IMPORTANT BUSINESS NEWS / CURRENT AFFAIRS MONDAY 13th September 2021

S.# Description Pg. # Source
1. Power generation Increase in costs leaves consumers high and dry
The country’s electricity generation cost has become costlier by over 50 per cent – Rs 6.4653 per unit in August 2021 as compared to Rs 4.2928 per unit during August 2020, which is passed on to the consumers under the garb of monthly Fuel Price Adjustment (FCA) mechanism. https://epaper.brecorder.com/2021/09/13/1-page/900439-news.html
1 Business Recorder
2. Winter months All set for incremental consumption power tariff
The Federal Government is all set to introduce electricity tariff of Rs12.66/kWh country-wide on incremental consumption for four months of winter season starting from November 1, 2021, to be available to Time of Use (ToU) and non-ToU domestic and commercial consumers, sources close to SAPM on Power and Petroleum told Business Recorder. https://epaper.brecorder.com/2021/09/13/1-page/900440-news.html
1 Business Recorder
3. FTO orders probe into FBR cyber attack issue The Federal Tax Ombudsman (FTO) has ordered an investigation into the matter of cyber attack on the Federal Board of Revenue’s (FBR) website and hacking of confidential/classified data of FBR web-portal. https://epaper.brecorder.com/2021/09/13/1-page/900433-news.html 1 Business Recorder
4. Principal amount of sales tax IR officers cannot impose penalty, levy surcharge
The Inland Revenue officers of the Federal Board of Revenue (FBR) cannot levy penalty and default surcharge alone without first determining the principal amount of sales tax under the Sales Tax Act 1990. https://epaper.brecorder.com/2021/09/13/1-page/900434-news.html
1 Business Recorder
5. KSE-100 adds 240.82 points BRIndex100 gains 38.08 points
Pakistan Stock Exchange (PSX) witnessed mixed trend during the outgoing week ended on September 10, however fresh buying by local investors in last two days supported the market to close on positive note. BRIndex100 closed at 5,047.92 points, down 41.39 points on week-on-week basis. Average daily volumes stood at 358.591 million shares. https://epaper.brecorder.com/2021/09/13/1-page/900441-news.html
1 Business Recorder
6. Futures spread increases by 845bps The futures spread increased by 845bps to 14.04 percent on the last day of outgoing week. https://epaper.brecorder.com/2021/09/13/1-page/900442-news.html 1 Business Recorder
7. 18th China-ASEAN Expo Our goods have strong competitive force, says Pakistan envoy to China
Pakistan Ambassador to China, Moin-ul-Haque said on Sunday that Pakistani goods have a strong competitive force at the 18th China-ASEAN Expo especially the textile sector, which remains one of Pakistan’s flagship products. https://epaper.brecorder.com/2021/09/13/3-page/900450-news.html
3 Business Recorder
8. ‘Kamyab Jawan’ becomes largest employment generation scheme: SAPM Special Assistant to the Prime Minister (SAPM) on Youth Affairs Muhammad Usman Dar on Sunday said there has been a massive increase in economic activity in the country due the Kamyab Jawan Programme (KJP), creating more than 50,000 employment opportunities in different sectors. https://epaper.brecorder.com/2021/09/13/3-page/900452-news.html 3 Business Recorder
9. Weekly Cotton Review Bearish trend pushes cotton prices downwards
Significant decline of Rs1000 to Rs1200 per maund in the rate of cotton. The Spot Rate decreased by Rs800 per maund. https://epaper.brecorder.com/2021/09/13/5-page/900464-news.html
5 Business Recorder
10. PKR fails to halt weekly slide
PKR failed to halt its weekly slide against major currencies in Pakistani markets.  https://epaper.brecorder.com/2021/09/13/12-page/900514-news.html
12 Business Recorder
11. The dichotomy in taxing banks
Government is taxing banks at higher rates for overly investing in government securities. https://epaper.brecorder.com/2021/09/13/13-page/900516-news.html
13 Business Recorder
12. Tax Amnesty Scheme: FBR praised for allowing taxpayers to file declarations In response to the judgment given by the Federal Tax Ombudsman (FTO), the Federal Board of Revenue (FBR) has allowed the aggrieved taxpayers who had paid their tax on whitening of assets in 2019 under the tax amnesty scheme to file their declarations by September 25th 2021. https://www.brecorder.com/news/40119735/tax-amnesty-scheme-fbr-praised-for-allowing-taxpayers-to-file-declarations 16 Business Recorder
13. A knee-jerk reaction of price controls PRICE controls have always  been popular with politicians in countries like Pakistan because of their widespread appeal and the fear of political fallout of surging prices, particularly in times of soaring inflation and shortages. https://epaper.dawn.com/DetailImage.php?StoryImage=13_09_2021_601_005 1 Dawn Business & Finance
14. The Week The government askes all six oil refining facilities in the country to provide full details of Deemed Duty collected on petroleum products since its inception two decades ago along with third party audits of its utilization https://epaper.dawn.com/Advt.php?StoryImage=13_09_2021_601_003 1 Dawn Business & Finance
15. Port tariff swapping NOTWITHSTANDING Petroleum Division`s remonstration, the Economic Coordination Committee (ECC) of the cabinet last week allowed about 13 paisa per litre increase in port charges for oil products at Fauji Oil Terminal Company (Fotco). https://epaper.dawn.com/DetailImage.php?StoryImage=13_09_2021_601_004 1 Dawn Business & Finance
16. Exit strategy post blitzscaling SOME might deem this conver-sation to be a little premature but as more and more Venture Capital (VC) money is coming into Pakistani startups and at higher valuations, one has to ask: how do they plan on making returns? Most of these wellfunded companies are being built on the premise of blitzscaling, which involves a high cash burn and (supposedly temporary) disregard for profitability to focus on top-line growth.  https://epaper.dawn.com/DetailImage.php?StoryImage=13_09_2021_601_006 1 Dawn Business & Finance
17. The profitability of banks BANKS continued making profits during the first half of 2021. https://epaper.dawn.com/DetailImage.php?StoryImage=13_09_2021_602_001 2 Dawn Business & Finance

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