MORNING SHOUT - 2ND SEP 2021
Aug trade deficit widens 133pc YoY
The country’s trade deficit has ballooned by 133 per cent to $
4.055 billion in August 2021 from $ 1.740 billion in August 2020.
Exports posted a growth of 42.5 percent to $ 2.257 billion in August
2021 against $ 1.584 billion in August 2020. Imports posted a
growth 90 per cent to $ 6.313 billion in August 2021 as compared
to $ 3.324 billion in the same period last year.
Aug CPI up 8.4pc YoY
The Consumer Price Index (CPI) witnessed an increase of 8.4
percent on year-on-year basis in August 2021 as compared to an
increase of 8.4 percent in the previous month and 8.2 percent in
August 2020, says the Pakistan Bureau of Statistics (PBS).
Cotton production to miss FY 2021/22 target by 19.42pc
The cotton output in the current crop year of 2021/22 is likely to be
19.42 percent lower than the government’s estimate of 10.5 million
bales. The cotton output for the current year has been estimated
at 8.46 million bales. The country’s cotton output will remain short
of the textile industry’s demand of about 14-15 million bales
despite prospects of relatively higher production this year than the
output of last year.
Rupee weakens further
The rupee posted more losses against the dollar on Wednesday
amid higher dollar demand from importers, and dealers said the
domestic currency is likely to stay under pressure because of
import payments, dealers said.
Four major sectors: FBR to roll out Track, Trace System in 1 to 2
The Federal Board of Revenue (FBR) is all set to roll out the muchawaited Track and Trace System during coming 1-2 months to
check tax evasion of billions of rupees in four major sectors
including sugar, tobacco, cement, and fertilisers.
Matiari-Lahore Transmission Line project achieves its COD
The flagship project worth $1.7 billion under CPEC ±660kV HVDC
Matiari-Lahore Transmission Line has achieved its commercial
operations date(COD) successfully on 01 Sep 2021, as per agreed
timeline between National Transmission and Despatch Company
Ltd (NTDC) and Pak Matiari-Lahore Transmission Line Company
FIA seeks help in probe into OMCs
The Federal Investigation Agency (FIA) has sought assistance of
the attorney general office to vacate multiple intra-court appeals
by different oil marketing companies (OMCs).
Resolution of Rs53 bn in excess profits by IPPs: NAB gives nod for
payment of 40pc dues of 12 IPPs
The government will soon initiate the process to pay 40 percent as
first installment to 12 IPPs installed under power policy 2002 as NAB
has given its approval to law division, saying the government can
proceed to this effect.
Asia stocks in cautious mood, dollar near 1-mth lows
Asian share markets were in a cautious mood on Thursday as
concerns grew over the Chinese economy after a run of soft data,
while the risk of a sub par U.S. payrolls report kept the dollar on the
Oil falls after OPEC+ sticks to raising supply amid demand doubts
Oil prices fell on Thursday after OPEC+ agreed to keep its policy of
gradually returning supply to the market at a time when
coronavirus cases around the world are surging and many U.S.
refiners, a key source of crude demand, remained offline.
S.Korea inflation at 9-year peak fuels rate hike expectations
South Korea’s August consumer inflation stayed at a nine-year
peak, raising the chances the central bank will hike rates again
this year as strong demand adds to price pressures.
Chaotic U.S. exit likely to crush Afghan economy – Fitch
Afghanistan’s economy is likely to collapse following the rapid
withdrawal of U.S. forces and the Taliban’s return to power, Fitch
Solutions said in a report.