IMPORTANT BUSINESS NEWS / CURRENT AFFAIRS SATURDAY 29th OCTOBER, 2022

S.# Description Pg. # Source
1. KSA willing to set up $10bn oil refinery: PM Prime Minister Shehbaz Sharif said on Friday that Saudi Arabia is ready to establish US$9-10 billion oil refinery in the country. https://epaper.brecorder.com/2022/10/29/1-page/946112-news.html 1 Business Recorder
2. Pakistan, KSA agree to increase cooperation in energy, other sectors Pakistan and Saudi Arabia are said to have agreed to activate the agreement on financing and providing crude oil and petroleum products and exploring possibilities of supply of LNG to Pakistan, well informed sources in Board of Investment (BoI) told Business Recorder. https://epaper.brecorder.com/2022/10/29/1-page/946113-news.html 1 Business Recorder
3. PM likely to seek debt relief from China Prime Minister Shehbaz Sharif is likely to seek debt relief from China during his upcoming visit to Beijing from November 1-2 amid deteriorating economic situation and dwindling forex reserves. https://epaper.brecorder.com/2022/10/29/1-page/946114-news.html 1 Business Recorder
4. SPI inflation up 4.13pc WoW The Sensitive Price Indicator (SPI) based inflation for the week ended on October 28, recorded an increase of 4.13 percent due to increase in prices of food items including salt powder (2.57 percent), tea Lipton (1.89 percent, rice IRRI-6/9 (1.24 percent) and non-food items including electricity Q1 (89.34 percent), energy Saver (1.57 percent) and firewood (1.31 percent), says the Pakistan Bureau of Statistics (PBS). https://epaper.brecorder.com/2022/10/29/1-page/946105-news.html 1 Business Recorder
5. THE RUPEE: PKR declines further Pakistan’s rupee registered losses for the third successive session against the US dollar, and settled with a depreciation of 0.44% in the inter-bank on Friday. https://epaper.brecorder.com/2022/10/29/1-page/946119-news.html 1 Business Recorder
6. ECC allows TCP to import wheat, urea The Economic Coordination Committee (ECC) of the Cabinet has allowed Trading Corporation (TCP) import of 300,000 metric tons urea and 0.80 million metric tons (MMT) of wheat. https://epaper.brecorder.com/2022/10/29/1-page/946116-news.html 1 Business Recorder
7. No extension of IT return filing deadline: FBR The Federal Board of Revenue (FBR) will not extend the late date for filing of income tax returns beyond the deadline of October 31, 2022. https://epaper.brecorder.com/2022/10/29/1-page/946115-news.html 1 Business Recorder
8. Assets declared under two statutes not subject to CVT: expert Former chairman of the Federal Board of Revenue (FBR), Shabbar Zaidi Friday said that assets declared under two special statutes, ie, Foreign Assets (Declaration & Repatriation) Act, 2018 and Asset Declaration Ordinance, 2019 are not subject to Capital Value Tax (CVT). https://epaper.brecorder.com/2022/10/29/1-page/946117-news.html 1 Business Recorder
9. PTBA urges FBR to remove bottlenecks Pakistan Tax Bar Association (PTBA) has raised serious issues in the filing of income tax return for tax year 2022 including valuation of properties, inactive column for refund adjustment, value of properties for calculation of deemed income and a new section 7E annexure. https://epaper.brecorder.com/2022/10/29/1-page/946118-news.html 1 Business Recorder
10. Political uncertainty keeps PSX in deep red Pakistan Stock Exchange (PSX) on Friday remained under pressure and closed in deep red with heavy losses due to political unrest in the country. https://epaper.brecorder.com/2022/10/29/1-page/946111-news.html 1 Business Recorder
11. Gold prices up Gold prices on Friday continued to gain more value on the local market, traders said. https://epaper.brecorder.com/2022/10/29/3-page/946121-news.html 3 Business Recorder
12. WB estimates around $40bn flood losses, NA panel told The National Assembly Standing Committee on Climate Change was informed Friday that the World Bank estimated Pakistan’s flood losses around $40 billion. https://epaper.brecorder.com/2022/10/29/5-page/946136-news.html 5 Business Recorder
13. Cotton spot rate slides The Spot Rate Committee of the Karachi Cotton Association on Friday decreased the spot rate by Rs 200 per maund and closed it at Rs 16,500 per maund. https://epaper.brecorder.com/2022/10/29/5-page/946133-news.html 5 Business Recorder
14. Tax under Sec 7E SHC dismisses pleas
Sindh High Court (SHC) has dismissed petitions filed against imposition of tax on immovable properties on “deemed income basis” under section 7E of Income Tax Ordinance, 2001. https://epaper.brecorder.com/2022/10/29/10-page/946140-news.html
10 Business Recorder
15. PCGA demands govt take notice of cotton trade ‘crisis’ The Pakistan Cotton Growers Association (PCGA) has demanded the government take immediate notice of the crisis in the cotton trade and initiate steps to resolve the problems faced by the industry.  https://epaper.brecorder.com/2022/10/29/10-page/946145-news.html 10 Business Recorder
16. Senate panel told 152 big climatic events pushed up food insecurity in country
A parliamentary panel was informed on Friday that the country witnessed 152 extreme climatic events – in the last two decades – which led to an increase in food insecurity. https://epaper.brecorder.com/2022/10/29/10-page/946142-news.html
10 Business Recorder
17. Violation of regulatory instructions SBP imposes Rs290.363m penalty on six banks
The State Bank of Pakistan (SBP) has imposed financial penalty of Rs 290.363 million on 6 banks for violation of regulatory instructions during the quarter ended September 2022. https://epaper.brecorder.com/2022/10/29/10-page/946144-news.html
10 Business Recorder
18. Small-scale traders FBR says simple tax return form in Urdu to be notified
The Federal Board of Revenue (FBR) has informed the traders’ community that a simple return form in Urdu language would be notified for small-scale retailers and shopkeepers. https://epaper.brecorder.com/2022/10/29/10-page/946146-news.html
10 Business Recorder
19. SBP approves BankIslami sponsor shareholders The State Bank of Pakistan (SBP) has granted its approval to Ahmed Goolam Mohamed Randeree and Shabir Ahmed Randeree, sponsor shareholders of the BankIslami Pakistan Limited to purchase 28,941,595 each Banklslami Pakistan Limited shares from Emirates NBD Bank PJSC, UAE. https://epaper.brecorder.com/2022/10/29/10-page/946148-news.html 10 Business Recorder
20. NBP’s 9-month pre-tax profit soars to Rs48.3bn, 20.1pc up YoY The Board of Directors of National Bank of Pakistan “NBP” “the Bank” met on Friday to approve the condensed interim financial statements for the nine months period ended September 30, 2022. https://epaper.brecorder.com/2022/10/29/10-page/946149-news.html 10 Business Recorder
21. Pakistan needs at least $16.3bn for post-flood rehab: report Putting the flood damage and loss estimates at over $30 billion (around Rs6.5 trillion), leading international agencies have warned of a substantial increase in poverty levels, widening fiscal and external account deficits amid political and economic instability. https://epaper.dawn.com/DetailImage.php?StoryImage=29_10_2022_001_006 1 Dawn
22. Sharjeel asks Chinese firm to give time frame for bus manufacturing plant Sindh Mini­ster for Information, Trans­port and Mass Transit Shar­jeel Inam Memon has asked a Chinese company to submit its final proposal on setting up a bus manufacturing plant in the province as soon as possible so that reservation of land and other formalities could be completed for starting work on the facility. https://www.dawn.com/news/amp/1717395 2 Dawn
23. Logistics firm to migrate from GEM to PSX main board Universal Network Systems Ltd (UNSL), a logistics firm operating under the brand name of BlueEX, said on Friday it`s decided to migrate to the main board of the Pakistan Stock Exchange (PSX) from the Growth Enterprise Market (GEM) board, which is a separate PSX counter reserved for smaller and riskier companies. https://epaper.dawn.com/DetailImage.php?StoryImage=29_10_2022_009_004 9 Dawn
24. PSO quarterly profit plunges 90pc Profitability of Pakistan State Oil Company Ltd (PSO)dropped90percentyear-onyear in July-September to Rs1.2 billion, a stock notice showed on Friday. https://epaper.dawn.com/DetailImage.php?StoryImage=29_10_2022_009_005 9 Dawn
  International News    
25. China economic slowdown to drag on growth in Asia: IMF China`s `sharp and uncharacteristic` economic slowdown is expected to drag on growth across Asia through the end of next year, the International Monetary Fund (IMF) warned on Friday, darkening an already gloomy global outlook. https://epaper.dawn.com/DetailImage.php?StoryImage=29_10_2022_009_008 9 Dawn
  Editorial News    
26. Pakistan’s exports in the doldrums Subsidies such as those relating to power tariffs have been the lifelines of our export industry, notably the textile sector.  https://epaper.brecorder.com/2022/10/29/4-page/946127-news.html 4 Business Recorder
27. Billboards: the display of suggestive advertisements On October 17, 2018, the Supreme Court of Pakistan ordered the removal of all billboards and hoardings from public properties, including overhead bridges, service lanes and pedestrian pathways and overheads, in Karachi. https://epaper.brecorder.com/2022/10/29/4-page/946128-news.html 4 Business Recorder
28. Reviving CPEC PRIME Minister Shehbaz Sharif`s first official trip to China, that begins early next week, will focus on the immediate `restart` of the multibillion-dollar CPEC initiative and a swift completion of the pending large infrastructure projects. https://epaper.dawn.com/DetailImage.php?StoryImage=29_10_2022_006_001 6 Dawn

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