- Rs 11.4 billion was the export value of fish and fish preparations in Oct 2023, down 4.9% compared to Rs 12.03 billion in Oct 2022.
- Severe smog in Lahore poses health risks, and surprisingly, areas with more trees and green spaces, instead of improving air quality, recorded hazardous levels. Trees may be hindering pollutant dispersion, trapping particulates for longer.
- As of November 2023, the Roshan Digital Account (RDA) recorded an all-time high gross inflow of $7.035 billion since its launch in September 2021.
- The FBR has expanded its efforts to enforce tax return filing by targeting non-filing senior bureaucrats in government, financial institutions, and private entities, including police officials and financial executives.
- The potential climate deal at the COP28 summit proposed options for reducing greenhouse gas emissions but omitted the explicit "phase out" of fossil fuels, a demand that sets the stage for final negotiations in Dubai.
- About 25% of freshwater fish species face extinction due to climate change and pollution threats, according to the latest Red List of Threatened Species.
COMMODITIES - CROPS, LIVESTOCK & HORTICULTURE
- Harnessing AI in Agriculture: AI experts highlight that Artificial Intelligence can revolutionize local agriculture, particularly horticulture, addressing challenges like climate change and attracting talent. There is a need to integrate AI to transform traditional practices and drive impacts in agriculture. [ET]
- GM Seed Import Control: Amending Biosafety Rules - The government has decided to introduce a sunset clause in the Pakistan Biosafety Rules, 2005/guidelines to restrict the import of GM soybean and canola seed, both exceeding a billion dollars annually. This decision was made during a previous federal cabinet meeting. [BR]
- Fish Export: Rs 11.4 billion was the export value of fish and fish preparations in Oct 2023, down 4.9% compared to Rs 12.03 billion in Oct 2022, according to the PBS. [ET]
- China Open to FTA Amendment: Interim Commerce Minister's Visit - During the visit of Pakistan's Interim Commerce Minister Gohar Ejaz to China, the Chinese government has agreed to consider requests to amend the existing Free Trade Agreement (FTA), provide trade finance in yuan, and offer loans to support industry relocation to Pakistan. The discussions have led to a mutual understanding to revise the FTA. [Dawn]
[China Briefing]
[USDA]
AGRI-INPUTS, WEATHER, WATER & POWER
- GTC Exclusion Prompts PPP Concerns - The PPP rejected the inclusion of Greater Thal Canal (GTC) projects in Ecnec, deeming it illegal. PPP urged the Asian Development Bank not to fund these projects and stressed that ECNEC should not allocate funds. ECNEC, chaired by Dr. Shamshad Akhtar, approved 9 projects worth Rs 367 billion for international development assistance, excluding the Rs 38.4 billion Greater Thal Canal Project. [Dawn]
[Dawn]
[ET]
- Uninterrupted Urea Supply: PM's Call for Collaboration - Caretaker Prime Minister Anwaar-ul-Haq Kakar has directed swift preparation of an action plan to ensure uninterrupted urea supply, emphasizing government-controlled rates for farmers. He called for collaboration with provinces and the industry in creating a comprehensive framework. [BR]
- SNGPL's Recovery Plea: Chief Financial Officer's Concerns - SNGPL is seeking Petroleum Division support to recover Rs 170.237 billion from the power sector, which faces a circular debt surpassing Rs 2.6 trillion in the first 4 months of the current fiscal year. [BR]
- Pakistan's Car Sales Dive, Production Up MoM - In November 2023, Pakistan saw a 68.41% YoY drop in passenger car sales, with 4,875 units sold compared to 15,432 units last year, according to PAMA. Monthly, sales increased by 0.52%, reaching 4,875 units. Car production in November 2023 increased by 10.42% MoM to 4,271 units but saw a significant 72.46% YoY decrease from November 2022. [PT]
- Smog Dilemma: Green Spaces with Poor AQI in Lahore - Severe smog in Lahore poses health risks, and surprisingly, areas with more trees and green spaces, instead of improving air quality, recorded hazardous levels on Monday. Two such areas with better tree cover had an Air Quality Index (AQI) exceeding 500, well above the city average of 396. Experts suggest the trees may be hindering pollutant dispersion, trapping particulates for longer periods. [Dawn]
AGRI UPDATES & PAKISTAN POLICY
- Imran Khan Challenges Indictment Process in Cipher Case at IHC: Former Prime Minister Imran Khan has challenged his indictment process in the cipher case at the Islamabad High Court, a day before the trial court is set to frame charges against him and PTI leader Shah Mehmood Qureshi. The petition argues that an IHC division bench had annulled the trial proceedings due to legal loopholes. [Dawn]
- FBR Focuses on Taxing Senior Officials - The FBR has expanded its efforts to enforce tax return filing by targeting non-filing senior bureaucrats in government, financial institutions, and private entities, including police officials. The initiative also involves taking action against non-filing senior executives in financial institutions. [BR]
- ADB Backs Women-Led Enterprises - The Asian Development Bank has approved $155.5 million in financing for Pakistan to enhance women's access to finance and support women-led enterprises. The funding includes a $100 million policy-based loan, a $50 million financial intermediation loan, and a $5.5 million grant for related activities to promote inclusive and sustainable development by ensuring equal economic opportunities for women. [BR]
- Roshan Digital Account Peaks at $7.035 Billion - As of November 2023, the Roshan Digital Account (RDA) recorded an all-time high gross inflow of $7.035 billion since its launch in September 2021, according to the State Bank of Pakistan. The RDA rose by $137 million from October 2023 to November 2023. [BR]
- Ijarah Sukuk Premiere: PSX's Breakthrough Auction Success - The first auction for Pakistan's one-year Ijarah Sukuk at the Pakistan Stock Exchange (PSX) was highly successful and over-subscribed. This marked the first-ever auction for a Government Debt Security (GDS) using PSX's automated system, with settlement and custodial services provided by NCCPL and CDC, showcasing an addition to the PSX product offerings. [BR]
- Caretaker Govt & Industrialists Discuss Gas Price - The meeting between the caretaker government and industrialists did not yield a conclusive strategy for gas prices, but both parties agreed to continue discussions in pursuit of a consensus. Chairman Zubair Motiwala shared that the business community emphasized to the government that the revised gas tariff was unsustainable for the industrial sector. [BR]
INTERNATIONAL – OVERVIEW & MARKET OUTLOOK
- Indian Court Affirms Revocation of Kashmir Status: India's Supreme Court upheld PM Narendra Modi's 2019 decision to revoke the special status of Illegally Indian Occupied Jammu and Kashmir (IIOJK). The court set a deadline of September 30 next year for local elections, following petitions challenging the revocation and the region's division into 2 federally administered territories. [BR]
[Dawn]
[ET]
[Reuters]
[Al Jazeera]
[The Guardian]
- COP28: No 'Phase Out' for Fossil Fuels - The draft of a potential climate deal at the COP28 summit on Monday proposed options for reducing greenhouse gas emissions but omitted the explicit "phase out" of fossil fuels, a demand from many nations. This sets the stage for final negotiations in Dubai, revealing international divisions over the role of oil, gas, and coal in a climate-friendly future. [BR]
[Dawn]
[ET]
[Reuters]
[Al Jazeera]
[Time]
[CNN]
- Afghanistan Excluded from UN Climate Talks, Raises Concerns: Afghanistan has been excluded from United Nations climate negotiations for the third consecutive year, raising humanitarian concerns as the country contends with a deepening drought and floods. Dozens of deaths occurred earlier this year due to flash floods triggered by heavy rains, highlighting Afghanistan's vulnerability to climate change. [Dawn]
[Reuters]
[Rferl]
[Context]
[Unocha]
- Climate Threats: 25% of Freshwater Fish Species at Risk, Says IUCN - About 25% of freshwater fish species face extinction due to climate change and pollution threats, according to the latest Red List of Threatened Species. The International Union for Conservation of Nature (IUCN) highlights disruptions in water cycles, such as falling water levels and rising sea levels causing seawater intrusion into rivers. [Dawn]
[Reuters]
[Panda]
[CD]
- Venezuelan Crude Prices Surge, Sellers Raise Offers to China: Sellers of sanctioned oil from Russia and Iran are reportedly increasing their offer prices to China due to a surge in Venezuelan crude prices following the suspension of U.S. sanctions on the South American producer. The six-month waiver of sanctions on Venezuela by Washington has heightened competition for the OPEC producer's heavy oil, leading to price increases and a decrease in supply to China, one of the top buyers. [BR]
[Reuters]
[Banque-france]
[Oil Price]
[China-icas]
- UN Seeks $46.4 Billion for 2024 - The UN has requested $46.4 billion for 2024 to provide life-saving aid to around 180 million people worldwide facing crises amid conflicts, climate emergencies, and economic collapse. The UN characterized the global humanitarian outlook for 2024 as bleak, identifying hotspots including the wider Middle East, Sudan, and Afghanistan requiring international aid efforts. [BR]
[France 24]
[UN]
[AP]
[RW]
[Unocha]
- Gold Prices Slide on Stronger Dollar Ahead of Central Bank Meetings: Gold prices slipped on Monday, impacted by a stronger US dollar, with investors anticipating insights on interest rates from upcoming central bank meetings and US inflation data. Spot gold declined 0.5% to $1,993.44 per ounce, and US gold futures eased 0.3% to $2,009.30 as the dollar rose 0.1% against other currencies, making gold relatively more expensive for non-dollar holders. [BR]
[CNBC]
[CBS]
[FXS]
[USA Gold]
[TE]
- Concerns Persist: Oil Prices Stable Despite OPEC+ Measures - Oil prices remained steady on Monday amid concerns about crude oversupply, despite OPEC+ cuts and anticipated softer fuel demand growth next year. Brent crude futures saw a marginal 5-cent dip, reaching $75.79 a barrel by 12:06 p.m. EDT, while US West Texas Intermediate crude futures were down 14 cents at $71.09. [BR]
[Reuters]
[Barchart]
[Nasdaq]
[MW]
[MS]
- PPMA Sounds Warning: Delays in Price Approval May Lead to Drug Shortages. [BR]
- Zardari Alleges PTI Afghan Voter Plan: As Pakistan continues to expel unregistered Afghan refugees and the Pakistan Tehreek-e-Insaf struggles for political space in the lead-up to the general election, former President Asif Ali Zardari has made startling claims about an alleged PTI plan involving Afghan voters. [BR]
- Easypaisa & Telenor Partner for Digital Finance Innovation: [ET]
[The Nation]
- Opinion: Let the Games Begin - “Elections and the desired results (the musbat or positive kind) are absorbing all the oxygen in town. Every discussion in the capital (and its neighbouring areas) begins and ends with the possibility of elections and what they will bring, or be allowed to bring). But then Islamabad (aur us ke muzafaat) is known for missing the woods for the trees, for reasons too lengthy to be discussed here.” - By Arifa Noor [Dawn]
