IMPORTANT BUSINESS NEWS / CURRENT AFFAIRS TUESDAY 19th OCTOBER, 2021

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1. Talks with IMF in the right direction: Tarin Adviser to Prime Minister Shaukat Tarin has dismissed reports that the talks between Pakistan and the International Monetary Fund (IMF) for the resumption of $6 billion Extended Fund Facility (EFF) had failed, asserting that they were headed in a positive direction. https://epaper.brecorder.com/2021/10/19/1-page/904552-news.html 1 Business Recorder
2. Targeted subsidy programme Masses to get relief from next month: Umar
Minister for Planning, Development and Special Initiatives, Asad Umar Monday said Prime Minister Imran Khan would announce details of targeted subsidy programme in a few days and the people would start getting relief through the programme from next month. https://epaper.brecorder.com/2021/10/19/1-page/904554-news.html
1 Business Recorder
3. Tarin now appointed adviser to PM The government, on Monday, appointed Shaukat Fayaz Ahmed Tarin, former finance minister, as Adviser to the Prime Minister on Finance and Revenue, after his six-month constitutional tenure as the finance minister expired on October 16. https://epaper.brecorder.com/2021/10/19/1-page/904555-news.html 1 Business Recorder
4. Call to open RDAs Tarin vows ‘seamless’ financial services
Adviser to Prime Minister on Finance and Revenue Shaukat Tarin on Monday reaffirmed the government’s resolve to provide seamless financial services to the Pakistan Diaspora spread throughout the globe. https://epaper.brecorder.com/2021/10/19/1-page/904556-news.html
1 Business Recorder
5. ‘Artificial’ inflation PM for strict action against ‘perpetrators’
Prime Minister Imran Khan Monday said that strict action should be taken against the perpetrators involved in creating artificial inflation and reportedly decided to reduce taxes on essential commodities in order to control inflation.
https://epaper.brecorder.com/2021/10/19/1-page/904553-news.html 
1 Business Recorder
6. Body formed to fine-tune textile, apparel policy Ministry of Commerce has constituted an eight-member Inter-Ministerial Committee (IMC) under the convener-ship of Advisor to Prime Minister on Commerce and Investment, Abdul Razak Dawood to deliberate on the Textile and Apparel Policy 2020-25. https://epaper.brecorder.com/2021/10/19/1-page/904548-news.html 1 Business Recorder
7. Q1 FDI slips as Chinese investment plummets Foreign Direct Investment (FDI) in the country fell by 4 percent during the first quarter of this fiscal year (FY22) due to sharp fall in Chinese investment. https://epaper.brecorder.com/2021/10/19/1-page/904549-news.html 1 Business Recorder
8. THE RUPEE: PKR falls to record low on IMF talks uncertainty, import payments Headache for economic managers continued as Pakistan’s rupee depreciated 0.93% to a record low against the US dollar in the inter-bank market, closing at 172.78 on Monday. https://epaper.brecorder.com/2021/10/19/1-page/904560-news.html 1 Business Recorder
9. PSX sheds 192.08 points BRIndex100 depressed
Pakistan Stock Exchange Monday remained under pressure due to selling in almost all sectors on uncertainty over the outcome of Pak-IMF talks and falling Pak rupee.  https://epaper.brecorder.com/2021/10/19/1-page/904551-news.html
1 Business Recorder
10. CG urges govt to remove Iran from Covid-19 ‘C category’ Iranian Consul General Muhammad Raza Nazri on Monday said that still Pakistan had kept Iran in “C category” in terms of Corona, which was adversely affecting flight operations and bilateral trade. https://www.brecorder.com/news/40127660 2 Business Recorder
11. Tax Ombudsman vows to eradicate ‘maladministration’ in FBR Federal Tax Ombudsman (FTO) Dr Muhammad Asif Jah has said the institution of FTO is using all legal powers and resources to check individual and system based maladministration and corrupt practices in FBR to restore taxpayers’ confidence in tax administration in the larger interest of the country. https://www.brecorder.com/news/40127654 2 Business Recorder
12. PTCL Group posts over 7pc growth in revenues The country’s leading telecom and ICT services provider, Pakistan Telecommunication Company Limited (PTCL), posted a significant 7.3 percent growth in its revenues, owing to a robust commercial strategy that cements its market standing. https://epaper.brecorder.com/2021/10/19/3-page/904579-news.html 3 Business Recorder
13. Customs values of polyester, acrylic pile fabric for blankets revised Directorate General Customs Valuation (DGCV) has revised the Customs values of polyester/acrylic pile fabric for blankets under section 25(5) of the Customs Act, 1969. https://epaper.brecorder.com/2021/10/19/3-page/904573-news.html 3 Business Recorder
14. Gold prices rise Gold prices on Monday saw a big increase on the local market, traders said. https://epaper.brecorder.com/2021/10/19/3-page/904577-news.html 3 Business Recorder
15. Plan for new LNG terminals in limbo The government’s plan to establish two new LNG terminals appears to be in limbo as Minister for Maritime Affairs is unhappy at the volume of capacity for the two terminals, arguing that allocation of pipeline capacity, as proposed by the Petroleum Division, may not serve the purpose, well informed sources told Business Recorder. https://epaper.brecorder.com/2021/10/19/5-page/904594-news.html 5 Business Recorder
16. Regulatory bodies AGP yet to get access to core record
Auditor General of Pakistan (AGP) has yet to get access to core record of regulatory bodies despite directive of the Public Accounts Committee (PAC) that all government organisations are subject of audit under the Constitution. https://epaper.brecorder.com/2021/10/19/5-page/904591-news.html
5 Business Recorder
17. FPCCI voices its concern over surging food inflation President Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Mian Nasser Hyatt Maggo has expressed his profound concerns over surging and unbearable food inflation in the country and the resultant unrest among the masses. https://epaper.brecorder.com/2021/10/19/5-page/904589-news.html 5 Business Recorder
18. Competitive electricity market Systematic planning critical to ensuring success: experts
A gradual and systematic approach is critical to ensure that the government’s vision of an open electricity market can be achieved successfully. https://epaper.brecorder.com/2021/10/19/5-page/904593-news.html
5 Business Recorder
19. Values of immovable properties Realtors urge FBR to explain proposed raise
The real estate sector has urged the Federal Board of Revenue (FBR) to explain whether the rationale behind the proposed enhancement in values of immovable properties is documentation or merely increasing revenue collection in 2021-22. https://epaper.brecorder.com/2021/10/19/8-page/904616-news.html
8 Business Recorder
20. KCA increases spot rate by Rs200/maund The Spot Rate Committee of the Karachi Cotton Association on Monday increased the spot rate by Rs 200 per maund and closed it at Rs 14,500 per maund. https://epaper.brecorder.com/2021/10/19/12-page/904629-news.html 12 Business Recorder
21. Govt halves GST, customs duty to reduce edible oil price After a gap of almost one month, the government on Monday again decided to cut general sales tax and customs duty by half and abolish two per cent additional customs duty on edible oil to reduce its price by Rs45-50 per kg and introduce a major targeted subsidy programme in a couple of days. https://epaper.dawn.com/DetailImage.php?StoryImage=19_10_2021_001_008 1 Dawn
22. AIIB to co-finance Punjab govt highway development project The Asian Infrastructure Investment Bank (AIIB) is considering co-financing the Punjab government`s highway development project with a loan of $321 million to dualise 535 kilometres of provincial highways in southern Punjab with road safety and climate resilient features. https://epaper.dawn.com/DetailImage.php?StoryImage=19_10_2021_005_006 5 Dawn
23. IMF examines audit of $1.4bn Covid support fund The International Monetary Fund (IMF) on Monday sought input from the country`s constitutional auditors on use of $1.4 billion emergency financial support it provided for Covid-19 response as part of validation process of Pakistan`s economic and financial data amid discussions on revival of its $6bn programme. https://epaper.dawn.com/DetailImage.php?StoryImage=19_10_2021_009_008 9 Dawn
24. FDI from US exceeds Chinese inflows in 1QFY22 Foreign Direct Investment (FDI) from the United States surpassed inflows from China during the first quarter of the ongoing fiscal year (1QFY22), data released by the State Bank of Pakistan (SBP) on Monday showed. https://epaper.dawn.com/DetailImage.php?StoryImage=19_10_2021_009_003 9 Dawn
25. Revival of international orders boosts non-textile exports Pakistan`s non-textile exports grew 23.4 per cent year-on-year to $2.48 billion in the first quarter of current fiscal year owing to partial revival of international orders and the government`s support schemes. https://epaper.dawn.com/DetailImage.php?StoryImage=19_10_2021_009_004 9 Dawn
26. Minister optimistic about meeting cotton target The country is expected to produce 9.3 million bales of cotton this year, Minister for National Food Security and Research Syed Fakhr Imam said on Monday. https://epaper.dawn.com/DetailImage.php?StoryImage=19_10_2021_009_005 9 Dawn
27. Govt to issue Panda bond by March next year The government is going to issue a Panda bond a renminbi-denominated debt instrument sold by a non-Chinese issuer within China by March 2022, according to Muhammad Umar Zahid, director general for debt at the Ministry of Finance. https://epaper.dawn.com/DetailImage.php?StoryImage=19_10_2021_009_006 9 Dawn
28. Price `manipulation`: CCP notices to sugar mills suspended The Lahore High Court on Monday suspended the operation of the notices issued by the Competition Commission of Pakistan (CCP) to the sugar mills for alleged manipulation of price of the commodity through cartelization. https://epaper.dawn.com/DetailImage.php?StoryImage=19_10_2021_176_008 13 Dawn
29. Rs180 per 40kg sugarcane production cost worked out The Crop Reporting Service of the Punjab Agriculture Department has calculated Rs180 per 40kg as the sugarcane cost of production for the 2021-22 season and has suggested indicative price of the crop at Rs225 per 40kg with 25 per cent profit margin for the growers. https://epaper.dawn.com/DetailImage.php?StoryImage=19_10_2021_176_010 13 Dawn
30. Govt finalises groundwater charges for cement and other industries Following directions of the Supreme Court, the Punjab government has worked out the groundwater extraction charges for the cement and other industries using excessive water against meager bills. https://epaper.dawn.com/DetailImage.php?StoryImage=19_10_2021_177_011 14 Dawn
  Editorial News    
31. And now the Kisan Portal Nobody can deny that the present government has started taking agriculture very seriously. https://epaper.brecorder.com/2021/10/19/4-page/904584-news.html 4 Business Recorder
32. Evading tax laws  MERELY 2.5m or 35pc of the 7.2m total registered taxpayers or NTN holders have filed their returns for tax year 2021.  https://epaper.dawn.com/DetailImage.php?StoryImage=19_10_2021_006_002 6 Dawn
33. Currency exchange rates Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   171.20 234.62 198.24 26.84 45.56
9 Business Recorder

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