IMPORTANT BUSINESS NEWS / CURRENT AFFAIRS THURSDAY 21st OCTOBER, 2021

S.# Description Pg. # Source
1. Power tariff raise under FCA imminent The government is all set to further burden power consumers with over Rs4 per unit increase in tariff under the garb of Fuel Component Adjustment (FCA) and raise in base tariff as per agreement with the International Monetary Fund (IMF) and World Bank. The Central Power Purchasing Agency (CPPA-G), an arm of Power Division, has sought an increase of Rs 2.66 per unit increase in Disco tariffs for September 2021 under FCA mechanism. BR-ePaper | Oct 21, 2021 | Page Front Page 1 (brecorder.com) 1 Business Recorder
2. Forex requirement of Diamer-Bhasha Dam project $500m raised by Wapda through Green Eurobond Federal Minister for Water Resources Moonis Elahi Wednesday informed the National Assembly that to meet the foreign currency requirement of first two years of Diamer-Bhasha Dam project, Water and Power Development Authority (Wapda) successfully raised $500 million by issuance of first-ever Green Eurobond. BR-ePaper | Oct 21, 2021 | Page Front Page 1 (brecorder.com) 1 Business Recorder
3. CA posts $3.4bn deficit on higher imports The country’s current account recorded a $3.4 billion deficit during the first quarter of this fiscal year (FY22), mainly due to higher imports. The State Bank of Pakistan (SBP) said that the current account deficit is increasing because of a strong rebound in economic activity and higher international commodity prices. BR-ePaper | Oct 21, 2021 | Page Front Page 1 (brecorder.com) 1 Business Recorder
4. Reduction in oil, ghee prices The federal government and Pakistan Vanaspati Manufactures Association (PVMA) have finalised Memorandum of Understanding (MoU) to reduce prices of edible oil, ghee. BR-ePaper | Oct 21, 2021 | Page Front Page 1 (brecorder.com) 1 Business Recorder
5. IMF talks ‘progressing around various pillars of programme’ The International Monetary Fund (IMF) has stated that Fund’s mission to Pakistan and authorities are currently in the process of the discussion around the sixth review of the program. BR-ePaper | Oct 01, 2021 | Page Front Page 1 (brecorder.com) 1 Business Recorder
6. THE RUPEE: PKR’s weakens further Pakistan’s rupee continued to weaken, depreciating another 0.4% to a record low against the US dollar to close at 173.47 in the inter-bank market on Wednesday. BR-ePaper | Oct 21, 2021 | Page Front Page 1 (brecorder.com) 1 Business Recorder
7. Investment cooperation in green development Pakistan, China may sign three-year pact Pakistan and China are likely to sign a three-year pact on promotion of investment cooperation in green development, well informed sources told Business Recorder. The MoU will be inked with Ministry of Commerce China which is actively implementing China’s commitment to be carbon neutral by 2060. The Ministry is also carrying out China’s 14th Five-year plan (2021-2025) for National Economic and Social Development and long-range objectives though the year 2035. BR-ePaper | Oct 21, 2021 | Page Front Page 1 (brecorder.com) 1 Business Recorder
8. PSX exceeds 44,000-level Pakistan Stock Exchange Wednesday witnessed a bullish trend and closed on a strong positive note with healthy gains on the back of aggressive buying, mainly by local investors in almost all sectors. BR-ePaper | Oct 21, 2021 | Page Front Page 1 (brecorder.com) 1 Business Recorder
9. New auto policy ‘Ministry is likely to take draft to govt for approval in 2 weeks’ The Ministry of Industries and Production will likely to take draft of new auto policy to the federal government for approval within two weeks, secretary industries apprised a parliamentary panel Wednesday. BR-ePaper | Oct 21, 2021 | Page National News Page 3 (brecorder.com) 3 Business Recorder
10. PBC says price hike to fuel inflation Pakistan Business Council (PBC) has opposed increase in tariffs on essential items, maintaining that it will further accelerate inflation.  The PBC, in its analysis dated July-Sept 21 on import figures released by the Pakistan Bureau of Statistics (PBS) argued that imports rose by $ 7.5 billion or 66 percent over the previous year which is alarming.  BR-ePaper | Oct 21, 2021 | Page North Page 4 (brecorder.com) 4 Business Recorder
11. PSM ‘feeding white elephants’ since its closure, AGP tells PAC The Auditor General of Pakistan (AGP), on Wednesday, revealed that Pakistan Steel Mills (PSM) has been feeding white elephants within the mills since closure in 2015-16. BR-ePaper | Oct 21, 2021 | Page North Page 4 (brecorder.com) 4 Business Recorder
12. OMAP urges govt to reduce turnover tax rate Chairman Oil Marketing Association of Pakistan (OMAP) Tariq Wazir Ali on Wednesday demanded that government should provide relief to the oil marketing companies by reducing turnover tax and by reducing the load of cargo ships on the port. BR-ePaper | Oct 21, 2021 | Page North Page 4 (brecorder.com) 4 Business Recorder
13. Gold prices continue to soar Gold prices on Wednesday continued to skyrocket on the local market, traders said. After growing by Rs2500, the precious metal now came to stand for Rs122,200 per tola. With an increase of Rs2144, it was sold for Rs104767 per 10 grams. BR-ePaper | Oct 21, 2021 | Page South Page 5 (brecorder.com) 5 Business Recorder
14. Asian textile industry must embrace digital transformation Former President, Employers’ Federation of Pakistan, Majyd Aziz has said that to be digital or not is no longer the option and so Asian textile industry must embrace digital transformation that is imperative and must make the most of it. BR-ePaper | Oct 21, 2021 | Page Comments and News Page 7 (brecorder.com) 7 Business Recorder
15. Regional countries LCCI calls for post-Covid-19 review of FTAs The Lahore Chamber of Commerce & Industry on Wednesday called for post-covid review of Free Trade Agreements with regional countries including China. BR-ePaper | Oct 21, 2021 | Page National News Page 11 (brecorder.com) 11 Business Recorder
16. FBR to notify revised valuation of immovable property by Nov The Federal Board of Revenue (FBR) will notify revised valuation of immovable property by 1st of November, said sources. BR-ePaper | Oct 21, 2021 | Page National News Page 11 (brecorder.com) 11 Business Recorder
17. Digital mode of payment PAA, PBC point out implementation challenges Pakistan Advertising Association (PAA) and the Pakistan Business Council (PBC) have raised serious issues in the practical implementation of digital mode of payment, which would dismantle existing business practice of using valid banking instrument i.e. post-dated cheques. BR-ePaper | Oct 21, 2021 | Page Back Page 12 (brecorder.com) 12 Business Recorder
18. Measuring the impact of concessionary finance to exporters In an earlier comment two months ago, BR Research had noted that the textile export growth story has its roots in the phenomenal increase of concessionary working capital to the industry, which has grown by over two-thirds both in dollar and rupee terms in the past 2 years. BR-ePaper | Oct 21, 2021 | Page Analyses and Comments Page 13 (brecorder.com) 13 Business Recorder
19. FDI ecosystem needs a shake-up While not so soaring as many have been reporting, FDI to Pakistan has witnessed an improvement in September 2021, rising by 16 percent year-on-year to $263 million as per SBP official data. BR-ePaper | Oct 21, 2021 | Page Analyses and Comments Page 13 (brecorder.com) 13 Business Recorder
  FBR official says IRIS to be replaced with new system Chief Commissioner Inland Revenue Federal Board of Revenue (FBR) Tariq Mustafa has said that it was not the policy of FBR to impose more burdens on taxpayers. We will introduce a new and efficient system replacing IRIS in which all kinds of taxes can be easily paid in one place. BR-ePaper | Oct 21, 2021 | Page Brief Recordings Page 18 (brecorder.com) 18 Business Recorder
20. Panel urges early resolution of tax, procedural matters facing CPEC The Pak-China Relations Steering Committee (PCRSC) on Wednesday asl(ed the federal and provincial authorities to expedite the resolution of outstanding taxation and procedural matters of Chinese investors on priority to attract further investments in special economic zones (SEZs). Dawn-ePaper | Oct 21, 2021 | Panel urges early resolution of tax, procedural matters facing CPEC 9 Dawn
21. Govt urged to deregulate fertiliser sector The fertiliser industry has called upon the government for a complete deregulation of the sector without gas subsidies or any other benefits because urea manufacturers are internationally competitive and can operate without any government support. Dawn-ePaper | Oct 21, 2021 | Govt urged to deregulate fertiliser sector 9 Dawn
22. CAD exceeds annual target in 1QFY22 The country`s current account deficit (CAD) swelled to 4.1 per cent of GDP in the first quarter exceeding the 2-3pc range projected by the State Bank of Pakistan (SBP) for 2021-22.However, the CAD narrowed 24 per cent to $1.113 billion in September from $1.473bn in the preceding month. Dawn-ePaper | Oct 21, 2021 | CAD exceeds annual target in 1QFY22 9 Dawn
  Editorial News    
23. The inflation challenge Raising prices of POL products by 11 percent effective 15 October has staggered a populace already reeling from an inflation of 9 percent in September with food staples, particularly wheat and sugar, witnessing a rise in prices even at government controlled Utility Stores Corporation — outlets used by government to extend subsidies to contain inflation. BR-ePaper | Oct 21, 2021 | Page Opinion and Editorial Page 6 (brecorder.com) 6 Business Recorder
24. Sales tax exemptions According to news reports, a presidential ordinance to withdraw sales tax exemptions, zero rating and reduced sales tax rates accounting for 330 billion rupees is likely to be promulgated within a week or so. BR-ePaper | Oct 21, 2021 | Page Opinion and Editorial Page 6 (brecorder.com) 6 Business Recorder
25. Currency exchange rates Countries   U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   173.80   237.00 200.00 26. 00 45.90 17   Business Recorder

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