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FPCCI appeals for oil price hike reversal as decision to eliminate benefit of markup rate cut

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DNA

KARACHI, JUNE 28 – The Federation of Pakistan Chambers of Commerce and Industry President Mian Anjum Nisar has urged the government to withdraw the decision of hike in prices of petroleum products, as the move will wipe up relief of markup rate cut announced for the industry recently.

In a statement issued here on Sunday, the chief of apex body of all Chambers & Trade Associations called for taking strict action against companies for not providing the petroleum products at lower prices, instead of surrendering before such elements in the larger interest of the country.

“It is good that the government took the ongoing issue of oil supply chain disruption as serious and tried its best to address the matter, which led to serious shortage in many parts of the country, but abrupt hike in prices of petroleum is not the right solution,” he argued.

Mian Anjum Nisar said that the step has taken the trade and industry by surprise because it was out of schedule and was not prompted by any summary moved by the Oil and Gas Regulatory Authority, which is the legal procedure.

He argued that that 6.25% drop in interest rate in recent days have started to cut cost of production and bolster the debt repayment ability but the sudden decision of unprecedented jump in oil products’ prices will fade away the all relief announced by the central bank earlier for the business community.

FPCCI President said that a sudden and unexpected increase in fuel prices is against all norms set by the government itself. By not waiting for the month to end or taking the OGRA’s opinion on the issue, the government has decided to break from tradition and took back the measures the government itself had put in place to provide relief to the public. It is very strange that these procedures are being flouted especially when the government itself identified the need to decrease these prices, he added.

He said the business community was already facing severe problems due to destruction of Covid-19 and in such a situation making hike of up to 66 percent in the prices of petroleum products in one go is unjustified. He said that the price of crude oil in the world market is still around $42 per barrel and as per calculations the ex-refinery price of patrol is worked out at around Rs45 per litre but the government increased the rate of petrol to more than Rs.100 per liter, which is great injustice.

Alongside this, LPG also saw an increase in its price for the second time this week, with a total increase of Rs15. Why is the government reversing its decisions? The economy is already in a precarious situation, this constant back and forth will only increase volatility, when we ought to be heading for stability, he added.

He said that the cost of doing business and cost of production have shot up to the level of un-competitiveness. The cost of borrowing was huge and capital financing has become more expensive.

The FPCCI had praised the SBP positive move of relief in markup rate, easing the impact of the coronavirus’ shock on growth but the move of abrupt hike in petroleum rates would seriously harm the trade and industry, he added.

Mian Anjum Nisar said that there is no denying the fact that oil rates have been on the rise in the international market now, but the government instead of passing on this surge to the public, can reduce the number of taxes on petroleum products as the fuel is the engine of growth. He said that if fuel would be heavily taxed, the entire economy would suffer unprecedentedly, as  the government continued to charge Rs30 per litre petroleum levy on petrol and diesel, besides charging 17 percent general sales tax (GST) on all petroleum products.

He said that the FPCCI was expecting that the government, in present circumstances would reduce the price of electricity in proportion to the cut in the prices of petroleum products to bring down the cost of doing business and to promote industrial activities. He said that due to the Covid-19 pandemic, business activities were already in decline and in this situation the government should take serious steps to cut the cost of doing business, as hike in oil rates would further enhance the cost of production, making transport more expensive.

Brazil signs deal to produce Oxford coronavirus vaccine

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Brasilia : Brazil said Saturday it had reached a deal to produce up to 100 million doses of the coronavirus vaccine being developed by Oxford University, which the country is helping to test.

The vaccine, which Oxford is working on with pharmaceuticals group AstraZeneca, is one of the most promising of the dozens that researchers worldwide are racing to test and bring to market.

Under the $127-million deal, the Brazilian government’s public-health institute, the Oswaldo Cruz Foundation (Fiocruz), will acquire the technology and supplies to produce the vaccine, which is being tested in Britain and South Africa, as well as Brazil.

Health Ministry executive secretary Elcio Franco said the deal would give Brazil a head-start if the vaccine proves effective and safe.
“The transfer of this technology will give us production autonomy,” he told a news conference.

“Brazil is trying to avoid situations like the ones that ocurred at the start of the pandemic, when high demand prevented us from accessing supplies and medicine. And we are avoiding the exorbitant profit margins being applied during the pandemic.”

The deal gives Brazil the right to produce an initial 30.4 million doses in December and January, while the vaccine is still in testing, for $127 million.

That includes a $30-million fee for the rights to the vaccine technology and production process, officials said.

If the vaccine passes clinical testing, Brazil will then have the right to make a further 70 million doses, at an estimated cost of $2.30 each.

“Even if the clinical tests do not prove successful, we will learn, our (vaccine production) technology will advance,” said health ministry official Arnaldo Correia de Medeiros.

Researchers in Brazil began administering the vaccine, known as ChAdOx1 nCoV-19, to volunteers this week.

Brazil was selected because it is one of the countries where the virus is spreading fastest.

It has the second-highest caseload and death toll worldwide after the United States, with more than 1.2 million people infected and 55,000 killed so far.

Experts say under-testing in the country of 212 million people means the real numbers are probably much higher.

PBF says not a single FDA approved pharmaceutical unit in Pakistan

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DNA

Lahore: JUNE 28 – President, Pakistan Businesses Forum (PBF) Mian Usman Zulfiqar has demanded that Pharmaceutical sector should be regulated by the government in a proper manner so that public can get competitive prices of medicines especially in ongoing pandemic.

Pakistan, with a population of 22 crore, does not have a single pharmaceutical plant that complies with the standards prescribed by US Food and Drug Administration (FDA) while in India more than 200 plants were approved and even in Bangladesh they have around 8 approved plants too.

Usman Zulfiqar also said it’s unfortunate local pharmaceutical companies failed to cater the needs of the masses, we have seen even in the ongoing pandemic the normal surgical mask prices gone beyond its range including N95 too.

The oxygenator which was available in market before COVID-19 at the rate of around Rs 3000 now its available in the black around Rs 20,000.PBF laminated that Drug Regulatory Authority of Pakistan (DRAP) are playing in the hands of the pharma companies; “in this regard the observation of the Supreme Court that the pharmaceutical sector was a huge mafia in Pakistan was absolutely right”.

He said Pakistan stood as novel example where mostly local industry didn’t cater the needs of the common man; pharmaceuticals and automobiles sectors are one of them, but their annual profits are at glance.He said both the pharmaceutical companies and buyers are in a state of uncertainty. He said pharmaceutical companies send abroad all profits in the name of buying raw materials.Similarly these companies spend so little on research and development, regardless Pakistan is an emerging market and pharmaceuticals has witnessed double digit growth for the past few years; he added.He also urged government may revisit on the recent hike of pertroleium prices, the Brent was not at that level where you may charge Rs 100 per litre from the common man. There is hike of only 17 percent in brent rate but here we have increased Rs 25 per litre which was too much. He stated through this hike oil marketing companies may get a benefit of around Rs 300 billion.

RCCI Business Conference “ASPIRE” ends on a high note

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DNA

Rawalpindi: JUNE 28 – The Rawalpindi Chamber of Commerce and Industry (RCCI) organized a business conference titled “ASPIRE” yesterday. Addressing the virtual session of the ASPIRE Business Conference, Secretary IT Shoaib Ahmed Siddiqui  said ministry’s first priority is to reach out to areas where 3G and 4G mobile networks are not available in the current Covid-19 situation.

The doors of our ministry are open. Telecommunication connections are also being extended to remote areas of Balochistan, GB and AJK through the Universal Support Fund. IT and telecom charges are being reduced, he added. He lauded the role of RCCI for hosting of this conference and termed it an excellent step.

In a video message, Governor Punjab Chaudhary Muhammad Sarwar also applauded the efforts of RCCI for promoting e-commerce and assured full support of his office.

Saboor Malik, President, RCCI in his welcome address said that e-commerce in Pakistan has a market of over Rs. 50 billion and it is growing rapidly. The IT sector is the only sector that has shown a growth of 20 to 40 percent in the last five years. Telecommunications, mobile apps and e-shops have revolutionized the mode of payments and shopping. He said the main purpose of the conference was to encourage businesses, increase their productivity and profitability while reducing their costs and exploring new opportunities through discussions with leading business professionals.

He said the approval of e-commerce policy framework is a welcome sign and the government should take further steps to promote e-commerce in the country.

Group leader Sohail Altaf said that the digital revolution has now become a reality. The e-commerce and Information Technology should be made part of the syllabus. The participation of more than 400 participants in the conference shows the seriousness of all the members and guests. Businessmen play an important role in the development of the economy, but at no level does an entrepreneur or businessman get any praise or applause. Successful entrepreneurs should also be awarded medals on important national days, he demanded.

Economies around the world have been hit hard by the corona, said Gonzalo Varela, an economist and World Bank economist. It also has repercussions in Pakistan. About 40% of exports have been affected, we have to invest in logistics and skills sector and the most important the private sector should be given support here to meet the growing challenges.

Waleed Mushtaq, CEO/rector Roots School and Colleges said that the education sector has been severely affected by Corona. Promoting education without classroom is no less of a challenge.

Irfan Wahab, CEO of Telenor, said that the travel tourism and hotel industry has been plagued by problems. However, the digital platform has also provided an opportunity to reduce your costs and expenditures. Now we have to take businesses in a new direction.

Wahaj Siraj of NayaTel said that in this difficult situation we have to bring forward the spirit of service. Business needs to be linked to the Service Manifesto, he added.

Daraz MD, Ahsan Sayya said that the online business has seen a 20% growth because the online platform has made shopping easier.

Noman Sikandar Mirza of Food Panda said that the demand for food delivery has increased but the delivery time has been disrupted due to lockdown. In the same way, the closure of hotels and food outlets has provided a limited choice for the customers.

Senior Vice President Nosherwan Khalil  Khan, Vice President Muhammad Hamza Sarosh, Convener Shahriaz Malik, former presidents Zahid Latif Khan, Shahid Saleem and others were also present on the occasion.

Punjab able to conduct 12,000 coronavirus tests in a day: CM Buzdar

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LAHORE, JUNE 28: Punjab Chief Minister Sardar Usman Buzdar says the areas badly affected by the coronavirus pandemic have been sealed to prevent further spread of the disease in the province.

In a statement, he emphasised that citizens can stay safe by following the government-defined standard operating procedures (SOPs), urging them to wear face masks when stepping out of their homes.

Usman Buzdar said the denizens’ cooperation is vital to curbing the spread of the highly contagious disease. He added the areas severely affected by the contagion will also be sealed in the future.

It is through strict adherence to precautions that people can protect their lives, he said, pointing out that Punjab’s coronavirus testing capacity has increased to 12,000 tests per day.

The chief minister said the number of high dependency units (HDUs) has also been enhanced in Lahore, Rawalpindi, Multan, and other cities of the province. Indiscriminate action is being taken against those black-marketing life-saving drugs, he maintained.

He cleared that he will not tolerate any shortage of drugs or injections being used for treatment of Covid-19 patients.

Khalilzad condemns attack on Afghan Independent Human Rights Commission employees

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DNA

KABUL, JUNE 28 – US Special Representative for Afghanistan Reconciliation Zalmay Khalilzad condemned the attack on Afghanistan Independent Human Rights Commission employees, calling it “an anti-human act”.

In his tweets, Khalilzad stated that “The targeted killing of Fatima Khalil and Jawid Folad, two Afghans dedicated to the cause of fundamental human rights, is an anti-human act. We condemn this terrorist attack in the strongest possible terms.”

Furthermore, he added  “Those opposed to peace start fires they hope spread quickly and smolder indefinitely. We support the overwhelming demand of Afghans to overcome these odds and continue the march to a permanent and dignified peace and an Afghanistan in which everyone’s rights are respected.”

 
Two employees of the Afghanistan Independent Human Rights Commission (AIHRC) were killed in an IED explosion on Saturday.

Fatima Khalil, 24 years old was a donor liaison officer at the Afghanistan Independent Human Rights Commission and Jawid Folad was a driver at the organization. Kabul police in a statement confirmed that it was a magnetic IED blast. According to the Presidential Palace, President Ghani ordered an investigation into the attack. Ashraf Ghani said such attacks on civil service workers, especially judicial workers and those who serve to defend human rights, were crimes against humanity and against Islamic values.
On the other hand, the Taliban denied their group involvement in the incident and condemned the attack.

Government has become a threat for the poor masses

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DNA

ISLAMABAD, JUNE 28 – Former President ICCI Shahid Rasheed Butt on Sunday said the government has failed to deliver and become a threat for the poor masses as it has lost the confidence of people.

Government has surrendered to different business mafias and connived with the oil mafia to punish the common people through unprecedented oil price hike, he said.

The business community has rejected a sudden and record increase in fuel prices days before the end of the month bypassing OGRA which is unconstitutional, he added.

Shahid Rasheed Butt said that the business community also rejects the clarification given for up to 25 percent hike in the price of petroleum products which will result in another wave of inflation amid increasing prices of essentials.

He noted said that the hike of 27 to 66 percent in the price of fuel will help oil companies earn billions at the cost of masses reeling under economic depression and corona onslaught.

The move that has shocked the entire nation has again highlighted the influence of different business groups in the corridors of power, he added.

The business leader said that petrol price hike has sent a clear message that no meaningful action would be taken against any mafia and that all the tall claims against profiteers were just an eyewash.

Besides the 17 percent GST, the government has almost increased fourfold the rate of petroleum levy on HSD and petrol to Rs30 per litre from Rs8 per litre in January last year to extract as much resources out of pockets of masses as possible.

He said that the rewarding oil mafia which is behind artificial POL crisis in the country for the last 27 days will also embolden other mafias to milk masses as no action has been taken against sugar, IPP, wheat, pharma, or any other mafia.

Now the oil mafia will move to get the prices of petroleum products deregulated so that they can hurt the masses at will for-profit, he said, adding that it seems that certain elements in the government are also becoming a threat to the people.

Masses are already tired of the economic situation, virus and the so-called change, therefore, they should not be burdened more but given some relief, he demanded.

The economy has also been affected by the coronavirus since March 2020 but it was in decline since 2018.

AIOU’s allows PG continuing students deposit fee till June 30

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DNA

ISLAMABAD, June 28: Allama Iqbal Open University (AIOU) has allowed its Post-Graduate continuing students to deposit fee for admissions in their respective programs for semester Spring 2020 till June 30.

The Post-Graduate programs for which the facility was provided include: BA, BS (ODL), B.Ed, M.Ed, M.A, MSc and Post-Graduate diploma.

The date was extended on the demand received from the students through various email messages, as well as keeping in view the current crisis of COVID-19, said Director Admissions.

Vice Chancellor Prof. Dr. Zia Ul-Qayyum hoped that the students will avail the opportunity of deposing the fee before the expiry date in order to continue their future study uninterrupted.

He who speaks the truth sympathizes with reforms: Shavkat Mirziyoyev

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Tashkent , JUNE 28 –  Namangan city hosts a meeting with participation of khokims of the region and districts, heads of spheres and industries, representatives of the public, entrepreneurs and youth.President of the Republic of Uzbekistan Shavkat Mirziyoyev attends the meeting.

“I think we will achieve the desired result from this meeting if we talk openly with each other, as it has become a tradition recently and raise issues at all levels – from makhallas to districts.Our biggest goal is to make people’s lives prosperous. That is why today representatives of the region, officials from each district must submit their proposals. Today we’ll talk about our plans for the next year, about what opportunities we have”, the Head of the state said.

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The President noted that certain achievements and changes have been achieved at places, but they still do not correspond to the goals that we have set for ourselves.“He who speaks the truth sympathizes with reforms. Finding our way by drawing the right conclusions from criticism is the greatest help for us”, said Shavkat Mirziyoyev.At the meeting it was noted that there are still leaders who are not able to abandon the outdated work style. It was emphasized that restoring the economy in a crisis caused by a pandemic is a very difficult task, which requires great responsibility from local officials. It was noted that issues of finding optimal ways of developing Namangan region, restarting the economy, creating jobs and providing employment remain relevant.Tasks for socio-economic development of the region, implementation of new projects in sectors, attracting investment, reducing poverty were identified at the meeting.

Special PIA repatriation flight leaves New Jersey for Lahore

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LAHORE : A special flight of Pakistan International Airlines (PIA) will repatriate more Pakistani nationals stuck in the United States owing to the COVID-19 pandemic.

PIA’s seventh special flight from the United State, with stranded Pakistanis, will arrive at Lahore airport this evening [Sunday].

Pakistan embassy in Washington, in a statement, said the Pakistan Council General New York bid farewell to Pakistanis at New Jersey airport.

The government is making all-out efforts to facilitate Pakistanis stranded abroad due to the coronavirus pandemic.

It is pertinent to mention here that Special Assistant to Prime Minister (SAPM) on National Security Division and Strategic Policy Planning, Moeed Yusuf, had announced that the repatriation of overseas Pakistanis trapped in foreign countries will be completed within two to three weeks.

Moeed Yusuf talking during, made the announcement for the new policy for overseas Pakistanis. He said that around 45,000 nationals will be brought back to the country every week through special flights.

“We have increased the arrival of passengers from foreign countries. Those having coronavirus symptoms will undergo tests while others will be allowed to complete 14-day home isolation. The positive cases of COVID-19 will be dealt with in accordance with health protocols besides adding their records in the track and trace system of the provinces.”

“I am thankful to the overseas nationals for showing patience during this period. 250 flights will be operated every week and the passengers can get tickets of scheduled flights of all airlines.”

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