IMPORTANT BUSINESS NEWS / CURRENT AFFAIRS TUESDAY 10th JANUARY, 2023

S.# Description Pg. # Source
1. Meeting between Dar, IMF officials Pakistan reaffirms commitment Pakistan reiterated its commitment to completing a programme with the International Monetary Fund in a meeting on the sidelines of a climate conference in Geneva on Monday, the finance ministry said in a statement. https://epaper.brecorder.com/2023/01/10/1-page/952042-news.html 1 Business Recorder
2. Pakistan may dodge default in next 6 months: Bloomberg Pakis-tan is likely to dodge default in the next six months, but its troubles are not over, stated Bloomberg Economics in a report on Monday. https://epaper.brecorder.com/2023/01/10/1-page/952044-news.html 1 Business Recorder
3. Demands for reforms PM asks IMF for a pause Prime Minister Shehbaz Sharif on Monday asked the IMF for a pause in its demands for economic reforms before releasing more financial aid, as the country tries to rebuild after catastrophic floods. https://epaper.brecorder.com/2023/01/10/1-page/952043-news.html 1 Business Recorder
4. Disaster risk reconstruction ADB to reprioritise $1bn over 3 years The Asian Development Bank (ADB) will reprioritise up to $1 billion for climate and disaster risk reconstruction, as well as, resilience support over the next three years for Pakistan. https://epaper.brecorder.com/2023/01/10/1-page/952045-news.html 1 Business Recorder
5. Two shipments of wheat arrive Two consignments of wheat imported by Trading Corporation of Pakistan (TCP) have arrived in Pakistan for domestic consumption. https://epaper.brecorder.com/2023/01/10/1-page/952041-news.html 1 Business Recorder
6. THE RUPEE: PKR: marginal loss Pakistan’s rupee registered a marginal loss against the US dollar for the 14th consecutive session, depreciating 0.12% in the inter-bank market on Monday. https://epaper.brecorder.com/2023/01/10/1-page/952049-news.html 1 Business Recorder
7. Donors pledge more than $9bn to help flood recovery Pakistan said Monday it had received pledges of more than $9 billion at an international conference seeking support for its recovery from last year’s devastating floods — a billion more than requested. https://epaper.brecorder.com/2023/01/10/1-page/952040-news.html 1 Business Recorder
8. PSX sheds 502.76 points Pakistan Stock Exchange on Monday witnessed bearish trend due to selling pressure on investor concern over prevailing economic and political situation in the country. https://epaper.brecorder.com/2023/01/10/1-page/952047-news.html 1 Business Recorder
9. Monsters of our own making Kicking off the new year with a whimper, last week, Pakistan Suzuki (PSX: PSMC) announced it would be keeping its car assembly plants shut for another week of January yet because of the shortage of imported CKD kits and parts having depleted its inventories. https://epaper.brecorder.com/2023/01/10/2-page/952054-news.html 2 Business Recorder
10. Petroleum Levy: Target still out of reach As Pakistan eagerly awaits the delayed IMF review, it is almost certain that it won’t come without the authorities agreeing on revised targets on petroleum tax revenues for the rest of the year. https://epaper.brecorder.com/2023/01/10/2-page/952053-news.html 2 Business Recorder
11. Market expects Geneva pledges to help ease pressure on foreign exchange reserves With some $10 billion commitments in the Geneva Conference, the default risk has further reduced and the market is expecting some stability in the currency market. https://epaper.brecorder.com/2023/01/10/2-page/952056-news.html 2 Business Recorder
12. Subdued business on cotton market The Spot Rate Committee of the Karachi Cotton Association (KCA) on Monday increased the spot rate by Rs 500 per maund and closed it at Rs 18,000 per maund. https://epaper.brecorder.com/2023/01/10/4-page/952067-news.html 4 Business Recorder
13. 600MW solar plant Nepra meeting witnesses heated debate on RFP National Electric Power Regulatory Authority (Nepra) on Monday witnessed a heated debate on Request for Proposals (RFP) for establishment of 600-MW solar power plant by the federal government at Muzaffargarh with Sindh government; Nepra feared that the period of 25 years for the project life is too long. https://epaper.brecorder.com/2023/01/10/7-page/952104-news.html 7 Business Recorder
14. Car making components FBR to charge 15pc duty on import The Federal Board of Revenue (FBR) will charge 15 percent customs duty on the import of components for the assembly/ manufacture of new motorcars including station wagons and racing cars. https://epaper.brecorder.com/2023/01/10/12-page/952119-news.html 12 Business Recorder
15. SBP seeks feeder-wise data of power consumers State Bank of Pakistan (SBP) has sought feeder-wise data of electricity consumers to be used to project growth statistics and other research on its models based on theft data. https://epaper.brecorder.com/2023/01/10/12-page/952118-news.html 12 Business Recorder
16. Rs3bn needed to remove NJHPP blockage: govt The government said on Monday that over Rs3 billion including the cost of consultancy services is needed for removing the blockage of 969-MW Neelum-Jhelum Hydro Power Project. https://epaper.brecorder.com/2023/01/10/12-page/952116-news.html 12 Business Recorder
17. Export of services goes up 6pc in July-Nov The export of services grew nearly six per cent in the first five months of 2022-23 on a year-on-year basis mainly on the back of IT sales. https://epaper.dawn.com/DetailImage.php?StoryImage=10_01_2023_009_004 9 Dawn
18. TRG forestalls another attempt at hostile takeover TRG Pakistan Ltd seems to have forestalled yet another alleged attempt at a hostile takeover by its former CEO and co-founder and a number of financial institutions. https://epaper.dawn.com/DetailImage.php?StoryImage=10_01_2023_009_003 9 Dawn
19. Ships loaded with urea dock at Gwadar port Three cargo ships carrying around 96,000 tonnes of urea anchored at the Gwadar port as the federal government has decided to increase the bulk of cargo imported through the port to make it more functional. https://epaper.dawn.com/DetailImage.php?StoryImage=10_01_2023_009_011 9 Dawn
20. 7m people laid off in textile industry, associations claim About seven million people in textile and textile-related industries have been laid off due to dwindling exports and the government`s failure to end the economic crisis, representatives of the value added textile associations said in a joint press conference on Monday. https://epaper.dawn.com/DetailImage.php?StoryImage=10_01_2023_009_008 9 Dawn
21. Towel makers seek ST refunds to exporters Towel Manufacturers Association of Pakistan chairman Tahir Jahangir has expressed concern over the pendency of sales tax refunds of exporters. https://epaper.dawn.com/DetailImage.php?StoryImage=10_01_2023_009_005 9 Dawn
22. Mari finds gas Mari Petroleum Company Ltd said on Monday it made a gas discovery at its exploratory well Mari Ghazij-1, located in Mari Development and Production Lease (D&PL) in Sindh. https://epaper.dawn.com/DetailImage.php?StoryImage=10_01_2023_009_009 9 Dawn
  Editorial News    
23. Expenditure must be curtailed The government is in the throes of an acute dollar and rupee shortage (attributable to lack of fiscal space) accounting for severe administrative and exchange measures to check imports as well as not disbursing authorised development expenditure to meet its budgeted current expenditure. https://epaper.brecorder.com/2023/01/10/6-page/952094-news.html 6 Business Recorder
24. Galloping inflation Pakistan today is experiencing high and rising rate of inflation. https://epaper.brecorder.com/2023/01/10/6-page/952096-news.html 6 Business Recorder
25. Pakistan’s deepening crisis Pakistan’s crisis is deepening by the day. https://epaper.brecorder.com/2023/01/10/6-page/952097-news.html 6 Business Recorder
26. Faltering exports The textile exports are faltering since July 2022. https://epaper.brecorder.com/2023/01/10/6-page/952098-news.html 6 Business Recorder
27. Currency exchange rates Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   236.60 307.00 270.00 41.00 67.00
5 Business Recorder

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