IMPORTANT BUSINESS NEWS / CURRENT AFFAIRS FRIDAY 8th OCTOBER, 2021

S.# Description Pg. # Source
1. WB lowers GDP forecast, projects higher inflation The World Bank has lowered the GDP growth projection for Pakistan by 0.1 percent, i.e., from estimated 3.5 percent in fiscal year 2021 (against Pakistan’s claim of 3.94 percent) to 3.4 percent for fiscal year 2022, while inflation is projected to edge up with expected domestic energy tariff hikes and higher oil and commodity prices. https://epaper.brecorder.com/2021/10/08/1-page/903232-news.html 1 Business Recorder
2. Up to December ECC finalises 280,000 MTs of wheat requirement for USC
The Economic Coordination Committee (ECC) of the Cabinet has finalised 280,000 metric tonnes wheat requirement for the Utility Stores Cooperation (USC) till December 2021, and decided to offer the cash redemption under National Remittance Loyalty Programme (NRLP) only to those Pakistani remitters who would return to the country permanently. https://epaper.brecorder.com/2021/10/08/1-page/903234-news.html
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3. PM for provision of targeted subsidy on essential items Prime Minister Imran Khan, on Thursday, directed government officials to expedite preparations for the provision of targeted subsidy on essential food items to the deserving population under Ehsaas Targeted Commodity Subsidy Programme. https://epaper.brecorder.com/2021/10/08/1-page/903235-news.html 1 Business Recorder
4. Cotton production likely to show nearly 20pc increase The government, on Thursday, set wheat production target at 28.9 tons for Rabi season 2021-22 on an area of 9.2 million hectares of land. https://epaper.brecorder.com/2021/10/08/1-page/903236-news.html 1 Business Recorder
5. PBC says welcomes ‘reforms-oriented’ Ordinance The Pakistan Business Council (PBC) has welcomed the reforms-oriented Presidential Ordinance covering the purview and conduct of the National Accountability Bureau. https://epaper.brecorder.com/2021/10/08/1-page/903230-news.html 1 Business Recorder
6. THE RUPEE: PKR gains A day after registering its weakest level, Pakistan’s rupee gained against the US dollar in the inter-bank market on Thursday. https://epaper.brecorder.com/2021/10/08/1-page/903240-news.html 1 Business Recorder
7. PSX witnesses bullish trend BRIndex100 rebounds
Despite foreign selling, Pakistan Stock Exchange Thursday witnessed a bullish trend and closed on a positive note on the back of fresh buying by local investors. https://epaper.brecorder.com/2021/10/08/1-page/903239-news.html
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8. Trade Organisations (Amendment) Bill 2021 okayed by Senate body Senate Standing Committee on Commerce on Thursday approved Trade Organisations (amendment) Bill 2021, with majority vote, meant to increase the tenure of office bearers of FPCCI and other chambers to two years from existing one year along with equal representation. https://epaper.brecorder.com/2021/10/08/3-page/903250-news.html 3 Business Recorder
9. ST payers FBR asks taxmen to issue bar-coded notices only
The Federal Board of Revenue (FBR) has asked the field formations to only issue bar-coded notices to the sales taxpayers to avoid any possible misuse of powers by the tax functionaries from December 31, 2021. https://epaper.brecorder.com/2021/10/08/3-page/903251-news.html
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10. Returns FBR to launch single ST portal by month-end
The Federal Board of Revenue (FBR) will launch a new “Single Sales Tax Portal” for filing of single sales tax returns by all federal and provincial sales taxpayers by the end of October 2021. https://epaper.brecorder.com/2021/10/08/4-page/903261-news.html
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11. A ‘comprehensive’ shipping transit policy formulated: Zaidi Minister for Maritime Affairs, Syed Ali Haider Zaidi has informed on Thursday that a comprehensive shipping transit policy is being formulated, which will be soon implemented to enhance the country’s exports by boosting up mutual trade with Central Asian republics. https://epaper.brecorder.com/2021/10/08/4-page/903263-news.html 4 Business Recorder
12. WeBOC: Official says customs plans to enhance clearance rate to 90pc in 1 yr Chief Collector Customs Enforcement and Compliance, Abdul Qadir Memon has said that customs department is aiming to enhance the rate of digital and automated clearance through WeBOC to 90% within a span of next one year. https://epaper.brecorder.com/2021/10/08/5-page/903264-news.html 5 Business Recorder
13. Tax returns FBR asks taxpayers to take advantage of deadline extension
The Federal Board of Revenue (FBR) has once again urged all the taxpayers, both old and new, to make the most of one-time extension of 15 days granted for filing of income tax returns till 15th October 2021. https://epaper.brecorder.com/2021/10/08/11-page/903307-news.html
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14. E-commerce system Pakistan Visa country head identifies obstacles to growth
Pakistan has yet to realise its full potential in developing its e-commerce system, due to major issues of financial inclusion and literacy, said Kamil Ali, country head, Pakistan Visa.
https://epaper.brecorder.com/2021/10/08/11-page/903308-news.html
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15. Textile: twin benefits? Global Cotton A index has reached its highest level in 118 months, with ICE futures already flirting with $2.5 per kg. https://epaper.brecorder.com/2021/10/08/13-page/903322-news.html 13 Business Recorder
16. ECC restricts cash redemption on remittances The Economic Coordination Committee (ECC) of the cabinet on Thursday empowered a committee led by Finance Minister Shaukat Tarin to ban or allow export of onions and tomatoes based on actual data and decided to restrict cash redemption of reward points on remittances to only those overseas Pakistanis who return to the motherland permanently. https://epaper.dawn.com/DetailImage.php?StoryImage=08_10_2021_001_006 1 Dawn
17. Higher wheat output target fixed amid water woes The Federal Committee on Agriculture (FCA) on Thursday fixed wheat target at 28.9 million tonnes from a sowing area of 9.2 million hectares for the rabi season 2021-22, an increase of 1.4 million tonnes over last year`s production. https://epaper.dawn.com/DetailImage.php?StoryImage=08_10_2021_009_003 9 Dawn
18. Pakistan`s growth expected to ease to 3.4pe: WB Highlighting certain downside risks, the World Bank on Thursday said Pakistan`s economic growth rate slightly came down to 3.4 percent during the current fiscal year against 3.9pc of last fiscal year. https://epaper.dawn.com/DetailImage.php?StoryImage=08_10_2021_009_004 9 Dawn
19. Investment in textile sector  Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood on Thursday appreciated new investment of $5 billion in the textile sector. https://epaper.dawn.com/DetailImage.php?StoryImage=08_10_2021_009_006 9 Dawn
  International News    
20. Oil resumes rally, US reserve release seen as unlikely Oil futures rebounded on Thursday, as the market deemed it unlikely that the United States would release emergency crude reserves or ban exports to ease tight supplies. https://epaper.brecorder.com/2021/10/08/9-page/903298-news.html 9 Business Recorder
21. Rally in cotton futures tires; dip in weekly exports weighs ICE cotton futures took a breather on Thursday from a blistering rally that has seen prices reach their highest level since mid-2011 to lock in profits, following a federal report that showed lower export sales of the fiber. https://epaper.brecorder.com/2021/10/08/9-page/903301-news.html 9 Business Recorder
  Editorial News    
22.  Supply chain crisis, imported inflation, and greater autarky Prime Minister, Imran Khan reportedly indicated that inflationary pressures are mainly due to imported inflation, as food and oil prices have risen sharply internationally. https://epaper.brecorder.com/2021/10/08/6-page/903274-news.html 6 Business Recorder
23. Currency exchange rates Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   170.95 232.24 197.91 26.78 45.64
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