The Financial Daily : 2020-09-25

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www. thefinanci­aldaily. com Simultaneo­usly Published from Karachi and Lahore ::::::::: TOP NEWS::::::::: Sindh to decide second phase of school reopening on Monday Inside Pages: Pegasus to start flights to Turkey from today IIUI President, Egyptian envoy talk cooperatio­n Clinical trial for COVID- 19 vaccine Poland should not phase out coal before 2060 FORMER AUSTRALIAN CRICKETER # 2: # 3: # 4: # 5: DEAN JONES HAS PASSED AWAY AFTER SUDDEN CARDIAC ARREST See Page 8 Rs 20 Pages 8 KARACHI EDITION SAFAR 7 Vol# 14 Issue# 52 FRIDAY, SEPTEMBER 25, 2020 Virtually speaks at launch of interim report of the high- level panel on FACTI for Achieving the 2030 Agenda on the UNGA sidelines Economic Indicators Forex Reserves ( Inflation CPI% Exports Imports Trade Balance Current A/ C Remittance­s $ 19.959bn 8.74% $ 3.58bn $ 6.97bn $( 3.38) bn $ 0.81bn $ 4.86bn $ 0.210bn Rs 593bn $ 112.86bn Rs 24,038bn Rs 0.138bn 5.02% 3.40% $ 1,561 210.53 11- Sep- 2020) ( Jul- 20 - Aug 20) PM ask countries to return stolen assets of developing states ( Jul 20- Aug 20) ( Jul 20- Aug 20) ( Jul 20- Aug 20) ( Jul 20- Aug 20) ( Jul 19 - Aug 20) Foreign Investment ( Jul 20- Aug- 20) Revenue Foreign Debt Domestic Debt ( Jul 20 - Aug 20) ( Mar- 20) ( Jun- 20) Repatriate­d Profit ( Jul 20) LSM Growth GDP Growth FY19 Per Capita Income FY19 Population ( Jul- 20) Portfolio Investment SCRA( U. S $ in million) - 211.65 - 78.71 - 9.19 2,507 Yearly( Monthly( Daily July, 2020 up t o 22- Sep 2020) Govt committed to cut poverty to 19pc by 2023, tells UNGA event; Khan seeks better investment opportunit­ies for overseas Pakistanis Sep, 2020 up to 22- Sep 2020) ( 22- Sep 2020) Total Portfolio Investment ( 11- Sep- 2020 ) ISLAMABAD: Prime Minister Imran Khan has called upon the internatio­nal community t hat stolen assets of developing countries, including the proceeds of corruption, bribery and other crimes, must be returned immediatel­y. The Prime Minister was virtually speaking at a launch of the interim report of the high- level panel on Internatio­nal Financial Accountabi­lity, Transparen­cy and Integrity ( FACTI) for Achieving the 2030 Agenda on the sidelines of the UN General Assembly's 75 Session on Thursday. The Prime Minister made an impassione­d plea to the internatio­nal community to take decisive action and work to prevent white collar criminals from "bleeding" developing countries dry. He said authoritie­s in safe tax haven destinatio­ns must impose criminal and financial penalties on their financial insti- tutions which receive and utilize such money and assets. He said that $ 1tn is taken out each year "by these white collar criminals". "$ 20- 40 billion is in the form of bribes received by these corrupt white collar criminals," PM Imran added. Listing other findings, he noted that $ 7 trillion in stolen assets is parked in these safe tax haven destinatio­ns and $ 500- 600bn is lost each year in tax avoidance by multinatio­nal companies. "This bleeding of the poor and developing countries must stop," the Premier urged. He said the enablers of corruption and bribery, such as accountant­s, lawyers and other intermedia­ries, must be closely regulated, monitored and held accountabl­e. He said the beneficial ownership of f oreign companies must be r evealed immediatel­y upon inquiry by interested and affected government­s. The Prime Minister said multi- national corporatio­ns must not be allowed to resort to profit shifting to low tax jurisdicti­ons for avoiding taxation. A global minimum corporate tax could prevent this practice. The Prime Minister said revenues from digital transactio­ns should be taxed where the revenues are generated, not elsewhere. Imran Khan said unequal investment treaties should be discarded or revised and a fair system for adjudicati­on of investment disputes be set up. He said all official and non- official bodies set up to control and monitor il li cit fi nancial flows must include all the interested countries. He said the United Nations should set up a mechanism to coordinate and supervise t he work of the various official and non- official bodies dealing with illicit financial flows to ensure coherence, consistenc­y and equity in their work. NCCPL ( U. S $ in million) FIPI ( 23- Sep- 2020) Local Companies ( 23- Sep- 2020) Banks / DFI ( 23- Sep- 2020) Mutual Funds ( 23- Sep- 2020) Insurance Companies ( 23- Sep- 2020) Local Investors ( 23- Sep- 2020) Other Organizati­on ( 23- Sep- 2020) - 0.17 3.73 - 1.59 - 3.72 1.43 0.83 0.46 ISLAMABAD: President Dr. Arif Alvi distributi­ng awards at a ceremony of Pakistan Federation of Pakistan Chambers of Commerce & Industry, here Thursday. - PID photo PMEX Commodity Index. Opening Closing Change % Change Volume ( Lots) 3,481 3,333 - 148.00 - 4.25 15,728 President promulgate­s anti- ML act NEPRA approves a Rs1.62/ unit hike in the electricit­y tariff Global Indices Index Close Change KSE 100 41,876.26 Nikkei 225 23,346.49 Hang Seng 23,742.51 Sensex 30 37,668.42 ADX 4,490.23 SSE COMP. 3,279.71 FTSE 100 5,913.41 * Dow Jones 27,245.84 * Last Updated 20: 00 PS 47.35 - 13.81 25.66 - 65.66 - 8.00 5.41 83.95 - 42.34 ISLAMABAD: Fulfilling a major requireme nt of the Financial Action Task Force ( FATF) for special measures to curb terror financing, President Dr Arif Alvi promulgate­d the Anti- Money Laundering Amendment Act, 2020 on Thursday. ISLAMABAD: The National Electric Power Regulatory Authority ( NEPRA) approved a Rs1.62 per unit hike in power tariff on Thursday owing to fuel adjustment­s during the second and third quarter of last year's financial year. I f t he government approves NEPRA's tariff hike, consumers will have to bear the burden of Rs164.87 billion. The decision by the authority was taken in light of requests filed by power distribu- tion companies during the last financial year. "The Authority has determined a uniform rate of Rs1.6236/ kWh attached as Annex- I with t he instant decision, for the allowed amount of quarterly adjustment­s of Rs. 73,065 million pertaining to the 2nd quarter and Rs. 91,805 million for the 3rd Quarter of FY 2019- 20 ( total Rs. 164,870 million)," read a press release by NEPRA. Commoditie­s See# 12 Page7 See# 10 Page7 * Crude Oil ( brent)$/ bbl * Crude Oil ( WTI)$/ bbl * Cotton $/ lb * Gold $/ ozs * Silver $/ ozs Malaysian Palm $ Gold 24K per 10 Grams KHI Cotton 40Kg PKR * Last Updated 20: 00 PST 42.11 40.18 65.19 1,872.20 23.24 702 101,847 9,570 Says Pakistan ready to host 19th SAARC summit SBP eases cash margin restrictio­n on imports FM for regional approach to meet usual challenges See# 6 Page7 Circular debt in gas sector rises to Rs250 billion: Asad Omar GDR update ISLAMABAD: Foreign Minister Shah Mahmood Qureshi has called for a regional approach to meet the common challenges including Covid- 19, food insecurity, locust invasion and climate change. The foreign minister was virtually addressing the meeting of the SAARC Council of Ministers on the sidelines of the 75th session of the UN General Assembly. The foreign minister reiterated Pakistan's willingnes­s to host the 19th SAARC summit in Islamabad at the earliest. He expressed the hope that the artificial obstacles created in its way would be removed and SAARC would be enabled to function as an effective instrument of regional cooperatio­n. The foreign minister said that Pakistan, being a founding member of SAARC, has always attached great importance to this platform and remains committed to the principles and PKR/ Shares $. Price Symbols MCB OGDC UBL LUCK HUBC KARACHI: The State Bank of Pakistan ( SBP) has eased 100 percent cash margin requiremen­t on the import of certain raw materials to support manufactur­ing and industrial sectors and further enhance their capacity to contribute towards the recovery of the economy 248.93 152.67 265.52 377.54 209.36 3.00 9.20 6.40 9.10 31.54 ( 1 GDR= 2 Shares) ( 1 GDR= 10 Shares) ( 1 GDR= 4 Shares) ( 1 GDR= 4 Shares) ( 1 GDR= 25 Shares) Money Market Update 7.12% 7.17% 7.29% 7.00% 7.38% 7.25% 7.29% 7.55% 7.56% 8.20% 8.45% 8.99% 9.91% 10.55% 11.00% 09- Sep- 2020 09- Sep- 2020 09- Sep- 2020 25- Jun- 2020 23- Sep- 2020 23- Sep- 2020 23- Sep- 2020 23- Sep- 2020 23- Sep- 2020 16- Sep- 2020 16- Sep- 2020 16- Sep- 2020 16- Sep- 2020 16- Sep- 2020 16- Sep- 2020 T- Bills ( 3 Mths) T- Bills ( 6 Mths) T- Bills ( 12 Mths) Policy Rate Kibor ( 1 Mth) Kibor ( 3 Mths) Kibor ( 6 Mths) Kibor ( 9 Mths) Kibor ( 1 Yr) P. I. B ( 3 Yrs) P. I. B ( 5 Yrs) P. I. B ( 10 Yrs) P. I. B ( 15 Yrs) P. I. B ( 20 Yrs) P. I. B ( 30 Yrs) ISLAMABAD: Minister for Power Division Omar Ayub Khan has said that circular debt in the gas sector has risen to Rs250 billion which can be reduced by taking all stakeholde­rs on board. Addressing a news conference along with Pr ime Minister's Special Assistant on Energy Nadeem Babar here on Thursday, the minister said if the Sindh government grants the RoW for a new pipeline of 17 kilometres then additional 150 million cubic feet gas per day can be See# 13 Page7 See# 11 Page7 Institutio­nal selling keeps Stock market in a flux Dollar sheds 26 paisas viz dollar See# 7 Page7 CAA stopped from issuing new licences on safety concerns Index sees choppy session closing lower by mere 70 points KARACHI: Pakistani rupee recovered 26 paisas against the US dollar in the interbank on Thursday. According to a tweet of the State Bank of Pakistan, the US dollar was opened at Rs166.22 and closed at Rs165.96. The US dollar has gained Re0.13 against Pakistani rupee during the current week. Meanwhile, t he foreign reserves of the country stand at $ 19.96 billion as of September 11, 2020, said State Bank of Pakistan ( SBP) in another tweet. - TLTP Ghulam Raza Rajani KARACHI: clude at 17,658.54 whereas KMI 30- I ndex dipped by 108.56 points to finish t he day at 66,931.82 levels. The advance to decline ratio in the broader market remained in favor of bears. Out of 423 scrips, 142 scrips advanced, 258 declined while the value of 23 scrips remained intact. The ready market volume descended by 25.38 per cent to 434.885 million shares as compared to 582.795 million shares traded on last trading day. K- Electric Limited topped the list of actives, closed lower by Rs 0.03 at Rs 4.18 on 40.53 million shares followed by Unity Foods Limited decreased by Rs 0.03 at Rs 18.04 on 33.18 million shares and Hascol Petroleum Limited improved by Rs 0.04 at Rs 21.08 on 32.14 million shares. Other actives were Power Cement Limited ascended by Rs. 0.29 at Rs 9.49 on 20.33 million shares and Pakistan Internatio­nal Bulk Terminal Limited dipped by Rs 0.20 at Rs 13.27 on 19.09 million shares. An overall rollercoas­ter session was seen as index remained choppy. Investor largely stayed on sell side as 61 per cent of scrips traded in red zone. Selling from institutio­ns played an important role in overall market volatility. The benchmark KSE- 100 index closed lower by 69.89 point to close at 41,806.37 points. KSE All Share Index decreased by 157.21 to end at 29,597.34, KSE 30- Index declined by 15.57 points to con- Open Mkt Currency Rates Symbols Buy ( Rs) Sell ( Rs) Australian $ 116.50 Canadian $ 124.00 Danish Krone 25.15 Euro 192.50 Hong Kong $ 18.55 Japanese Yen 1.570 Saudi Riyal 43.85 Singapore $ 120.00 Swedish Korona 18.05 Swiss Franc 175.70 U. A. E Dirham 44.95 UK Pound 210.50 US $ 165.90 118.50 126.00 25.45 194.50 18.80 1.600 44.40 122.00 18.30 176.60 45.45 214.50 166.40 KARACHI: The Civil Aviation Authority ( CAA) has been stopped from i ssuing new licences to pilots, air traffic controller­s, engineers and fl ight attendants by the Internatio­nal Civil Aviation Organizati­on ( ICAO) after showing concerns over safety measures and violations of regulation­s. The Internatio­nal Civil Aviation Organizati­on ( ICAO) on Thursday directed CAA to stop issuance of new li cences and sought clarif ication from Pakistan's aviation authority till September 29. The organizati­on also asked CAA for reviewing the licences issued earlier. The sources privy to the developmen­t said that CAA will submit its ' written response' to remove concerns of the See# 14 Page7 Weather Forecast Cities Max- Temp Min- Temp Islamabad Karachi Lahore Faisalabad Quetta Rawalpindi 36° C 34° C 37° C 39° C 29° C 36° C 22° C 27° C 26° C 24° C 13° C 22° C See# 8 Page7 FG demands Sindh to ensure free wheat movement: Fakhar Inter- Bank Currency Rates Symbols Buying Selling TT Clean TT & OD Australian $ 118.43 118.79 Canadian $ 124.71 125.09 Danish Krone 26.07 26.16 Euro 194.06 194.64 Hong Kong $ 21.51 21.58 Japanese Yen 1.579 1.582 Saudi Riyal 44.24 44.47 Singapore $ 121.50 121.88 Swedish Korona 18.63 18.73 Swiss Franc 180.32 180.89 U. A. E Dirham 45.18 45.28 UK Pound 211.37 212.04 US $ 165.95 166.32 ISLAMABAD: The federal government in a letter to chief minister of Sindh has demanded removing obstacles in inter- provincial movement of wheat. Federal Minister for Food Security Fakhar Imam in his letter to the chief minister demanded hurdle free arrangemen­ts for movement of fresh stocks of wheat. The government of Sindh has imposed restrictio­ns over free movement and transporta­tion of wheat from Sindh to Punjab, the letter read. Such constraint­s have directly affected the prices of wheat and its flour, according to the letter. "A meeting chaired by the prime minister, expressed serious concern over these restrictio­ns," according to the letter. "Article 151 of the constituti­on allows free movement of trade goods across the country,' Subscribe now Tel: 92- 21- 35311893- 6 Fax: 92- 21- 35388427 See# 9 Page7 Email: edito r@ th efinancial­daily. com PRINTED AND DISTRIBUTE­D BY PRESSREADE­R PressReade­r. com + 1 604 278 4604 O R I G I N A L C O P Y . O R I G I N A L C O P Y . O R I G I N A L C O P Y . O R I G I N A L C O P Y . O R I G I N A L C O P Y . O R I G I N A L C O P Y COPYRIGHT AND PROTECTED BY APPLICABLE LAW

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