Pakistan Daily Economy Update - 7 November

Transcription

1. Nov . 6-7, 2016 KCCI - eBulletin Pakistan likely to sign OECD anti-bribery convention Pakistan is likely to sign Organization for Economic Cooperation and Development (OECD) convention on anti-bribery, which would help the govt. to exchange information regarding kickbacks and to receive corruption money in projects with other countries. In this regard, Finance Minister Ishaq Dar has directed the relevant departments to start inter-ministerial consultation to determine Pakistan’s readiness for accession to other international conventions and protocols, which create transparency and openness in governance. The Nation – Sun. PKR 151Bn released for uplift projects under PSDP The govt. has released over PKR 151Bn for various development projects under PSDP 2016-17 up to Oct. 28, 2016. According to the Planning Commission, over PKR 42Bn have been released for Special Federal Development Program for Temporary Displaced Person (TDPs) and security enhancement while PKR 20Bn have been release for Prime Minister's Global Sustainable Development Goals (SDGs) achievement program. Likewise, PKR 19Bn have been released to National Highway Authority (NHA) for different road projects and over PKR 9Bn to Railways Division for its projects. The Nation – Mon. ‘Create jobs for youth to achieve rapid development’ A joint report of UNDP-OECD has suggested that Pakistan needs to create jobs for a quickly growing young workforce to tackle its complex security challenges and to broaden its industrial base for future sustainable development. The 2016 ‘Monitoring Progress Report of the Global Partnership on Effective Development Cooperation’ cited an example of the upcoming CPEC, which it expects to further boost economic growth of the country. Lamentably, since the last monitoring round for Pakistan in 2010, the proportion of development cooperation finance recorded in the government budget has dropped from 60 %to 34%. Dawn-Sun. 0.00% KSE-100 index FIPI 4-Nov 4-Nov Pts. $ Mn 41,842 1.98 -0.32% NM** Crude (DE'16) 4-Nov $/bbl 44.64 0.00% Gold (NO'16) 4-Nov $/oz 1,304 0.00% Gold (10g) Local 4-Nov PKR 44,458 0.00% Silver (NO'16) 4-Nov $/oz 18.35 0.00% Cotton(KHI)-40 kg 4-Nov PKR 6,468 0.00% Kibor-6M 4-Nov % 6.06% 0.00% Forex Reserves 28-Oct $ Bn 24.19 -0.58% Remittances Jul-Sep 16 $ Bn 4.70 -5.28% Exports* Jul-Sep 16 $ Bn 4.68 -8.98% Imports* Jul-Sep 16 $ Bn 11.75 10.70% Trade Balance* Jul-Sep 16 $ Bn -7.07 -29.21% Current Account Avg. CPI-FY17* Jul-Sep 16 Jul-Oct 16 $ Mn % -1,368 3.95 -136.27% WoW YoY Oct-16 Discount Rate % 5.75 Sources: KCCI Research, PMEX (2 AM) , NCCPL, KSE, SBP, PBS* ** Not Meaningful WoW= week on week; YoY=Year on Year Major Currencies 175 165 155 145 GBP, 5-Nov-16, EUR,128.8 5-Nov-16, 114.6 135 125 115 105 95 USD, 5-Nov-16, 102.9 85 75 Nov-15 Feb-16 USD May-16 GBP Aug-16 Nov-16 Source: KCCI Research ; Oanda.com EUR Quote of the Day “The price of success is hard work, dedication to the job at hand, and the determination that whether we win or lose, we have applied the best of ourselves to the task at hand.” Vince Lombardi 14 14 13 14.5548216 14.78645772 14.02038168 15 13.83296971 Pakistan's Domestic Debt and Liabilites 15 14.26398575 Chart of the Day 13.65497914 No subsidy: export of urea fertiliser may be allowed The govt. is likely to allow export of 0.8Mn tons of urea fertilizer by Jun. 30, 2017 sans subsidy on the proposal of domestic fertilizer industry which claims a surplus due to sufficient supply of gas by the incumbent govt. In this regard, fertilizer industry has approached the Finance Division for export of surplus urea. Accordingly, Finance Division has advised to work out demand and supply situation of urea fertilizer during the Rabi 2016-17 and surplus quantity of urea fertilizer in the country, if any, may be recommended to ECC for export. BR – Mon. 105.70 13.53346861 Foreign manufacturing license: PSQCA DG says policy may be implemented by Dec.’17 Director General of Pakistan Standards Quality Control Authority (PSQCA) Muhammad Khalid has informed business community that PSQCA has drafted the policy for issuance of 'Foreign Manufacturing License' which was sent to the Commerce Ministry and has received the vetted version of the same from the Ministry which is likely to be finalized and implemented by Dec.’16. During his visit to the Karachi Chamber of Commerce and Industry (KCCI), the DG in response to Chamber's demand to relocate PSQCA's Collection Point at a more accessible location near the port, immediately announced to reactivate PSQCA's Collection Point in the locality of Saddar. The Nation Mon. PKR 13.62615686 Debt securities: SECP approves draft trustee regulations SECP has approved a comprehensive draft regulatory framework under the Securities Act 2015 for the licensing and regulation of debt securities trustees. In the proposed regulations notified for public consultation, the trustee registration has been replaced with licensing and validity of the licence has been reduced from three years to one year as per requirement of the Securities Act, says a press release issued by the SECP. Tribune – Sun. 4-Nov 13.41075316 Mutual fund units of single AMC: exemption of distributors from license being mulled SECP is planning to exempt distributors who are selling mutual fund units of single Asset Management Company (AMC) from the requirement of licensing/registration. Through an SRO 1023(I)/2016, the SECP has proposed amendments in NBFC & Notified Entities Regulations, 2008. According to the SRO, those distributors who are selling mutual fund units of single AMC only shall be exempted from the requirement licensing/registration provided that they shall fulfil such other requirements as may be specified by the Commission. BR – Sun. -0.01% USD-Open MKT 13.18990896 SBP to issue formal communication policy in Fiscal Year 2017 SBP is going to issue and implement a formal communication policy during ongoing FY17 to create awareness about the SBP role in policy making. In line with strategic objectives, the SBP has adopted a multi-dimensional approach to strengthen communications and external relations to ensure that the intent and objectives of all policy, regulatory, supervisory and developmental initiatives are clearly understood by the concerned stakeholders including media. BR – Sun. Change Daily 104.76 13.14610995 Different class of companies: submission of report for status of compliance mandatory: SECP SECP has made it mandatory for different class of companies including brokerage, power generation, mobile and banking companies and stock exchanges to submit report on status of their compliance with the applicable licensing conditions imposed by the relevant licensing authority for the financial year ending on and after Jun. 30, 2016. According to the Companies General Order, 2016, issued by the SECP through SRO 1024(1)/2016, the order shall apply to the specified class of companies. BR – Sun. Value PKR 13.07093162 Sindh’s quarterly tax collection jumps 36% Sindh government’s tax revenue has jumped 36% year-on-year to PKR 11.93Bn during 1QFY17 on the back of increase in rates of some of the taxes in the latest budget as well as measures to boost recovery. Revenue from infrastructure cess charged on imports landing in Karachi by sea and air swelled 49% to PKR 8.78Bn in the quarter due to rise in imports with the beginning of the current fiscal year. Registration of vehicles, the second highest revenue spinner for the Sindh government, stood at PKR 1.3Bn, an increase of 7% from the previous year. The Excise Dept. has planned a link-up with computer network of the NADRA to verify national identity cards of vehicle owners when they come for registration. The move is aimed at bringing transparency to the ownership of vehicles which would help in detecting the right owner of a vehicle used in subversive activity. Dawn-Sun. Unit 4-Nov 13.00651245 Availing direct refund credit facility through banks: registered taxpayers asked to update account numbers FBR has again asked the sales tax registered taxpayers to update their account numbers for availing direct refund credit facility through banks. In this regard, the FBR has displayed a message on its website; giving instructions to add interbank account number for direct credit facility. Earlier, FBR had asked the sales tax registered taxpayers to provide direct electronic credit of sales tax refunds into their accounts from Nov.’16. The FBR had issued requests to the taxpayers for providing IBANs (International Bank Account Numbers) for direct electronic credit of sales tax refund. BR – Sun. List of Indicators 13.14748964 Iran invites Pakistan for free trade talks The Iranian authorities have asked Pakistan to send a delegation to Tehran for kicking off formal negotiations for liberalising commerce between the two neighbours. Iran has finally invited Pakistan to bring a delegation by the end of Nov’16 in order to start the first round of talks on the much-awaited FTA, according to the Ministry of Commerce. The development came after Pakistan sent several requests to the Iranian authorities for negotiations on tariff lines, customs duties and other related issues for inclusion in the FTA document. Tribune – Sun. Date / Period USD-Interbank 12.940419 Chinese group eyes $ 3Bn deals in Pakistan roads, energy sector Heads of various investment companies of China announced investment of $ 3Bn in energy, infrastructure, transport, real estate and other sectors in Pakistan. They also expressed their intent to explore the possibility of launching a new airline after securing requisite govt. permissions. Currently, the Chinese consortium is actively pursuing investments in infrastructure, power, aviation and tourism sectors in Pakistan. Tribune - Sun. Economic Indicators 13 12 Source: KCCI Research, SBP Value in PKR Tn Disclaimer This report has been prepared by KCCI Research & Development Cell. The information contained herein have been compiled or arrived at based upon information obtained from sources believed to be reliable and in good faith. Such information has not been independently verified. icon represents the sole viewpoint of the KCCI R&D Cell, and is stated to enrich the readers' understanding of the news item. The R&D Dept. bears no responsibility for its correctness or accuracy. Contact: res@kcci.com.pk