IMPORTANT BUSINESS NEWS / CURRENT AFFAIRS TUESDAY 15th NOVEMBER, 2022

S.# Description Pg. # Source
1. Russia ready to offer coal, not LNG Russia has reportedly declined to sell Liquefied Natural Gas (LNG) to Pakistan on short notice but is ready to offer coal, well informed sources in Ministry of Energy (Petroleum Division) told Business Recorder. https://epaper.brecorder.com/2022/11/15/1-page/947469-news.html 1 Business Recorder
2. ATIR Islamabad verdict State of residence can tax on income from property in UAE Appellate Tribunal Inland Revenue (ATIR) Islamabad has declared that there is no bar under international law for the state of residence (Pakistan) to impose a tax on income from property situated in another country (UAE). https://epaper.brecorder.com/2022/11/15/1-page/947466-news.html 1 Business Recorder
3. Sufficient forex stocks available: SBP Governor State Bank of Pakistan (SBP) Jameel Ahmad has said that the State bank has sufficient stocks of foreign exchange reserves and Letter of Credits (LC) cases up to 100,000 will be cleared by end of this week. https://epaper.brecorder.com/2022/11/15/1-page/947462-news.html 1 Business Recorder
4. PPIB urges PD to take up PMLTC sales tax issue with FBR Private Power & Infrastructure Board (PPIB) has requested Power Division to take up the issue of sales tax with Federal Board of Revenue (FBR) being charged from Pak-Matiari-Lahore Trans-mission Company Limited (PMLTC) on capacity/ capacity purchase price. https://epaper.brecorder.com/2022/11/15/1-page/947471-news.html 1 Business Recorder
5. Power sector needs 315,730 MTs of fuel in 3 months National Power Control Centre (NPPC) has determined the accumulated fuel requirement of 315,730 MTs for power sector for three months, i.e., November and December 2022 and January 2023, subject to supply of 165 MMCFD of RLNG each month, official sources told Business Recorder. https://epaper.brecorder.com/2022/11/15/1-page/947470-news.html 1 Business Recorder
6. HSD: ECC allows increase in premium The Economic Coordination Committee (ECC) of the Cabinet has allowed increase in premium on high-speed diesel (HSD) subject to maximum capping at US$ 16.75 per barrel for importing Oil Marketing Companies (OMCs) other than PSO for the month of November 2022. https://epaper.brecorder.com/2022/11/15/1-page/947467-news.html 1 Business Recorder
7. THE RUPEE: PKR: another marginal decline Pakistan’s rupee registered another marginal decline, falling 0.02% against the US dollar in the inter-bank market on Monday. https://epaper.brecorder.com/2022/11/15/1-page/947473-news.html 1 Business Recorder
8. Profit-taking keeps stocks in red Pakistan Stock Exchange (PSX) on Monday witnessed bearish trend as the investors opted to book profit on available margins. https://epaper.brecorder.com/2022/11/15/1-page/947472-news.html 1 Business Recorder
9. PPL – keeping earnings strong The oil and gas exploration and production sector started FY23 on a jovial note with earnings growing despite the drop in oil and gas production flows, and collective earnings touching historical levels. https://epaper.brecorder.com/2022/11/15/2-page/947476-news.html 2 Business Recorder
10. Running out of farm eggs? A forty percent plus increase in price of a food commodity may not seem like a lot at a time when the general inflation index is in mid-twenties. https://epaper.brecorder.com/2022/11/15/2-page/947475-news.html 2 Business Recorder
11. Production, sale of substandard steel PALSP urges govt to take necessary measures Pakistan Association of Large Steel Producers (PALSP) has urged the government to take all necessary measures to curb the menace of production & sale of substandard steel in the country. https://epaper.brecorder.com/2022/11/15/3-page/947487-news.html 3 Business Recorder
12. Low business activity on cotton market The local cotton market on Monday remained steady and the trading volume remained low. https://epaper.brecorder.com/2022/11/15/4-page/947492-news.html 4 Business Recorder
13. POL products’ prices may be adjusted in PL The government may likely to adjust the prices of petroleum products in petroleum levy (PL) which the government committed with the IMF to increase each month. https://epaper.brecorder.com/2022/11/15/12-page/947530-news.html 12 Business Recorder
14. MCB added to MSCI Frontier Market Small Cap Index MSCI in its semi-annual review announcement on Nov-ember 10, removed MCB Bank (MCB) from main FM Index and added it to MSCI frontier market Small Cap Index. https://epaper.brecorder.com/2022/11/15/12-page/947531-news.html 12 Business Recorder
15. UK removes Pakistan from its ‘High Risk Third Countries’ list Foreign Minister Bilawal Bhutto-Zardari Monday shared “some good news”, announcing that the United Kingdom has officially removed Pakistan from its ‘High-Risk Third Countries’ list. https://epaper.brecorder.com/2022/11/15/12-page/947533-news.html 12 Business Recorder
16. Key plant will take six more months to repair, NA told The federal government on Monday revealed that the Rs500 billion 969MW Neelum-Jhelum Hydropower Project, which faced a `massive structural damage of tunnel collapse` in July, would take at least six more months to be repaired. https://epaper.dawn.com/DetailImage.php?StoryImage=15_11_2022_003_006 3 Dawn
17. SNGPL restrained from severing gas connections of business owners Islamabad High Court (IHC) on Monday restrained Sui Northern Gas Pipelines Limited (SNGPL) from severing utility connections of traders and restaurant owners of the twin cities. https://www.dawn.com/news/1721031/sngpl-restrained-from-severing-gas-connections-of-business-owners 4 Dawn
18. `Pakistan needs $348bn to deal with climate shocks` Stressing the need for a collaborative action plan to deal with climate change, Minister for Climate Change Sherry Rehman said Pakistan will need $348 billion until 2030 `to keep its head above water` in the wake of recurring `climate shocks`. https://epaper.dawn.com/DetailImage.php?StoryImage=15_11_2022_005_008 5 Dawn
19. ECC okays 27pc hike in Kissan loan package The Economic Coordination Committee (ECC) of the Cabinet on Monday approved Kissan Package with a 27 per cent increase in agriculture loan target to Rs1.8 trillion and reshaped Kamyab Jawan Programme and Kamyab Pakistan Programmes through consolidation of their similar schemes. https://epaper.dawn.com/DetailImage.php?StoryImage=15_11_2022_009_003 9 Dawn
20. Uptick in exports to 9 regional states in July-September Pakistan`s exports to nine regional countries posted a paltry growth of 0.72 per cent in the first quarter (July to September) of 2022-23 from a year ago, the latest data released by the State Bank of Pakistan showed. https://epaper.dawn.com/DetailImage.php?StoryImage=15_11_2022_009_005 9 Dawn
21. SNGPL pleads its case for tariff hike at Ogra hearing The Oil and Gas Regulatory Authority (Ogra) on Monday organised a public hearing on a Sui Northern Gas Pipelines Ltd (SNGPL) petition for the review of the estimated revenue requirement for 2022-23, seeking an increase in the average prescribed gas price by Rs488.08 per mmBtu from July 1. https://epaper.dawn.com/DetailImage.php?StoryImage=15_11_2022_009_006 9 Dawn
  Editorial News    
22. Analysing FBR clarification A Federal Board of Revenue (FBR) clarification, categorically refuting criticism against its existing structure that is heavily tilted in favour of indirect taxes, whose incidence on the poor is greater than on the rich, instead of direct taxes based on the ability to pay principle, disturbingly fails to provide any substantiating evidence. https://epaper.brecorder.com/2022/11/15/6-page/947510-news.html 6 Business Recorder
23. Unrealistic budget of 2022-23 The budget of 2022-23 has been framed with agreement of the IMF (International Monetary Fund) as part of the ongoing Extended Fund Facility which is expected to continue up to June 2023. https://epaper.brecorder.com/2022/11/15/6-page/947513-news.html 6 Business Recorder
24. Forex reserves The drop in foreign exchange reserves to $7.96 billion, as of 4 November 2022, must be disconcerting for the finance minister whose controversial ‘Darnomics’ was defined by burning SBP’s (State Bank of Pakistan’s) reserves to prop up the rupee. https://epaper.brecorder.com/2022/11/15/6-page/947511-news.html 6 Business Recorder
25. Currency exchange rates Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   227.75 275.75 241.40 34.00 62.62
5 Business Recorder

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