IMPORTANT BUSINESS NEWS / CURRENT AFFAIRS SUNDAY 10th OCTOBER, 2021

S.# Description Pg. # Source
1. New LNG terminals to be based on B2B model: minister Minister for Energy Hammad Azhar tweeted on Saturday that the new LNG terminals will have no take or pay liability on the government like previous terminals and will be based on Business-to-Business (B2B) model. https://epaper.brecorder.com/2021/10/10/1-page/903507-news.html 1 Business Recorder
2. Overseas Pakistanis sent $2.7bn remittances in Sept: Farrukh Minister of State for Information and Broadcasting Farrukh Habib has said the Pakistanis expatriates had sent $2.7 billion remittances in September (2021), registering growth of 16.9 per cent over the same month last year. https://epaper.brecorder.com/2021/10/10/1-page/903502-news.html 1 Business Recorder
3. Periodic review of SOEs’ working MoF suggests setting up of CMU in Finance Division
The Finance Ministry has proposed that a Central Monitoring Unit (CMU) be established in the Finance Division to periodically review the financial and operational performance of state-owned enterprises (SOEs) and generate detailed reports for onward submission to the Federal Cabinet. https://epaper.brecorder.com/2021/10/10/1-page/903500-news.html
1 Business Recorder
4. Income, ST refunds: OICCI decries FBR’s ‘double standard’ The Overseas Investors Chamber of Commerce and Industry (OICCI) has accused the Federal Board of Revenue (FBR) of discrimination against those business entities whose refunds are over Rs50 million. https://epaper.brecorder.com/2021/10/10/1-page/903504-news.html 1 Business Recorder
5. FBR proposing amendments to Benami laws The Federal Board of Revenue (FBR) is proposing amendments in the Benami Transactions (Prohibition) Act, 2017 and Benami Transactions (Prohibition) Rules, 2019 to seek powers to dispose of immovable and movable Benami properties for expediting disposal process. https://epaper.brecorder.com/2021/10/10/1-page/903505-news.html 1 Business Recorder
6. Disciplinary proceedings against corrupt taxmen Inquiry officers who fail to submit reports will face action: FBR
The Federal Board of Revenue (FBR) has decided to take strict action against the inquiry officers, who failed to submit inquiry reports on disciplinary proceedings against the corrupt tax officials within the specified timeframe of 60 days. https://epaper.brecorder.com/2021/10/10/1-page/903506-news.html
1 Business Recorder
7. Prices of essential kitchen items further increase Prices of essential kitchen items have witnessed a further increase during this week past as compared with the previous week, a survey carried out by Business Recorder revealed here on Saturday. https://epaper.brecorder.com/2021/10/10/2-page/903513-news.html 2 Business Recorder
8. POL products’ shortage in 2020 OMAP rejects allegations of OMCs’ involvement
Oil Marketing Association of Pakistan (OMAP) on Saturday rejected the allegations of involvement of Oil Marketing Companies (OMCs) in the so-called shortage of petroleum products in 2020. https://epaper.brecorder.com/2021/10/10/2-page/903516-news.html
2 Business Recorder
9. Punjab govt signs MoU with MHRC The Punjab government has signed a Memorandum of Understanding (MoU) with the Mahboob-ul-Haq Research Centre (MHRC) to fill up gaps between tax policy and administration. https://epaper.brecorder.com/2021/10/10/2-page/903517-news.html 2 Business Recorder
10. Bilateral trade can soar to $5bn: Italian CG There is huge potential to increase bilateral traded between Pakistan and Italy and the volumes could increase to $5 billion. https://epaper.brecorder.com/2021/10/10/3-page/903523-news.html 3 Business Recorder
11. IRS Lahore receives over 2m tax returns so far The Inland Revenue Services (IRS) Lahore has collected over 2 million income tax returns so far and more are expected before the end of deadline of October 15, 2021. https://www.brecorder.com/news/40125687 3 Business Recorder
12. Punjab govt to provide imported sugar at Rs90/kg The Punjab government has decided to provide imported sugar at retail shops at Rs 90 per kg through dealers in all the districts. https://epaper.brecorder.com/2021/10/10/5-page/903540-news.html 5 Business Recorder
13. Firm trend on cotton market The local cotton market on Saturday remained stable and trading volume remained good. https://epaper.brecorder.com/2021/10/10/7-page/903551-news.html 7 Business Recorder
14. Significant decline witnessed in grey traffic after WMS deployment: PTA The Pakistan Telecommunication Authority (PTA) has claimed significant decline of around 92 percent in grey traffic, after deployment of Web Management Solution (WMS) – which blocks voice calls coming through unauthorized grey channels. https://epaper.brecorder.com/2021/10/10/8-page/903564-news.html 8 Business Recorder
15. Winter power incentive package may fall flat: BR survey A four-month incentive package on incremental power consumption in winter to discourage the use of gas may not bring the desired result for the federal government, an anecdotal survey carried out by Business Recorder revealed. https://epaper.brecorder.com/2021/10/10/8-page/903570-news.html 8 Business Recorder
16. IMF has asked govt to impose Rs225bn taxes: Sherry Pakistan Peoples Party (PPP) said that the International Monetary Fund (IMF) has demanded of the Pakistan Tehreek-e-Insaf (PTI) government to impose Rs 225 billion taxes on the people to collect revenue. https://epaper.brecorder.com/2021/10/10/8-page/903567-news.html 8 Business Recorder
17. Inclusive, sustainable growth direly needed: Tarin Federal Minister for Finance Shaukat Tarin Saturday said the country was in dire need of inclusive and sustainable growth for which we need to enhance revenues and promote productive sectors, including agriculture. https://www.brecorder.com/news/40125698 8 Business Recorder
18. Nepra yet to clear pending dues CCP gets payments against fee, charges from Ogra, SECP
The Competition Commission of Pakistan (CCP) has received payments of three percent fee and charges from the Oil and Gas Regulatory Authority (Ogra) and the Securities and Exchange Commission of Pakistan (SECP), but the National Electric Power Regulatory Authority (Nepra) has yet to clear pending dues. https://epaper.brecorder.com/2021/10/10/9-page/903573-news.html
9 Business Recorder
19. Turkish CG sees huge scope in construction sector The boom in the construction industry of Pakistan will provide an excellent opportunity for prospective Turkish investors to invest and launch joint ventures with Pakistani businesses. https://epaper.brecorder.com/2021/10/10/9-page/903580-news.html 9 Business Recorder
20. Low water availability in Rabi season Cultivation of wheat crop major challenge for farmers: experts
The experts on Saturday warned that the cultivation of strategic wheat crop would be a major challenge for the farmers due to low water availability in the Rabi season. https://epaper.brecorder.com/2021/10/10/9-page/903574-news.html
9 Business Recorder
21. Textile exports jump 26pc in September Textile exports grew 26 per cent to $1.503 billion in September, according to the All Pakistan Textile Mills Association. https://epaper.dawn.com/DetailImage.php?StoryImage=10_10_2021_001_002 1 Dawn
22.  Inflation will continue unabated till April: PM aide Special Assistant to the Prime Minister (SAPM) on National Food Security Jamshed Iqbal Cheema on Saturday cautioned consumers that prices of food items will continue following their upward trajectory until April next year and one must not expect any cut in the prices during this period. https://epaper.dawn.com/DetailImage.php?StoryImage=10_10_2021_009_005 9 Dawn
23.  PSX falls on Pandora Papers, IMF worries The stock market witnessed decreased investor activity in a directionless week as the benchmark index closed on Friday at 44,477 points, down 0.9 per cent or 395 points from a week ago. https://epaper.dawn.com/DetailImage.php?StoryImage=10_10_2021_009_003 9 Dawn
24. New vehicles import hits all-time high in FY21 Pakistan has witnessed record foreign exchange spending on highest-ever arrival of new automobiles in 2020-21 on strong demand followed by revival of used vehicles imports. https://epaper.dawn.com/DetailImage.php?StoryImage=10_10_2021_009_004 9 Dawn
25. Proposal to reduce gas circular debt under study The contentious proposal to adopt a `weighted average cost of gas` (WACOG) to reduce the rapid build-up of the circular debt in the gas sector is going to receive a `serious push` soon. https://epaper.dawn.com/DetailImage.php?StoryImage=10_10_2021_009_006 9 Dawn
26. Technical-level talks with IMF conclude Pakistan and the International Monetary Fund (IMF) on Saturday concluded technical-level discussions on a `positive note` and agreed to continue talks at a higher level in Washington from next week to put $6 billion Extended Fund Facility (EFF) back on track. https://epaper.dawn.com/DetailImage.php?StoryImage=10_10_2021_009_007 9 Dawn

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