Author: businessobserver

The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) will meet next week on Monday to decide on the Monetary Policy. The central bank will issue the Monetary Policy Statement through a press release on the same day. According to a survey conducted by Topline Securities, participants are split on whether SBP will cut rates or maintain the status quo in the upcoming MPC meeting. Survey showed 51 percent of participants expect the policy rate to remain unchanged at 22 percent, while the remaining 49 percent anticipate a policy rate cut. No participants expect an increase in interest rates. In the previous MPC meeting held on March 18, 2024, SBP decided to keep the policy rate unchanged. While arriving at the decision, MPC noted that inflation, in line with earlier expectations, has begun to decline noticeably from 2HFY24. Sane minds see the central bank adopting a cautious approach despite a few encouraging trends. Forecast on inflation is expected to play a crucial role in determining t he key interest rate next week. Source: Pro Pakistani

The Federal Investigation Agency (FIA) Anti-Corruption Circle in Islamabad is continuing its efforts to crack down on individuals involved in the issuance of fraudulent and unregistered nursing and technical degrees. In an operation led by Deputy Director Afzal Khan Niazi of the agency, the Hafeez Institute of Nursing in Islamabad was sealed. This action followed a complaint from Team Pakistan Nursing Council regarding the institution's involvement in issuing fake and unregistered nursing degrees. The raid, conducted in Sector G-15 of Islamabad, resulted in the seizure of nursing admission forms and other incriminating evidence. Officials stated that the college was not registered with the Pakistan Nursing Council, and the accused had established a fake institution to issue nursing degrees. The federal agency registered a case against the owners for their involvement in the matter. It was also revealed that the accused had been issuing counterfeit nursing diplomas, degrees, and nursing cards to unsuspect ing citizens in exchange for substantial sums of money. The accused individuals also utilized advertisements for publicity purposes. However, the fake institution lacked a faculty and had no affiliation with any hospital for clinical practice. Despite these shortcomings, the college had been admitting students since 2022. The accused falsely claimed affiliation with the College Trade Testing Board Peshawar, which was found to be illegal. As a result, a case has been registered against the accused, and efforts are underway to apprehend them. Source: Pro Pakistani

The Pakistani rupee reversed its 4-day losing streak against the US Dollar after opening trade at 278 in the interbank market. It was stable against the greenback but remained in red against other major currencies today. The interbank rate stayed at 278 most of the day before closing at the same level. Open market rates across multiple currency counters were in the 278-279 level today. The PKR appreciated by 0.03 percent to close at 278.38 after gaining nine paisas against the dollar today. On a fiscal year-to-date basis, the rupee has so far appreciated by 2.68 percent. Overall, the rupee is down nearly Rs. 51.31 since January 2023. Since April 2022, it is down Rs. 95.31 against the greenback. As per the exchange rate movements seen today, the PKR gained nearly 10 paisas today. The PKR was red against most of the other major currencies in the interbank market today. It lost seven paisas against the British Pound (GBP), 20 paisas against the Euro (EUR), 50 paisas against the Canadian Dollar (CAD), and 70 paisas against the Australian Dollar (AUD). It gained two paisas against the UAE Dirham (AED) and two paisas against the Saudi Riyal (SAR) in today's interbank currency market. Source: Pro Pakistani

Pakistan and the United States renewed their Trade and Investment Framework Agreement (TIFA) to address trade issues between the two nations. This renewal follows Iranian President Ebrahim Raisi's visit to Pakistan, where both countries explored avenues to boost trade to $10 billion over the next five years, local media reported on Friday. Iran and Pakistan both agreed to pursue cooperation in the energy sector, including projects like the long-awaited pipeline project for natural gas. Following Raisi's visit, the US State Department warned against potential business deals with Iran, highlighting the risks of sanctions. During a meeting between Pakistan and US officials earlier this week, both sides deliberated on various aspects of trade and investment, including regulatory practices, digital trade, intellectual property protection, women's economic empowerment, and agricultural issues. These developments highlight the intricate regional dynamics at play as Pakistan tries to manage its economic partner ships while keeping in view geopolitical technicalities and the risk of international sanctions. Also, the timing of the TIFA engagement is significant, as it provides an avenue for advancing mutual objectives and expanding economic relations. Source: Pro Pakistani

Riyadh-based Wafi Energy has extended the date for the Public Announcement of Offer to acquire 77.42 percent of the issued share capital of Shell Pakistan Limited (PSX: SHEL) till July 27, 2024, the petroleum company said on Friday. 'The acquirer has taken all reasonable steps towards completing necessary regulatory procedures to submit the Public Announcement of Offer ('PAO'). Some of these regulatory procedures are however yet to be completed,' SHEL filing stated. It added, 'Please be assured that the Acquirer shall continue to apply all efforts in expediting the aforementioned actions'. Originally, the deadline for submitting the Public Announcement of Offer (PAO) was April 28, 2024. However, due to the outstanding regulatory matters, WAFI decided to extend this deadline by 90 days. The filing said this extension aligns with Regulation 7(1) of Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017. Consequently, the new deadline for the Public Announcement of Offer is July 27, 2024. The sale is part of Shell's strategy to high-grade its mobility network and was first announced on Capital Markets Day in June 2023. Source: Pro Pakistani

Vanuatu women's cricket team defeated Zimbabwe in their first-ever T20I World Cup Qualifier by 6 wickets at the Sheikh Zayed Stadium, kicking off their campaign in style. A cricketing nation in its infancy had to go on 'gofundme' before the qualifiers of the World Cup for donations to buy equipment for the team and has now shocked the world with its stunning triumph against Zimbabwe. Few days before the start of qualifiers, Vanuatu was on gofundme for donations to buy equipment for the team, today they have earned this historic win. What a journey. https://t.co/7FiSlj93cy The lethal bowling unit of Vanuatu completely dismantled the Zimbabwe batting line-up in the first innings as Nasimana Navaika and Vanessa Vira took 7 wickets between them to restrict the opposition to just 61 runs in 13.3 overs. Nasimana Navaika also scored 21 crucial runs during the run-chase to help her side achieve a historic victory 6-wicket victory against Zimbabwe with 21 balls to spare. It was the first time Vanuatu had played a match against a team outside of the East-Asia Pacific (EAP) region and they looked entirely at home in Abu Dhabi. Vanuatu's victory sparked celebrations among players and fans alike, highlighting the growing prominence of cricket in the Pacific nation. The victory showcased a true underdog storyline and resilience of the Vanuatu women's team who achieved glory despite facing financial challenges as a cricketing nation. This historic win marks a pivotal moment for Vanuatu cricket, demonstrating their ability to compete at the international level. As they continue their journey in the T20 World Cup Qualifier, Vanuatu aims to build on this success and make further strides in the world of cricket. Zimbabwe is ranked in 12th place in the women's T20I rankings while Vanuatu, an Oceania Pacific nation languishes in 30th place in the women's world rankings. Source: Pro Pakistani