG) by the Port Qasim Authority (PQA) based on independent assessments.

KASB Market View

Pakistan Stock Market bled hard today losing 800 points and trading Rs 21bn of shares today. The upset over the loss of Finance Minister’s Senate election has jolted the political stability. The ruling coalition has bagged lesser than expected seats. More importantly, opposition parties cite it as a win. Fearing the low morale, Prime Minister has called for a vote of confidence vote on Saturday to address the uncertainty once and for all. Some opposition members have remarked that they don’t want early elections either. PTI has nominated Sadiq Sanjrani (ex-Chairman) for the post of Chairman once again to reduce risks of further upset.

National News

Foreign exchange: SBP reserves rise $70m to $12.98b

The foreign exchange reserves held by the central bank rose 0.54% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. On February 26, the foreign currency reserves held by the SBP were recorded at $12,978.4 million, up $70 million compared with $12,908.7 million in the previous week.

https://tribune.com.pk/story/2287507/foreign-exchange-sbp-reserves-rise-70m-to-1298b

New LNG deal with Qatar: Pakistan to get 450 cargoes in 10 years at 10.13pc of Brent

Pakistan will import 450 cargos in 10 years from Qatar under G-to-G (govt to govt ) new LNG deal with effective rate of 10.13 percent from January 1, 2022 though the deal is done at 10.20 percent of the Brent.

https://www.thenews.com.pk/print/799366-new-lng-deal-with-qatar-pakistan-to-get-450-cargoes-in-10-years-at-10-13pc-of-brent

Cut in port charges on LNG by PQA; CCoE considers proposal

The Cabinet Committee on Energy (CCoE) considered a proposal of the Petroleum Division regarding reduction of port charges on the Liquefied Natural Gas (LNG) by the Port Qasim Authority (PQA) based on independent assessments.

https://epaper.brecorder.com/2021/03/05/1-page/872204-news.html

IPPs established under 2002 policy; ECC all set to consider Power Divisions proposals

Economic Coordination Committee (ECC) of the Cabinet is all set to consider a proposal of Power Division that payment to IPPs established under the Power Generation Policy 2002 should be withheld till final clearance from National Accountability Bureau (NAB).

https://epaper.brecorder.com/2021/03/05/1-page/872202-news.html

PD seeks Rs114.5bn TSG from power subsidy

The Power Division has sought technical supplementary grant (TSG) of Rs 114.5 billion from current financial year’s power subsidy in accordance with the Finance Division’s disbursement guidelines, well-informed sources told Business Recorder.

https://epaper.brecorder.com/2021/03/05/1-page/872203-news.html

KP govt begins construction of Balakot hydropower project

The Khyber Pakhtunkhwa (KP) government is all set to start construction work on the Balakot Hydropower Project, the largest hydropower project in the province, on the Kunar River in Mansehra district.

https://profit.pakistantoday.com.pk/2021/03/04/kp-govt-begins-construction-of-balakot-hydropower-project/

Javed Afridi Teases the Official Launch of Cultus Competitor MG3

In his latest social media post, Javed Afridi has hinted at the impending launch of the MG 3 hatchback in Pakistan. MG 3 is a sub-compact family hatchback that is likely to rival the Suzuki Swift, KIA Rio, Toyota Vitz, and other similar compact hatchbacks.

https://propakistani.pk/2021/03/04/suzuki-cultus-competitor-mg-3-may-be-coming-to-pakistan/

IT Ministry Approves Projects Worth Rs. 4.8 Billion

The Departmental Development Working Party (DDWP) of the Ministry of Information Technology and Telecommunication on Thursday approved seven projects worth around Rs. 4.8 billion.

https://propakistani.pk/2021/03/04/it-ministry-approves-projects-worth-rs-4-8-billion/

PM approves cross-border yarn import

Prime Minister Imran Khan nodded to cross-border import of cotton yarn as the shortage of industrial input is feared to stymie recovery in textile exports. Commerce Adviser Razak Dawood said the Prime Minister showed his concern on shortage and escalating cotton yarn prices in the country during a meeting.

https://www.thenews.com.pk/print/799099-pm-approves-cross-border-yarn-import

NA summoned to meet on Saturday

The President has summoned the session of National Assembly to meet on Saturday (March 6) at 12:15 pm in the Parliament House. The session was summoned for the purpose of requiring the Prime Minister to obtain the vote of confidence from the National Assembly under Article 91(7) of the constitution, said a notification issued here Thursday.

https://www.brecorder.com/news/40070373/na-summoned-to-meet-on-saturday

PM Imran names Sadiq Sanjrani as candidate for Senate chairman

Prime Minister Imran Khan announced Sadiq Sanjrani as a candidate for Chairman Senate, Federal Minister for Information and Broadcasting Shibli Faraz said in a tweet on Thursday. The elections for the Senate chairman would be held on March 12 after the completion of the incumbent’s -Sadiq Sanjrani- tenure of three years.

https://tribune.com.pk/story/2287484/pm-imran-names-sadiq-sanjrani-as-candidate-for-senate-chairman

Bitcoin Mining

-Word of the Day-

Bitcoin mining is performed by high-powered computers that solve complex computational math problems; these problems are so complex that they cannot be solved by hand and are complicated enough to tax even incredibly powerful computers.

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