- Four armed dacoits allegedly snatched a tractor-trolley loaded with 550 maund cotton worth Rs 4.5 million, near Lakhi Tibbi village in Jehanian, district Khanewal. Moreover, the exports of textile and clothing fell 18.15% in November to $1.42 billion compared to $1.74 billion in the same month last year
- The government is likely to allow Pakistan LNG Limited to sign a pact with Azerbaijani company M/s SOCAR/ SOCAR trading for import of one LNG cargo monthly. Moreover, petroleum group imports witnessed a negative growth of 8.11 percent during the first five months (July-October) of the current fiscal year 2022-23 and stood at $7.7 billion compared to $8.379 billion during the same period of last fiscal year.
- The magnitude of the country’s power crisis is such that summer months are spent without electricity for hours on end and similarly winter season is spent without gas. However, K-Electric consumers are likely to get a big relief as the company has sought a tariff reduction of Rs 7.04 per unit on account of fuel charges adjustment
- PTI Chairman Imran Khan announced that his governments in Punjab and KPK will dissolve their assemblies on December 23 to pave the way for fresh elections.
- Oil fell by about $2 per barrel on Friday, swept up in a wider rout in global equities on fears of a looming recession, after central banks across Europe and North America signaled they will continue to battle inflation aggressively.?
- The number of Covid-positive dead arriving at Beijing’s funeral parlors and crematoriums is rising, according to media reports, despite China not reporting a single fatality from the virus for two weeks.? The reports are fueling suspicion that the Chinese government is covering up data after a surprise reversal in the country’s strict Covid-Zero policy. The spread of the virus has turned Beijing into a ghost town, while Shanghai will close most schools from today.
COMMODITIES - CROPS, LIVESTOCK & HORTICULTURE
- Wheat Quota Suspend: A special operation was conducted by the task force to ensure an uninterrupted supply of government flour to the citizens and a wheat quota to six flour mills suspended over the misappropriation of government flour. [BR] [PT]
- Sugar Exports: The Economic Coordination Committee (ECC) of the Federal Cabinet will deliberate on the exports of sugar in its meeting scheduled for today. A Meeting of the top economic body will be held under the chairmanship of Finance Minister Ishaq Dar. Participants will discuss a three-point agenda with proposals from the Ministry of Climate Change, Housing & Works, and National Food Security & Research. [Pro Pakistani]
- Stolen Cotton Intercepted: Four armed dacoits allegedly snatched a tractor-trolley loaded with 550 maund cotton worth Rs 4.5 million, near Lakhi Tibbi village in Jehanian, district Khanewal. According to police sources, four dacoits in a car intercepted a tractor-trolley loaded with cotton, heading to Checha Watni from Lodhran. They alighted the driver and helper and made them hostage at gunpoint. [The Nation]
- Basmati Export: Rs 10.2 billion was the value of Basmati rice exported in Nov 2022, up 5% compared to Rs 9.7 billion in Nov 2021. [ET]
AGRI-INPUTS, WEATHER, WATER & POWER
- Import of LNG: The government is likely to allow Pakistan LNG Limited (PLL) to sign a pact with Azerbaijani company M/s SOCAR/ SOCAR, trading for import of one LNG cargo monthly, sources close to the Minister of State for Petroleum and Natural Resources told Business Recorder. [BR] [ET]
- Petroleum Imports: Petroleum group imports witnessed a negative growth of 8.11 percent during the first five months (July-October) of the current fiscal year 2022-23 (FY23) and stood at $7.7 billion compared to $8.379 billion during the same period of last fiscal year, says Pakistan Bureau of Statistics (PBS). [Dawn] [Pro Pakistani]
- Licenses of Oil & Gas Exploration: In a bid to boost oil and gas production in the country and generate revenues in foreign currency, the government has approved the revival of 11 revoked oil and gas exploration licenses, after the petroleum division moved a summary in this regard to the cabinet. [Dawn]
- K-P Gas Crisis: The magnitude of the country’s power crisis is such that summer months are spent without electricity for hours on end and similarly winter season is spent without gas. Consequently, just as the prices of generators go up during the summer, cylinders and firewood start costing an arm and a leg in winters. [ET]
- Power Tariff Reduction: K-Electric consumers are likely to get a big relief as the company has sought a tariff reduction of Rs 7.04 per unit on account of fuel charges adjustment (FCA). [ET]
- Sindh Post-Flood: Parts of Dadu still remain inundated; villagers start reconstruction of houses amid delay in government aid. [Dawn]
AGRI UPDATES & PAKISTAN POLICY
- Political Tensions: PTI Chairman Imran Khan on Saturday announced that his governments in Punjab and Khyber Pakhtunkhwa will dissolve their assemblies on December 23 to pave the way for fresh elections. Punjab Chief Minister Pervaiz Elahi was openly fumed on Sunday at PTI chief Imran Khan’s comments targeting Gen (retd) Qamar Javed Bajwa and reminded the “ungrateful” PTI about the “favours” of former army chief upon the party, warning it to keep its criticism “within limits”. Meanwhile, the PDM mulls over options to aver the dissolution of the assemblies. [Dawn] [BR] [ET] [Dawn]
- CAD Shrinks YoY: The country’s current account deficit shrank 57 percent during the first five months of this fiscal year (FY23), mainly due to lower goods import bill. The State Bank of Pakistan (SBP) Friday reported that the current account recorded a deficit of $3.1 billion during July-Nov of FY23 against $7.23 billion in the same period of last fiscal year (FY22), showing a decline of $4.135 billion. [BR] [BR] [Pro Pakistani] [Geo]
- Textile Exports: The exports of textile and clothing fell 18.15% in November to $1.42 billion compared to $1.74 billion in the same month last year, data released by the Pakistan Bureau of Statistics showed on Friday. [Dawn] [Pro Pakistani]
- SBP injects Rs 2 trillion to banks: Pakistan’s central bank has injected slightly over Rs2 trillion into commercial banks for a longer period of up to 70 days to help the financial institutions meet growing financing demand coming from the government. [ET]
- Cross-Border Currency Movement: Expressing dissatisfaction over dollar availability for import of raw material the Federation of Pakistan Chambers of Commerce and Industry’s Businessmen Panel (BMP) on Sunday stressed the need for stopping cross-border smuggling of foreign currency and other valuable items in order to bring economic and financial stability in the country, as the agencies concerned have failed to make any serious progress in this regard. [BR]
INTERNATIONAL – OVERVIEW & MARKET OUTLOOK
- Oil Prices: Oil fell by about $2 per barrel on Friday, swept up in a wider rout in global equities on fears of a looming recession, after central banks across Europe and North America signaled they will continue to battle inflation aggressively. Brent crude futures fell $1.96, or 2.4%, to $79.25 a barrel by 1:20 p.m. EDT (1820 GMT), while West Texas Intermediate futures were down $1.52, or 2%, to $74.59 a barrel. [BR]
- China COVID Crisis: The number of Covid-positive dead arriving at Beijing’s funeral parlors and crematoriums is rising, according to media reports, despite China not reporting a single fatality from the virus for two weeks. Staff at one Beijing crematorium told the Financial Times they cremated the bodies of at least 30 Covid victims on a single day last week. The reports are fueling suspicion that the Chinese government is covering up data after a surprise reversal in the country’s strict Covid-Zero policy. The spread of the virus has turned Beijing into a ghost town, while Shanghai will close most schools from today. [Bloomberg] [Bloomberg] [The Guardian]
- Saudi Index Falls on Economic Worries: Saudi Arabia’s stock market ended lower on Sunday, ending three sessions of gains, in response to Friday’s fall in oil prices and global shares. [BR]
- Wheat Import from Crimea to Syria: More than 500,000 tonnes of wheat shipped from Crimea to Syria Cargoes moved on sanctioned Syrian ships Ukraine says Russia stole grain from occupied territory Russian-installed authorities say farmers are paid Syria's wheat imports now almost all from Russian sources. [Reuters]
- Lukki Marwat Terror Attack: At least four policemen were killed and as many injured in an ambush on a police station in Lakki Marwat district, the police and local media reported on Sunday. [BR] [ET]
Argentina won the FIFA World Cup 2022 with Messi achieving football’s crowning achievement. [Al Jazeera]
