- The road closures due to PTI's march have triggered a food crisis in Rawalpindi and Islamabad, halting supplies of fruits, vegetables, and staples. Wholesale markets have been closed for three days, and prices have surged, with tomatoes reaching Rs 300/kilogram. Tensions could spillover if supply chains are not restored soon.
- The Punjab government announced the installation of 30 advanced air quality monitors across various cities to combat rising air pollution. Senior Minister Marriyum Aurangzeb stated that Lahore's monitoring capacity will increase to eight units, alongside eased smog-related restrictions in key districts.
- Belarusian President Alexander Lukashenko arrived in Pakistan for a three-day official visit focused on strengthening bilateral ties. Pakistan urged Belarus to reduce trade barriers, announced eight B2B MoUs at the Pakistan-Belarus Business Forum, and planned 16 MoUs, including a financial intelligence cooperation agreement.
- PTI Chairman Barrister Gohar Ali Khan confirmed that the protest call remains unchanged after a meeting with Imran Khan at Adiala Jail. Meanwhile, thousands of PTI supporters, led by KPK CM Gandapur and Bushra Bibi, clashed with police and paramilitary forces as they entered Islamabad late Monday, continuing their march toward D-Chowk in Islamabad.
- Pakistan's foreign assistance inflows fell by over 55% to $2.7 billion in the first four months (July-October) of the current fiscal year, compared to $6.05 billion during the same period last year. The decline is attributed to delays in securing an IMF bailout.
- Chicago wheat prices eased on Monday, reversing earlier gains driven by Black Sea shipment concerns, due to ample supplies. Soybeans rose after hitting a one-month low, while corn prices fell. Russian wheat export prices remained stable at $226/metric ton for December delivery, pressured by low demand and competition.
AGRI-UPDATES - COMMODITIES, POLICY & DEVELOPMENTS
- Daily Rates: Find the following rates on the hyperlinked titles: [Shipping Intelligence], [Pakistan Stock Exchange], [Kibor International Kibor Rates], [BRIndex100 & BR Sectoral Indices], [Activities of Karachi Port Trust, Port Qasim]
- PTI March Causes Food Crisis in Twin Cities: The road closures due to PTI's march have triggered a food crisis in Rawalpindi and Islamabad, halting supplies of fruits, vegetables, and staples. Wholesale markets have been closed for three days, and prices have surged, with tomatoes reaching Rs 300/kilogram. Authorities warn the situation could worsen if supply chains aren't restored soon. [ET]
- Gold Prices Drop Sharply in Pakistan & Globally: Gold prices saw a sharp drop on Monday after a week of gains. In Pakistan, the price fell by Rs 4,300-Rs 278,400/tola, down from last month's high of Rs 287,900. On the international market, gold prices decreased by $43 to $2,672/ounce, with spot gold dropping 1% to $2,686.73 and US gold futures falling by 0.9%-$2,688.40. [ET]
- Opinion: Oh, Textiles! What Business Are You In? - “Energy assets, as a percentage of total fixed asset base, could be as high as 20-25 percent. How can one make a business grow with such a high percentage of expensive capital trapped into these dead, non-core assets? Collective and continuous failure of various Blocks at Pak Secretariat, Islamabad, forced exporters to fend for themselves.” - By Sheikh Muhammad Iqbal [BR]
ENERGY - WEATHER, WATER & POWER
- Punjab Installs Air Quality Monitors to Combat Pollution: The Punjab government announced the installation of 30 advanced air quality monitors across various cities to combat rising air pollution. Senior Minister Marriyum Aurangzeb stated that Lahore's monitoring capacity will increase to eight units, alongside eased smog-related restrictions in key districts to improve environmental conditions and support economic activity. [Dawn]
- IRSA Releases 95,100 Cusecs of Water: IRSA released 95,100 cusecs of water on Monday. At Tarbela Dam, the water level was 1,501.05 feet, with an inflow of 22,800 cusecs and outflow of 49,000 cusecs. At Mangla Dam, the water level was 1,161.95 feet, with an inflow of 5,900 cusecs and outflow of 27,000 cusecs. [ET]
- Oil Sector Seeks Margin Increase: The oil sector has urged the Petroleum Division to review the proposed margin increase for oil marketing companies (OMCs), deeming it insufficient to offset rising financial costs. The Oil Companies Advisory Council (OCAC) has reiterated its demand to raise OMC margins by Rs 4.78/litre, from Rs 7.87-Rs12.65, citing previous requests. [The News]
- LPG Growth Spurs Regulatory Calls: OGRA Chairman Masroor Khan highlighted the doubling of LPG's share in Pakistan's energy mix from 1% to 2%, with further growth expected, stressing the need for advanced manufacturing facilities for LPG equipment. FPCCI President Atif Ikram Sheikh called for updating OGRA's regulatory framework to better address the realities of Pakistan's LPG supply chain and ensure fairness for stakeholders and consumers. [The News]
- PNSC Plans Fleet Modernization: Pakistan National Shipping Corporation (PNSC) plans to acquire new Aframax vessels by 2028 to modernize its fleet, despite reporting a 15% YoY decline in FY24 revenue to Rs 46 billion, primarily due to reduced dry cargo and slot charter operations. While liquid cargo revenue remained stable at Rs 40 billion, PNSC expects improved demand this year, driven by government break-bulk orders and recovery in the dry bulk segment. [PT]
- Electric Vehicles Threaten Road Revenue: The ADB reports that Pakistan’s road user revenues, largely fuel-based ($5.68 billion), will drop with the transition to electric vehicles, covering only 35% of road maintenance needs. Despite a large road network, Pakistan has low road density per population and GDP. [BR]
- Pakistan Forms Committee for Reko Diq Stake Sale: Pakistan has set up a negotiation committee to finalize the sale of a 15% stake in the Reko Diq project to Saudi Arabia. The committee will review the pricing, assess the Saudi offer, and discuss terms with Saudi Arabia's Public Investment Fund, including cash offers, reimbursement of costs, and a $150 million grant. [ET]
- ECNEC Approves Rs 172.7 Billion for Development: The Executive Committee of the National Economic Council (Ecnec) approved Rs 172.7 billion for 10 development projects, focusing on road connectivity, youth empowerment, and infrastructure, especially in Balochistan. The approval includes a Rs 15 billion program to provide IT and industrial training to over 150,000 youth, as well as infrastructure projects aimed at enhancing regional connectivity and supporting Balochistan's development. [BR]
PAKISTAN - ECONOMICS, POLITICS & SECURITY
- Lukashenko's Visit Boosts Bilateral Ties: Belarusian President Alexander Lukashenko arrived in Pakistan for a three-day official visit focused on strengthening bilateral ties. Pakistan urged Belarus to reduce trade barriers, announced eight B2B MoUs at the Pakistan-Belarus Business Forum, and planned 16 MoUs, including a financial intelligence cooperation agreement, to enhance collaboration across various sectors. [BR] [BR] [Dawn] [Dawn] [ET] [ET]
- PTI Protest Plans Unchanged Amid Clashes: PTI Chairman Barrister Gohar Ali Khan confirmed that the protest call remains unchanged after a meeting with Imran Khan at Adiala Jail, emphasizing its importance. Meanwhile, thousands of PTI supporters, led by Khyber Pakhtunkhwa Chief Minister Ali Amin Gandapur and Bushra Bibi, clashed with police and paramilitary forces as they entered Islamabad late Monday, continuing their march toward D-Chowk after authorities retreated. [BR] [BR] [Dawn] [Dawn] [ET]
- FBR Struggles to Meet Tax Target: The Federal Board of Revenue (FBR) is struggling to meet its November 2024 tax collection target of Rs 1,003 billion, with only over Rs 550 billion collected by November 25. Despite the government's stance against introducing a mini-budget or new taxes, the FBR is implementing short-term measures to address a projected Rs 230 billion shortfall for the second quarter of the fiscal year. [BR]
- Pakistan's Foreign Aid Drops 55% Amid IMF Delays: Pakistan's foreign assistance inflows fell by over 55% to $2.7 billion in the first four months (July-October) of the current fiscal year, compared to $6.05 billion during the same period last year. The decline is attributed to delays in securing an IMF bailout, with total foreign economic assistance (FEA) for the period amounting to $1.72 billion, well below the annual target of $19.4 billion. [Dawn]
- Cybercrime Top Concern for Pakistani Bankers, PwC Survey: A PwC Pakistan survey reveals that 90% of bankers see cybercrime as the top challenge, with 70% concerned about fraud and 60% about terrorism financing. The survey stresses the need for banks to stay vigilant against evolving financial crimes. [Dawn]
- Kurram Violence Toll Reaches 73 Amid Fragile Ceasefire: The death toll from violence in Kurram tribal district has reached 73, with sporadic gunfire continuing despite a fragile ceasefire. While some steps toward peace have been taken, such as the release of hostages, political leadership has been absent in pushing for a permanent ceasefire. [Dawn] [ET]
INTERNATIONAL - MARKET, POLITICS, SECURITY & DEVELOPMENT
- Israeli Genocide: Israel bombed Hezbollah's stronghold in Beirut on Monday, while clashes continued in southern Lebanon after Hezbollah claimed responsibility for 50 attacks on Israeli targets. The Israeli military reported 250 projectiles fired by Hezbollah into Israel on Sunday, hitting locations like the Ashdod naval base and military sites near Tel Aviv. In response, Israel launched intelligence-based strikes on several Hezbollah command centers in southern Beirut, which have been targeted since airstrikes escalated on September 30. [Dawn] [ET]
- Madagascar Rescues Somali Nationals After Deadly Drift: Madagascar assisted 48 Somali nationals rescued from two boats drifting off its coast, after at least 22 others from the same group died at sea. The boats, which had left Somalia on November 2 for the Comoros and Mayotte, suffered engine failures, leading to the drift; survivors are now under medical care in Nosy Be island. [BR]
- Plastic Pollution Treaty Talks Begin Amid Disagreements: Talks on a treaty to curb plastic pollution began in Busan, South Korea, amid disagreements among nations. The discussions followed COP29, where climate funding was criticized. The chair of the meeting, Luis Vayas Valdivieso, stressed the urgency of tackling the issue, highlighting plastic pollution's global impact, though consensus on solutions remains elusive. [ET]
- Wheat Prices Drop, Soybeans Rise: Chicago wheat prices eased on Monday, reversing earlier gains driven by Black Sea shipment concerns, due to ample supplies. Soybeans rose after hitting a one-month low, while corn prices fell. Russian wheat export prices remained stable at $226/metric ton for December delivery, pressured by low demand and competition from southern hemisphere suppliers. [BR] [BR]
- EU Seeks WTO Approval for US Retaliation: The European Union has requested World Trade Organization (WTO) authorization to impose counter-measures against U.S. customs duties on Spanish olive imports. The EU seeks to compensate for the U.S.'s failure to comply with a previous WTO ruling on antidumping and countervailing duties. The EU's proposed retaliation is worth $35 million annually. [Dawn]
- Oil Prices Fall Amid Peace Deal Hopes: Oil prices dropped by over $2 on Monday following reports that Israel and Lebanon had agreed on terms to end the Israel-Hezbollah conflict. By 9:57 a.m. CST, Brent crude futures were down $2.02, or 2.69%, at $73.15/barrel, while US West Texas Intermediate crude futures fell by $2.08, or 2.92%, to $69.16/barrel. [BR] [Dawn]
- Opinion: Crisis of Population Growth - “There is growing concern regarding the shockingly higher-than-anticipated intercensal population growth rates of 2.55% between 2017 and 2023. We have added 110 million people to our population in 25 years and boast the highest growth rate in South Asia. The Population Council and UNFPA’s report Pakistan@2050 addresses demographic change, future projections, and the consequent challenges and opportunities vis-à-vis Pakistan’s development landscape. It leaves no doubt how important it is to tackle the existential crisis of population growth.” - By Zeba Sathar [Dawn]
- Opinion: Are Natural Resources A Dowry? - “Addressing cadets in Kohat recently, the DG ISPR remarked that the province's natural resources are not the PTM's "birthright or dowry". This statement sparked intense discussions, raising questions about the ownership and distribution of natural resources in Pakistan. For decades, successive governments have acknowledged the longstanding grievances of the K-P government regarding payments owed on net hydel profit, which now exceed one trillion rupees. Similarly, K-P's demands for royalties on gas, LPG and oil remain unresolved. A crucial constitutional provision is Article 172(3), which stipulates joint ownership of minerals, oil and gas between the federal and provincial governments. This clause explicitly states: "Subject to the existing commitments and obligations, minerals, oil, and gas within the province or the territorial water adjacent thereto shall vest jointly and equally in that province and the federal government."” - By Dr Syed Akhtar Ali Shah [ET]
