IMPORTANT BUSINESS NEWS / CURRENT AFFAIRS SATURDAY 9th OCTOBER, 2021

S.# Description Pg. # Source
1. IMF talks on power sector reform pace remain inconclusive Talks at the technical level between Pakistani authorities and the International Monetary (IMF) reportedly remained inconclusive on the pace of power sector reforms with the latter reportedly expressing concern over non-implementation of the tariff agreed during the second to fifth review talks held in February 2021. https://epaper.brecorder.com/2021/10/09/1-page/903361-news.html 1 Business Recorder
2. Discos’ tariff increased by Rs1.95 per unit National Electric Power Regulatory Authority (Nepra) has increased tariffs of Distribution Companies (Discos) by Rs1.95 per unit for August 2021 under monthly Fuel Component Adjustment (FCA) mechanism, amid dissenting note from Vice Chairman Nepra on purpose of power plants whose PPAs were altered without Authority’s approval. https://epaper.brecorder.com/2021/10/09/1-page/903362-news.html 1 Business Recorder
3. THE RUPEE: PKR: second successive gain Pakistan’s rupee posted its second successive gain against the US dollar, appreciating to 170.53 in the inter-bank market on Friday. https://epaper.brecorder.com/2021/10/09/1-page/903463-news.html 1 Business Recorder
4. Pakistan for ties anchored in economic cooperation, US official told Pakistan conveyed to Biden administration’s top visiting diplomat Friday that it wants a broad-based, long-term, and sustainable relationship anchored in economic cooperation, regional connectivity and peace in the region, through a regular and structured dialogue process for promoting common interests and advancing shared regional objectives. https://epaper.brecorder.com/2021/10/09/1-page/903357-news.html 1 Business Recorder
5. Only 70 to 80 Pakistanis identified by FBR so far The Federal Board of Revenue (FBR) has so far identified only 70-80 Pakistanis named in the Pandora Papers having offshore companies in tax havens aboard. https://epaper.brecorder.com/2021/10/09/1-page/903364-news.html 1 Business Recorder
6. Remittances post 12pc growth in Q1 The inflows of home remittances posted 12 percent growth during the first quarter of this fiscal year supported by the government’s proactive policy measures to enhance the inflows through legal channels. https://epaper.brecorder.com/2021/10/09/1-page/903365-news.html 1 Business Recorder
7. SPI up 1.21pc WoW The Sensitive Price Indicator (SPI) for the week ended October 7, 2021 recorded an increase of 1.21 percent due to increase in the prices of food items including chicken (17.12 percent), potatoes (5.89 percent), garlic (3.70 percent), tea Lipton (1.98 percent), wheat flour bag (1.97 percent), tomatoes (1.83 percent),and non-food items including LPG (7.73 percent), petrol (3.20 percent), and diesel (1.59 percent), says the Pakistan Bureau of Statistics (PBS). https://epaper.brecorder.com/2021/10/09/1-page/903367-news.html 1 Business Recorder
8. RDA fetches $2.4bn by Sept-end Roshan Digital Account (RDA), a banking solution for Non-Resident Pakistanis (NRPs), has fetched foreign inflows amounting to $2.4 billion by end of September 2021. https://epaper.brecorder.com/2021/10/09/1-page/903366-news.html 1 Business Recorder
9. PSX turns bearish BRIndex100 slips
Despite foreign buying, Pakistan Stock Exchange Friday witnessed a bearish trend and closed on a negative note due to selling by local investors. https://epaper.brecorder.com/2021/10/09/1-page/903360-news.html
1 Business Recorder
10. CPEC labour projects: Chinese cos will invest in insurance industry: PCJCCI president Pakistan’s insurance industry has great potential in the wake of forthcoming CPEC labour projects and Chinese companies are interested to invest in this sector too. https://www.brecorder.com/news/40125555/cpec-labour-projects-chinese-cos-will-invest-in-insurance-industry-pcjcci-president 2 Business Recorder
11. Textile sector badly hit by sharp decline in cotton production: VC Cotton production has shrunk by more than 60 percent from 14.81 million bales to 5.65 million bales in 2020/21 season during a decade, resulting in considerable loss to Pakistan’s textile sector and economy, Pakistan position in cotton production has shifted from fourth to fifth in cotton producing countries of the world, said Prof Dr Iqrar Ahmad Khan Vice Chancellor University of Agriculture Faisalabad. https://www.brecorder.com/news/40125562/textile-sector-badly-hit-by-sharp-decline-in-cotton-production-vc 2 Business Recorder
12. Loans worth Rs460m disbursed among 815 people Under Punjab Rozgar Scheme, loans worth Rs 460 million have been distributed among 815 people so far. https://www.brecorder.com/news/40125556/loans-worth-rs460m-disbursed-among-815-people 2 Business Recorder
13. Housing, construction finance promotion SBP launches dedicated webpage
State Bank of Pakistan (SBP) has launched a dedicated landing webpage on Friday for promotion of housing and construction finance. https://epaper.brecorder.com/2021/10/09/3-page/903391-news.html
3 Business Recorder
14. Acquisition of extra land for Dadhocha Dam Govt has provided Rs1.17bn, Punjab AAG tells SC
The Supreme Court was informed that Rs1,173 million has been provided by the Punjab government for acquisition of additional land for Dadhocha Dam. https://epaper.brecorder.com/2021/10/09/8-page/903432-news.html
8 Business Recorder
15. Proposed SOEs’ Bill NA panel defers decision, asks MoF to furnish draft law
A meeting of the National Assembly Standing Committee on Finance deferred approval of the proposed State-owned Enterprises (SOEs) Bill, 2021 and asked the Finance Ministry to provide a draft law in the next meeting after some members refused to endorse any law proposed by the multilaterals including the International Monetary Fund (IMF) without perusing it. https://epaper.brecorder.com/2021/10/09/8-page/903429-news.html
8 Business Recorder
16. Official spot rate takes a breather The Spot Rate Committee of the Karachi Cotton Association on Friday decreased the spot rate by Rs 100 per maund and closed it at Rs 14600 per maund. https://epaper.brecorder.com/2021/10/09/12-page/903443-news.html 12 Business Recorder
17. Pakistan tenders for 50,000 tonnes of sugar  The Trading Corporation of Pakistan (TCP) has issued a new international tender to purchase 50,000 tonnes of white sugar, European traders said on Friday. https://epaper.dawn.com/DetailImage.php?StoryImage=09_10_2021_005_011 5 Dawn
18. Pakistan gets record $8bn remittances in July-Sept Overseas Pakistanis sent the highest-ever $8 billion remittances during the first quarter of the current fiscal year, registering a growth of 12.5 per cent over the same period last year. https://epaper.dawn.com/DetailImage.php?StoryImage=09_10_2021_009_006 9 Dawn
19. Services exports up 54pc to $1bn in first two months of FY22 Pakistan`s exports of services grew by about 54 per cent in the first two months of the current fiscal from what it was a year ago, according to the latest data released by the Pakistan Bureau of Statistics. https://epaper.dawn.com/DetailImage.php?StoryImage=09_10_2021_009_004 9 Dawn
20. Production shortage pushes up poultry prices Broiler chicken (live) and its meat prices in Karachi hit Rs276-300 per kg and Rs420450 per kg, showing a jump of Rs100 per kg in the last few days. https://epaper.dawn.com/DetailImage.php?StoryImage=09_10_2021_009_005 9 Dawn
21.  Pipeline capacity allocation to two developers okayed The Cabinet Committee on Energy (CCoE) on Friday approved allocation of pipeline capacity to two new LNG terminal developers to facilitate their investment in the additional gas infrastructure and once again decided to dissolve Pakistan Electric Power Company (Pepco). https://epaper.dawn.com/DetailImage.php?StoryImage=09_10_2021_012_005 12 Dawn
  International News    
22. IMF approves fourth round of debt relief for poor countries The IMF has approved a fourth round of debt relief for 24 poor nations including new recipients Lesotho and Kyrgyzstan to help them weather the Covid-19 pandemic, according to a statement released Friday. https://epaper.dawn.com/DetailImage.php?StoryImage=09_10_2021_011_008 11 Dawn
  Editorial News    
23.  Agri growth worries Just one quarter into the new fiscal the agri growth target of 3.5 percent for 2021-22 is already unlikely to be met after the cotton sowing target was missed by 13.4 percent and its production target had to be revised down from 10.5 million bales to 8.46 million bales. https://epaper.brecorder.com/2021/10/09/4-page/903401-news.html 4 Business Recorder
24. Bleak economic view  THE gloomy picture of Pakistan`s economic outlook sketched by the World Bank in its new report, The South Asia Economic Focus, highlights a number of downside risks that may keep the nation`s growth prospects significantly subdued during the present financial year. https://epaper.dawn.com/DetailImage.php?StoryImage=09_10_2021_006_001 6 Dawn
25. Currency exchange rates Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   170.85 232.54 197.73 26.77 45.61
9 Business Recorder

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