Economic and Political weekly 21-06-2020

Posted on June 21, 2020

World

Politics

As of 20th June latest on corona Virus

Cases and deaths due to corona Virus as of  19th June
  cases Deaths
World 8,756,757 462,501
Top 10 countries
USA 2,297,170 121,407
Brazil 1,038,568 49,090
Russia 569,063 7,841
India 395,812 12,970
UK 301,815 42,461
Spain 292,655 28,315
Peru 247,925 7,660
Italy 238,011 34,561
Chile 231,393 4,093
Iran 200,262 9,392
Germany 190,660 8,960

 

News about corona virus epidemic

  1. Thailand ends curfew, marks 21 days with no local corona virus cases
  2. Italy reports 44 new deaths from corona virus
  3. Czech Republic’s number of corona virus cases rises to more than 10,000
  4. France reports only nine Covid-19 fatalities.
  5. Brazil tops 1 million Covid-19 cases. It may pass the US next, becoming the worst-hit country on the planet
  • The steroid dexamethasone was shown on 16th June to be the first drug to significantly reduce the risk of death among severe Covid-19 cases, in trial results hailed as a “major breakthrough” in the fight against the disease.

Researchers led by a team from the University of Oxford administered the widely-available drug to more than 2,000 severely ill Covid-19 patients. Among those who could only breathe with the help of a ventilator, dexamethasone reduced deaths by one-third, and by one-fifth in other patients receiving oxygen only, according to preliminary results. Normally used to treat a range of allergic reactions as well as rheumatoid arthritis and asthma, dexamethasone is an anti-inflammatory drug.

·China’s new corona virus outbreak sees Beijing adopt ‘wartime’ measures as capital races to contain spread

Beijing is reintroducing strict lockdown measures and rolling out mass testing after a fresh cluster of novel corona virus cases emerged from the city’s largest wholesale food market, sparking fears of a resurgence of the deadly outbreak. The Chinese capital reported 36 new Covid-19 cases on Monday, bringing the total number to 79 since a locally transmitted infection was reported on June 12 for the first time in nearly two months, according to the National Health Commission.

· NASA spacecraft sends back images of stars from 4.3 billion miles away

This new image of Pluto is stunning planetary scientists. It shows the small world’s atmosphere, backlit by the sun. NASA says the image reveals layers of haze that are several times higher than predicted. The photo was taken by the New Horizons spacecraft seven hours after its closest approach to Pluto on July 14. New Horizons was about 1.25 million miles from Pluto at the time.

  • Gas tanker explosion in China kills 19


At least 19 people died and 172 were injured when a gas tanker exploded on a Chinese highway 13th June afternoon, according to state-run news agency Xinhua. The tanker transporting liquefied natural gas exploded on a highway exit ramp in Wenling, a coastal city in Zhejiang province, according to Xinhua.

  • Black Lives Matter (BLM) protester speaks out after carrying opposing demonstrator to safety

The photo of Patrick Hutchinson — a Black Lives Matter supporter who carried an opposing demonstrator away from danger — has gone viral.

·Nationwide protests grip Lebanon as currency tanks

Anti-government protesters took to the streets in multiple Lebanese urban centers on 11th June, setting up burning barricades and forcing road closures as the country’s currency fell rapidly.  Demonstrators hurled stones at military forces and some protesters attempted to scale a security fence outside the prime minister’s office in the capital city Beirut. Protesters chanted against the country’s political elite, which many hold responsible for the country’s economic woes. Lebanon’s main coastal highway was closed by burning tires in the north and south of the capital, as protests were staged in areas that rarely see demonstrations, such as Hezbollah strongholds in the capital

·Twenty Indian soldiers killed in clashes along border with China in the Himalayas

At least 20 Indian soldiers have been killed in a “violent faceoff” with Chinese forces on the disputed Himalayan border; the Indian army said late 16th June, the deadliest clash between the nuclear-armed neighbors in decades. India had earlier said three of its troops were killed, but in a statement issued later in the day the army added that 17 more “who were critically injured (on Monday) in the line of duty at the standoff location and exposed to sub-zero temperatures in the high altitude terrain have succumbed to their injuries, taking the total that were killed in action to 20”.

  • The car carrying British Prime Minister Boris Johnson was crashed into from behind in central London on 16th June after taking evasive action when a pro-Kurdish demonstrator ran on to the road.

The protester was stopped and detained, according to a journalist on the scene, after he ran towards Johnson’s Jaguar as it was leaving under police escort from the Houses of Parliament.

  • Taliban fighters killed at least 18 Afghan security personnel on 16th June in two attacks on checkpoints in the north, officials said, the latest violence ahead of expected peace talks.

In one pre-dawn raid, militants killed 12 Afghan security force members when they stormed a checkpoint in Jawezjan province, Maroof Azar, spokesman to the governor, said.

  • The UN General Assembly elected on 18th June four new members of the Security Council for 2021 and 2022, with Canada losing out again and the battle for the African seat going to a second round.

India, Mexico, Norway and Ireland were chosen as non-permanent members, while Djibouti and Kenya — both of which failed to receive the two-thirds vote majority required to win — will go to a second round of voting on 18th June.

Economy

GLOBAL INDICES AS OF 21st June 2020

As Compared to 14th June 2020

Global indices as of 21st June 2020
Name Current Value Prev.Close
US MARKETS
 NASDAQ (Jun 19) 9,946.12 9943.05
EUROPEAN MARKETS
 FTSE (Jun 19) 6,292.60 6224.07
 CAC (Jun 19) 4,979.45 4958.75
 DAX (Jun 19) 12,330.76 12281.53
ASIAN MARKETS
 SGX NIFTY (Jun 20) 10,138.50 10237.00
 NIKKEI 225 (Jun 19) 22,478.79 22355.46
 STRAITS TIMES (Jun 19) 2,634.83 2665.66
 HANG SENG (Jun 19) 24,643.89 24464.94
 TAIWAN WEIGHTED (Jun 19) 11,549.86 11548.33
 KOSPI (Jun 19) 2,141.32 2133.48
 SET COMPOSITE (Jun 19) 1,370.82 1372.98
 JAKARTA COMPOSITE (Jun 19) 4,942.27 4925.25
 SHANGHAI COMPOSITE (Jun 19) 2,967.63 2939.32

 

Global indices as of 14th June 2020
Name Current Value Prev.Close
US MARKETS
 NASDAQ (Jun 12) 9,588.81 9492.73
EUROPEAN MARKETS
 FTSE (Jun 12) 6,105.18 6076.70
 CAC (Jun 12) 4,839.26 4815.60
 DAX (Jun 12) 11,949.28 11970.29
ASIAN MARKETS
 SGX NIFTY (Jun 13) 9,910.00 9899.50
 NIKKEI 225 (Jun 12) 22,305.48 22472.91
 STRAITS TIMES (Jun 12) 2,684.63 2704.21
 HANG SENG (Jun 12) 24,301.38 24480.15
 TAIWAN WEIGHTED (Jun 12) 11,429.94 11535.77
 KOSPI (Jun 12) 2,132.30 2176.78
 SET COMPOSITE (Jun 12) 1,382.56 1396.77
 JAKARTA COMPOSITE (Jun 12) 4,880.36 4854.75
 SHANGHAI COMPOSITE (Jun 12) 2,919.74 2920.90

 

 Pakistan

As of 21st June latest on corona Virus

Position as of 20th June 2020 as compared to 13th June 2020

Cases 20th June

Death 20th June

Cases 13th Jun

Death 13th Jun

Increase cases

Increase death

165,062

3,229

125,933

2,463

39,129

766

 

·Pakistan witnessed ‘ring of fire’ solar eclipse on 21st June

Pakistan sighted an annular solar eclipse, popularly known as the ‘ring of fire’ on Sunday 21st June. According to the Met Office, apart from southern parts of Pakistan, the solar eclipse was also be visible in parts of Africa including the Central African Republic, Congo and Ethiopia and in northern parts of India and China.

  • Renowned religious scholar Mufti Naeem passes away in Karachi


Prominent religious scholar and Jamia Binoria International chancellor Mufti Muhammad Naeem passed away on 20th June due to cardiac arrest in Karachi, his close aide confirmed. He was 62. The prominent cleric was being taken to the hospital when he succumbed to his heart ailment, Maulana Ghulam Rasool, administrator of Jamia Binoria, said.

  • Veteran star Sabiha Khanum passed away on 13th June, confirmed her family.

She was known as the First Lady of Pakistan’s silver screen, earning a Pride of Performance in 1986 for her work

  • Earthquake tremors were felt in Islamabad and areas of Khyber Pakhtunkhwa province on16th June, initial reports said. It was the second time tremors hit KP today.

The first one took place in the morning when a quake of 5.7 magnitudes was recorded in several areas of KP, including the provincial capital Peshawar, APP reported. Mansehra, Swat, Upper and Lower Dir, Shangla, Swabi, Malakand, Nowshera, Charsadda, Kohat, Dera Ismail Khan and Bannu were also among the areas where tremors were felt in the morning. No loss of life or property was reported.

  • Renowned radio and television anchor Tariq Aziz passed away in Lahore on 17th June, his family confirmed. He was 84.

Aziz was born in Jalandhar on April 28, 1936. After partition, his family migrated to Pakistan and settled in Sahiwal, where he received his primary education. He started his career with Radio Pakistan in the 1960s and later went on to become Pakistan’s first television host. His program Neelam Ghar — later named Tariq Aziz Show — started in 1974 on Pakistan Television and continued for four decades. He was also a poet and an actor and performed in several radio and television program as well as in films. He had a one son Ziad Tariq who passed away in his childhood.

  • An Islamabad anti-terrorism court (ATC) on 18th June ruled that Muttahida Qaumi Movement (MQM) founder Altaf Hussain ordered the killing of the party’s senior leader Dr Imran Farooq, who was was stabbed to death outside his home in London in September 2010.

According to Judge Shahrukh Arjumand, during the trial of three arrested accused it was “proved that Altaf Hussain ordered the killing of Dr Imran Farooq”. The court handed life imprisonment and imposed a fine of Rs2 million on three men — Shamim Khalid, Syed Mohsin Ali and Moazzam Ali — and directed them to pay Rs1m each to the deceased doctor’s family.

  • The Supreme Court on 19th June threw out the presidential reference against Justice Qazi Faez Isa, terming it “invalid”.

“[The reference] is declared to be of no legal effect whatsoever and stands quashed,” read the judgment. The short order directed that the Inland Revenue Commissioner send a notice to the judge’s wife and children within seven days, asking them to give explanations about the nature and source of funding for three properties in their names in the United Kingdom. The commissioner will complete the investigation within 60 days issue an order within 15 days of investigation’s conclusion. The Federal Board of Revenue (FBR) has also been directed to submit a report to the SC registrar within seven days of the commissioner’s order.

  • Two Rangers officials were martyred and one injured in three separate attacks in Ghotki, Karachi and Larkana each, on 119th

In a blast that took place near a meat shop in Ghotki, two Rangers officials and a civilian lost their lives. According to Senior Superintendent of Police Farrukh Lunjar, the blast took place near a Rangers van that was parked in a market. At least three people were injured in the blast. A team of the bomb disposal squad was dispatched from Sukkur but had a road accident near Ghotki, said group officer Qadir Baksh. Three officials have been injured and were shifted to a nearby hospital.  Separately, a man lost his life while Rangers personnel Munawar was injured in a hand grenade attack, Additional Inspector General (AIG) Ghulam Memon Nabi said. The attack took place near a centre of the Ehsaas Emergency Cash Program in Karachi’s Liaquatabad area, police said.

Economy

  • Punjab Finance Minister Makhdoom Hashim Javan Bakht has presented the budget 2020-21 in the Punjab Assembly with a total outlay of Rs 2.240 trillion on 15th june.

In his budget speech, Provincial Finance Minister said that an overall amount of 337 Billion Rupees is being allocated Annual Development Program for next fiscal year. Under this Program, 97.66 Billion Rupees have been allocated for social sector, 77.86 billion rupees for infrastructure development, 17.35 billion rupees for production sector, 45.38 billion rupees for services sector, 51.24 billion rupee for other sectors, 47.50 billion rupees for Special Program while 25 Billion Rupees for Public Private Partnership. Rs106 billion for the Covid-19 pandemic, whereas, Rs284 billion has been reserved for the health sector.

  • Sind Budget for 2020-21b was announced by CM Murad Ali Shah with an outlay of Rs 1.241 trillion.

Sind government has red­uced its Annual Develop­ment Plan (ADP) to Rs232.9 billion for FY21, allocating Rs155bn to provincial and Rs15bn to schemes. In exceptional cases such as health, allocation has been increased from Rs13.5bn to Rs23.5bn in order to meet the challenges arising from Covid-19. The government allocated Rs14.8bn for the agri sector. Another Rs30.48bn has been allotted to the health department while Rs5bn for Covid-19 response. Government has allocated Rs14.74bn for irrigation in FY21. For 2020-21, the budget for the education sector, in a macro perspective, has been increased to Rs244.5bn. In his budget speech, CM Shah announced that the salaries of Grade 1-16 government employees would be increased 10%, while those of Grade 17-21 would receive a 5% raise. The upward revision, however, would not be applicable to provincial ministers and Sind cabinet,

  • With a record outlay of Rs139.5 billion, the annual budget of Azad Jammu and Kashmir (AJK) for the fiscal year 2020-21 proposes Rs115bn for recurring expenditures and Rs24.5bn for developmental activities.

The finance minister said the highest allocation of Rs10.2bn had been proposed for communications and works (C&W), followed by Rs2.795bn for local government and rural development (LG&RD), Rs2.578bn for education, Rs2.155bn for physical planning and housing, Rs1.7bn for electricity, Rs1.121bn for foreign-aided projects, Rs1bn for health, Rs528 million for industries/minerals, Rs440m for forests, wildlife and fisheries, Rs382m for agriculture and livestock, Rs268m for research and development, Rs235m for information technology.

  • KP Govt presents Rs923bln tax free budget with maximum Rs 124bln for health, Rs317.8bln for development expenditure.

About the ongoing expenditure, the Finance Minister said that a total of Rs605.2 billion were allocated for settled i.e. Rs517.2 billion and merged districts i.e. Rs88 billion.
Regarding development expenditure, he said a total of Rs317.8 billion were earmarked including Rs221.9 billion for settled districts and Rs95.9 billion for merged districts.
He said a record Rs124 billion were allocated for health sector for settled and merged districts, adding the budget for settled districts have increased from Rs87 billion of outgoing fiscal to Rs105.9 billion for upcoming fiscal year.

  • Gilgit-Baltistan tax free budget for the fiscal year 2020-21 was announced on 19th June 68 with an outlay of billion 680.29 million rupees.

Gilgit-Baltistan has decided to increase the salaries of government employees from grade one to sixteen by 15% whereas grades 17 and above will receive a salary increment of 10%.A total of Rs25 billion have also been set aside for development projects.

  • Baluchistan budget with a total outlay of over Rs 410 billion for the next fiscal year 2020-21 has been presented on 20th june.

 Rs 305 billion have been earmarked for non-development expenditure, Rs 105 billion for development expenditure, Rs 55 billion for health sector. Rs 12 billion allocated for epidemic diseases, while Rs 75 billion allocated for education and Rs 50 billion allocated for law and order.

F.C Exchange Rates of PKR as of  21st June 2020 as compared to 14th June 2020
Countries PKR rate as of 14th June   2020 PKR rate as of   21st June  2020
U.S.A. $ 165.00 167.50
U.K. Pounds 209.00 212.00
Euro 185.00 187.00
Japan Yen 1.52 1.52
Saudi Arabia Rial 43.50 45.00
U.A.E. Dirham 44.50 46.00

Pakistan Stock Exchange Indices

As of 21st June 2020 As Compared

To 14th June 2020

 

Position as of 21st June 2020
Symbols KSE100 Index PSX-KMI All Shares Index
Advance 82 Current 33438.94 Current 16672.38
Decline 197 High 33699.92 High 16808.96
Unchange 23 Low 33369.91 Low 16635.94
Total 302  -100.91  -57.51

 

Position as of 14th June 2020
Symbols KSE100 Index PSX-KMI All Shares Index
Advance 82 (Curr) Current 34611.23 Current 17090.52
Decline 206 (High) High 35128.58 High 17343.90
Unchanged 27 (Low) Low 34503.94 Low 17059.14
Total Change 315  -517.35  -253.38

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