IMPORTANT BUSINESS NEWS / CURRENT AFFAIRS FRIDAY 6th JANUARY, 2023

S.# Description Pg. # Source
1. First phase of 1,000MW solar panels Bidding process to begin next week, PM informed
Prime Minister Shehbaz Sharif was informed on Thursday that the bidding process for the first phase of 1,000 MW solar panels would be started next week. https://epaper.brecorder.com/2023/01/06/1-page/951736-news.html
1 Business Recorder
2. Ecnec approves PM’s Youth Laptop Scheme A meeting of the Executive Committee of the National Economic Council (ECNEC) has approved Prime Minister’s Youth Laptop Scheme with an increased cost of Rs 10.827 billion. https://epaper.brecorder.com/2023/01/06/1-page/951737-news.html 1 Business Recorder
3. Economy PBC team meets PM, offers suggestions
A five-member delegation of Pakistan Business Council (PBC) led by its chairman Muhammad Aurangzeb met Prime Minister Shehbaz Sharif on Thursday, said a press release. https://epaper.brecorder.com/2023/01/06/1-page/951738-news.html
1 Business Recorder
4. Edible oil SBP, MoF urged to ask banks to open LCs
The edible oil industry has asked the State Bank of Pakistan (SBP) and Ministry of Finance to direct the commercial banks to honor its request for opening of Letters of Credit (LCs) to avoid crisis and actuate shortage of ghee and cooking oil. https://epaper.brecorder.com/2023/01/06/1-page/951726-news.html
1 Business Recorder
5. Foreign exchange reserves at almost 9-year low level The foreign exchange reserves held by the State Bank of Pakistan (SBP) reached almost nine years low level due to slow foreign inflows and continued external debt servicing. https://epaper.brecorder.com/2023/01/06/1-page/951730-news.html 1 Business Recorder
6. TT charges against home remittances Process of reimbursement streamlined
The State Bank of Pakistan (SBP) has further streamline the process of reimbursement of TT charges against home remittances. https://epaper.brecorder.com/2023/01/06/1-page/951731-news.html
1 Business Recorder
7. RDA: Number reaches the half million mark The number of Roshan Digital Accounts (RDA) reached half million mark by end of December 2022. https://epaper.brecorder.com/2023/01/06/1-page/951732-news.html 1 Business Recorder
8. THE RUPEE: PKR: marginal loss Pakistan’s rupee registered a marginal loss against the US dollar for the 12th successive session, depreciating 0.07% in the inter-bank market on Thursday. https://epaper.brecorder.com/2023/01/06/1-page/951739-news.html 1 Business Recorder
9. Stocks range-bound Pakistan Stock Exchange on Thursday witnessed range-bound session as the investors remained cautious on their concerns over prevailing economic and political situation in the country. https://epaper.brecorder.com/2023/01/06/1-page/951734-news.html 1 Business Recorder
10. ‘Let them eat poison’ Some statements dese-rve to be ridiculed. https://epaper.brecorder.com/2023/01/06/2-page/951742-news.html 2 Business Recorder
11. Oil price respite won’t last A 10 percent drop in Brent oil price in two days got people excited, with the usual calls of “oil soon to hit $50/bbl” taking over. https://epaper.brecorder.com/2023/01/06/2-page/951743-news.html 2 Business Recorder
12. Customs officers FBR chief competent authority to sanction cash rewards
The Federal Board of Revenue (FBR) chairman has been declared as the competent authority to sanction cash rewards to the customs officers (BS-1 to BS-21) in FBR headquarters for rendering meritorious services including exceeding revenue collection targets for 2022-23. https://epaper.brecorder.com/2023/01/06/2-page/951747-news.html
2 Business Recorder
13. ECNEC approves $50m funding for hydro-met project of PMD The Executive Committee of the National Economic Council (ECNEC) has approved $50 million fresh funding for a hydro-met project, said sources in the Pakistan Meteorological Department (PMD). https://www.brecorder.com/news/40218688/ecnec-approves-50m-funding-for-hydro-met-project-of-pmd 3 Business Recorder
14. Selective buying seen on cotton market The local cotton market on Thursday remained bullish and the trading volume remained satisfactory. https://epaper.brecorder.com/2023/01/06/4-page/951757-news.html 3 Business Recorder
15. Largest takeover of local startup by a US firm PSX hosts gong ceremony to mark acquisition of Cloudways by DigitalOcean The Pakistan Stock Exchange (PSX) welcomed Lord Aamer Sarfraz of Kensington, who is a senior adviser to several NYSE-listed technological firms including DigitalOcean Holdings Inc, Yancey Spruill, the CEO of DigitalOcean, and AaqibGadit, the founder of Cloudways, at a gong ceremony held to celebrate the acquisition of Cloudways by DigitalOcean Holdings Inc. https://epaper.brecorder.com/2023/01/06/7-page/951792-news.html 7 Business Recorder
16. Gold prices down Gold prices on Thursday slumped on the local market, traders said. Prices nosedived by Rs5200 to Rs183400 per tola and Rs4458 to Rs157236 per 10 grams. https://epaper.brecorder.com/2023/01/06/7-page/951794-news.html 7 Business Recorder
17. ST collected from consumers Businesspeople urged to deposit entire amount in exchequer The Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Thursday, urged upon the business community to deposit the whole amount of sales tax, collected from the consumers, in the national exchequer under the National Economic Agenda. https://epaper.brecorder.com/2023/01/06/12-page/951810-news.html 12 Business Recorder
18. SECP chief says PMEX-rural economy linkage to be created through reforms The Chairman, Securities and Exchange Commission of Pakistan (SECP) Akif Saeed has said regulatory and structural reforms will be introduced along with product development to link Pakistan Mercantile Exchange (PMEX) with the rural economy of Pakistan. https://epaper.brecorder.com/2023/01/06/12-page/951806-news.html 12 Business Recorder
19. Aptma team told FBR wants to reduce tax burden on taxpayers The Federal Board of Revenue (FBR) wants to reduce the burden of tax on the taxpayers, who are already enrolled in the tax net and paying their due tax regularly and honestly, said Hyder Ali Dharejo, Chief Commissioner, Regional Tax Office-I, Karachi during a meeting with All Pakistan Textile Mills Association (Aptma) delegation led by the Chairman Aptma Asif Inam. https://epaper.brecorder.com/2023/01/06/12-page/951808-news.html 12 Business Recorder
20. Jul-Nov rice exports decline 30pc to 210,184 metric tons Pakistan’s rice export registered collectively (basmati & non-basmati) around a 30 percent decline in quantity and almost 11 percent decline in value during the period of July-November 2022 as compared to the corresponding period of July-November 2021. https://epaper.brecorder.com/2023/01/06/12-page/951805-news.html 12 Business Recorder
21. Textile bodies term ‘imbalance of payments’ main problem All textile associations, in the joint press conference, held at the Pakistan Hosiery Manufacturers and Exporters Association (North Zone) office recently, appealed to the government to resolve the problems and said the main problem of the country is the imbalance of payments. https://epaper.brecorder.com/2023/01/06/12-page/951811-news.html 12 Business Recorder
22. IPPs bound to use Thar coal first The National Electric Regulatory Authority (Nepra) has made it mandatory for all independent power producers (IPPs) to utilise local coal, particularly from Thar, before opting for imports that would also be contracted in Pakistani rupees. https://epaper.dawn.com/DetailImage.php?StoryImage=06_01_2023_009_004 9 Dawn
23. Shortage of ghee, cooking oil looms With rising prices of wheat flour and chicken already hitting most household budgets, two more staples ghee and cooking oil are also going to be short in supply as well as costlier ahead of the holy month of Ramazan if corrective measures are not taken immediately, it emerged on Thursday. https://epaper.dawn.com/DetailImage.php?StoryImage=06_01_2023_009_003 9 Dawn
24. Draft readied for sharing telecom infrastructure The Ministry of IT &Telecom (MoITT)has finalised the draft oftheInfrastructureSharingFramework to boost competition as well as reduce the cost of doing business for mobile and internetservice providers. https://epaper.dawn.com/DetailImage.php?StoryImage=06_01_2023_009_008 9 Dawn
25. Gong ceremony marks largest acquisition in IT sector Welcoming the people involved in the largest acquisition of a local software company by an American firm to the Pakistan Stock Exchange (PSX), PSX CEO Farrukh H. Khan said on Thursday the transaction bodes well for the burgeoning IT industry of Pakistan. https://epaper.dawn.com/DetailImage.php?StoryImage=06_01_2023_009_009 9 Dawn
26. Bank profits to fall Earnings of commercial banks are expected to drop by 4-11 per cent for 2022 if the government imposes a new tax on their foreign exchange income. https://epaper.dawn.com/DetailImage.php?StoryImage=06_01_2023_009_010 9 Dawn
27. Millat Tractors shuts plant Amid ongoing temporary plant shutdowns by various textile mills, car assemblers and their vendors, Millat Tractors Ltd (MTL) has also suspended its plant operations, effective Jan 6, till further notice due to continuous drop in demand for tractors and cashflow constraints, the company announced through a stock filing on Thursday. https://epaper.dawn.com/DetailImage.php?StoryImage=06_01_2023_009_005 9 Dawn
  Editorial News    
28. Early to bed, early to rise? It’s appreciated that President ArifAlvi put the interests of the country ahead of his party’s strategy to undermine all the government’s initiatives to force it on the back foot and put his weight behind the official initiative to save energy by advocating early closure of markets and businesses to “conserve precious natural resources and divert them for the welfare and prosperity of the people”. https://epaper.brecorder.com/2023/01/06/6-page/951786-news.html 6 Business Recorder
29. Currency exchange rates Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   235.50 299.00 265.00 39.00 66.00
5 Business Recorder

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