*MORNING NEWS* *Wednesday, 26 February 2025* *Oil edges up after US stockpiles report helps offset worries on rising supply* | Oil prices climbed in early Asian trading hours on Wednesday, bouncing off two-month lows hit in the prior session, after an industry group reported U.S. crude stockpiles fell last week. Brent crude oil futures rose 27 cents, or 0.4%, to $73.29 a barrel by 0134 GMT. U.S. West Texas Intermediate crude oil futures were up 25 cents, or 0.4%, to $69.18 per barrel. U.S. crude stocks fell 640,000 barrels in the week ended February 21, market sources said on Tuesday citing American Petroleum Institute data. Official U.S. stockpiles data is due later on Wednesday. https://tinyurl.com/29uydo2d *First review of $7bn EFF programme: Protracted IMF-govt talks likely* | The International Monetary Fund (IMF) mission is expected to reach Pakistan on March 3, for the first review of the $7 billion Extended Fund Facility (EFF) programme, sources in the Finance Ministry revealed. Official sources revealed that the nine-member IMF mission led by Nathan Porter would stay in the country for around two weeks. https://tinyurl.com/28du8z4b *IMF calls for strict climate adaptation plans* | The Interna­tional Monetary Fund (IMF) has urged Pakistan to prioritise climate adaptation measures at federal and provincial levels to build resilience against natural disasters triggered by extreme weather events, including floods and droughts. The team has recommended stringent measures to prevent construction near rivers, nullahs, other waterways and forests, alongside plans for energy-efficient buildings in urban and rural areas. https://tinyurl.com/28b46c9a *PM Shehbaz arrives in Uzbekistan on 2-day visit to boost bilateral ties* | Prime Minister Shehbaz Sharif arrived in Uzbekistan on Tuesday on a two-day official visit to enhance bilateral relations with the Central Asian country. Pakistan and Uzbekistan have strengthened ties through trade and economic cooperation. A $1 billion trade deal was signed in 2023, and plans for further collaboration, including a roadmap for industrial cooperation, show the two sides’ commitment to boosting regional connectivity. https://tinyurl.com/2xwvuyge *Banks urged to prioritise SME lending* | State Bank of Pakistan (SBP) Governor Jameel Ahmad has urged commercial banks to rethink their business models and prioritise loans to small and medium enterprises (SMEs) to support the country's economic growth instead of lending heavily to the government. https://tinyurl.com/27g9ohwj *Punjab reduces prices of essential items for Ramadan* | The Punjab government is implementing measures to stabilise the prices of essential food items as part of efforts to mitigate inflation during the upcoming Ramadan, an official announced on Tuesday. As the holy month approaches, the provincial government is focused on curbing the typical price surges of staples like vegetables, sugar, flour, and dates. https://tinyurl.com/2xq4lttf *US terminates $220m Roosevelt Hotel deal* | New York City is ending its $220 million lease agreement with the PIA-owned Roosevelt Hotel following intense criticism from some of US President Donald Trump's supporters over the use of American taxpayer money to house asylum seekers. The iconic hotel in Manhattan was shut down in 2020 due to a severe loss of revenue resulting from the coronavirus pandemic. Three years later, its management signed a lease contract with the New York City which converted it into a shelter for a large number of asylum seekers in the United States. https://tinyurl.com/2ddo5k3e *Govt to consider establishing National Crypto Council* | Pakistan announced plans on Tuesday to explore the establishment of a National Crypto Council, tasked with developing regulations and frameworks for digital currencies while ensuring the stability and security of the country’s financial system. According to an announcement of the Ministry of Finance, Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb chaired a high-level meeting on digital assets. https://tinyurl.com/29x35lf7 *Project agreement: ADB tells LESCO to submit ‘AEFS’ for FY24* | The Asian Development Bank (ADB) has asked Lahore Electric Supply Company (LESCO) to submit Audited Entity Financial Statements (AEFS) for the Financial Year 2023-24 and to follow up on auditors’ opinion on compliance. https://tinyurl.com/265mthqj *Iron, steel scrap importers: FBR withdraws EFS facility* | The Federal Board of Revenue (FBR) has withdrawn facility of Export Facilitation Scheme (EFS) 2021 from importers of iron and steel scrap to check massive misuse of the facility. The FBR has issued an SRO 204(I)/2025 here on Tuesday to introduce draft amendments in the Customs Rules, 2001. A tax expert opined that by excluding iron and steel scrap from EFS, now the importers of compressors/motors will have to pay all taxes at import stage like customs, sales tax and income tax. https://tinyurl.com/2a6fycoo _Regards_ _Ismail Iqbal Securities_