- Former Prime Minister Imran Khan was shot in the shin on Thursday in an attack his aides say was an assassination attempt. PTI supporters were killed, while 14 others, including lawmakers, were injured as shots were fired at the container-carrying party leadership.
- The spot rate committee of the Karachi Cotton Association increased the spot rate by Rs 500 per maund, closing it at Rs 16,500 per maund.
- Pakistan’s cotton production is projected to plunge to a four-decade low of around four million bales in 2022.
- The country’s export-oriented sectors will be charged Rs 19.99 per unit of electricity all-inclusive whereas domestic consumers are being charged over Rs 40 per unit.
- Ambassador of the Republic of Poland to Pakistan Maciej Pisarski said that trade between Pakistan and Poland has increased to US $722 million and it was largely in favour of Pakistan by $600 million.
COMMODITIES - CROPS, LIVESTOCK & HORTICULTURE
- Wheat Sowing Target: All resources should be utilised to bring 16.5 million acres of land under wheat cultivation in Punjab during the current month, emphasised provincial Agriculture Secretary Ahmad Aziz Tarar. [ET]
[Mettis Global]
- Spot Rates: The spot rate committee of the Karachi Cotton Association on Thursday increased the spot rate by Rs 500 per maund and closed it at Rs 16,500 per maund. [BR]
- Cotton Bales: Seed cotton (Phutti) equivalent to over 3.7 million or exactly 37,07693 bales has reached ginning factories across the country till November 1, 2022, with a decrease of 40.74% as compared to the corresponding period of last year. [BR]
- Cotton Production: Pakistan’s cotton production is projected to plunge to a four-decade low to around four million bales in 2022, as output slumped 41% to a mere 3.7 million bales in the outgoing season, according to cotton ginners on Thursday. [ET]
- Red Chilli: Near Kunri, a southern Pakistan town known as Asia's chilli capital, 40-year-old farmer Leman Raj rustles through dried plants looking for any of the bright red chillies in his largely destroyed crop which may have survived. [ET]
- Roti, Naan Prices: Naanbais in the garrison city have further increased the price of roti, naan (bread) and paratha by up to Rs 7. The Naanbais cited the hike in the price of wheat flour, natural gas and electricity tariffs for the increase in the price of roti and naan. They said that the price of red flour roti (pateeri) has been increased from Rs 13 to Rs 20, the price of yeast bread from Rs 20 to Rs 25, the price of seed-blended naan from Rs 25 to Rs 30 and the price of paratha and roghni naan paratha from Rs 40 from Rs 50. [ET]
- Leather Garments Export: Rs 6.3 billion was the export value of leather garments in September 2022, up 61.74% compared to Rs 3.9 billion in September 2021, according to the Pakistan Bureau of Statistics. [ET]
AGRI-INPUTS, WEATHER, WATER & POWER
- Export-Oriented Sectors: The country’s influential five zero-rated sectors, referred to as export-oriented sectors will be charged Rs 19.99 per unit of electricity all-inclusive whereas domestic consumers are being charged over Rs 40 per unit. [BR]
- Rim Stations Water Released: 110,600 cusecs of water were released from various rim stations on Thursday. [ET]
- Balochistan Water Project: The Asian Development Bank has approved financing of $5 million for the preparation of design and planning of the Naulong Integrated Water Resources Development Project in Jhal Magsi, Balochistan. [Dawn]
- High-Grade Petrol: The government may slap a 17% sales tax on high-grade petrol as it is considering imposing more taxes on imports to cover a projected shortfall of Rs 100 billion in customs duty collection. [ET]
AGRI UPDATES & PAKISTAN POLICY
- Assassination Attempt on Imran Khan: Former Prime Minister Imran Khan was shot in the shin on Thursday when his anti-government protest convoy came under attack in the east of the country in what his aides said was a clear assassination attempt. PTI supporters killed, 14 others, including lawmakers, injured as shots fired at container carrying party leadership. Asad conveys Imran’s message blaming govt, military officials for the attack. Alleged assassin thwarted by activists, in custody; claims ‘sole responsibility’. Fawad calls it an attack on Pakistan, its people; asks workers, supporters to seek revenge. Protests break out across the country on Friday. Imran Khan is set to address the nation at 4pm. [BR]
[Dawn]
[ET]
[ET]
[BBC]
[Al Jazeera]
- Pakistan Poland Trade: Ambassador of Republic of Poland to Pakistan Maciej Pisarski said that trade between Pakistan and Poland has increased to US 722 million dollars and it was largely in favor of Pakistan by $ 600 million mainly due to intensification of Pakistani exports of textiles, leather and sports goods to Poland within the GSP Plus scheme. [BR]
- Inward Remittances: The State Bank of Pakistan (SBP) has allowed Exchange Companies to sell 20% of their inward workers’ remittances to customers to meet their demand. According to Malik Bostan, Chairman, Exchange Companies Association of Pakistan (ECAP), this was decided in a meeting held Thursday at SBP head office. The meeting of heads of Exchange Companies was chaired by SBP Governor Jameel Ahmed and other SBP officials also attended the meeting to discuss various issues related to the currency market. [BR]
[ET]
- Forex Reserves: Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased $1.47 billion on a weekly basis, clocking in $8.91 billion as of October 28, 2022, according to data released on Thursday. Total liquid foreign reserves held by the country stood at $14.68 billion. Net foreign reserves held by commercial banks clocked in at $5.77 billion. [BR]
[ET]
[The News]
[The News]
[Pro Pakistani]
INTERNATIONAL – OVERVIEW & MARKET OUTLOOK
- Recession: Renewed fears that Federal Reserve interest rate hikes may trigger a global recession looked set to weigh on Asian stocks Friday, with equity futures for Japan pointing to a hefty drop
after the S&P 500 saw its fourth straight decline. The slump in stocks came as a key segment of the Treasury yield curve reached new extremes of inversion, touching a level not seen since the 1980s. The Bank of England Governor Andrew Bailey said turmoil hitting the UK
this year is worse in economic terms than anything that struck in the 1970s.? The Bank of England said it was lifting borrowing costs by 0.75 percentage points to 3% — the highest level since the 2008 global financial crisis — to cool UK inflation that it sees shortly peaking at a four-decade high near 11%. [Bloomberg]
[Dawn]
- US Stocks: US stocks extended losses on Thursday as investors feared the Federal Reserve was far from signaling a less hawkish stance in its fight against inflation. Stocks initially received a boost on Wednesday after the Fed raised interest rates by 75 basis points as expected and the policy announcement left open the possibility of smaller increments in the future. [BR]
- China Policy Direction: Investors disappointed by the Communist Party’s lack of policy guidance at its recent congress can brace for a string of meetings that could shed light on how officials plan to manage the risks to China’s economy. Top of mind is whether Beijing will begin easing up on its zero-tolerance approach to Covid. Financial markets were whipsawed this week by rumors of a major shift in policy. And the Politburo may give guidance on the economic growth target for next year. [Bloomberg]
[Bloomberg]
[Bloomberg]
- Oil Prices: Oil prices turned higher on Friday as the dollar eased, but gains were capped by recession fears and fresh concerns that Covid outbreaks will dent fuel demand in China. Oil slid about 1% on Thursday as an increase in US interest rates pushed up the dollar and heightened fears of a global recession that would crimp fuel demand. Brent futures fell 90 cents, or 0.9%, to $95.26 a barrel by 11:37 a.m. EDT (1537 GMT), while US West Texas Intermediate (WTI) crude fell $1.26, or 1.4%, to $88.74. [BR]
- Four Palestinians Killed by Israeli Forces: Four Palestinians were killed by Israeli forces Thursday, including an alleged attacker, medics and security officials said, as violence flared across Israel-annexed east Jerusalem and the occupied West Bank. [BR]
[Dawn]
[The News]
[Al Jazeera]
- Opinion: Climate change and health - “Addressing these problems in emergency settings on a large scale and over a period of time puts huge stress on healthcare systems which themselves are badly affected. Pakistan is passing through such a situation, which the WHO has characterised as ‘public health crises’. Climate change effects such as rising sea levels, collapsing ice shelves, and greater volcanic activity are linked to the increased threat of tsunamis. The 2004 tsunami alone caused 227,000 deaths and unfathomable misery. The indirect and insidious health effects of climate change work through raising the level of risks to health by negatively affecting the determinants of health. The discourse on the determinants of health is vast and there are many ways of looking at these.” - By Zafar Mirza [Dawn]
