- The KCA spot rate decreased by Rs 3,000 per maund to Rs.19,000. The export sector and All Pakistan Textile Mills Association is protesting against increase in the power tariff by Rs.20 and abolishing of especial energy tariff for the export-oriented textile industry from October 1.
- For the first time in history the temperature rose up to 43 degree Celsius in the Chitral district of Khyber-Pakhtunkhwa (K-P) and its surroundings, leading to the early melting of glaciers and the start of condensation.
- Opting for the sesame crop over rice is a climate change adaptation strategy for resource-poor farmers in our water-scarce country owing to its drought resistance and relatively low water requirement.
- The Consumer Price Index (CPI) reduced slightly to 23.18% in September, down from the headline inflation of 27.26% last month. In September 2021, inflation stood at 9%.
- The federal cabinet gave its go-ahead on Sunday to initiating legal action against former premier Imran Khan, his key cabinet ministers and principal secretary Azam Khan, in connection with the audio leaks discussing how to “play on cipher”.
- Asian stocks are set for a tepid start to October after their worst monthly performance in almost 14 years. Equity futures suggest a mixed open in Australia and Japan while contracts in South Korea fell. US stocks just posted their third straight quarter of losses for the first time since 2009, while UK markets added to the stress after the government’s tax cuts.
COMMODITIES - CROPS, LIVESTOCK & HORTICULTURE
- Spices Export: Rs 1.47 billion was the export value of spices in August 2022, up 12.4% compared to Rs 1.3 billion in August 2021. [ET]
- Sesame Crop: Opting for the sesame crop over rice is a climate change adaptation strategy for resource-poor farmers in our water-scarce country. Sesame is one of the most drought-resistant crops. Its water requirement is insignificant, and just two to three light irrigation or rains are considered enough to get a good crop. [Dawn]
- Wheat & Flour: Pakistan’s wheat worries refuse to go away and so does its penchant for policy goof-ups. For the last few weeks, the federation and provincial governments have been competing over who damages the wheat market more. As a result, the volatility in the already unstable market has increased manifold and an overheated wheat market has set the flour market alight. The much-trumpeted provincial government’s move to provide 10-kg flour bags at Rs 650, or Rs 65 per kg, is only catering to half of the population of the mega city and other people have to buy flour at Rs 120 a kilogram, flour millers claimed on Sunday.? [Dawn] [Dawn]
- Cotton Review: The Spot Rate decreased by Rs 3,000 per maund to Rs.19,000. Export sector and All Pakistan Textile Mills Association is protesting against increase in the power tariff by Rs.20 and abolishing of especial energy tariff for the export-oriented industry from October 1. APTMA has come out against importing cotton from India. Pakistan Cotton Ginners Association demands that the government abolish sales tax on Banola. The government should also reconsider its decision of collecting tax on ginning factories on the basis of use of electricity annually. [BR]
AGRI-INPUTS, WEATHER, WATER & POWER
- Post Flood: Chairman of Pasban Democratic Party (PDP) Altaf Shakoor has demanded of the federal and provincial governments and the army and navy to launch an urgent drive to remove water from farmlands and villages in Sindh. Floodwaters in Sindh recede as food insecurity is on the rise. [BR] [BR] [Dawn] [ET]
- Chitral Communities at Risk from Climate Change: For the first time in history the temperature rises up to 43 degree Celsius in the Chitral district of Khyber-Pakhtunkhwa (K-P) and its surroundings resultantly the early melting of glaciers started, water vapours also went to the maximum in the atmosphere and the process of condensing started. [ET]
- Tarbela Hydel Generation Capacity: The hydel generation capacity of Tarbela Dam will touch 6418 MW from the existing 4888 MW with the completion of 5 th Extension Hydropower Project (T-5) scheduled to be completed in 2025. The under-construction (T-5) will add 1530 MW to the already installed capacity of 4888 MW, sources told APP here. [BR]
- Power Production in Five Years: Even without taking into account the fresh aggressive campaign for induction of 10,000 megawatts of renewable energy by the coalition government, the National Electric Power Regulatory Authority (NEPRA) is expecting a surplus power production capacity of more than 12,670MW within five years owing to generation projects currently in construction phase. [Dawn]
AGRI UPDATES & PAKISTAN POLICY
- Kissan Ittehad Protest: Farmers led by the Kissan Ittehad staging a protest sit-in in Islamabad have threatened the government of blocking roads nationwide, if their demands were not met by Monday. The farmers, who have gathered to protest against what they said were unfulfilled promises by the government, have blocked all entry and exit points at the Blue Area underpass by parking large and minibuses and tankers. [BR] [ET] [DT]
- Sales Tax Collection Declines: The Federal Board of Revenue (FBR) has collected Rs 107 billion sales tax from domestic consumption of petroleum products during 2021-22 against Rs 234.9 billion in 2020-21, reflecting a decrease of 54.4 percent. [BR]
- September Inflation: ?The Consumer Price Index (CPI) reduced slightly to 23.18% in September, down from the headline inflation 27.26% last month— the highest in 49 years. In September 2021, inflation stood at 9%. [Dawn]
- Ehsaas Ration Subsidy Programme: Chief Minister Punjab Chaudhry Pervaiz Elahi has launched Punjab Ehsaas Ration Programme of Rs100 billion. CM started the Punjab Ehsas Ration Programme from the local General Store in the Shadman market which got itself registered under the Ehsas Ration Subsidy Programme. [BR]
- Thar Coal Block-1 Power Generation Company: The government has approved a one year extension to the Financial closing date of Thar Coal Block-1 Power Generation Company. Thar Enegy’s 330 MW plant has become operational. [BR] [Dawn]
- Oil Industry: The oil industry has suffered a loss of Rs 50 billion on account of foreign exchange losses between July 1, 2018 and February 28, 2020. [BR]
- Inefficient Power Plants: NEPRA has reportedly accused the Ministry of Energy of passing an “unjustified” financial burden of Rs 30 billion to consumers by not supplying required RLNG or operating inefficient/ expensive power plants during the last two years, well informed sources in Nepra told Business Recorder. [BR] [ET]
- Legal Action Against Imran Khan: The federal cabinet gave its go-ahead on Sunday to initiating legal action against former premier Imran Khan, his key cabinet ministers and his principal secretary Azam Khan in connection with the audio leaks where the former rulers discussed how to “play on cipher” after the arrest warrant was issued for Imran Khan on Saturday after which bail was granted. [ET] [Al-Jazeera]
INTERNATIONAL – OVERVIEW & MARKET OUTLOOK
- Global Market Outlook: Asian stocks are set for a tepid start to October after their worst monthly performance in almost 14 years. Equity futures suggest a mixed open in Australia and Japan while contracts in South Korea fell. US stocks just posted their third straight quarter of losses for the first time since 2009, while UK markets added to the stress after the government’s tax cuts. On Tuesday, Australia is expected to implement one more outsized interest-rate increase. [Bloomberg] [Bloomberg]
- Oil Output: OPEC+ will consider an oil output cut of more than a million barrels per day (bpd) next week, OPEC sources said on Sunday, in what would be the biggest move yet since the COVID-19 pandemic to address oil market weakness. [BR] [Bloomberg]
- Wall St Quarterly Loss as Inflation Weighs: The S&P 500 closed the books on its steepest September decline in two decades on Friday, skidding across the finish line of a tumultuous quarter fraught with historically hot inflation, rising interest rates and recession fears. [BR]
- Germany Builds Gas Terminals to Replace Russian Pipelines: Germany’s most strategically important building site is at the end of a windswept pier on the North Sea coast, where workers are assembling the country’s first terminal for the import of liquefied natural gas (LNG). [Dawn] [ET]
- Indonesia Stampede: The death toll from a stampede at a football stadium in Indonesia’s East Java province has been revised down to 125, afte chaos ensued in the stadium. [Dawn] [ET] [Al Jazeera]
- Hurricane Ian Devastates Florida: The death toll from Hurricane Ian, one of the most powerful storms ever to hit the United States, soared above 40 Saturday, as President Joe Biden heads to survey the area. [ET] [Dunya News] [UP]
- Russia Ukraine War: Ukraine said Sunday its forces had begun moving into the key eastern town of Lyman, located in one of the four Ukrainian regions that Russia annexed, with President Volodymyr Zelensky pledging more areas would follow within the week as . [ET] [The Nation]
- Turkey Sets up a Tent City for Flood Victims in Sindh Near Nooriabad [Dawn]
- Opinion: What is flood damage level and why doesn’t it matter? - “It is of primary importance to properly document and quantify the damage caused by the 2022 floods. These estimates are necessary to guide the immediate relief effort, particularly in terms of its sectoral and geographic focus. They are also critical to guide the subsequent rehabilitation and reconstruction work; ensure synergies between the humanitarian and recovery efforts; and enhance resilience to possible future disasters.” - By Daud Khan [ET]
