Economic and Political Weekly 17-05-2020

Posted on May 16, 2020

World

Politics

As of 17th May latest on corona Virus

Cases and deaths due to corona Virus as of 16th May
  cases Deaths
World 4,624,406 308,465
Top 10 countries
USA 1,484,285 88,507
Spain 274,367 27,459
Russia 262,843 2,418
UK 236,711 33,998
Italy 223,885 31,610
Brazil 218,223 14,817
France 179,506 27,529
Germany 175,699 8,001
Turkey 146,457 6,902
Iran 116,635 6,541

News about Vaccine developments and on drugs regarding corona virus epidemic

  • Russia on 16th May became third on the list of the corona virus spreading in the world, bypassing the UK. The total number of cases reached 262,843 with 10,899 registered over the last 24 hours, the emergency task force said in a daily report. The death toll rose to 2,418 as 107 more people died over the same period, it added.
  • he United Kingdom’s Covid-19 death toll now exceeds 33,000, by far the worst yet reported in Europe, raising more questions about Prime Minister Boris Johnson’s corona virus
  • Corona virus ‘could cost global economy $8.8tn’ says ADB.
  • A keenly-watched Covid-19 vaccine will be priced to allow as wide as possible access to it, if it proves successful, and will be made at huge scale to keep costs down and supply up, said the Oxford University professor co-leading its development. Preliminary data from a small trial of the experimental vaccine in six monkeys found that some of the animals given a single shot developed antibodies against the virus within 14 days, and all developed protective antibodies within 28 days as of this week. More than 1,000 people have been dosed in the trial – with around half getting the experimental vaccine and the other half serving as a control group. Other vaccines in human trials include those by Moderna Inc, Pfizer Inc and BioNTech SE and China’s CanSino Biologics Inc.
  • An Iranian warship was accidentally hit by a missile during exercises in the Gulf of Oman, killing at least 19; state television quoted the army as saying, amid tensions with the United States in the waterway.

The friendly fire incident involving the Konarak vessel occurred on Sunday afternoon near Bandar-e Jask, off the southern coast of the Islamic republic, it said on its website.

  • Saudi Arabia will enforce a countrywide 24-hour curfew during the five-day Eidul Fitr holiday later this month to help stem the spread of the corona virus, the interior ministry said on 13th May.

The curfew will apply from May 23-May 27 following the end of the fasting month of Ramadan.

  • Afghan President Ashraf Ghani has directed security forces to resume offensive operations against the Taliban, hours after separate attacks at a maternity hospital and a funeral ceremony left dozens of people dead. A truck packed with explosives blew up near a court in the eastern Afghan city of Gardez on 14th May, killing at least five people in an attack claimed by Taliban insurgents.

At least 11 were killed in a 13th May morning attack on a Kabul hospital, including mothers, nurses and two newborn babies, Afghanistan’s interior ministry said 13th May. Shortly after, a suicide bomber targeted a funeral ceremony in Nangarhar, leaving at least 24 dead and 68 injured. Later another explosion came two days after when a truck blew at Gardez killing at least 5 people.

Economy

  • Saudi Arabian state oil giant Aramco on 12th May reported a 25 per cent fall in first-quarter net profit, below analyst estimates, hurt by lower crude oil prices as the corona virus slashed demand.

Brent crude prices fell 65pc in the first quarter, before Opec+ producers agreed to cut oil supply by a record 9.7 million barrel per day starting from May to help shore up prices and curb oversupply.

  • Toyota Motor Corp on 12th May said it expects profit to drop 80 per cent to its lowest in nine years, as Japan’s biggest automaker grapples with the impact of the novel corona virus which has sapped global demand for vehicles.

Global automakers have begun to gradually resume operations factories after curbs on public movement prevented workers in many countries from commuting. But they face weak demand as job losses and concern about an economic downturn weigh on consumer spending.

GLOBAL INDICES AS OF 17th May 2020

As Compared to 10rd May 2020

Global indices as of 17th May 2020
Name Current Value Prev.Close
US MARKETS
 NASDAQ (May 15) 9,014.56 8943.72
EUROPEAN MARKETS
 FTSE (May 15) 5,799.77 5741.54
 CAC (May 15) 4,277.63 4273.13
 DAX (May 15) 10,465.17 10337.02
ASIAN MARKETS
 SGX NIFTY (May 16) 9,073.50 9107.50
 NIKKEI 225 (May 15) 20,037.47 19914.78
 STRAITS TIMES (May 15) 2,523.55 2522.31
 HANG SENG (May 15) 23,797.47 23829.74
 TAIWAN WEIGHTED (May 15) 10,814.92 10780.88
 KOSPI (May 15) 1,927.28 1924.96
 SET COMPOSITE (May 15) 1,280.76 1280.40
 JAKARTA COMPOSITE (May 15) 4,507.61 4513.83
 SHANGHAI COMPOSITE (May 15) 2,868.46 2870.34
Global indices as of 10th May 2020
Name Current Value Prev.Close
US MARKETS
 NASDAQ (May 08) 9,121.32 8979.66
EUROPEAN MARKETS
 FTSE (May 07) 5,935.98 5853.76
 CAC (May 08) 4,549.64 4501.44
 DAX (May 08) 10,904.48 10759.27
ASIAN MARKETS
 SGX NIFTY (May 09) 9,313.00 9256.00
 NIKKEI 225 (May 08) 20,179.09 19674.77
 STRAITS TIMES (May 08) 2,591.88 2591.60
 HANG SENG (May 08) 24,230.17 23980.63
 TAIWAN WEIGHTED (May 08) 10,901.42 10842.92
 KOSPI (May 08) 1,945.82 1928.61
 SET COMPOSITE (May 08) 1,266.02 1257.98
 JAKARTA COMPOSITE (May 08) 4,597.43 4608.79
 SHANGHAI COMPOSITE (May 08) 2,895.34 2871.52

 Pakistan

As of 17th May latest on corona Virus

Position as of 16th May 2020 as compared to 9th May 2020

Cases 09 May

Death 09 May

Case 9 May

Death 9 May

Increase cases

Increase death

37,218

803

26,435

599

10,783

204

 

  • Pakistan has evacuated 3,928 Pakistanis out of 60,000 who registered to return, according to the Pakistani consulate in Dubai.

For decades, oil-rich Arab countries in the Gulf have relied heavily on millions of migrant laborers to build their vast economies. Workers flock to these countries in search of comparatively higher salaries and work opportunities. In 2017 alone, migrants in Arab states sent home $124 billion, with the UAE and Saudi Arabia ranking second and third globally in terms of remittance outflow, according to the International Labor Organization. As of Friday afternoon, the UAE had 16,793 confirmed cases of the virus and 174 deaths from the pandemic. Nearby Saudi Arabia have over 35,000 cases and 229 deaths. Kuwait has reported over 7,000 cases and 47 deaths while Qatar has 20,201 cases and 12 deaths. As the corona virus spread across the region, overcrowded labor camps and other densely populated neighborhoods have emerged as areas with elevated risk of the virus. Many workers are confined to small rooms which they typically share with up to 12 other people, according to Amnesty International. They also use communal bathrooms and kitchens which sometimes lack electricity and running water.

  • Veteran writer, comedian, actor and poet Athar Shah Khan (Jedi) passed away this 10th May.

According to reports, the artist – who had been dealing with a prolonged illness – suffered a stroke.

·Major markets sealed in Karachi over violation of corona virus SOPs

Several markets in Karachi and Rawalpindi were sealed on 13th May for not following the standard operating procedures (SOPs) issued by the government to curb Covid-19 infections after easing the corona virus-induced lockdown and allowing business to reopen. Police sealed the entry and exits points of Zainab Market, Victoria Market, Madina City and International Market in Saddar, Gul Plaza and Al Haram Centre in Garden and Jillani Centre in Arambagh. Three stores were also sealed in the city’s East district.  Markets were sealed in other cities as well for not following the SOPs. In Rawalpindi, the district administration sealed 11 shopping centers in the last 24 hours

The Pakistan Meteorological Department on 15th May announced that Karachi will experience another heat wave from May 17 to 22.

In a notification, the department apprised the Karachi mayor, governor, secretary aviation division and the media about the development. Chief Meteorologist Sardar Sarfaraz said that daytime temperatures in the city can rise up to 40 to 42 degrees Celsius.

  • Special Assistant to the Prime Minister on Health Dr Zafar Mirza said on 15th May that the government will make wearing face masks mandatory in public places, adding that a notification in this regard will be issued soon.

So far, the government has been recommending that people wear masks when visiting public places. However, we have now decided to make it mandatory as lockdowns have been eased. We will issue a notification in this regard,” he said in a televised press briefing alongside Prime Minister Imran Khan.

Economy

  • Pakistan’s fiscal deficit will surge to nine per cent in the ongoing fiscal year, Adviser to the Prime Minister on Finance Dr Abdul Hafeez Sheikh said on 8th May, as the economy reels from the fallout of the corona virus crisis.

The expectation of the deficit we had prior to the corona virus was 7.6pc. Now, after corona, we think the deficit will touch 8pc plus and that it might be 9pc, said Sheikh.

  • The State Bank of Pakistan (SBP) cut its benchmark interest rate on 15th May by 100 basis points to eight per cent, the fourth time it has cut rates since the corona virus pandemic hit two months ago.

The bank has cut rates by a total of 525 basis points since the beginning of the health crisis two months ago and has announced a package of measures to support poorer workers hit by the pandemic as well as offering risk sharing with private banks on concessional lending to boost liquidity.

F.C Exchange Rates of PKR as of  17th May 2020 as compared to 10th May  2020
Countries PKR rate as of 10th May   2020 PKR rate as of   17th May  2020
U.S.A. $ 161.00 161.00
U.K. Pounds 201.00 199.00
Euro 170.00 172.00
Japan Yen 1.53 1.52
Saudi Arabia Rial 41.75 43.50
U.A.E. Dirham 43.00 41.70

Pakistan Stock Exchange Indices

As of 17 May 2020 As Compared

To 10th May 2020

Position as of 17th May 2020
Symbols KSE100 Index PSX-KMI All Shares Index
Advance (Curr)168 Current 34008.33 Current 16773.76
Decline 134 (High) High 34041.44 High 16782.68
Unchanged 13 (Low) Low 33804.90 Low 16578.46
Total Change 315  203.43  195.30
Position as of 10th May 2020
Symbols KSE100 Index PSX-KMI All Shares Index
Advance 134 (Curr) Current 33267.69 Current 16319.06
Decline 143 (High) High 33501.30 High 16440.52
Unchanged 25 (Low) Low 33159.05 Low 16238.57
Total change 302  -36.47  -21.91

 

 

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