IMPORTANT BUSINESS NEWS / CURRENT AFFAIRS FRIDAY 22nd OCTOBER, 2021

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1. Pak-Afghan trade, border issues discussed Foreign Minister Shah Mahmood Qureshi along with a high-level delegation, including Director General Inter-Services Intelligence (ISI) Lt Gen Faiz Hameed, visited Kabul to reassure Pakistan’s continued constructive role, together with Afghanistan’s neighbouring countries, for peace and stability in the region, as well as, economic stability of the war-ravaged country. https://epaper.brecorder.com/2021/10/22/1-page/904779-news.html 1 Business Recorder
2. Transit trade talks with India under way: Dawood Prime Minister’s Advisor on Commerce and Investment, Abdul Razak Dawood said on Thursday that talks with India on transit trade are under way, whereas agreement with Afghanistan will be concluded soon. https://epaper.brecorder.com/2021/10/22/1-page/904780-news.html 1 Business Recorder
3. Pakistan retained on FATF ‘grey list’ again The Financial Action Task Force (FATF) has reviewed Pakistan’s progress on FATF Action Plans in its plenary meeting held on 21st October 2021. https://epaper.brecorder.com/2021/10/22/1-page/904773-news.html 1 Business Recorder
4. KE seeks Rs3.45/unit increase under FCA Karachi Electric (KE) has sought an increase of Rs 3.45 per unit in its tariff under monthly Fuel Cost Component (FCA) for September 21, 2021. https://epaper.brecorder.com/2021/10/22/1-page/904774-news.html 1 Business Recorder
5. Bank account attachment Senate panel asks FBR to withdraw orders
The Senate Standing Committee on Finance has recommended to the Federal Board of Revenue (FBR) to immediately withdraw its new instructions with regard to attachment of the bank accounts for recovery of tax and intimate the chairman secretariat in this regard. https://epaper.brecorder.com/2021/10/22/1-page/904776-news.html
1 Business Recorder
6. THE RUPEE: PKR’s unending woes Pakistan’s rupee continued to weaken, depreciating another 0.28% to close near 174 against the US dollar in the inter-bank market on Thursday. https://epaper.brecorder.com/2021/10/22/1-page/904782-news.html 1 Business Recorder
7. ADB to provide $600m to Ehsaas programme The Asian Development Bank (ADB) will provide $600 million to Pakistan for Ehsaas Programme under the Integrated Social Protection Development Programme. https://epaper.brecorder.com/2021/10/22/1-page/904777-news.html 1 Business Recorder
8. PSX ends higher on IMF review BRIndex100 extends gains
Pakistan Stock Exchange (PSX) Thursday closed higher on reports of positive conclusion of IMF review and resumption of Extended Fund Facility (EFF) programme for Pakistan.  https://epaper.brecorder.com/2021/10/22/1-page/904778-news.html
1 Business Recorder
9. Ghee makers refuse to ink MoU on cut in prices Pakistan Vanaspati Manufactures Association (PVMA) has refused to sign any pact with the Ministry of Industries and Production (MoI&P) on reduction in prices of edible oil/ Ghee, saying that costing and pricing is against stipulations of Competition Commission of Pakistan (CCP). https://epaper.brecorder.com/2021/10/22/3-page/904793-news.html 3 Business Recorder
10. ReMIT organises seminars to train women entrepreneurs A series of seminars were held across Pakistan through the Revenue Mobilisation, Investment and Trade (ReMIT) programme in which over 140 women were trained and equipped to find their place in international value chains. https://epaper.brecorder.com/2021/10/22/3-page/904800-news.html 3 Business Recorder
11. Crushing season 2021 Cane Commissioner asks sugar millers to start preliminary preparations
The Punjab Cane Commissioner has directed the occupiers of all the sugar factories/mills across the province to start the preliminary preparations in run up to start of crushing season 2021. https://epaper.brecorder.com/2021/10/22/4-page/904808-news.html
4 Business Recorder
12. Loadshedding-free Punjab Upgradation plan to be submitted to CCoE
The augmentation and upgradation plan of transmission and distribution networks in Punjab will be submitted to the Cabinet Committee on Energy (CCoE) next week to make it loadshedding-free province by the coming summer, said sources. https://epaper.brecorder.com/2021/10/22/4-page/904809-news.html
4 Business Recorder
13. ICBC Karachi Branch holds webinar on CIPS Speakers, at a webinar organized by Industrial and Commercial Bank of China (ICBC) Karachi Branch, believed that Cross-Border Interbank Payment System (CIPS) related services will improve Pakistan’s financial market infrastructure. https://epaper.brecorder.com/2021/10/22/5-page/904812-news.html 5 Business Recorder
14. Gold prices continue to surge Gold prices continued to surge on Thursday on the local market, traders said. https://epaper.brecorder.com/2021/10/22/5-page/904818-news.html 5 Business Recorder
15. FBR completed FATF actions on DNFBPs ahead of deadline FBR has completed actions on DNFBPs in the FATF action plan in just one reporting cycle and one year ahead of the deadlines in September 2022. https://epaper.brecorder.com/2021/10/22/7-page/904826-news.html 7 Business Recorder
16. CPEC project enters into its 3rd phase: Sher Ali Chairman National Assembly Parliamentary Committee for China Pakistan Economic Corridor Sher Ali Arbab said on Thursday that the project has entered into its 3rd phase. https://epaper.brecorder.com/2021/10/22/11-page/904857-news.html 11 Business Recorder
17. Expert criticises raise in power tariff It has become quite difficult to determine the expected raise in power tariff. https://epaper.brecorder.com/2021/10/22/11-page/904861-news.html 11 Business Recorder
18. Value-added textile sector demands ban on yarn export Value added textile sector has demanded immediate ban on cotton yarn export and total elimination of Regulatory Duty (RD) on import of raw material, said Mian Kashif Zia Zonal Chairman Pakistan Hosiery Manufacturers & Exporters Association (PHMA). https://epaper.brecorder.com/2021/10/22/11-page/904858-news.html 11 Business Recorder
19. GSP Plus status Governor says optimistic about extension prospects
Terming extension of GSP Plus status to Pakistan as a challenge, Governor Punjab Chaudhry Mohammad Sarwar said on Thursday that despite Indian propaganda, Pakistan will succeed in getting extension in GSP Plus status. https://epaper.brecorder.com/2021/10/22/11-page/904859-news.html
11 Business Recorder
20. Tarin-led team summoned over ‘untamed’ inflation While expressing concern over persistent increase in the prices of essential commodities, a meeting of the Senate Standing Committee Finance has summoned Adviser to the Prime Minister on Finance, Secretary Finance, Governor State Bank of Pakistan (SBP), and chairman FBR to explain causes of untamable inflation. https://epaper.brecorder.com/2021/10/22/12-page/904873-news.html 12 Business Recorder
21. Hammad, Zaidi lock horns over handling of Q-Flex vessels Minister for Energy Hammad Azhar and Minister for Maritime Affairs Ali Zaidi are, said to have locked horns over the issue of handling of Q-Flex vessels, especial vehicles to carry liquefied natural gas (LNG), at Port Qasim, well informed sources told Business Recorder. https://epaper.brecorder.com/2021/10/22/12-page/904869-news.html 12 Business Recorder
22. OGDCL discovers gas reservoirs in Balochistan’s Kohlu district Oil and Gas Development Company Limited (OGDCL) being operator of Jandran West Exploration License with 100 percent working interest has made a gas discovery over Mughalkot Formation from its exploratory efforts at Jandran West X-1 well which is located in Kohlu District, Balochistan province. https://epaper.brecorder.com/2021/10/22/12-page/904872-news.html 12 Business Recorder
23. FBR serves notice to beggar The Federal Board of Revenue (FBR) has served notice to the Multan’s Shaukat “Bikhari” after finding out his assets. https://epaper.brecorder.com/2021/10/22/12-page/904874-news.html 12 Business Recorder
24. SHC strikes down FED on phone calls exceeding 5 minutes The Sindh High Court (SHC) has declared 75 paisa federal excise duty (FED) on phone calls exceeding five minutes as ultra vires to the Constitution. https://epaper.brecorder.com/2021/10/22/12-page/904870-news.html 12 Business Recorder
25. FDI up 16pc YoY: Dawood Adviser to Prime Minister for Commerce and Investment, Abdul Razak Dawood on Thursday said that net Foreign Direct Investment (FDI) had increased by 16 percent on a Year on Year basis. https://epaper.brecorder.com/2021/10/22/12-page/904871-news.html 12 Business Recorder
26. Power tariff hike: Details awaited It was not long ago when then Finance Minister Shaukat Tarin was vehemently opposing any idea of power tariff increase.  https://epaper.brecorder.com/2021/10/22/13-page/904875-news.html 13 Business Recorder
27. FDI: IT eclipses Telecoms Telecom sector continues to score low on the foreign direct investment (FDI) count. https://epaper.brecorder.com/2021/10/22/13-page/904877-news.html 13 Business Recorder
28. Stable trend on cotton market The local cotton market on Thursday remained bullish and trading volume remained satisfactory. https://epaper.brecorder.com/2021/10/22/16-page/904880-news.html 16 Business Recorder
29. Rupee fall benefits expats` families: Baqir Remarks made by Reza Baqir, the governor of the State Bank of Pakistan (SBP), about the benefits of currency devaluation for overseas Pakistanis have elicited strong criticism by citizens and economists back home. https://epaper.dawn.com/DetailImage.php?StoryImage=22_10_2021_001_005 1 Dawn
30. Industrial employment jumped 112pc to 2.34m in 10 years from 2005: survey The number of employed persons in the country`s industrial sector posted an increase of 112.7 per cent to 2.340 million in 2015-16 compared to 1.11m in 200506, a survey report of the Pakistan Bureau of Statistics (PBS)said. https://epaper.dawn.com/DetailImage.php?StoryImage=22_10_2021_009_003 9 Dawn
31. Pakistan to renegotiate all bilateral investment treaties` Pakistan will renegotiate all bilateral investment treaties (BITs) on the basis of new BIT template being finalized by the government, a top official of the Board of Investment said. https://epaper.dawn.com/DetailImage.php?StoryImage=22_10_2021_009_004 9 Dawn
32. SBP reserves dip by $1.64bn in a week While the US dollar has crushed the local currency, the foreign exchange reserves of the State Bank of Pakistan (SBP) have also started falling sharply that may further weaken the rupee. https://epaper.dawn.com/DetailImage.php?StoryImage=22_10_2021_009_013 9 Dawn
33. Digital banking plan ready, says SBP deputy governor The State Bank of Pakistan (SBP) has finalised a comprehensive digital banking plan that may be approved within a month for introduction. https://epaper.dawn.com/DetailImage.php?StoryImage=22_10_2021_009_010 9 Dawn
34. Cut-off yield of three-month T-bills hiked by 40bps The government raised Rs173 billion through the auction of treasury bills (T-bills) against the target of Rs600bn while it rejected the bids for six and 12 months papers. https://epaper.dawn.com/DetailImage.php?StoryImage=22_10_2021_009_005 9 Dawn
35. Pakistan to become full member of IOC The International Olive Council (IOC) has decided to admit Pakistan as its full member, saying the country contains huge potential of producing olive oil not only for domestic consumption but also for export. https://epaper.dawn.com/DetailImage.php?StoryImage=22_10_2021_009_011 9 Dawn
  International News    
36. UN sets up trust fund for ‘people’s economy’ The United Nations said on Thursday it had set up a special trust fund to provide urgently needed cash directly to Afghans through a system tapping into donor funds frozen since the Taliban takeover in August. https://epaper.brecorder.com/2021/10/22/1-page/904781-news.html 1 Business Recorder
37. High energy prices World Bank sees ‘significant’ inflation risk
Energy prices are expected to inch up in 2022 after surging more than 80% in 2021, fueling significant near-term risks to global inflation in many developing countries, the World Bank said in its latest Commodity Markets Outlook on Thursday. https://epaper.brecorder.com/2021/10/22/1-page/904775-news.html
1 Business Recorder
38. Pakistan among 11 ‘countries of concern’ on climate change for US spy agencies Afghanistan, India and Pakistan were among 11 countries singled out by U.S. intelligence agencies on Thursday as being “highly vulnerable” in terms of their ability to prepare for and respond to environmental and societal crises caused by climate change. https://epaper.brecorder.com/2021/10/22/3-page/904799-news.html 3 Business Recorder
  Editorial News    
39. Power sector: merit order violations There is a debate brewing on gas becoming dearer during winters and violation of the Economic Merit Order (EMO) in power generation. https://epaper.brecorder.com/2021/10/22/6-page/904820-news.html 6 Business Recorder
40. Currency exchange rates Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   173.40 239.86 202.60 27.45 46.28
17 Business Recorder

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