US President Joe Biden on Tuesday underscored that Washington will further strengthen partnership with Pakistan. In a letter written to his Pakistani counterpart President Arif Alvi, Biden said that the Pakistan-US relations were based on the common goal of regional peace and prosperity
The federal cabinet has directed Petroleum Division to take action against Oil Marketing Companies (OMCs) in the light of a report of Inquiry Commission constituted to investigate the shortage of petroleum products last year, well informed sources told Business Recorder.
The government is working on multiple plans to recover the gas cost from consumers in a bid to bail out public gas utilities amid a rising circular debt due to diversion of liquefied natural gas (LNG) to the domestic consumers.
KASB Market View
The third wave is getting severe & with rising number of cases, more restrictions are being placed by the government. However, total lockdown is a very remote possibility. Going forward, we feel market would remain choppy. However, news of IPPs payments can keep the relevant sector green thereby supporting the overall Index. Government’s rush to pass or ordinances related to Income Tax, SBP Autonomy & NEPRA Act would pave way for IMF’s Executive Board approval and should bring the bulls back.
National News
Washington to further strengthen partnership with Pakistan: Biden
US President Joe Biden on Tuesday underscored that Washington will further strengthen partnership with Pakistan. In a letter written to his Pakistani counterpart President Arif Alvi, Biden said that the Pakistan-US relations were based on the common goal of regional peace and prosperity.
Investigation by inquiry commission; Cabinet asks PD to take action against OMCs
The federal cabinet has directed Petroleum Division to take action against Oil Marketing Companies (OMCs) in the light of a report of Inquiry Commission constituted to investigate the shortage of petroleum products last year, well informed sources told Business Recorder.
https://epaper.brecorder.com/2021/03/23/12-page/874943-news.html
Govt mulls ways to recover LNG cost
The government is working on multiple plans to recover the gas cost from consumers in a bid to bail out public gas utilities amid a rising circular debt due to diversion of liquefied natural gas (LNG) to the domestic consumers.
https://tribune.com.pk/story/2290833/govt-mulls-ways-to-recover-lng-cost
PLL seeks LNG cargoes in fixed dollar rate
With relaxed procurement rules, Pakistan has sought eight import cargoes of Liquefied Natural Gas (LNG) at fixed dollar price and tight tendering schedule for delivery between April 30 and June 28.
https://www.dawn.com/news/1614073/pll-seeks-lng-cargoes-in-fixed-dollar-rate
Power distribution companies, World Bank proposes ‘Pakistan Model’ for private participation
The World Bank has proposed ‘Pakistan Model’ to hand over Distribution Companies (Discos) to the private sector for 20 years with equity injection of Rs 728 billion without any cash impact layoffs and transfer of government assets, sources close to SAPM on Power Tabish Gauhar told Business Recorder.
https://epaper.brecorder.com/2021/03/24/1-page/874980-news.html
Hyundai Nishat Motor launches ‘Hyundai Elantra’
Hyundai Nishat Motor (Private) Limited (HNMPL) has launched its long-awaited sedan, Hyundai Elantra, which is the third locally assembled vehicle by HNMPL. With its second digital launch amidst the Covid-19 pandemic, HNMPL saw it fit to take the responsible step and ensure the safety of avid Hyundai enthusiasts.
https://nation.com.pk/23-Mar-2021/hyundai-nishat-motor-launches-hyundai-elantra
Banks, DFIs allowed to invest more in REITs
The State Bank of Pakistan (SBP) on Monday allowed banks and development finance institutions (DFIs) to invest 15 per cent of their equity, as against the existing limit of 10pc, in the Real Estate Investment Trusts (REITs) to boost the housing sector.
https://www.dawn.com/news/1614069/banks-dfis-allowed-to-invest-more-in-reits
IT exports rise 41pc to $1.3bln in July-Feb FY2021
Pakistan’s information technology exports increased 41 percent to $1.3 billion in the eight months of this fiscal year, the central bank data showed on Monday, as the coronavirus-related restrictions accelerated the demand for IT services to meet both social and economic needs of people.
https://www.thenews.com.pk/print/808423-it-exports-rise-41pc-to-1-3bln-in-july-feb-fy2021
VEON acquires Dhabi group stake in Jazz for $273m
The Dutch telecom giant VEON Ltd has bought all stakes in its telecom venture from the UAE-based Dhabi group in Jazz Pakistan. VEON in its official statement released on Monday announced that it has completed the acquisition of minority shareholding in Pakistan Mobile Communications Ltd (PMCL).
https://www.dawn.com/news/1614096/veon-acquires-dhabi-group-stake-in-jazz-for-273m
Pakistan to receive first purchase of over 1 million doses of Chinese vaccines
Pakistan will receive its first purchase of over 1 million doses of Chinese Sinopharm and CanSino Covid-19 vaccines by the end of March, Planning Minister Asad Umar told Reuters on Tuesday.
Private sector refuses to sell vaccine on govt-approved rates
The private sector has refused to sell the coronavirus vaccine on the government-approved rates, saying the rates are even below the landing cost, and they are unable to sell the vaccine on the government-approved rates.
https://epaper.brecorder.com/2021/03/23/1-page/874870-news.html
Pakistani construction tycoons seek government support to bid for Saudi mega projects
Pakistani investors in Saudi Arabia say they are seeking the Pakistan government’s support to bid for mega construction projects under the Saudi Vision 2030 plan, saying it could increase the flow of remittances from the kingdom by 30 percent.
https://www.arabnews.pk/node/1830181/pakistan
TCP completes 2020 imports
The Trading Corporation of Pakistan (TCP) has completed wheat operations 2020 by importing 1.7 million tonnes of the grain through 30 bulk vessels.
https://www.dawn.com/news/1614070/tcp-completes-2020-imports
Quantitative Easings
-Word of the Day-
Quantitative easing (QE) refers to emergency monetary policy tools used by central banks to spur iconic activity by buying a wider range of assets in the market.
