IMPORTANT BUSINESS NEWS / CURRENT AFFAIRS THURSDAY 29th APRIL, 2021

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1. Fiscal consolidation or economic stimulus? Country faced with difficult choice: Tarin Minister for Finance and Revenue, Shaukat Tarin said, on Wednesday, that Pakistan has resumed the International Monetary Fund (IMF) programme and is faced with a difficult choice to strike a balance between need for fiscal consolidation and ever-rising demand for economic stimulus amid COVID-19 and in post-COVID scenarios. https://epaper.brecorder.com/2021/04/29/1-page/884258-news.html 1 Business Recorder
2. Fiscal balances worsened across MENAP: IMF Across the Middle East, North Africa, Afghanistan, and Pakistan (MENAP), countries responded to the Covid-19 pandemic with unprecedented scale and urgency, which helped save lives and cushion the economic blow, but it also exacerbated existing debt vulnerabilities and led to a surge in financing needs, says the International Monetary Fund (IMF). https://epaper.brecorder.com/2021/04/29/1-page/884256-news.html 1 Business Recorder
3. ADB projects 2pc growth, 8.7pc inflation The Asian Development Bank (ADB), while projecting slower growth for agriculture sector of Pakistan, has forecast GDP growth rate at two percent and inflation at 8.7 percent for the fiscal year 2021. https://epaper.brecorder.com/2021/04/29/1-page/884259-news.html 1 Business Recorder
4. Rs4bn RLNG subsidy approved for export-oriented sector ECC forms sub-committee for payment to IPPs The Economic Coordination Committee (ECC) of the Cabinet has approved Rs4 billion as subsidy for supply of 100 percent RLNG to export-oriented industry for the month of March 2020; however, it constituted a sub-committee on payment of Rs89.86 billion as first installment to the Independent Power Producers (IPPs)   The ECC meeting presided over by Minister for Finance and Revenue Shaukat Tarin, on Wednesday, was submitted two summaries by the Power Division with the first one regarding the release of subsidy for supply of 100 percent RLNG to export-oriented industry for March 2020 and other for approval of supplementary grant of Rs89.86 billion for payment of first instalment (40 percent) to the IPPs in accordance with the payment mechanism. https://epaper.brecorder.com/2021/04/29/1-page/884260-news.html 1 Business Recorder
5. Matiari-Lahore Transmission Line Project PMLTC-PPIB- NTDC agreement amended Chinese company M/s PMLTC, Private Power & Infrastructure Board (PPIB) and National Transmission and Despatch Company (NTDC) on Wednesday signed an amendment to the Implementation Agreement (IA) for ±660 kV HVDC Matiari – Lahore Transmission Line Project. https://epaper.brecorder.com/2021/04/29/1-page/884257-news.html 1 Business Recorder
6. Markets.Rates.The Rupee THE RUPEE: Bounces back against USD On Wednesday, PKR bounced back against USD in both interbank and open markets. https://epaper.brecorder.com/2021/04/29/1-page/884262-news.html 1 Business Recorder
7. PSX turns rangebound BRIndex100 extends losses Pakistan Stock Exchange Wednesday closed on a negative note due to selling by local and foreign investors in almost all sectors. https://epaper.brecorder.com/2021/04/29/1-page/884255-news.html 1 Business Recorder
8. President calls for adopting modern beekeeping techniques President Dr Arif Alvi has called for adopting modern beekeeping techniques and strengthening the capacity of honey producers by providing them advanced training and skills to enhance the yield and quality of organic honey produced in Pakistan. https://epaper.brecorder.com/2021/04/29/3-page/884177-news.html 3 Business Recorder
9. SBP revises office, business timings In line with the decision of National Command & Operation Centre (NCOC) to contain the spread of Covid-19, the State Bank of Pakistan has announced changes in office and business timings. https://epaper.brecorder.com/2021/04/29/3-page/884174-news.html 3 Business Recorder
10. Tobacco consumption putting burden of Rs615bn/annum on exchequer The tobacco consumption is levying a burden of Rs615 billion per annum on the national exchequer in terms of economic and health costs as the smoking-attributable direct cost is 8.3 percent of the total country’s health expenditure. https://epaper.brecorder.com/2021/04/29/6-page/884193-news.html 5 Business Recorder
11. Govt constitutes NCC on agri transformation The federal government has constituted an 11 member ‘national coordination committee (NCC) on agriculture transformation’ led by Special Advisor to Prime Minister on Food Security Jamshed Iqbal Cheema to ensure smooth implementation of recommendations of the agriculture transformation plan. https://epaper.brecorder.com/2021/04/29/6-page/884191-news.html 5 Business Recorder
12. SECP exploring concept of SPACs In light of its vision to provide viable and sustainable eco-system for capital formation, the Securities and Exchange Commission of Pakistan (SECP) is exploring the concept of special purpose acquisition company (SPACs). https://epaper.brecorder.com/2021/04/29/6-page/884189-news.html 5 Business Recorder
13. PSX holds gong ceremony on listing of Service Global Footwear Limited In an exciting development at Pakistan Stock Exchange (PSX), yet another company has been listed on the Exchange. https://epaper.brecorder.com/2021/04/29/5-page/884180-news.html 6 Business Recorder
14. Gold prices fall Gold prices on Wednesday fell on the local market, traders said. https://epaper.brecorder.com/2021/04/29/5-page/884182-news.html 6 Business Recorder
15. Nepra approves Rs0.68 cut in Discos’ tariffs for March The National Electric Power Regulatory Authority (Nepra) Wednesday approved a reduction of up to Rs 0.68 per unit in tariffs of Distribution Companies (Discos) for March 2021, under monthly fuel price adjustment formula. https://epaper.brecorder.com/2021/04/29/7-page/884196-news.html  7 Business Recorder
16. Farrukh Habib made state minister for information Pakistan Tehreek-e-Insaf (PTI) MNA Farrukh Habib to take oath as state minister for information and broadcasting tomorrow (Thursday). https://epaper.brecorder.com/2021/04/29/7-page/884201-news.html 7 Business Recorder
17. Entire area alongside CPEC western route to be developed: PM Prime Minister Imran Khan said on Wednesday the government was focused on bringing a revolution of prosperity in Balochistan through projects of infrastructure and human development. https://epaper.brecorder.com/2021/04/29/12-page/884280-news.html 12 Business Recorder
18. SC seeks reply about PRAL officials The Supreme Court Wednesday sought a reply regarding appointment procedure and the qualifications of the Pakistan Revenue Automation (Pvt) Limited (PRAL) officials. https://epaper.brecorder.com/2021/04/29/12-page/884276-news.html 12 Business Recorder
19. SBP initiates selections in all categories of PDs The State Bank of Pakistan (SBP) has initiated the procedure for selection of Primary Dealers, Preliminary Primary Dealers and Special Purpose Primary Dealers for fiscal year 2021-22. https://epaper.brecorder.com/2021/04/29/12-page/884277-news.html 12 Business Recorder
20. Bank holiday The State Bank of Pakistan and all banks will remain closed on May 1, 2021 (Saturday) on the occasion of ‘Labour Day’ as declared by the Government of Pakistan. https://epaper.brecorder.com/2021/04/29/12-page/884282-news.html 12 Business Recorder
21. Commissioner (Insurance), Insurance Division officers SECP delegates its key powers and functions The Securities and Exchange Commission of Pakistan (SECP), Wednesday, delegated its key powers and functions to the Commissioner (Insurance) and the officers of the Insurance Division to deal with insurance companies, insurance brokers, insurance surveyors, and third-party administrators. https://epaper.brecorder.com/2021/04/29/12-page/884279-news.html 12 Business Recorder
22. Selective buying on cotton market The local cotton market on Wednesday remained sluggish. Market sources told that trading volume remained very low because textile sector is not taking interest in buying of cotton amid increasing threats of lock down during the third wave of coronavirus   Cotton Analyst Naseem Usman told Business Recorder that ICE cotton futures rose to their highest since the first week of March on Tuesday, tracking strength in grains markets. https://epaper.brecorder.com/2021/04/29/16-page/884225-news.html 16 Business Recorder
23. REAP announces Rs10m reward for hybrid basmati rice breeder Rice Exporters Association of Pakistan (REAP) has announced Rs 10 million reward for breeder, who develops hybrid basmati rice. https://epaper.brecorder.com/2021/04/29/18-page/884249-news.html 18 Business Recorder
24. ADB puts Pakistan growth rate at 2pc this year The Asian Development Bank (ADB) on Wednesday forecast Pakistan`s GDP would grow by two per cent during the current year subject to successful vaccine rollout and implementation of stabilisation measures. https://epaper.dawn.com/DetailImage.php?StoryImage=29_04_2021_001_004 1 Dawn
25. Khewra salt set to be registered with international trade bodies Pakistan is close to taking the lead in the global salt trade, as local rock salt of Khwera is set to be registered with international trade bodies. https://epaper.dawn.com/DetailImage.php?StoryImage=29_04_2021_004_001 4 Dawn
26. Gap between actual, DC rates of food items widens in Punjab The gap between actual prices of essential food item s and rates fixed by the district administrations has widened sharply in Punjab during Ramazan. https://epaper.dawn.com/DetailImage.php?StoryImage=29_04_2021_009_003 9 Dawn
27. Tarin defers decision on IPP payments, LNG subsidy In his maiden meeting of the Economic Coordination Committee (ECC) of the cabinet, Finance Minister Shaukat Tarin deferred taking a decision on two crucial agenda items payments to independent power producers (IPPs) and how to go ahead with subsidy on LNG supplies to exportindustries. https://epaper.dawn.com/DetailImage.php?StoryImage=29_04_2021_012_004 12 Dawn
  Editorial News    
28. Tarin needs clear picture to steer clear of trouble Monthly Economic Bulletin and Outlook March 2021 released by the Finance Division, Economic Adviser’s Wing, maintains that “prospects of economic growth are showing visible signs of improvement however the third wave of the pandemic is posing some downward risks.” https://epaper.brecorder.com/2021/04/29/10-page/884269-news.html 10 Business Recorder
29. Currency exchange rates Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   154.45 214.34 186.51 23.96 41. 22
17   Business Recorder

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