IMPORTANT BUSINESS NEWS / CURRENT AFFAIRS FRIDAY4thJune, 2021

S.# Description Pg. # Source
1. 3.2m lost jobs due to Covid-19 Along with over 3 million employment loss, around 6.7 million employees experienced a fall in their income due to Covid-19 and imposition of lockdown across the country.  https://www.brecorder.com/news/40097792/32m-lost-jobs-due-to-covid-19 1 Business Recorder
2. FY22, FY23: Economic team unveils gameplan The government on Thursday said the revenue collection would be increased by 20 percent every year to take the total tax collection to Rs7 trillion over the next two years. https://www.brecorder.com/news/40097787/fy22-fy23-economic-team-unveils-gameplan 1 Business Recorder
3. $250m spent on vaccine procurement: Umar Federal Minister for Planning and Development Asad Umar Thursday said the government, so far has spent around $250 million to procure Covid vaccines. https://www.brecorder.com/news/40097793 1 Business Recorder
4. 2nd quarterly report unveiled: Economy picking up; three areas need vigilance: SBP The State Bank of Pakistan (SBP) Thursday said Pakistan’s macroeconomic outlook for the current fiscal year has further improved supported by growing industrial activity, promising output of major Kharif crops and a pick-up in the services sector during the second quarter of this fiscal year (FY21). https://www.brecorder.com/news/40097788/2nd-quarterly-report-unveiled-economy-picking-up-three-areas-need-vigilance-sbp 1 Business Recorder
5. Higher LNG prices: SBP for pooling mechanism to pass on impact to consumers The State Bank of Pakistan (SBP) has asked the government for an appropriate price pooling mechanism to pass on the impact of higher LNG prices to consumers; otherwise, it risks the formation of a circular debt situation akin to the one prevailing in the electricity sector. https://www.brecorder.com/news/40097789 1 Business Recorder
6. KE gets additional 200MW to meet night-time demand Minister for Energy Hammad Azhar said on Thursday that the federal government has enhanced additional electricity supply to Karachi Electric (KE) by 200MW to meet the night-time demand of Karachi, in addition to the already available quota of 350MW. https://www.brecorder.com/news/40097785 1 Business Recorder
7. Govt leading ‘green finance’ innovations: PM Prime Minister Imran Khan on Thursday said through “future green financing”, Pakistan was proud to take a lead in conservation of ecological systems and ensure a secure and livable environment for its coming generations. https://www.brecorder.com/news/40097786 1 Business Recorder
8. THE RUPEE: Slightly up against USD On Thursday, PKR went up slightly against USD in interbank market. In global currency markets, USD saw a break in downward trend as traders awaited for US economic data and accompanying Fed’s interest rate policy. https://www.brecorder.com/news/40097664 1 Business Recorder
9. PSX extends losses: BRIndex100 little changed Pakistan Stock Exchange Thursday witnessed a mixed trend with low trading activities. https://www.brecorder.com/news/40097791/psx-extends-losses-brindex100-little-changed 1 Business Recorder
10. Tax defaulters: Tarin warns of action if any wrongdoing found after third-party audit Federal Minister for Finance and Revenue Shaukat Tarin has warned that if any wrongdoing was found after the audit by third party, it will result in initiation of investigation and punitive action. https://www.brecorder.com/news/40097782 2 Business Recorder
11. Govt urged to include Chirah Dam in PSDP A National Assembly panel headed by SAPM on CDA, Ali Nawaz Awan on Thursday requested the federal government to include Chirah Dam in Public Sector Development Programme (PSDP), as the Punjab government has not shown any interest in its construction even after the passage of four decades. https://www.brecorder.com/news/40097783/govt-urged-to-include-chirah-dam-in-psdp 2 Business Recorder
12. Poultry: a bad time for a witch hunt? In a press statement released earlier this week, the Competition Commission of Pakistan (CCP) notes that broiler chicken prices “experienced a rise of 110 percent” between March 2020 and May 2021”. https://www.brecorder.com/news/40097616 13 Business Recorder
13. Spot rate stable amid slow trade The local market remained stable on Thursday. Market Sources told that trading volume remained thin. https://www.brecorder.com/news/40097688/spot-rate-stable-amid-slow-trade 16 Business Recorder
14. Economic recovery more visible: SBP The economic recovery is becoming more visible exceeding the previous forecast to reach 3 per cent GDP growth rate with 7-9pc inflation and better prospects for wheat output, State Bank`s Second Quarterly Report said on Thursday. https://epaper.dawn.com/DetailImage.php?StoryImage=04_06_2021_009_006 9 Dawn
15. No FBR notices after July 1, Tarin assures businesses Finance and Revenue Minister Shaukat Tarin has assured businessmen that no notices will be issued by the Federal Board of Revenue (FBR) from July 1 as the taxpayers will be able to carry out self assessment whereas only 4 to 5 per cent of the cases will be sent for audit which will not be done by FBR but by the third party. https://epaper.dawn.com/DetailImage.php?StoryImage=04_06_2021_009_010 9 Dawn
16. SME Bank`s pre-bidding process complete The Privatization Commission (PC) on Thursday completed the pre-bidding process for the privatization of SME Bank and parties interested in the transaction were shortlisted. https://epaper.dawn.com/DetailImage.php?StoryImage=04_06_2021_009_007 9 Dawn
17. Pakistan LNG gets offers for nine cargoes  Six companies have placed the lowest offers for a buy tender by Pakistan LNG for nine liquefied natural gas (LNG) cargoes to be delivered in July and August, according to a document posted on the company website. https://epaper.dawn.com/DetailImage.php?StoryImage=04_06_2021_009_008 9 Dawn
18. Generation capacity of 57,204MW needed by 2030, says paper Even though the government appears to be slowing down ongoing power projects, it will have to increase generation capacity by 35-40 per cent from about 34,501MW to 57,204MW by 2030. https://epaper.dawn.com/DetailImage.php?StoryImage=04_06_2021_012_003 12 Dawn
  Editorial News    
19. Economy not out of the woods yet Consumer Price Index (CPI) data released by the Pakistan Bureau of Statistics for May 2021 indicates inflation has risen to 10.9 percent against 11.1 percent in April 2021 and 8.2 percent in May 2020. https://www.brecorder.com/news/40097713/economy-not-out-of-the-woods-yet 10 Business Recorder
20. Trade deficit  AKISTAN`S trade deficit has expectedly widened sharply during May, the ministry of commerce data showed on Wednesday.  https://epaper.dawn.com/DetailImage.php?StoryImage=04_06_2021_006_002 6 Dawn
21. Currency exchange rates Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   154.80 219.35 188.97 24.38 41. 31
17   Business Recorder

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