IMPORTANT BUSINESS NEWS / CURRENT AFFAIRS THURSDAY 14th OCTOBER, 2021

S.# Description Pg. # Source
1. High energy prices Subsidies not the right tool to deal: IMF
Governments should avoid using general subsidies as a way to soften the blow from recent high energy prices, the IMF said Wednesday. https://epaper.brecorder.com/2021/10/14/1-page/904000-news.html
1 Business Recorder
2. Rs1.39/unit hike in base tariff imminent Following understanding with International Monetary Fund (IMF), Power Division has prepared a summary for the Federal Cabinet to seek final nod for further raise in base tariff by Rs 1.39 per unit from November 1, 2021, official sources told Business Recorder. https://epaper.brecorder.com/2021/10/14/1-page/904001-news.html 1 Business Recorder
3. THE RUPEE: PKR falls for third consecutive day Pakistan’s rupee fell for the third consecutive day, depreciating further to close at yet another record low against the US dollar in the inter-bank market on Wednesday. https://epaper.brecorder.com/2021/10/14/1-page/904005-news.html 1 Business Recorder
4. Attachment of bank accounts FBR directs officials to avoid taking ‘coercive’ steps
The Federal Board of Revenue (FBR), Wednesday, directed Chief Commissioners that the coercive measures including attachment of bank accounts should be avoided until case has been decided at the level of first forum of appeals i.e., Commissioner Inland Revenue (Appeals). https://epaper.brecorder.com/2021/10/14/1-page/903998-news.html
1 Business Recorder
5. IMF projects decline in gross debt The International Monetary Fund (IMF) has projected a decline in the government gross debt for Pakistan, i.e., from 83.4 percent of Gross Domestic Product (GDP) in 2021 to 80.9 percent in 2022. According to the IMF report, “Fiscal Monitor, Strengthening the Credibility of Public Finances”, the net debt for Pakistan is also projected to decline from 74.8 percent of the GDP in 2021 to 74.1 percent in 2022. https://epaper.brecorder.com/2021/10/14/1-page/904002-news.html 1 Business Recorder
6. PSX closes in deep red BRIndex100 plunges
Pakistan Stock Exchange Wednesday nosedived on panic selling and closed in deep red with heavy losses due to investor concerns over global equity sell-off, higher inflation and slump in PKR. https://epaper.brecorder.com/2021/10/14/1-page/904003-news.html
1 Business Recorder
7. PBC irked by restoration of CCIR’s powers The Pakistan Business Council (PBC) has expressed serious disappointment over the Federal Board of Revenue’s decision to restore the powers of the Chief Commissioners of Inland Revenue to attach bank accounts.  https://epaper.brecorder.com/2021/10/14/1-page/903999-news.html 1 Business Recorder
8. PSM transaction: SOA, corporate actions on the agenda An important meeting of the Privatisation Division with Minister for Industries and Production has been convened to decide the SOA with the SECP along with corporate actions required for the Pakistan Steel Mills (PSM) transaction. https://epaper.brecorder.com/2021/10/14/4-page/904024-news.html 4 Business Recorder
9. FPCCI for injecting ‘more’ transparency into IMF talks President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Mian Nasser Hyatt Maggo and Chairman, Policy Advisory Board Mohammad Younus Dagha have underscored the need for making negotiations with IMF more transparent by involving the representatives from the FPCCI (the main representative body of taxpayers) as their members bear the brunt of the decisions taken. https://epaper.brecorder.com/2021/10/14/5-page/904027-news.html 5 Business Recorder
10. Gold prices up Gold prices on Wednesday further strengthened on the local market, traders said. https://epaper.brecorder.com/2021/10/14/5-page/904029-news.html 5 Business Recorder
11. ‘Bhang policy’ will be ready by Dec: Faraz Federal Minister for Science and Technology, Senator Shibli Faraz Wednesday informed a parliamentary panel that the industrial and medicine hemp (bhang) policy will be ready by December. https://epaper.brecorder.com/2021/10/14/13-page/904076-news.html 13 Business Recorder
12. Rs330bn sales tax exemptions Presidential Ordinance on the cards
A presidential ordinance is on the cards to withdraw sales tax exemptions, zero-rating, and reduced sales tax rates to the tune of Rs330 billion in the next 10-15 days. https://epaper.brecorder.com/2021/10/14/14-page/904082-news.html
14 Business Recorder
13. PD yet to open head of accounts to pay agreed amount to IPPs Power Division is yet to establish Head of Accounts for payment of 40 per cent of total agreed amount to the Independent Power Producers (IPPs) of the Power Policy 2002, well informed sources told Business Recorder. https://epaper.brecorder.com/2021/10/14/14-page/904087-news.html 14 Business Recorder
14. Value-added textile: rational exuberance? Ever since the current administration placed all its proverbial ‘export’ eggs in the textile basket, the market is abuzz with excitement over the coming export bonanza. https://epaper.brecorder.com/2021/10/14/15-page/904090-news.html 15 Business Recorder
15. Cotton market remains bearish The local cotton market on Wednesday remained bearish and trading volume remained satisfactory. https://epaper.brecorder.com/2021/10/14/18-page/904096-news.html 18 Business Recorder
16. IMF sees fiscal indicators improving The International Monetary Fund (IMF) on Wednesday forecast Pakistan`s major fiscal indicators gradually improving this year and beyond until 2026. https://epaper.dawn.com/DetailImage.php?StoryImage=14_10_2021_009_005 9 Dawn
17. Bank deposits jump by 17.4pc on record remittances As bank deposits grew by 17.4 per cent during the last 12 months, the investments in risk-free government securities also rose with higher percentage compared to advances. https://epaper.dawn.com/DetailImage.php?StoryImage=14_10_2021_009_004 9 Dawn
18. Non-traditional exports to traditional markets surge by 60pc: ministry The export of non-traditional products to traditional markets posted a growth of 60 per cent, suggesting a greater degree of product diversification over the past five years. https://epaper.dawn.com/DetailImage.php?StoryImage=14_10_2021_009_006 9 Dawn
19. Debt mismanagement costs taxpayers Rs2.5tr: FPCCI Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Mian Nasser Hyatt Maggo has said that a high-level inquiry be conducted into the deliberate acts of `debt mismanagement` which has cost the country`s taxpayers Rs2,500 billion and is still bleeding fiscal resources. https://epaper.dawn.com/DetailImage.php?StoryImage=14_10_2021_009_007 9 Dawn
20. Govt asks provinces to release wheat stocks daily Taking notice of rising wheat flour prices, the federal government on Wednesday renewed its demand that provincial governments of Sindh, Baluchistan and Khyber Pakhtunkhwa begin daily release of wheat for stabilizing its prices. https://epaper.dawn.com/DetailImage.php?StoryImage=14_10_2021_009_003 9 Dawn
21. Two exploration blocks awarded to local firms  The government on Wednesday awarded two exploration blocks to local oil and gas exploration and production companies in Punjab and Baluchistan. https://epaper.dawn.com/DetailImage.php?StoryImage=14_10_2021_012_003 12 Dawn
  Editorial News    
22.  IMF may have its way A Business Recorder exclusive news report has revealed that the government has agreed to pass on the withheld base tariff increase agreed with the International Monetary Fund (IMF) in the second to the fifth review talks in February 2021 – the major stumbling block in the unsuccessful sixth review talks held in June delaying the release of 750 million SDRs. https://epaper.brecorder.com/2021/10/14/6-page/904035-news.html 6 Business Recorder
23. Currency exchange rates Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   171.00 232.82 197.91 26.81 45.64
19 Business Recorder

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