- Sugar mills in Punjab have so far crushed 9.8 million metric tons of sugarcane during the ongoing crushing season producing 880,000 metric tons of the white refined sugar. Adding the carry forward of 570,000 metric tons at the start of the current crushing season has made the total stocks in the province 1.45 million metric tons, out of which the mills have sold 230,000 metric tons.
- To conserve energy, the federal government has instructed for the closure of shops by 8pm and wedding halls by 10pm.
- The World Bank’s Board of Executive Directors has approved $1.692 billion in financing for five projects to support people living in flood-affected areas of Sindh. Over 2.3 million children are out of school due to destruction of schools.
- Punjab Assembly (PA) Speaker Sibtain Khan disposed on Tuesday Governor Balighur Rehman’s order requiring Chief Minister Parvez Elahi to obtain a vote of confidence from the house, saying that the instructions were “against the Constitution and Rules of Procedure” as the CM Punjab faces a no-confidence vote in the Assembly.
- The CTD situation in Bannu came under control after an operation. Militants stormed a police station in Wana.
- Russian President Vladimir Putin said the situation in four areas of Ukraine that Moscow has unilaterally declared part of Russia was proving “extremely difficult”, a clear public admission that the invasion is not going to plan.
- The Afghan Taliban authorities on Tuesday ordered an indefinite ban on university education for girls.
COMMODITIES - CROPS, LIVESTOCK & HORTICULTURE
- Sugarcane Crop: Sugar mills in Punjab have so far crushed 9.8 million metric tons of sugarcane during the ongoing crushing season producing 880,000 metric tons of the white refined sugar. Adding the carry forward of 570,000 metric tons at the start of the current crushing season has made the total stocks in the province 1.45 million metric tons, out of which the mills have sold 230,000 metric tons of the commodity till December 18, 2022. [BR]
- Sugar Supply: The Lahore High Court (LHC) has barred the Federal Board of Revenue (FBR) from fixing the minimum value on the supply of sugar.? The FBR has stopped from the annual practice where the FBR fixes the minimum value on the supply of sugar for the purpose of the calculation of the sales tax every year. [ProPakistani]
- Meat Exports: Rs 7.2 billion was the value of meat and meat preparation exports in November 2022, up 43.5% compared to Rs 5.04 billion in November 2021, according to the PBS. [ET]
AGRI-INPUTS, WEATHER, WATER & POWER
- Early Closure of Shops & Markets: Federal Minister for Defence, Khawaja Asif Tuesday said the federal government would persuade provinces to implement energy conservation policy, which envisages closure of shops by 8pm and wedding halls’ by 10pm in view of the current difficult economic situation. [BR] [Dawn] [ProPakistani]
- Sindh Gas Crisis: While observing that the people of the province were facing great hardship due to a severe shortage of natural gas, the Sindh High Court on Tuesday directed the provincial authorities to inform it about the efforts being made by them to address the crisis. [BR]
- Water Crisis: Scientists and policy advisors say that water scarcity has become a serious threat to Pakistan’s sustainable development and economic growth. The country may face an alarming level of water scarcity by 2025”, they added. The two-day conference brought together national and global experts and climate change officials from provincial and federal governments to share their evidence-based views on how water safety, security, and population health can be achieved. [Dawn] [DT]
- Post Flood: The World Bank’s Board of Executive Directors has approved $1.692 billion in financing for five projects to support people living in flood-affected areas of Sindh. Three projects support rehabilitation and housing reconstruction and the restoration of crop production for vulnerable communities, while another two projects support health services for mothers and children. [BR] [ET] [ET]
- Oil Refinery Project: In order to materialise the $4.5 billion oil refinery project in Gwadar, five-member delegation of Chinese Company “East Sea Group Limited (ESGL)” is visiting Gwadar, Gwadar Pro reported on Tuesday. [BR]
- Fuel Smuggling: 91,000 liters of smuggled Iranian diesel and LPG were seized by Customs Enforcement Karachi during an operation. [ET]
AGRI UPDATES & PAKISTAN POLICY
- Rupee Depreciates: Dollar demand-supply gap encourages people to invest in gold. With a widening gap between demand and supply of the US dollar, the value of Pakistani currency on Tuesday depreciated beyond 225 against the greenback in the inter-bank market after a gap of two and a half months. [ET]
- Punjab Vote of Confidence: Punjab Assembly Speaker Sibtain Khan on Tuesday termed “illegal, against the provisions of the Constitution and thus stand disposed of” the Punjab governor’s orders directing Chief Minister Parvez Elahi to seek a vote of confidence in a special assembly session to show he still commands a majority. [BR] [Dawn] [ET] [Dawn]
- Wana Police Station Attack: Dozens of armed militants stormed a police station in Wana in the early hours of Tuesday and escaped after looting arms and ammunition, police have confirmed. [Dawn]
- CTD Operation in Bannu: SSG commandos killed 25 militants who had seized the Counter Terrorism Department police station in Bannu, the military’s media wing said in a late night announcement on Tuesday. [ET] [ARY] [Geo]
- IMF Talks: The federal government has requested the International Monetary Fund (IMF) to review the terms of its lending programme for Pakistan in the wake of recent flood devastation in the country, stressing that the government could achieve its revenue target without imposing new taxes. [ET]
- Pakistan’s Blue Economy: Minister for Planning, Development and Special Initiatives Ahsan Iqbal on Tuesday said that there was a potential of over $100 billion in Pakistan’s blue economy. He said to tap the potential, the government is launching new projects for the development of coastal areas. [ET] [The Nation]
INTERNATIONAL – OVERVIEW & MARKET OUTLOOK
- Global 2023 Earnings Growth: Corporate earnings growth is expected to slow in the year ahead in many countries as higher inflation and rising interest rates take an even bigger toll and companies brace for the likelihood of a global economic downturn. [BR]
- Palm Oil: Malaysian palm oil futures fell to a one-week closing low in quiet trade on Tuesday, weighed by data showing weakening export demand in December. The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange fell 59 ringgit, or 1.5 percent, to 3,870 ringgit ($873.59) a tonne, its lowest closing since Dec 12. [BR]
- Russia-Ukraine War: Russian President Vladimir Putin said the situation in four areas of Ukraine that Moscow has unilaterally declared part of Russia was proving “extremely difficult”, one of his clearest public admissions yet that his invasion is not going to plan. [Dawn]
- Afghan Taliban Ban University Education for Girls: The Afghan Taliban authorities on Tuesday ordered an indefinite ban on university education for girls, the ministry of higher education said in a letter issued to all government and private universities. [Dawn] [Dawn]
- Not a single School of the 1339 built in the British era was damaged during floods in Sindh, compared to the 20,000 schools which has left over 2.3 million students out of school. [Dawn]
- Pakistan’s Afghan Strategy: Pakistan is in a fix on the Afghan strategy after recent setbacks that have compelled critics and retired diplomats to call for a review of its policy towards the Afghan Taliban. [ET]
- KPK Youth Loans - Insaf Rozgar Scheme: The Khyber Pakhtunkhwa government is launching Rs 700 million second phase of Insaf Rozgar Scheme under which loans up to Rs 1,000,000 will be given to youth to start their own business. Khyber Pakhtunkhwa Minister for Finance Taimur Jhagra, in a statement issued on Tuesday. [ET] [The Nation]
