Morning Shout - 3rd Sep 2021

Rs234.315bn new projects included in PSDP 
The Ministry of Planning, Development and Special Initiatives
reviewed the progress of new projects to be funded through the
federal PSDP and observed that 90 percent of the projects have
been approved and included in federal PSDP 2021-22 at Rs234.315
billion out of which Rs25.721 billion have been allocated in the
current financial year.
https://www.brecorder.com/news/40117703/rs234315bn-newprojects-included-in-psdp
Chaman border closed temporarily due to security concerns:
Rashid 
Federal Minister for Interior Sheikh Rashid said on Thursday that the
Chaman border was being closed down for a short period of time
due to security concerns.
https://tribune.com.pk/story/2318269/chaman-border-closedtemporarily-due-to-security-concerns-rashid
Forex reserves hit all-time high of $27bn 
The country’s total liquid foreign exchange reserves reached alltime high level of $27 billion supported by the International
Monetary Fund (IMF) inflows. On August 24, Pakistan had received
inflows amounting to $2.75 billion from the IMF for economic
support in the wake of Covid-19 pandemic.
https://epaper.brecorder.com/2021/09/03/1-page/899266-news.html
Coal importers say they’re happy over cut in port charges
Local coal importers have appreciated the decision of the
Cabinet Committee on Transportation and Logistics (CCoTL)
regarding reduction in wet and dry port charges by 50 per cent.
https://epaper.brecorder.com/2021/09/03/11-page/899346-news.html
Oil sales up by 22pc in July-August 
Pakistan’s overall oil sales posted growth of 22 per cent in JulyAugust 2021 to 3.9 million tonnes from 1.97m tonnes during the
same period last year. Due to shortage of LNG in the international
market furnace oil was an alternative fuel for furnace oil.
https://www.dawn.com/news/1644206/oil-sales-up-by-22pc-in-julyaugust
Under-construction projects
In a major development to encourage housing finance, the State
Bank of Pakistan (SBP) has allowed banks and DFIs to extend loans
to under-construction projects aimed at facilitating buyers of
under construction housing units in obtaining finance.
https://epaper.brecorder.com/2021/09/03/1-page/899267-news.html

Delay in ST refunds: Tractor industry reduces production
Amidst long delay in sales tax refunds, the tractor industry has
reduced its production substantially, which is likely to be halted
totally by next week. Moreover, the tractor makers have also
stopped orders for parts supply from the vendors, leaving them
into total fiasco.
https://www.brecorder.com/news/40117702/delay-in-st-refundstractor-industry-reduces-production
CCP raids Al-Ghazi, Millat offices in Karachi over collusion
Competition Commission of Pakistan’s (CCP) teams on Thursday
raided and searched the premises of Millat Tractors Ltd (MTL) in
Lahore and Al-Ghazi Tractors Ltd (AGTL) in Karachi on suspicion of
collectively making business decisions.
https://www.dawn.com/news/1644209/ccp-raids-al-ghazi-millatoffices-in-karachi-over-collusion
Asian shares hold gains, dollar weak ahead of major U.S. jobs data
Asian shares held their gains on Friday while the dollar was at a
month low against major peers as traders awaited U.S.
employment data with global shares at record highs.
https://www.investing.com/news/stock-market-news/asian-shareshold-gains-dollar-weak-ahead-of-major-us-jobs-data-2607012
Oil slips ahead of U.S. jobs report
Oil prices dipped on Friday after posting strong overnight gains on
a weaker dollar and a bigger-than-expected fall in U.S.
crude stocks and were headed for small gains on the week ahead
of a highly anticipated U.S. monthly jobs report.
https://www.investing.com/news/commodities-news/oil-slipsahead-of-us-jobs-report-2607015
Australia central bank to stick with tapering plans, or maybe not
Analysts are split on whether the Reserve Bank of Australia (RBA)
will delay tapering plans at its September policy meeting next
week, as a faster roll out of coronavirus vaccines offsets a harderthan-expected economic blow from lockdowns.
https://www.investing.com/news/economy/australia-centralbank-to-stick-with-tapering-plans-or-maybe-not-2607013
China’s August services activity slumps into contraction- Caixin
PMI 
Activity in China’s services sector slumped into sharp contraction in
August, a private survey showed on Friday, as restrictions to curb
the COVID-19 Delta variant threatened to derail the recovery in
the world’s second-biggest economy.
https://www.investing.com/news/economic-indicators/chinasaugust-services-activity-slumps-into-contraction-caixin-pmi2607005