News Highlights of the week

  • Pakistan shot down two Indian Air Force Jet Mig 21 and Su-30 in Pakistan’s territory on boarder violation.
  • Pakistan arrested one of Indian M-21 pilot Abhinandan Wednesday and later handed over the Indian officials on Friday evening.
  • Reserves held by the State Bank of Pakistan decreased by a marginal $6 million to $8.04 billion during the week ended on Feb 22. Holdings of the commercial banks were recorded at $6.78 billion while total liquid reserves of the country stood at $14.82 billion.
  • Foreign Minister Shah Mehmood Qureshi said he will not attend OIC’s Council of Foreign Minister’s meeting due to India’s participation He was  briefing the joint sitting of the parliament called in the wake of confrontation with India.
  • Foreign Minister Shah Mahmood Qureshi has said that if India has “solid evidence” regarding Jaish-e-Muhammad chief Masood Azhar’s involvement in the Pulwama attack, it should share that with Pakistan “so we can convince the judiciary and the people”.
  • The Federal Board of Revenue (FBR) missed collections target by Rs235 billion during the first eight months of current fiscal year, according to provisional figures released.
  • The lawmakers expressed concern over problems being faced by the common people because of an ongoing tussle in the state-run insurance company and criticized the Federal Board of Revenue (FBR) for seeking approval of half-cooked development projects without setting priorities right.
  • In a bid to clear them after Pakistan’s surprise hit, the joint press briefing of the Indian military officials on Thursday turned out to be an apology of the highest order as none of them could answer to the probing questions asked by the media persons.
  • The situation escalated between India and Pakistan after the Pulwama attack last week, and an Indian airplane was shot down in Pakistani territory by local armed forces.
  • A war-like situation was emerging which created panic among market participants and led to bearish momentum in the stock market for the majority of the week.
  • Pakistan Refinery Ltd (PRL) to invest $1 billion to implement the refinery upgrade project, where the refinery will be converted into a deep conversion refinery.
  • Following televised statements by the Prime Minister of Pakistan and the promise of return of an Indian pilot, scenario had changed
  • POL product prices were increased by upto Rs 4.75 per lire for Mar-2019, however lower than OGRA recommendations.
  • China is expected to give $1 billion grant for early harvest projects
  • PM is soon to announce Rs 3,500 par maund indicative price for cotton.
  • Fitch report suggests IMF and Pakistan to soon reach to $12 billion bailout deal.
  • National Assembly likely to adopt finance bill by next week.
  • Hyundai Nishat Motor launches Santa Fe and Grand Starex.

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