| Good Morning The federal cabinet, which is scheduled to meet on Tuesday (today) with the prime minister in the chair and will formally approve tax exemptions on the funds to be extended to the Prime Minister’s Covid-19 Pandemic Relief Fund 2020, till June 30, 2021. The Oil and Gas Regulatory Authority (OGRA) on Monday notified a significant reduction in the prices of imported Re-gasified Liquefied Natural Gas (RLNG) for the Sui Southern Gas Company (SSGCL) and the Sui Northern Gas Pipeline Limited (SNGPL) for the month of April. The Cabinet has withdrawn its decision of March 26, 2020 with respect to Electric Vehicle (EV) policy and decided that inter-ministerial committee constituted by the Economic Coordination Committee (ECC) of the Cabinet should complete the task, sources in the Ministry of Industries and Production told Business Recorder. Market View: The KSE100 Index lost 1,042.64 points during trading yesterday, closing the day at 30,579.15 points. A global slowdown in new COVID-19 cases and recovery in crude oil prices is expected to lend support to the index today. Commodities:Brent oil (USD/bbl): 33.98 (+2.81% D/D) Crude oil (USD/bbl): 26.90 (+3.14% D/D) Gold (USD/oz): 1,712.50 (+1.0981% D/D) |
| National News Relief Fund: Tax exemptions to be approved by cabinet today The federal cabinet, which is scheduled to meet on Tuesday (today) with the prime minister in the chair and will formally approve tax exemptions on the funds to be extended to the Prime Minister’s Covid-19 Pandemic Relief Fund 2020, till June 30, 2021. https://epaper.brecorder.com/2020/04/07/14-page/832774-news.html Significant cut in prices of imported RLNG notified The Oil and Gas Regulatory Authority (OGRA) on Monday notified a significant reduction in the prices of imported Re-gasified Liquefied Natural Gas (RLNG) for the Sui Southern Gas Company (SSGCL) and the Sui Northern Gas Pipeline Limited (SNGPL) for the month of April. https://epaper.brecorder.com/2020/04/07/5-page/832701-news.html SNGPL allows payment of bill in installments In the wake of Coronavirus outbreak in the Country and in line with the directive of Government of Pakistan, Sui Northern Gas Pipelines Limited (SNGPL) has permitted domestic consumers to pay bill in installments. https://epaper.brecorder.com/2020/04/07/10-page/832735-news.html PM body detects $2bn annual loss in gas supply chain The Prime Minister’s Inspection Commission (PMIC) has found almost $2 billion worth of losses annually in the natural gas supply chain due to incompetence and mismanagement at all levels of policymaking, regulatory and operational functions. https://www.dawn.com/news/1546809/pm-body-detects-2bn-annual-loss-in-gas-supply-chain Inter-ministerial body to roll out EV policy The Cabinet has withdrawn its decision of March 26, 2020 with respect to Electric Vehicle (EV) policy and decided that inter-ministerial committee constituted by the Economic Coordination Committee (ECC) of the Cabinet should complete the task, sources in the Ministry of Industries and Production told Business Recorder. https://epaper.brecorder.com/2020/04/07/16-page/832786-news.html Fertiliser demand likely to drop by 10pc in 2020 Ahead of the wheat harvesting season, the increasing inventory levels and improving local production of urea present a major sigh of relief for the farming community. https://profit.pakistantoday.com.pk/2020/04/06/fertiliser-demand-likely-to-drop-by-10pc-in-2020/ Wheat, sugar crises: Inquiry reports trigger cabinet reshuffle Prime Minister Imran Khan has announced major reshuffle in his cabinet and replaced portfolios of some ministers following an inquiry committee reports on wheat and sugar crises, leading to a string of clarifications and justification by some of them. https://epaper.brecorder.com/2020/04/07/14-page/832771-news.html Tareen removed from agri task force chairmanship In a surprising move, Jahangir Khan Tareen, a close aide of Prime Minister Imran Khan, was removed on Monday as chairman of a task force on agriculture after a high-powered inquiry committee established that he remained one of beneficiary in the sugar crisis. https://epaper.brecorder.com/2020/04/07/14-page/832773-news.html Tractor assembling nears collapse amid lockdown Tractor assembling came to a grinding halt as the government couldn’t let auto vendors operate amid the lockdown, disrupting supplies to the assemblers who were already facing double-digit fall in their sales, industry officials said on Monday. https://www.thenews.com.pk/print/640537-tractor-assembling-nears-collapse-amid-lockdown Nausheen Javaid made FBR chief The federal cabinet Monday approved appointment of Nausheen Javaid Amjad as the new chairperson of the Federal Board of Revenue (FBR). https://epaper.brecorder.com/2020/04/07/14-page/832766-news.html Steel sector seeks approval to begin operations Following the announcement of a special package for the construction sector by Prime Minister Imran Khan, the steel industry has requested the premier to allow it to resume operations as without steel the construction segment will be unable to move forward. https://tribune.com.pk/story/2192310/2-steel-sector-seeks-approval-begin-operations/ SBP improves refinance facility for hospitals The State Bank of Pakistan (SBP) has initiated a number of measures to support the economy in the wake of Covid-19 outbreak. https://tribune.com.pk/story/2192331/2-sbp-improves-refinance-facility-hospitals/ Builders ready to initiate new projects worth Rs1tr Pakistan is set to see exponential growth in housing and construction industry, as builders and developers are poised to initiate around 1,000 new projects worth over Rs1 trillion over the nine-months ending December 2020. https://tribune.com.pk/story/2192333/2-builders-ready-initiate-new-projects-worth-rs1tr/ International News Japan stocks surge 2% as hopes rise on slowing coronavirus spread Stocks in Asia jumped in Tuesday morning trade on rising hopes as the spread of the global coronavirus pandemic appeared to slow. https://www.cnbc.com/2020/04/07/asia-markets-coronavirus-oil-currencies-in-focus.html Oil gains as hopes rise for production cut amid coronavirus outbreak Oil rose on Tuesday amid hopes that the world’s biggest producers of crude will agree to curtail production as the coronavirus pandemic ravages the global economy, even as analysts cautioned the cuts may do little to boost demand. https://www.cnbc.com/2020/04/07/oil-markets-coronavirus-crude-output-in-focus.html |
Daily News:7th April 2020
