IMPORTANT BUSINESS NEWS / CURRENT AFFAIRS TUESDAY 11th JANUARY, 2022

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1. SBP bill: Tarin, Baqir successfully persuade NA panel The National Assembly Standing Committee on Finance on Monday approved the proposed State Bank of Pakistan (SBP) Amendment Bill, 2021, with some amendments. https://epaper.brecorder.com/2022/01/11/1-page/914687-news.html 1 Business Recorder
2. Proposed Finance Bill There will be ‘some’ inflation: Tarin
Finance Minister Shaukat Tarin did not rule out inflationary impact of the measures being taken under the proposed Finance Supplementary Bill, 2021, and stated that “we are doing this because the International Monetary Fund (IMF) requirement for sixth review was to remove distortion in the tax system.” https://epaper.brecorder.com/2022/01/11/1-page/914688-news.html
1 Business Recorder
3. Senate body rejects key proposals of Finance Bill The Senate Standing Committee on Finance has rejected some key provisions of the Finance Supplementary Bill, 2021 including provision of digital payment, disclosure of information of public office holders, increase withholding tax from 10 to 15 percent of cellular services, 17 percent sales tax on seeds, 17 percent sales tax on locally-manufactured mobile phones, and increase in the rate of withholding tax on purchase of motor vehicles to discharge on money. https://epaper.brecorder.com/2022/01/11/1-page/914689-news.html 1 Business Recorder
4. Dawood wants continued support for exports Top commerce official is pushing the government to bet big on the export industry by maintaining tens of millions of dollars of policy support even as the South Asian nation looks to tighten its fiscal belt in a mid-year budget this month. https://epaper.brecorder.com/2022/01/11/1-page/914690-news.html 1 Business Recorder
5. THE RUPEE: PKR stable Pakistan’s rupee remained stable in the inter-bank market on Monday, closing at 176.68 against the US dollar. https://epaper.brecorder.com/2022/01/11/1-page/914691-news.html 1 Business Recorder
6. Import of vehicles, other items Cabinet to approve duties’ rationalization
The Federal Cabinet which is scheduled to meet on Tuesday (today) with Prime Minister Imran Khan in the chair will approve rationalization of duties on import of vehicles and other items, recommended by the Economic Coordination Committee (ECC). https://epaper.brecorder.com/2022/01/11/1-page/914682-news.html
1 Business Recorder
7. Large ministries, divisions Cabinet discusses possibility of initiating hybrid system
The Federal Cabinet has reportedly discussed possibility of starting hybrid system in the larger ministries/divisions through induction of the best talent from the private sector as top bureaucracy was not geared to meet the challenges posed by modern day hyperkinetic environment, sources close to the Finance Minister told Business Recorder. https://epaper.brecorder.com/2022/01/11/1-page/914683-news.html
1 Business Recorder
8. Foreign income assets, liabilities SC suspends SHC verdict
The Supreme Court suspended the judgment of the Sindh High Court (SHC) regarding the declaration of foreign income assets and liabilities of resident taxpayers. https://epaper.brecorder.com/2022/01/11/1-page/914684-news.html
1 Business Recorder
9. PSX: bulls take control  Pakistan Stock Exchange Monday opened on slightly negative note due to selling on investor concerns over increasing coronavirus cases in the country. https://www.brecorder.com/news/40146200 1 Business Recorder
10. Rs100bn payment to IPPs okayed by ECC The Economic Coordination Committee (ECC) of the Cabinet has approved Rs 100 billion for payment to IPPs, especially CPEC projects, of which Rs 50 billion will be released against pending subsidy claims of previous fiscal years, and an equal amount would be issued as additional supplementary grant in fourth quarter of current fiscal year, well-informed sources told Business Recorder. https://epaper.brecorder.com/2022/01/11/4-page/914709-news.html 4 Business Recorder
11. Dawood tells PRGMEA Textile, Apparel Policy 2020-25 not withdrawn
The Adviser to the Prime Minister on Commerce and Textiles Abdul Razak Dawood has made it clear that the Commerce ministry has not withdrawn the Textile & Apparel Policy 2020-25 while the facility of Duty Drawback of Local Taxes and Levies (DLTL) for the textile sector will continue in future in order to increase the export of value-added textiles. https://epaper.brecorder.com/2022/01/11/4-page/914714-news.html
4 Business Recorder
12. Leading company claims to develop hybrid wheat seed A leading Pakistani seed company has claimed to make a breakthrough by developing a hybrid wheat seed, with the Chinese assistance, having 40 percent more per acre yield than the conventional varieties. https://epaper.brecorder.com/2022/01/11/4-page/914715-news.html 4 Business Recorder
13. HR reforms help PIA make saving of Rs89bn per year Following the termination of 1937 employees including 837 fake degree holders and 1900 others through VSS in the past couple of years, the Pakistan International Airline (PIA) has started moving from insolvency to financial stability with the saving of Rs.8 billion per year. https://epaper.brecorder.com/2022/01/11/5-page/914722-news.html 5 Business Recorder
14. 17pc GST on disaster management equipment opposed Pakistan is always under the influence and pressure of natural/ climatic disasters that become calamity at the end of the day. https://epaper.brecorder.com/2022/01/11/5-page/914718-news.html 5 Business Recorder
15. NBP holds meeting with AGP on audit report National Bank of Pakistan (NBP) received an Audit Report from the Office of the Director General Commercial Audit & Evaluation (South), Department of the Auditor General of Pakistan (AGP) on the 28th of December covering the period 2012 to 2020. https://epaper.brecorder.com/2022/01/11/5-page/914719-news.html 5 Business Recorder
16. CDWP approves eight development projects The Central Development Working Party (CDWP) approved as many as eight development projects at the cost of Rs30.2 billion, while recommended two projects valued at Rs65.9 billion to the Executive Committee of the National Economic Council (ECNEC) for further consideration. https://epaper.brecorder.com/2022/01/11/11-page/914766-news.html 11 Business Recorder
17. PSX: Do the bulls have legs? New Year comes with new promises. https://epaper.brecorder.com/2022/01/11/13-page/914779-news.html 13 Business Recorder
18. Spot Rate remains unchange on cotton market The Spot Rate remained unchanged. https://epaper.brecorder.com/2022/01/11/16-page/914784-news.html 16 Business Recorder
19. Details about Reko Dig to be disclosed soon: Bizenjo Baluchistan Chief Minister Mir Abdul Qudoos Bizenjo said on Monday that details with facts and figures about Reko Dig copper and gold mining project would be disclosed soon. https://epaper.dawn.com/DetailImage.php?StoryImage=11_01_2022_005_008 5 Dawn
20. Govt plans to bring circular debt down to Rs1.88tr by June Amid criticism from parliamentarians over unending tariff hike and loadshedding in various parts of the country, the government on Monday said it has targeted the power sector circular debt to come down to Rs1.88 trillion by end-June, about Rs400bn lower than a year ago. https://epaper.dawn.com/DetailImage.php?StoryImage=11_01_2022_009_004 9 Dawn
21. Technology at work to broaden tax net, end harassment: Tarin Finance Minister Shaukat Tarin on Monday informed the Senate Standing Committee on Finance, Revenue and Economic Affairs that the government will use technology not only to bring potential individuals into the tax net but also protect taxpayers from tax officials` harassment. https://epaper.dawn.com/DetailImage.php?StoryImage=11_01_2022_009_002 9 Dawn
22. Stocks rally 542 points on record textile exports The stock market stayed bullish on Monday as investors became optimistic on the back of the highest-ever textile exports in the first half of 2021-22, according to Arif Habib Ltd. https://epaper.dawn.com/DetailImage.php?StoryImage=11_01_2022_009_001 9 Dawn
  Editorial News    
23.  Economy: rupee slide symptom of infirmity The Pakistani rupee fell from 152 rupees to the dollar in May 2021, the rate used for budget projections, to 179 rupees to the dollar and then recovered to 176.51 rupees on 7 January 2021.  https://epaper.brecorder.com/2022/01/11/6-page/914725-news.html 6 Business Recorder
24. New LNG terminal THE ministry of energy`s abrupt decision to set up before next winter a new LNG terminal the third in the country -in the public sector is an admission of glaring failure by the PTI government to sway the two private investors to move forward with their terminal projects. The rationale given by the petroleum division blames the slow progress by the two companies on their projects. https://epaper.dawn.com/DetailImage.php?StoryImage=11_01_2022_006_001 6 Dawn
25. Currency exchange rates Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   179.00 242.00 201.50 28.00 47.50
17 Business Recorder

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