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PSX hits new high on Saudi pact, Fed cut | The Express Tribune

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PSX hits new high on Saudi pact, Fed cut | The Express Tribune



KARACHI:

Pakistan stocks rallied to new highs on Thursday as the KSE-100 Index jumped 1,776 points to close at 157,954—just shy of the 158,000 psychological barrier.

The surge followed the signing of a landmark Strategic Mutual Defense Agreement between Pakistan and Saudi Arabia, marking an unprecedented strengthening of defense ties between the two countries. Market watchers said the pact not only cements Pakistan’s geopolitical standing in the Middle East but also opens prospects for defense exports, reshaping investor sentiment, noted Ali Najib, Deputy Head of Trading at Arif Habib Ltd.

Adding to the momentum, the US Federal Reserve trimmed its policy rate by 25 basis points and signaled further cuts this year, boosting global risk appetite, he added.

Locally, the government successfully raised Rs195 billion in T-bills against a Rs175 billion target while rejecting high-priced PIB bids—moves seen as reflecting confidence in easing monetary conditions and channeling fresh funds into equities.

Blue-chip stocks led the charge, with Engro Fertilizers, National Bank of Pakistan, Mari Petroleum, Bank of Punjab, and United Bank Ltd collectively contributing 734 points to the day’s gain. Market liquidity surged as volumes rose to 1.96 billion shares worth Rs56.9 billion, led by Cnergyico, which dominated trade with over 213 million shares.

Analysts said the KSE-100 is now trading above its 155,000–158,000 consolidation band, and a decisive breakout could propel the market into uncharted territory, setting the stage for new record highs.



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MPs write to business secretary over JLR supply chain jobs

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MPs write to business secretary over JLR supply chain jobs


Richard PriceWest Midlands

UK Parliament A portrait image of a woman with blonde hair and light blue eyes, taken across a dark grey backdrop.UK Parliament

Antonia Bance is the Labour MP for Tipton and Wednesbury and a member of The Business and Trade Committee

About 30,000 people are employed directly by JLR, with a further 200,000 working in the firm’s supply chain.

Antonia Bance – Labour MP for Tipton and Wednesbury and also a member of the Business and Trade Committee – is among the MPs to have written to the business secretary.

She said they were trying to make sure that there was attention on the matter and that the risk to jobs in the supply chain was properly understood.

JLR bosses were limited in what they were able to say, she said, although MPs had received briefings from the firm, but they had not included how long the situation would last.

Getty Images A black Range Rover is at the front of a factory production line that has a metal walkway running alongside the vehicles that are in a queue on the right of the picture.Getty Images

The MPs have not been given any indication from JLR as to how long the knock-on effects of the cyber attack will last

She said she was hearing from supply-chain firms that said they were experiencing cash-flow problems.

This meant some firms were left unsure whether or not they could continue employing staff.

“A number of the plants in my area have sent all of their staff home and stopped production” Bance said.

“Most of them are continuing to pay their staff, but obviously that’s a real financial strain on these sometimes quite small businesses, particularly when there is no end in sight.”

Firms had gone to their own lenders and had been able to extend their overdraft facilities, she added.

JLR had been considering what it could do to support the supply chain, but Bance believed the government could help with a furlough scheme or by guaranteeing loans.

‘Proud industry’

This would help save jobs and skills in the region, she added.

“We are not talking about businesses who are otherwise in trouble, we’re talking about businesses who are thriving, who are looking to take on more staff, and if this cyber attack hadn’t happened would be running up towards Christmas at full tilt,” Bance said.

It would be “completely understandable” if people starting looking for other jobs if they did not feel firms could continue employing them, she added.

Tata, which owns JLR, should be doing “absolutely everything they can, including financial help,” to ensure the supply chain survived, she said.

“I do think there’s a responsibility on the owners, but I do also think that if we want to be a country that makes things again, if we are proud of our industry – and here in the West Midlands we could not be more proud of what we make and what we sell around the world – government may have to step in.”

Minister for industry Chris McDonald said he had met with West Midlands mayor Richard Parker as well as JLR bosses to discuss their plans and would meet with supply chain businesses in the coming days.

“We know this is a worrying time for those affected, and although Jaguar Land Rover are taking the lead on support for their own supply chain, our cyber experts continue to support them to resolve the issue as quickly as possible,” he said.

The signatories to the letter included:

West Midlands

  • Antonia Bance MP
  • Alex Ballinger MP
  • Chris Bloore MP
  • Laurence Turner MP
  • Sureena Brackenridge MP
  • Sarah Edwards MP
  • Josh Newbury MP
  • Gurinder Singh Josan MP
  • Sonia Kumar MP
  • John Slinger MP
  • Valerie Vaz MP
  • Preet Kaur Gill MP
  • Warinder Juss MP
  • Liam Byrne MP
  • Jodie Gosling
  • Cat Eccles MP
  • Dr Allison Gardner MP
  • Tahir Ali MP
  • Jacob Collier MP
  • Rachel Taylor MP
  • Matt Western MP
  • Gareth Snell MP

Merseyside

  • Derek Twigg MP
  • Anneliese Midgley MP
  • Kim Johnson MP
  • Maria Eagle MP
  • Bill Esterson MP
  • Peter Dowd MP
  • Ian Byrne MP
  • Paula Barker MP
  • Marie Rimmer MP



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Free welcome cafe opens in Highworth to help community connect

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Free welcome cafe opens in Highworth to help community connect


A free cafe has been set up in a town to help prevent loneliness by encouraging people to connect with others.

The monthly Warm and Welcome Wednesday Cafe in Highworth, Wiltshire, has been set up by the volunteers behind Highworth Community Larder, which redistributes food that would otherwise have been thrown away.

The cafe is available on the third Wednesday of the month at the Council Rooms on Gilberts Lane, offering company and a free drink and cake between 09:30 – 11:00 BST. Highworth Town Council is providing the room for free.

Alison Durrant, one of the volunteers involved, explained that the cafe is also able to offer resources and advice to help with issues such as finances.

The community larder was launched several years ago when volunteers found there was plenty of surplus produce from local allotments that could be donated to those in need.

The group signed up to the national networks for similar projects, such as the Community Fridge Network, and the local primary school offered space for the food from allotments and local supermarkets.

Ms Durrant said they started with about 30 visitors and now have close to 100 every week.



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GST Rate Cuts On 11 Bengal-Specific Items Will Boost State’s Economy: Sitharaman

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GST Rate Cuts On 11 Bengal-Specific Items Will Boost State’s Economy: Sitharaman


New Delhi: Union Finance Minister Nirmala Sitharaman said on Thursday that while every citizen in the country would benefit due to the GST rate cuts, there were 11 Bengal-specific items on which the tax rates had been reduced to 5 per cent to benefit the economy and people of the state. 

Addressing the GST 2.0 outreach programme here, Sitharaman also highlighted that the decision to make the reforms come into effect from September 22 was largely due to the fact that the government wanted consumers to benefit ahead of Durga Puja.

GST on Shantineketan leather goods has come down by 5 per cent, while the rate on Bankura terracota craft is now also at 5 per cent, which will help craftsmen as the demand for these products will go up due to the decline in prices. Similarly, the GST rate on Madhurkati match and Purulia Chau masks and wooden masks of Dinajpur have also been reduced to 5 per cent.

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Other items from West Bengal that will benefit due to the GST rate cuts include processed mango items from Malda and Darjeeling tea, which will now be taxed at 5 per cent. The reduction in the duty on jute bags will also lead to an increase in the demand for these items, which will benefit the farmers and manufacturers in the state, the Finance Minister said.

The rates were not fixed randomly but aimed to help the middle class, the poor and farmers, she added. The GST 2.0 reforms, under which the tax rates were cut, would also help the MSME sector and lead to higher economic growth and the creation of more jobs in the country.

Sitharaman also said that the GST Council is a constitutional body and the opposition-ruled states, including West Bengal, had agreed that as far as the reduction in GST slabs and the cut in GST rates on health schemes were concerned, they are with the council’s recommendations, and there was enormous support for the reforms.

“States came together and agreed to the proposal to reduce the slabs. I wrote personal letters to all Finance Ministers of states,” she remarked. “Bureaucrats deliver when leaders support the system. The Prime Minister had stated that he wanted simplicity in the GST tax system,” Sitharaman said.

She said the Finance Ministry has been constantly reviewing the rules to push ahead with tax reforms. “No one imagined that the income tax rate on personal income would be slashed,” Sitharaman remarked.



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