PAR News - Wed, 14 Sept 2022

PAR News - Wednesday, 14 September 2022

PAR News - Wed, 14 Sept 2022
PAR News - Wed, 14 Sept 2022
PAR News
November 10, 2022
News

TOPLINE

  • APTMA has estimated $1.5 billion production losses of cotton crop due to rains and floods in the country.
  • Authorities are keeping a close eye on bunds as parts of Dadu’s Mehar submerged in ‘10-12ft’ of floodwater.
  • Khyber Pakhtunkhwa on Tuesday approved a provincial climate change policy and action plan 2022.
  • The Federal Board of Revenue (FBR) has issued a list of 854 active manufacturers under various export facilitation schemes to extend duties/taxes exemption to only registered manufacturers-cum-exporters.
  • Armenia and Azerbaijan reported nearly 100 troop deaths on Tuesday in their worst fighting since the 2020 war.
  • The S&P 500 tumbled more than 4%, while Nasdaq 100 losses surpassed 5%. The carnage looks to be heading Asia’s way. Prices rose 8.3% from a year earlier in the US. Traders are now expecting the central bank to raise interest rates by another 75 basis points next week.

COMMODITIES - CROPS, LIVESTOCK & HORTICULTURE

  • Wheat Distribution: The Punjab government has strongly protested against the federal government’s double standards for supplying wheat to other provinces while neglecting the needs of Punjab. [BR]
  • Cotton Crop Losses: All Pakistan Textile Mills Association (Aptma) has estimated $1.5 billion production losses of cotton crop due to rains and floods in the country. Accordingly, in order to avoid cotton shortage in the country, APTMA has decided to import to ensure procurement of quality cotton at reasonable rates. [BR]

AGRI-INPUTS, WEATHER, WATER & POWER

  • Climate Financing: “In recent weeks, there has been much talk about the developed world compensating the developing nations for catastrophic climate-related events — the current floods are a case in point — fuelled by their high-emitting economic activities. The time is here to work with international partners to support the country’s climate change efforts.” - [Dawn Prism]
  • Flood in Sindh: The devastating floods, which rampaged upper and central parts of Sindh on the right bank of the Indus, set off alarm bells in the lower parts of the province on the left bank on Tuesday, where the main outfall drain swelled to a dangerous level and started overflowing. Authorities are keeping a close eye on bunds as parts of Dadu’s Mehar submerged in ‘10-12ft’ of floodwater. [ET] [SUCH TV] [Dawn]
  • Post Flood Diseases: Sindh Reports Over 4,100 Cases of Dengue as 3,072 people were diagnosed with malaria and 1,098 others with dengue during the current month in the province. [Dawn]
  • No DISCOs’ Sell-Off Despite Rs 500 Billion Losses: The coalition government, on Tuesday, failed to take a clear policy stance on the privatisation of power distribution companies despite Rs536 billion being added to the circular debt in the previous fiscal year. [ET]

AGRI UPDATES & PAKISTAN POLICY0

  • Climate Change Policy: Khyber Pakhtunkhwa cabinet on Tuesday approved a provincial climate change policy and action plan 2022, in which a number of measures have been proposed. The KP has become the first province after the 18th constitutional amendment, which has made policy regarding climate change. [BR] [ET]
  • Pak-Italy Bilateral Trade: Italian Embassy Deputy Head of Mission Dr Roberto Neccia on Tuesday said that Italy and Pakistan should work to increase bilateral trade at least up to €5-6 billion per annum. [ET] [Islamabad Post]
  • Raise Prices of Medicines: Health ministry proposed an increase in the prices of 10 medicines under ‘hardship cases’. Drugs include prescriptions for women’s fertility, malaria, hypoglycaemia and anaesthetics. [Dawn]
  • August Remittances: Inflows of workers’ remittances posted 8% growth during August 2022, the State Bank of Pakistan (SBP) reported on Tuesday. According to the SBP statistics, the country received home remittances amounting to $2.7 billion during August 2022 compared to $2.524 billion in July 2022, showing an increase of $200 million. [BR] [Dawn] [ET] [ET] [The News] [The Nation] [DT]
  • Duty Covering Schemes: The Federal Board of Revenue (FBR) has issued a list of 854 active manufacturers under various export facilitation schemes to extend duties/taxes exemption to only registered manufacturers-cum-exporters. [BR] [Pro Pakistani]
  • Federal Cabinet Swells to 70 Members: The PML-N-led coalition government’s federal cabinet swelled to 70 members on Tuesday after Prime Minister Shehbaz Sharif appointed eight more special assistants for himself apparently in an attempt to keep the allies at bay. [ET]

INTERNATIONAL – OVERVIEW & MARKET OUTLOOK

  • Armenia Azerbaijan Clashes: Armenia and Azerbaijan reported nearly 100 troop deaths on Tuesday in their worst fighting since a 2020 war over the disputed Nagorno-Karabakh region. [Dawn] [Al Jazeera] [BCC] [DW] [NYT]
  • Russia Ukraine War: Russia said on Tuesday it was carrying out "massive strikes" across the Ukrainian frontline and accused Ukrainian soldiers of abusing civilians in territories recaptured in a dramatic counter-offensive. [Dawn] [ET] [The News] [TRT World] 
  • Global Market Scares: The S&P 500 tumbled more than 4%, while Nasdaq 100 losses surpassed 5%. The carnage looks to be heading Asia’s way, with futures signaling drops of more than 2% in Japan, Australia, Hong Kong and Taiwan. The two-year Treasury yield, the most sensitive to policy changes, jumped as much as 22 basis points, pushing it more than 30 basis points above the 10-year rate and deepening an inversion in what is generally a recession warning. The dollar surged. [Bloomberg] [CNBC]
  • US Inflation Shock: US consumer prices were resurgent in August, dashing hopes of a nascent slowdown and likely assuring another historically large interest-rate hike from the Federal Reserve. Prices rose 8.3% from a year earlier. The figures mean the Federal Reserve will have to stomp even harder on demand. Traders are now fully expecting the central bank to raise interest rates by another 75 basis points next week. [Bloomberg] [Bloomberg]
  • Opinion: The summit and expectations - “The Shanghai Cooperation Organi­sation (SCO) summit is being held this week in Samarkand against the backdrop of a geopolitical upheaval challenging the world order. It will be the first in-person meeting since 2019 of the SCO’s Council of Heads of State, and takes place in the shadow of the Russia-Ukraine war and growing tension between the United States and China.” - By Zahid Hussain [Dawn]

PAKISTAN - REMAINDERS

Opinion: ‘A monsoon on steroids’ - “Violent swells have swept away roads, homes, schools and hospitals across much of Pakistan. Millions of people have been driven from their homes, struggling through waist-deep, fetid water to reach islands of safety. Nearly all of the country’s crops along with thousands of livestock and stores of wheat and fertilizer have been damaged — prompting warnings of a looming food crisis. Since a deluge of monsoon rains lashed Pakistan last week, piling more water on top of more than two months of record flooding that has killed hundreds of people and displaced tens of millions, the Pakistani government and international relief organizations have scrambled to save people and vital infrastructure in what officials have called a climate disaster of epic proportions.” - By Christina Goldbaum and Zia ur-Rehman[NYT]

PAR News - Wed, 14 Sept 2022

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