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Tag: coronavirus

  • Oil prices fall by 15% since coronavirus outbreak

    Oil prices fall by 15% since coronavirus outbreak

    KARACHI: The international oil prices have fallen by around 15 percent since the outbreak of deadly coronavirus, analysts at Arif Habib Limited said on Tuesday.

    They said that the coronavirus epidemic in China has battered oil prices as WTI, Brent and Arab Light have declined by 15.8 percent, 16.3 percent and 14.5 percent, respectively since December 2019.

    To recall, China is the world’s largest importer of oil and second largest consumer of oil (15 percent of total demand).

    Any slowdown/extended slowdown in Chinese economic growth may lead to disruption in global oil markets with higher than expected inventories, which may trigger upwards sticky oil prices in the short run.

    In accordance with the situation and expected slowdown in the Chinese economy, OPEC lowered its oil demand by 230k bpd, while the US EIA, revised down its global oil demand forecast by 378k bpd.

    The situation may get worse as the outbreak is spreading globally with emerging cases in South Korea, Europe (Italy), Iran, Afghanistan and Israel.

    Pertinently, several countries have temporarily closed borders with the affected countries, including Pakistan, which closed its border with Iran.

    They believe oil prices in the short term will be dependent on the virus updates from China including new registered cases and death tolls. Moreover, spread of the virus to other countries and measures for combat are also expected to influence oil prices.

    They analyzed the impact of oil prices on Pakistan’s macro-economy and listed sectors.

  • Coronavirus threat: KCCI demands waiver of demurrage, detention charges on Chinese consignments

    Coronavirus threat: KCCI demands waiver of demurrage, detention charges on Chinese consignments

    KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has demanded the government authorities to waive demurrage and detention charges on Chinese consignments that are stopped due to threat of coronavirus.

    KCCI President Agha Shahab Ahmed Khan in a statement urged the Ministry of Maritime Affairs, Federal Board of Revenue (FBR) and the State Bank of Pakistan (SBP) to come up with some kind of a ‘Special Policy’ to save the importers of various goods and commodities from suffering severe losses due to ban imposed on imports from China because of the outbreak of corona virus, COVID-19.

    He urged the relevant authority to issues notification in which the port authorities and all terminal operators must be advised to refrain from imposing demurrage and detention charges on those consignments which have already arrived at the Pakistani ports from China but were not being cleared.

    “Any demurrage or detention charges already applied on such consignments must immediately be waived off which would certainly be widely welcomed by the business community”, he added.

    He said that many importers, while seeking KCCI’s assistance, informed that their imported consignments from China have been put on hold at the ports in order to prevent the outbreak of deadly corona virus in Pakistan which has terribly affected capital of Hubei province, Wuhan and resulted in hundreds casualties so far besides spreading further in more than 20 countries.

    “Many import related documents have also not been received by relevant importers as no parcels were arriving from China and other affected countries, making it impossible for the importers to timely fulfill all the documentation formalities which are required for clearance of imported goods hence their consignments remain blocked at the ports and are resulting in additional demurrage and detention charges”, he said.

    “We fully understand the sensitivity of the issue and support the government’s moves to save Pakistan from the outbreak of the COVID-19 but the importers should not be penalized and relief has to be provided to the perturbed traders by waiving the demurrage and detention charges.”

    He said that out of a total bilateral trade of around US$12 billion between Pakistan and China, around US$6 billion has been transacted so far but the downfall in trade would certainly appear by the end of current fiscal year and US$12 billion mark will not be achieved due to complete suspension of trade between the two countries.

    “The outbreak of corona virus is an opportunity for the local industry as we have to look into the possibility of what we can produce on our own which was previously being imported from China prior to suspension of trade”, he added.

    He stressed that the lethal virus has been rapidly spreading in many countries around the world including some countries bordering Pakistan hence, the government will have to take stringent measures to save our country from the eruption of deadly virus.

    He hoped that the relevant departments would realize the gravity of the situation and relief will soon be provided to the importers as soon as possible by urging the port authorities not to demand any demurrage and detention charges from those importers whose goods were arriving from China which would certainly be welcomed.

  • Import of live animals, birds banned on Coronavirus threat

    Import of live animals, birds banned on Coronavirus threat

    ISLAMABAD: The government has banned import of all types of live animals and birds with immediate effect in the wake of novel coronavirus.

    According to an official memo issued by the ministry of commerce to Quarantine Department a ban has been imposed on import of any zoonotic (animals and birds etc.) with immediate effect and until further orders.

    The memo said that on the recommendations of the Ministry of National Health Services, Regulations and Coordination (MNHSR&C), the ministry of commerce has imposed a ban on the import of any zoonotic (animals and birds etc.) with immediate effect and until further orders.

    The MNHSR&C has informed that the origin of recent outbreak of Novel type of Corona Virus (2019-nCOV) has been threat to be zoonotic in nature, which may potentially undermine government efforts to prevent the spread of said disease in Pakistan.

  • Coronavirus outbreak: declaration made mandatory on international arrival

    Coronavirus outbreak: declaration made mandatory on international arrival

    ISLAMABAD: The government has made mandatory for all passengers entering Pakistan to submit health declaration. The decision has been taken in the wake of coronavirus outbreak, as statement said on Saturday.

    All passengers entering Pakistan As per the instruction from Ministry of Health, all passengers entering Pakistan will be required to submit a Health Declaration form which will include contact details and brief travel history.

    The submission of those completed form will be necessary for entering Pakistan.

    Health Declaration Card will be distributed amongst all the passengers in plane.

    In accordance with the instructions of the Government of Pakistan and in view of Novel Coronavirus outbreak, all passengers are advised to fill up the form and handover to Health Staff in the International Arrival Lounge.

    Non-Compliance shall result in denial of entry to the country.

    The form contains demographic information of passenger, travel history and health status like issue of fever, cough and shortness of breath. This form is made for easiness of public.

  • Customs clearance of used cloth, shoes without banned

    Customs clearance of used cloth, shoes without banned

    KARACHI: The Central Health Department of the federal government has advised the customs authorities not to clear imported used cloths and used shoes without proper fumigation in the wake of coronavirus threat.

    The collectorates of Pakistan Customs have been informed through the fresh advisory on Saturday about the Pneumonia outbreak due to Novel CoronaVirus.

    According to the advisory, the customs stations have been asked that second hand clothings, used shoes and other worn articles should not be cleared without fumigation under the supervision of Port Health Establishment, Karachi till further orders.

    However, the department has no objection to clear other consignments.

    Earlier, on January 27, 2020 the Port Health Establishment in a letter to customs collectorates that cargo imported from affected areas in China should not be cleared without proper fumigation.

  • Pakistan suspends flight operation with China on coronavirus threat

    Pakistan suspends flight operation with China on coronavirus threat

    KARACHI: Pakistan has suspended direct flight operation to China in wake of coronavirus threat. The direct flight operation will remain suspend till February 02, 2020, said a notification issued by Civil Aviation Authority (CAA).

    The notification said: “all direct flight operations between Pakistan and China are to be stalled on immediate basis, initially till 2nd February, 2020, subject to subsequent review.”

    The CAA intimated about the government decision to Air China Pakistan and China Southern Airlines.

    Major airlines of the world have already suspended some flights to China because of the coronavirus outbreak. The airlines that have already suspended flight operations are included: Lufthansan, Air Tanzania, American Airlines, British Airways, FinnAir, Air Canada etc.

    The some of the airlines have suspended flights due to massive drop in demand.

    BBC reported that death toll from the coronavirus outbreak had rise to 170. It reported quoting Chinese health authorities that there were 7,711 confirmed cases in the country as of January 29, 2020.