IMPORTANT BUSINESS NEWS / CURRENT AFFAIRS TUESDAY 12th OCTOBER, 2021

S.# Description Pg. # Source
1. Renewable Energy Refinancing Scheme SBP eases conditions for solution providers
To promote investment in renewable energy solutions by companies, the State Bank of Pakistan (SBP) has eased the conditions for renewable energy solution providers under its Refinance Scheme for Renewable Energy. https://epaper.brecorder.com/2021/10/12/1-page/903735-news.html
1 Business Recorder
2. Attachment of bank account FBR withdraws instructions issued by Shabbar
The Federal Board of Revenue (FBR) Monday withdrew instructions issued by former FBR chairman Shabbar Zaidi to tax officials of seeking FBR chairman’s approval and a 24-hour prior intimation to the CEO/principal officer/owner before attachment of a bank account. https://epaper.brecorder.com/2021/10/12/1-page/903728-news.html
1 Business Recorder
3. Special Economic Zones PM for fully facilitating Chinese cos
 Prime Minister Imran Khan on Monday directed the authorities concerned to take all possible measures to provide land; electricity and gas connections; and tax incentives to attract more and more Chinese companies to invest in Pakistan and populate the Special Economic Zones (SEZs). https://epaper.brecorder.com/2021/10/12/1-page/903729-news.html
1 Business Recorder
4. Tarin to become adviser to PM? Finance Minister Shaukat Tarin is likely to be appointed as Adviser to Prime Minister on Finance on October 16, following the expiry of his constitutionally mandated term of six months as Minister. https://epaper.brecorder.com/2021/10/12/1-page/903731-news.html 1 Business Recorder
5. Body to probe ‘inflated’ contracts of past govts The Federal Cabinet has constituted a three-member Ministerial Committee to investigate road infrastructure and energy projects’ contracts awarded allegedly at inflated rates during the previous governments, well informed sources told Business Recorder. https://epaper.brecorder.com/2021/10/12/1-page/903732-news.html 1 Business Recorder
6. WB estimates external debt stocks at $108.53bn The World Bank has estimated Pakistan’s total external debt stocks at $108.530 billion by end 2020 compared to $100.831 billion by end 2019. https://epaper.brecorder.com/2021/10/12/1-page/903730-news.html 1 Business Recorder
7. THE RUPEE: PKR declines After back-to-back gains in the previous week, Pakistan’s rupee suffered a drop against the US dollar, depreciating to 170.74 in the inter-bank market on Monday. https://epaper.brecorder.com/2021/10/12/1-page/903737-news.html 1 Business Recorder
8. PSX closes below 44,000-level BRIndex100 nosedives
Pakistan Stock Exchange Monday nosedived due to panic selling on investors’ concerns over surging trade deficit, high energy and commodity prices as well as prospects of further electricity tariff hikes.  https://epaper.brecorder.com/2021/10/12/1-page/903734-news.html
1 Business Recorder
9. Transformer blast Nepra imposes Rs26m fine on HESCO
National Electric Power Regulatory Authority (Nepra) has imposed a fine of Rs 26 million on Hyderabad Electric Supply Company (Hesco) on account of transformer blast at Latifabad, Hyderabad in which ten people had died and around 12 others injured. https://epaper.brecorder.com/2021/10/12/4-page/903758-news.html
4 Business Recorder
10. Auction for NGMS in AJ&K, G-B Three CMOs issued new licences
Pakistan Telecommunication Authority (PTA) on Monday issued new licences to three cellular mobile operators after winning spectrum in the first-ever cellular spectrum auction for Next Generation Mobile Services (NGMS) in Azad Jammu and Kashmir (AJ&K) and Gilgit-Baltistan (GB), which generated a revenue to the tune of $30.322 million https://epaper.brecorder.com/2021/10/12/4-page/903760-news.html
4 Business Recorder
11. KSE-100 Index witnesses record profitability in FY21 Earnings grow by 60pc post-Covid YoY
The KSE-100 Index companies recorded record profitability in FY21, growing by 60 percent on year-on-year basis to Rs 884 billion mainly led by macro recovery post COVID-19 lockdowns in FY20. https://epaper.brecorder.com/2021/10/12/5-page/903762-news.html
5 Business Recorder
12. Integration with POS system Notices issued to 200 Tier-1 retailers
Compliance notices have been served on 200 retail outlets of leather, sports and textile goods, falling under the category of Tier-1 retailers, for mandatory registration with the Point of Sale (POS) integration of the Federal Board of Revenue. https://epaper.brecorder.com/2021/10/12/7-page/903776-news.html
7 Business Recorder
13. Punjab’s Finance Dept releases Rs221bn for development works The Punjab Finance Department has released Rs221 billion funds for development activities across Punjab for the first quarter of this fiscal year. https://epaper.brecorder.com/2021/10/12/7-page/903777-news.html 7 Business Recorder
14. NA panel recommends Rs2,200/40-kg MSP for wheat crop A parliamentary body Monday recommended the government to fix Minimum Support Price (MSP) of wheat crop 2021-22 at Rs2,200 per 40-kg on an immediate basis, in order to encourage local farmers to grow additional crop. https://epaper.brecorder.com/2021/10/12/11-page/903814-news.html 11 Business Recorder
15. AMCs, PFM SECP specifies swift, simplified onboarding framework
In continuation of its efforts to promote financial inclusion through digitalization, increase investor base and micro-savings, the Securities and Exchange Commission of Pakistan has specified a swift and simplified onboarding framework for customers of the Asset Management Companies (AMCs) and Pension Fund Managers (PFM). https://epaper.brecorder.com/2021/10/12/11-page/903813-news.html
11 Business Recorder
16. Pak Arab, FFBQL ECC approves maximum provision of gas
The Economic Coordination Committee (ECC) of the Cabinet, Monday, approved maximum provision of gas to Pak Arab and Fauji Fertilizer Bin Qasim Limited (FFBQL) to ensure that estimated demand for urea fertiliser is met through domestic production to stabilise prices of urea fertiliser during Rabi season 2021-22. https://epaper.brecorder.com/2021/10/12/12-page/903823-news.html
12 Business Recorder
17. Pakistan LNG receives no offers for Dec-Jan buy tender Pakistan LNG did not receive any offers in a tender seeking eight liquefied natural gas (LNG) cargoes for delivery over December to January, a document posted on the company website showed. https://epaper.brecorder.com/2021/10/12/12-page/903821-news.html 12 Business Recorder
18. CPI faces WPI threat There may be legitimate worries on current account, fiscal account, exchange rates, structural reforms and all that, but the single largest challenge the government faces today that concerns the masses, is that of inflation. https://epaper.brecorder.com/2021/10/12/13-page/903825-news.html 13 Business Recorder
19. Textile exports: only value-added are welcome! Last week, APTMA – the mothership of textile industry associations – endorsed GoPs’ export target of $21 billion for the ongoing fiscal year. Achieving the target would be no small feat, considering it would require 36 percent growth over last year. https://epaper.brecorder.com/2021/10/12/13-page/903827-news.html 13 Business Recorder
20. Remittances are roaring! Remittances to Pakistan have been on a constant uptrend – continuing to cool down a heated economy. Remittances have always played the role in supporting the economy.  https://epaper.brecorder.com/2021/10/12/13-page/903826-news.html 13 Business Recorder
21. Falling trend on cotton market The Spot Rate Committee of the Karachi Cotton Association (KCA) on Monday decreased the spot rate by Rs 200 per maund and closed it at RS 14400 per maund. https://epaper.brecorder.com/2021/10/12/16-page/903830-news.html 16 Business Recorder
22. First NLC trucks reach Istanbul, Baku under TIR The National Logistics Cell (NLC) has revived two international road corridors after it successfully completed the first-ever one-side commercial run by transporting high value products from Pakistan to Turkey and Azerbaijan under the Transports Internationaux Routiers (TIR) convention. https://epaper.dawn.com/DetailImage.php?StoryImage=12_10_2021_009_008 9 Dawn
23. ECC fails to garner support for draft textile policy 2020-25 The Economic Coordination Committee (ECC) of the cabinet failed to muster support for the much-awaited draft Textile and Apparel Policy 2020-25 and constituted a subcommittee to resolve the issues before its next meeting. https://epaper.dawn.com/DetailImage.php?StoryImage=12_10_2021_009_004 9 Dawn
  Editorial News    
24.  Food inflation Special Assistant to the Prime Minister (SAPM) on National Food Security, Jamshed Cheema, warned during a press conference late last week that food inflation will continue till April 2022, another five and a half months, till the next harvest. https://epaper.brecorder.com/2021/10/12/6-page/903765-news.html 6 Business Recorder
25. Currency exchange rates Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   170.45 232.46 197.58 26.76 45.46
17 Business Recorder

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