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An important meeting regarding the establishment of Industrial Estate and Special Industrial Zones under the Rawalpindi Ring Road Project was held at the Secretary Industries Office, Lahore.

A detailed briefing regarding the establishment of the industrial estate and special industrial zones along with the Ring Road project was given in the meeting. Special Assistant to the Chief Minister, Sardar Tanveer Ilyas, said that the Punjab government will encourage and provide all kinds of facilities for investment along the Ring Road.

He assured that the Punjab Board of Investment will extend all possible assistance for the establishment of industrial zones.

Chairman RDA, Tariq Murtaza, said that building planning will be done in consultation with the Chamber of Commerce and the private sector. The project will be taken forward with suggestions, recommendations, and consultation from Rawalpindi Chamber and Islamabad Chamber.

The Rawalpindi Chamber of Commerce suggested that the space for the relocation of the wholesale market and cottage industry should be allotted towards Rawat while industrial zones be established along the motorway.

Former President RCCI, Asad Mashhadi, also lauded the Punjab government for initiating consultation with all stakeholders. The Ring Road project will undoubtedly prove to be a game-changer for Rawalpindi, he added.

He further stated that, “The Rawalpindi Chamber will play a vital role for the early completion of this project and assured full support in this regard. This is an important project for the development of Rawalpindi.”

He said that the main objective of the project was to shift markets, solve traffic congestion and promote the cottage industry.

The Rawalpindi Chamber of Commerce was represented by former President Asad Mashhadi and former Senior Vice President Sheikh Hafeez while Special Assistant to the Chief Minister for Business and Chairman Punjab Board of Investment Sardar Tanveer Ilyas, President of Islamabad Chamber of Commerce Sardar Yasir Ilyas were present on the occasion. Elias, former ICCI presidents Khalid Javed, Shehban Khalid, RDA chairman Tariq Murtaza and other government officials were also present.

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Following the easing of the lockdowns after the first wave of COVID-19, a significant increase in the demand for fuel has been observed in Pakistan. Consequently, the petroleum sector saw an 11 percent growth in oil sales between July and November 2020 as reportedly 8.1 million tons of oil were sold during this period.

As per reports, Motor Spirit (MS) and High-Speed Diesel (HSD) are largely responsible for the rise in the demand for oil, having sold 3.4 million tons and 3.1 million tons respectively within the first five months of the current fiscal year of 2020-21 while the demand for furnace oil rose by 31 percent.

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Abdul Rafay, an analyst of the industry, has attributed the growth in the demand for oil to the revival of industrial and other business activities in Pakistan following the easing of the lockdowns during mid-2020. He said that the rising demand within the automotive market is also largely responsible for the rise in the demand for oil.

Last month, the sales of the oil marketing companies (OMC) increased by 21 percent to 1.7 million tons on a year-on-year basis. However, the demand for petroleum reportedly increased by only one percent on a month-on-month basis owing to the enforcement of the smart lockdowns following the resurgence of the coronavirus in Pakistan. Hence, monthly sales for MS and HSD came in at 693,000 tons and 802,000 tons, respectively.

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Rafay believes that this demand is likely to increase even more with the initiation of upcoming developmental projects and the growing demand from independent energy producers.

He added that with the increase in the sales of vehicles and the impending arrival of new players in the automotive market, the auto industry is also likely to contribute massively to the bump in the demand for oil.

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The United Nations Office on Drugs and Crime (UNODC) has removed cannabis and marijuana from its list of more tightly controlled drugs.

A majority of members of the United Nations Narcotics Drug Board voted in favor of removing Cannabis from Schedule IV of 1961. Twenty-seven countries voted in favor and 25 members opposed it, one country abstained.

This is welcome news for the millions of people who use cannabis for therapeutic purposes and reflects the reality of the growing market for cannabis-based medicinal products

“We welcome the long-overdue recognition that cannabis is a medicine,” Ann Fordham, executive director of the International Drug Policy Consortium, said in a statement.

However, this reform alone is far from adequate given that cannabis remains incorrectly scheduled at the international level

Until now, marijuana and cannabis have been included in the list of hard and dangerous drugs such as heroin and opium, but the World Health Organization (WHO) has recommended simplifying research on the medical use of cannabis.

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The UN commission has removed cannabis and marijuana from its list of dangerous drugs such as heroin and opium, but the supply channels are yet to be authorized for commercial use.

This move is largely symbolic, but might not have the desired effect as most advocates for the drug envisioned.

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The Board of Directors of Pakistan Software Export Board (PSEB) decided to waive the fee for registration with the Board for Information Technology and IT-enabled services companies, including call centers and IT startups, belonging to underserved areas of the country.

Federal Minister for IT and Telecommunication Syed Amin Ul Haque chaired the 45th Board of Directors meeting of Pakistan Software Export Board (PSEB).

Secretary IT Shoaib Ahmad Siddiqui and Managing Director PSEB Osman Nasir were also present in the meeting.

The meeting unanimously decided to waive the fee for registration with PSEB for IT & ITeS companies, including call centers and IT startups, belong to underserved areas of the country. The meeting also confirmed the minutes of 44th Board of Directors meeting of PSEB.

Managing Director PSEB Osman Nasir gave a detailed briefing about the performance of PSEB during the first three months of the financial year 2020-21. IT and ITeS export remittances comprising computer, and call center services, surged to $379.251 million at a growth rate of 43.55 percent during the first quarter (July-Sep) of the fiscal year 2020-2021 compared to $264.187 million during the same period of 2019-2020.

The meeting was informed that the Ministry of IT and Telecom is committed to increasing the IT exports and making special efforts in this regard. The Federal Minister for IT appreciated the performance of PSEB and gave direction for taking more steps for increasing IT exports.

Meanwhile, Federal Minister for IT chaired the Annual General Meeting of Telephone Industries of Pakistan (TIP). Matters related to the revival of the Telephone Industry of Pakistan (TIP) were discussed during the meeting.

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The Securities and Exchange Commission of Pakistan (SECP) has approved a ground-breaking initiative to enable all Pakistani resident and non-resident investors to open online accounts in the capital market.

The new regime, that is part of SECP’s digital transformation agenda, allows investors to seamlessly open his or her account with a broker from anywhere in the country without requiring to submit any documents physically or visit a broker. The new hassle-free process shall enable investors to commence trading swiftly.

However, to ensure maximum investor protection, an alternate online Customer Verification process has been introduced for the opening of online accounts. The online verification will be conducted independently by the Centralized KYC Organization. In addition, the account opening process has been made simpler by reducing the number of pages to be signed by the investors.

The new account opening system is a continuation of SECP’s reform agenda that aims at enhancing investor outreach, introducing digitization and ensure robust growth of the capital markets. A sizeable investor base is a crucial stepping stone for the development of any capital market and is, therefore, part of the major objectives of the SECP.

It is expected that the new regime will revolutionize Pakistan’s capital markets and contribute significantly towards economic growth in the country by channeling investments and savings through the market.

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After three days of posting losses against the US Dollar, the Pakistani Rupee gained 29 paisas in the interbank currency market today.

PKR closed at 160.16 on Thursday as compared to Rs. 160.46 on Wednesday.

Pakistani Rupee lost 64 paisas against USD yesterday and 39 paisas on Tuesday after posting a negligible gain of 4 paisas on the opening day of the week.

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While this is the first time this week that the PKR movement has shown recovery, this change has not come as a surprise to analysts who predicted such trends in PKR’s exchange rate to the Dollar.

“There were some importers buying dollars to meet their payment obligations, which puts pressure on the rupee,” a foreign exchange dealer earlier in the week stated.

Experts expect the rupee to likely stay range-bound in the coming days. “The trading range for the local currency for this month should be 159-161,” added a dealer.

The virus surge and its impact on exports, remittances, and demand will determine the future course of the exchange rate. The rupee may face downside pressure if the macroeconomic fundamentals deteriorate owing to the spread of the outbreak.

Other factors, such as fiscal reforms, uninterrupted flow of liquidity, may also contribute to the volatility of PKR against USD. IMF and FATF can also impact the exchange rate movement.

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Pakistani Rupee Drops Against the US Dollar Again

However, as compared to other currencies, PKR continued its deterioration from yesterday. It fell 88 paisas against the Euro adding to a loss of Rs. 1.88 yesterday. Against GBP, today’s loss for PKR was only 0.5 paisas after losing 35 paisas on Wednesday.

The post Aftar a Poor Week, Rupee Finally Recovers Against the US Dollar appeared first on .

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Former Pakistan pacer, Shoaib Akhtar, has suggested Babar Azam to transform himself into a “man of steel” if he wishes to lead the national side for a long period.

Akhtar’s remarks follow the statement of CEO Pakistan Cricket Board (PCB), Wasim Khan, in which he categorically stated that “Babar Azam will remain captain until Ehsan Mani and myself are here.”

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While responding to Khan’s statement, Akhter, during a show on PTV Sports, said “when you come in the limelight and go on the path of becoming a real star, some people will try to bring you down and make you suffer. That is the time when you have to show what you are made of. “

Babar Azam must evolve as a captain, player, and batsman so that everyone knows that he is a man of steel.

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He appeared cynical of the PCB CEO’s statement, adding that no one backs you if you are not a man of steel.

The 45-year old said that he has seen the highs and lows of cricket. He also recalled a similar statement of a former PCB Chairman who had assured that Rashid Latif would lead the side for six years.

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The Cabinet Committee on Energy (CCoE) will decide on removing the moratorium on new gas connections to industrial and captive power consumers in Balochistan, reported Express Tribune.

On 18 April 2011, the then prime minister had issued a directive to ban the issuance of new gas connections to both the commercial and the industrial consumers due to the expanding gap of demand and supply of natural gas. The moratorium was put in place for six months, countrywide. In September 2011, the ban was extended with certain caveats.

The moratorium imposed on the new commercial and industrial connections was extended for one year except for those who had paid connection charges, security deposit, or deposited the full cost of the pipeline to be laid for them. It was stated that the moratorium would not apply to Balochistan, but for industrial connections, it would be decided on a case-to-case basis by the petroleum minister.

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Petroleum Division Hosts Ministers to Discuss Pricing Mechanism for Gas

In January 2020, the Petroleum Division held a meeting and decided that a five-member committee would decide on the industrial gas connections for Balochistan. In July, the PM Office communicated that the prime minister had approved that the Petroleum Division shall place the summary before the CCoE.

Now the CCoE will be meeting to decide upon the case-by-case issuance of these gas connections.

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