IMPORTANT BUSINESS NEWS / CURRENT AFFAIRS THURSDAY 20th OCTOBER, 2022

S.# Description Pg. # Source
1. Govt ‘actively’ mulling importing Russian oil: Dar Finance Minister Ishaq Dar said Wednesday that Pakistan is actively considering the import of oil from Russia, and if India is getting oil, Pakistan can also get it and this was conveyed to the concerned quarters in Washington. https://epaper.brecorder.com/2022/10/20/1-page/945401-news.html 1 Business Recorder
2. Nepra challenges ‘credibility’ of growth projections of WB, IMF The National Electric Power Regulatory Authority (Nepra) Wednesday challenged the credibility of growth projections of World Bank and International Monetary Fund (IMF) as their projections for Pakistan were contrary to the actual growth during the last two financial years. https://epaper.brecorder.com/2022/10/20/1-page/945404-news.html 1 Business Recorder
3. Jul-Aug LSMI output decreases The Large Scale Manufacturing Industries (LSMI) output has declined by 0.4 per cent during the first two months (July-August) of the current fiscal year 2022-23 when compared with the same period of last year, says the Pakistan Bureau of Statistics (PBS). https://epaper.brecorder.com/2022/10/20/1-page/945405-news.html 1 Business Recorder
4. Khar in Paris to attend crucial FATF meeting Minister of State for Foreign Affairs Hina Rabbani Khar is in Paris to attend an important meeting of the Financial Action Task Force (FATF), which is expected to decide about the likely removal of Pakistan from its grey list. https://epaper.brecorder.com/2022/10/20/1-page/945406-news.html 1 Business Recorder
5. DSSI framework $172m debt relief pact inked with JICA
The Government of Pakistan on Wednesday signed a debt service suspension agreement with the Japan International Cooperation Agency (JICA), amounting to deferment of payment of loans worth $172 million, under the G-20 Debt Service Suspension Initiative (DSSI) framework. https://epaper.brecorder.com/2022/10/20/1-page/945395-news.html
1 Business Recorder
6. Q1 FDI declines 47pc to $253.4m YoY Foreign Direct Investment (FDI) continued negative growth and plunged by 47 percent during the first quarter of this fiscal year (FY23). https://epaper.brecorder.com/2022/10/20/1-page/945396-news.html 2 Business Recorder
7. CPEC: PM given briefing ahead of China visit Prime Minister Muhammad Shehbaz Sharif has termed the ML-1 project as a game changer for Pakistan and the flagship project of the China-Pakistan Economic Corridor (CPEC). https://epaper.brecorder.com/2022/10/20/1-page/945398-news.html 1 Business Recorder
8. THE RUPEE: PKR weakens further Pakistan’s rupee posted a decline for the sixth consecutive session against the US dollar, and depreciated 0.53% in the inter-bank market on Wednesday. https://epaper.brecorder.com/2022/10/20/1-page/945407-news.html 1 Business Recorder
9. Stocks land in green zone Pakistan Stock Exchange Wednesday witnessed a bullish trend on the back of aggressive buying in almost all sectors. https://epaper.brecorder.com/2022/10/20/1-page/945400-news.html 1 Business Recorder
10. Handset imports: A big fall! Looking at the latest imports data, the decline in mobile phone imports is palpable. As per the shipment-based data from the Pakistan Bureau of Statistics (PBS), $160 million worth of handsets were imported in the Jul-Sep quarter of FY23, showing a year-on-year decline of 68 percent.  https://epaper.brecorder.com/2022/10/20/2-page/945410-news.html 2 Business Recorder
11. Cotton: spinners turn lucky? Luck, thy name is recession. https://epaper.brecorder.com/2022/10/20/2-page/945411-news.html 2 Business Recorder
12. Polyester chain: customs valuation enhanced The Directorate General of Customs Valuation, Karachi has enhanced custom values on the polyester chain items including polyester filament yarn.
https://epaper.brecorder.com/2022/10/20/2-page/945415-news.html
2 Business Recorder
13. Japan extends assistance of $7m to flood-hit people: diplomat The First Secretary of the Japanese Embassy, Katsura Gawa, has said that Japan has doled out $7 million to help the flood affectees. https://epaper.brecorder.com/2022/10/20/2-page/945416-news.html 2 Business Recorder
14. Illegal trading of US dollars: APAT demands action against bankers, traders The All Pakistan Anjuman-e-Tajran (APAT) has demanded of the federal and provincial government to identify and gave exemplary punishments to those industrialists and bankers who were allegedly involved in hoarding and illegal trade of the US dollars. https://www.brecorder.com/news/40204111/illegal-trading-of-us-dollars-apat-demands-action-against-bankers-traders 3 Business Recorder
15. Spot rate remains unchanged at Rs17,500/maund on cotton market The local cotton market on Wednesday remained bearish and the trading volume remained low. https://epaper.brecorder.com/2022/10/20/4-page/945428-news.html 4 Business Recorder
16. New import conditions irk timber traders Timber importers and traders have demanded immediate suspension of import conditions on wood and timber under HS Code 44.01 to 44.09 in IPO 2022 vide SRO 545(I)/ 2022 till 30th June 2023. https://epaper.brecorder.com/2022/10/20/7-page/945458-news.html 7 Business Recorder
17. IDEAS-2022 to promote country’s strategic ties with world community: CM  “The 11th edition of IDEAS scheduled from November 15-18, 2022 at Karachi Expo Centre (KEC) will significantly contribute towards fostering and promoting Pakistan’s strategic relations with international fraternity and would serve to achieve the shared objectives of global peace, stability and balance. https://epaper.brecorder.com/2022/10/20/7-page/945457-news.html 7 Business Recorder
18. Sukkur-Hyderabad Motorway Award for construction granted
The National Highway Council – the supreme body of the National Highway Authority (NHA), on Wednesday, granted the award for the construction of Sukkur-Hyderabad Motorway (M-6) project with an estimated cost of over Rs 307 billion. https://epaper.brecorder.com/2022/10/20/12-page/945469-news.html
12 Business Recorder
19. Vehicles’ parts, accessories FBR slaps additional customs duty
The Federal Board of Revenue (FBR) has imposed/ revised additional customs duty on the import of a wide range of components and accessories used in the manufacturing of vehicles. https://epaper.brecorder.com/2022/10/20/12-page/945468-news.html
12 Business Recorder
20. Dar reassures market of timely repayments Finance Minister Ishaq Dar on Wednesday said he did not get any discouragement from Washington over possible cheaper oil imports from Russia and reassured the markets that Pakistan would meet all international obligations without default. https://epaper.dawn.com/DetailImage.php?StoryImage=20_10_2022_009_006 9 Dawn
21. CAD hits lowest level since April `21 The current account deficit shrank 72.5 per cent on a year-on-year basis to $316 million for September, which is the lowest monthly figure since April 2021. https://epaper.dawn.com/DetailImage.php?StoryImage=20_10_2022_009_007 9 Dawn
22. Auto financing drops for third straight month The amount of outstanding auto loans decreased for the third consecutive month at the end of September, data released by the State Bank of Pakistan (SBP) showed on Wednesday. https://epaper.dawn.com/DetailImage.php?StoryImage=20_10_2022_009_010 9 Dawn
23. Big industry grows 0.6pc in August Large-scale manufacturing (LSM) swung to growth in August, posting an annual increase of 0.6 per cent and 3.9pc compared to July, official data showed on Wednesday, suggesting the economy has slightly revived. https://epaper.dawn.com/DetailImage.php?StoryImage=20_10_2022_009_008 9 Dawn
24. Govt raises Rs853bn via T-bill auction The government on Wednesday raised Rs853 billion less than the auction target of treasury bills but the cut-off yields were slightly reduced. https://www.dawn.com/news/amp/1715934 9 Dawn
25. TCP tenders for 0.5m tonnes of wheat The state-run Trading Corporation of Pakistan (TCP) has issued a new international tender to purchase and import 500,000 tonnes of wheat, European traders said on Wednesday. https://epaper.dawn.com/DetailImage.php?StoryImage=20_10_2022_009_011 9 Dawn
26. Meezan Bank profit rises Meezan Bank Ltd recorded unconsolidated earnings of Rs11.5 billion for July-September, up 65pc on a year-on-year basis. A stock notice on Wednesday said the bank also announced an interim cash dividend of Rs2 per share. https://epaper.dawn.com/DetailImage.php?StoryImage=20_10_2022_009_005 9 Dawn


Editorial News    
27. The shifting sands of RekoDiq mine In Balochi language ‘RekoDiq’ means ‘sandy peak’. https://epaper.brecorder.com/2022/10/20/6-page/945450-news.html 6 Business Recorder
28. Conflict within ruling class major cause of economic ‘meltdown’ Pakistan initiated economic stabilisation and structural reform programmes in 1988. https://epaper.brecorder.com/2022/10/20/6-page/945454-news.html 6 Business Recorder
29. Currency exchange rates Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   228.00 257.00 224.20 34.50 60.60
5 Business Recorder

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