- Prime Minister Shehbaz Sharif on Thursday chose Lt Gen Asim Munir as the new chief of army staff (COAS) and Let Gen Shamshad Mirza as Joint Chief of Staff. The appointment awaits President Alvi’s approval.
- The Sindh government has decided to fix the support price of sugarcane at Rs 302 per maund, while Pakistan Sugar Mills Association (Punjab Zone) has categorically denied the news regarding shortage of sugar in the country.
- Rs 7.4 billion was the import value of soybean oil in Oct 2022, up 1,505% compared to Rs 467 million in Oct 2021.
- A 36% increase was seen in exports in rupee terms during the first four months of FY ‘22-23.
- Hazara division’s first solid waste management plant became functional in Abbottabad. Installed at Salhad dumping point, the plant is to treat the waste of 1,200 households of model neighborhood Ward No 11 Kunj.
- Ukraine’s 2022 grain harvest may fall sharply to 51 million tonnes from 86 million tonnes in 2021 because of Russia’s invasion. Russia unleashed a missile barrage across Ukraine on Wednesday, forcing shutdowns of nuclear power plants and killing civilians in Kyiv.
- Wall Street’s main indexes rose on Wednesday as growth stocks gained after a mixed bag of economic data led to a drop in Treasury yields. China stocks traded in a tight range and ended higher on Wednesday, helped by the latest round of property financing support policies, including the central bank’s 200 billion loans.
COMMODITIES - CROPS, LIVESTOCK & HORTICULTURE
- Sugarcane Support Price: The Sindh government has decided to fix the support price of sugarcane at Rs 302 per maund, a statement said on Wednesday. Pakistan Sugar Mills Association (Punjab Zone) has categorically denied a news item in the media regarding shortage of sugar in the country, quoting the Ministry of National Food Security and Research and the Ministry of Industries and Production. [The News] [BR]
- Fish Export: Rs 12.05 billion was the export value of fish and fish preparations in Oct 2022, up 78% against Rs 6.7 billion in Oct 2021. [ET]
- Soybean Oil Import: Rs 7.4 billion was the import value of soybean oil in Oct 2022, up 1,505% compared to Rs 467 million in Oct 2021, according to the Pakistan Bureau of Statistics. [ET]
AGRI-INPUTS, WEATHER, WATER & POWER
- Post Flood: The recent devastating floods damaged around 125,000 houses in Balochistan, said Balochistan Chief Minister Bizenjo while briefing the United States Ambassador Donald Blome at a meeting on Wednesday. [ET]
- Rawal Dam Expansion Ordered: The Punjab government has decided to increase the storage capacity of the Rawal Dam to cater to the growing water needs in Rawalpindi city. [ET]
- Solid Waste Treatment Plant: Hazara division’s first and sole solid waste management plant became functional on Wednesday in Abbottabad. According to sources, the plant has been installed at Salhad dumping point to treat the waste of 1,200 households of model neighborhood Ward No 11 Kunj. [ET]
AGRI UPDATES & PAKISTAN POLICY
- New COAS Appointment: After weeks of intense speculation and rumours, Prime Minister Shehbaz Sharif on Thursday chose Lt Gen Asim Munir as the new chief of army staff (COAS) and Let Gen Shamshad Mirza as Joint Chief of Staff. [Dawn] [Dunya News]
- Export Rise: 36% increase was seen in exports in rupee terms during the first four months of FY ‘22-23. [ET]
- Agri Markets in Punjab: All 146 agricultural markets in the province are being interlinked to facilitate the farmers, says Punjab Agriculture Minister Syed Hussain Jahania Gardezi. [Dawn]
- Revenue Collection: The revenue collection target of the Federal Board of Revenue (FBR) for December 2022 has been fixed at Rs965 billion requiring enormous growth of 61% in the last month of the second quarter of 2022-23. [BR]
- Restrict Dollar Outflows: The State Bank of Pakistan (SBP) has made it mandatory to open an account before buying $2,000 or above. The government and the SBP have taken several steps to get control over the dollar outflows. Finance Minister Ishaq Dar, who expressed confidence to meet the external account requirements during the current fiscal year, is being criticised for his failure to bring the dollar rate below Rs 200 and replenish the country’s dwindling foreign exchange reserves. [Dawn]
- Flood Recovery Plan: Pakistan's timely finalisation of a recovery plan from devastating floods is essential to support discussions and continued financial support from multilateral and bilateral partners, the International Monetary Fund (IMF) said on Wednesday. [ET]
- COAS Bajwa farewell address: General Qamar Javed Bajwa on Wednesday vowed that the Pakistan Army will continue to serve and protect the country. During his last public address as the army chief that he delivered at the Defence and Martyrs Day ceremony, Gen Bajwa, once again, said that the military has decided that it would never interfere in any political matter in his farewell speech. [BR] [Dawn] [ET] [Dawn]
- Trade Dispute Resolution Bill: The National Assembly Standing Committee on Commerce on Wednesday unanimously approved two bills, namely the Trade Dispute Resolution Bill 2022 and Trade Organisation (Amendment) Bill 2022. [ET]
INTERNATIONAL – OVERVIEW & MARKET OUTLOOK
- Oil Prices: Oil prices fell more than 4% on Wednesday as the Group of Seven (G7) nations considered a price cap on Russian oil above the current market level and as gasoline inventories in the United States built by more than analysts’ expected. Brent futures for January delivery fell $3.47 to $84.89 a barrel, a 3.9% loss, by 1:19 p.m. ET (18:19 GMT). US crude fell $3.32, or 4.1%, to $77.63 per barrel. [BR] [Dawn]
- Growth Stocks Boost: Wall Street’s main indexes rose on Wednesday as growth stocks gained after a mixed bag of economic data led to a drop in Treasury yields, while investors awaited minutes from the Federal Reserve’s latest policy meeting. China stocks traded in a tight range and ended higher on Wednesday, helped by the latest round of property financing support policies, including the central bank’s 200 billion loans. [BR] [BR]
- Ukraine Grain Harvest: Ukraine’s 2022 grain harvest may fall sharply to 51 million tonnes from a record 86 million tonnes in 2021 because of Russia’s invasion, a senior Ukrainian agriculture official said on Wednesday. Ihor Vishtak, director of the agriculture ministry’s department for agrarian development, told a news briefing that farmers had already harvested around 39 million tonnes of grain. [BR]
- Russia-Ukraine War: Russia unleashed a missile barrage across Ukraine on Wednesday, forcing shutdowns of nuclear power plants and killing civilians in Kyiv as Moscow pursued a campaign to plunge Ukrainian cities into darkness and cold with winter setting in. [BR] [ET] [Arab News]
- Violent Protests at China's Biggest iPhone Factory: Violent protests have broken out around Foxconn’s vast iPhone factory in central China, as workers clashed with security personnel over pay and living conditions at the plant. [Dawn] [France 24]
- India’s Cotton Exports: Indian traders are struggling to export cotton despite higher production as farmers are delaying sale of their harvest hoping for higher prices in coming months. [BR]
- Brazil Election: Outgoing Brazilian President Jair Bolsonaro has filed a petition with Brazil election authorities formally contesting the results of this year’s fiercely contested presidential vote. Bolsonaro narrowly lost a run-off vote last month to leftist rival Luiz Inacio Lula da Silva, popularly known as “Lula,” who is due to be inaugurated as president on January 1. [ET] [CNN]
- G7 Looking at Russian Oil Price Cap: The Group of Seven nations (G7) are looking at a price cap on Russian sea-borne oil in the range of $65-70 per barrel, a European Union (EU) diplomat said on Wednesday. [ET]
PAKISTAN - REMAINDERS
- QR Code for Quick Payments: State Bank of Pakistan (SBP) Governor Jameel Ahmad Wednesday said that the central bank is working on various digital initiatives including the launch of a quick response (QR) code by next year that will enable small merchants to receive payments from their customers instantly. [Pro Pakistani]
- Opinion: COP27 in a Nutshell - “The 27th session of the International Climate Negotiations held in the resort city of Sharm El Sheikh represents a decidedly mixed outcome — a breakthrough on loss and damage, yet only narrowly avoiding backsliding on mitigation and adaptation. The negotiated outcome reflects the paradoxical, turbulent yet powerful times we live in” - By Aisha Khan [Dawn]