IMPORTANT BUSINESS NEWS / CURRENT AFFAIRS THURSDAY 10th NOVEMBER, 2022

S.# Description Pg. # Source
1. Economic crisis AIIB to give us $500m to counter social fallout
Pakistan will receive $500 million as co-financing for the BRACE development program from the Asian Infrastructure Investment Bank (AIIB), the finance minister Ishaq Dar said on Wednesday. https://epaper.brecorder.com/2022/11/10/1-page/947081-news.html
1 Business Recorder
2. Steps afoot to ink trade pacts with CARs Prime Minister has directed relevant Ministries to expedite signing and implementation of trade pacts with Central Asian Republics (CARs), cooperation in defence production, sale of JF-17 aircraft to Azerbaijan and possibility of high-level visits from Belarus, well informed sources in Commerce Ministry told Business Recorder. https://epaper.brecorder.com/2022/11/10/1-page/947082-news.html 1 Business Recorder
3. Interest-free banking verdict SBP, NBP to withdraw pleas: Dar
Finance Minister Ishaq Dar has stated that the federal government has decided to withdraw the State Bank of Pakistan (SBP)’s and the National Bank of Pakistan (NBP)’s appeals from the Supreme Court against Sharia court with respect to make the economy interest-free in the next five years. https://epaper.brecorder.com/2022/11/10/1-page/947084-news.html
1 Business Recorder
4. SBP launches ‘ESRM manual’ for banks and DFIs The State Bank of Pakistan (SBP) Wednesday launched Environmental & Social Risk Management (ESRM) Implementation Manual to help banks and DFIs identify and manage environment and social risk by having the right policies, procedures and tools. https://epaper.brecorder.com/2022/11/10/1-page/947085-news.html 1 Business Recorder
5. Environmental, social risks Financial sector must become sensitive to consequences: SBP governor
State Bank of Pakistan (SBP) Governor Jameel Ahmad Wednesday said Pakistan is one of the most vulnerable countries to the impacts of climate change as witnessed during the recent floods; therefore, it is high time Pakistan’s financial sector become sensitive to financial consequences arising out of environmental and social risks. https://epaper.brecorder.com/2022/11/10/1-page/947086-news.html
1 Business Recorder
6. WB to restructure $188m PHCSP The World Bank will restructure “Pakistan Hydromet and Climate Services Project (PHCSP)” worth about $188 million by mid of the current month as the project has already faced significant delays, it is learnt. https://epaper.brecorder.com/2022/11/10/1-page/947080-news.html 1 Business Recorder
7. PSDP’s big drop The first quarter’s development spending in FY23 was widely expected to remain off the mark, considering that the macroeconomic situation required fiscal consolidation under the IMF program.  https://epaper.brecorder.com/2022/11/10/2-page/947089-news.html 2 Business Recorder
8. Construction costs dash hopes In contrast to the silver spoon that was handed by the previous government to the construction sector, the current economic and political environment offer only bad news. https://epaper.brecorder.com/2022/11/10/2-page/947088-news.html 2 Business Recorder
9. Digital lenders disbursed Rs33bn loans during last fiscal, says analyst The new digital lending fintechs (non-banking finance companies) have disbursed cumulative loans worth over Rs33 billion to more than 2.5 million borrowers through the digital lending platforms in the last fiscal year (2021-22). https://epaper.brecorder.com/2022/11/10/3-page/947099-news.html 3 Business Recorder
10. WB agrees to provide Rs5,000 per acre subsidy to growers Sindh Chief Minister Syed Murad Ali Shah in his meeting with the World Bank has decided to provide Rs5,000 per acre subsidy to the growers of seed and fertilizer for Rabi Crop. https://epaper.brecorder.com/2022/11/10/5-page/947113-news.html 5 Business Recorder
11. Turkmen envoy offers to help Pakistan meet its energy needs AtadjanMovlamov, Ambassador of Turkmenistan to Pakistan and Dean of Diplomatic Corps has said that Turkmenistan and Pakistan have huge potential of bilateral trade that can be enhanced through people-to-people contacts. https://epaper.brecorder.com/2022/11/10/5-page/947108-news.html 5 Business Recorder
12. Gold prices soar Gold prices on Wednesday further soared on the local market, traders said. They hiked by Rs1200 to Rs153500 per tola and Rs1030 to Rs131602 per 10 grams. https://epaper.brecorder.com/2022/11/10/5-page/947111-news.html 5 Business Recorder
13. SHPL-NTDCL dispute Govt may engage international firm
The Government is likely to engage an international firm to represent the government of Pakistan (GoP) at the London Court of International Arbitration (LCIA) in dispute with Star Hydro Power Limited (SHPL) and National Transmission and Despatch Company Limited (NTDCL), well informed sources told Business Recorder. https://epaper.brecorder.com/2022/11/10/10-page/947145-news.html
10 Business Recorder
14. Nine bank accounts of Chinese firms, individuals frozen for `fraud` A local accountability court has allowed a request of the anti-graft watchdog seeking freezing of nine bank accounts of two Chinese companies and four individuals for allegedly cheating the public of Rs1.1 billion through fraudulent investment schemes. https://epaper.dawn.com/DetailImage.php?StoryImage=10_11_2022_003_003 3 Dawn
15. Businesses seek `validation` for FATF compliance There`s a growing awareness among Pakistani businesses to get themselves `validated` by global market intelligence firms amid increasingly stringent compliance requirements by supra-national bodies like the Financial Action Task Force (FATF). https://epaper.dawn.com/DetailImage.php?StoryImage=10_11_2022_009_004 9 Dawn
16. Inequalities may rise due to inflation, caution experts Speakers at a consultative meeting on Wednesday warned the government that the highest-ever inflation may lead to widening inequality in Pakistan and urged for evidence-based monetary policy to ensure economic justice. https://epaper.dawn.com/DetailImage.php?StoryImage=10_11_2022_009_005 9 Dawn
17. Import of auto parts plummets in July-September As a direct outcome of the State Bank of Pakistan restrictions to cool down the demand for automobiles, the import of auto parts plunged by 36.6 per cent to $258 million in the July-September quarter from $407m in the same period last year. https://epaper.dawn.com/DetailImage.php?StoryImage=10_11_2022_009_007 9 Dawn
18. Pakistan needs $348bn for climate and development challenges: WB The World Bank has estimated that the total investment needs for a comprehensive response to Pakistan`s climate and development challenges between 2023 and 2030 amount to around $348 billion which is equal to 10.7 per cent of cumulative GDP for the same period. https://epaper.dawn.com/DetailImage.php?StoryImage=10_11_2022_009_010 9 Dawn
  Editorial News    
19. IMF ninth review The starting date for negotiations on the ninth mandatory International Monetary Fund (IMF) review, a prerequisite to the Fund Board approval of the next tranche release (894 million Special Drawing Rights), scheduled for 3 November 2022 as per the seventh/eighth review documents, has not been formally announced yet.  https://epaper.brecorder.com/2022/11/10/4-page/947102-news.html 4 Business Recorder
20. Criticality of energy management The current government has been able to secure one additional cargo from Qatar for December 2022 and January 2023 and another expected delivery of commitments made by Eni, which means that LNG will be provided at 900 mmscfd in December 2022 and 800 mmscfd in January 2023; this leaves a shortage ranging between 579-679 mmscfd. https://epaper.brecorder.com/2022/11/10/4-page/947106-news.html 4 Business Recorder
21. The `One Per Cent Republic` IN a Tedx talk I gave last year, I argued that Pakistan shouldn`t be called the Islamic Republic but rather the One Per Cent Republic. https://epaper.dawn.com/DetailImage.php?StoryImage=10_11_2022_006_005 6 Dawn

Leave a Reply