IMPORTANT BUSINESS NEWS / CURRENT AFFAIRS WEDNESDAY 12th JANUARY, 2022

S.# Description Pg. # Source
1. Infant milk, bread Govt will urge IMF to be flexible: Tarin
Finance Minister Shaukat Tarin said Tuesday that the government would try to exclude infant milk and bread sold in bakeries from the purview of the 17 percent sales tax under the Finance Supplementary Bill, 2021; and 100 percent subsidy would be given on solar panels and laptops. https://epaper.brecorder.com/2022/01/12/1-page/914823-news.html
1 Business Recorder
2. First five months of current fiscal Circular debt touches Rs2.41trn mark
The country’s circular debt has reached Rs 2.410 trillion mark during the first five months (July-November) of 2021-22 as compared to Rs 2.306 trillion in the same period 2020-21, with average growth of Rs 26 billion per month, totalling to Rs 130 billion, official sources told Business Recorder. https://epaper.brecorder.com/2022/01/12/1-page/914825-news.html
1 Business Recorder
3. Pakistan can ride out rising external account pressures: Baqir Central bank chief Dr Reza Baqir believes the country has the capacity and financial cushion to ride out rising external account pressures being driven by a surge in global commodity prices. https://epaper.brecorder.com/2022/01/12/1-page/914827-news.html 1 Business Recorder
4. WB projects 4pc GDP growth rate The World Bank has projected Pakistan’s GDP growth rate at 4 percent for 2022-23, benefiting from structural reforms enhancing export competitiveness and improving the financial viability of the power sector. https://epaper.brecorder.com/2022/01/12/1-page/914824-news.html 1 Business Recorder
5. Power base tariff Power Div proposes further hike
The Power Division is said to have proposed further increase in electricity base tariff by over Rs 2 per unit to raise it to Rs 18.37 per unit by 2023 from existing base rate of Rs 16.44 per unit in accordance with understanding with the IMF, well informed sources told Business Recorder. https://epaper.brecorder.com/2022/01/12/1-page/914819-news.html
1 Business Recorder
6. THE RUPEE: PKR improves modestly Pakistan’s rupee improved marginally in the inter-bank market on Tuesday, closing at 176.63 against the US dollar. https://epaper.brecorder.com/2022/01/12/1-page/914828-news.html 1 Business Recorder
7. PSX volatile amid Covid-19 concerns Pakistan Stock Exchange on Tuesday remained volatile due to investors concern over increasing coronavirus cases.
https://epaper.brecorder.com/2022/01/12/1-page/914822-news.html
1 Business Recorder
8. Afghanistan: FPCCI urges SBP to allow trade in cash Federation of Pakistan Chamber of Commerce and Industry (FPCCI) has requested State Bank of Pakistan (SBP) to allow trade in cash with Afghanistan until restoration of formal banking channels. https://epaper.brecorder.com/2022/01/12/3-page/914848-news.html 3 Business Recorder
9. Tobacco, sugar-sweetened beverages Dawood to join body to firm up suggestions on Health Hazard Tax
The Federal Cabinet has decided to include Prime Minister Advisor on Commerce and Investment, Abdul Razak Dawood in the Committee constituted to firm up recommendations on imposing Health Hazard Tax on tobacco and sugar sweetened beverages, official sources told Business Recorder. https://epaper.brecorder.com/2022/01/12/4-page/914853-news.html
4 Business Recorder
10. Gold rates almost inert Gold prices remained nearly stagnant on the local market, traders said on Tuesday. https://epaper.brecorder.com/2022/01/12/5-page/914861-news.html 5 Business Recorder
11. Fixed broadband Govt has yet to cash in on $6bn investment opportunity: Tabadlab
Pakistan’s fixed broadband network is grossly inadequate in servicing the rising internet demands of the country. https://epaper.brecorder.com/2022/01/12/7-page/914871-news.html
7 Business Recorder
12. LCCI chief says withdrawal of tax exemptions will add to economic woes President of the Lahore Chamber of Commerce & Industry Mian Nauman Kabir while expressing concern on the Supplementary Finance Bill, said that withdrawal of Sales Tax exemption on the Solar Panels, Taxation on food items, taxation on Equipment for Green House Farming, raw material of Engineering Sector and raw material of pharmaceutical sector will add to the miseries of the economy. https://epaper.brecorder.com/2022/01/12/11-page/914897-news.html 11 Business Recorder
13. Sale of Liquefied Natural Gas Bill on weighted average cost on the cards
Energy Minister Hammad Azhar said the government would introduce a bill in the parliament within 8-10 days for weighted average cost of gas (WACOG) for the sale of local and imported liquefied natural gas. https://epaper.brecorder.com/2022/01/12/12-page/914901-news.html
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14. ECC set to approve tobacco crop MIPs today The Economic Coordination Committee (ECC) of the Cabinet, which is scheduled to meet on Wednesday (today), will approve Minimum Indicative Prices (MIPs) of tobacco crop 2022.  https://epaper.brecorder.com/2022/01/12/12-page/914902-news.html 12 Business Recorder
15. LNG complications The new LNG terminals drama is in its final stages. https://epaper.brecorder.com/2022/01/12/13-page/914906-news.html 13 Business Recorder
16. Housing Finance: Growth, but! What determines success of a housing finance subsidy scheme? A lot of time has been spent in this space lamenting the lack of adequate data on housing and construction—whether the source is FBR, SBP or any other government agency—in order for the market to properly evaluate the progress of the construction amnesty and the Naya Pakistan Housing Program (NPHP) under which Mera Pakistan Mera Ghar (MPMG) is a mark-up housing finance scheme for NPHP projects (read: “Housing Finance: data nostalgia”). https://epaper.brecorder.com/2022/01/12/13-page/914907-news.html 13 Business Recorder
17. Cotton market Volume of business improves as falling prices attract buyers
The Spot Rate Committee of the Karachi Cotton Association (KCA) on Tuesday decreased the spot rate by Rs 300 per maund and closed it at Rs 18300 per maund. https://epaper.brecorder.com/2022/01/12/16-page/914911-news.html
16 Business Recorder
18. Will have to approach IMF again if no rise in exports: PM Prime Minister Imran Khan expressed fears on Tuesday that the government would have to go to the International Monetary Fund (IMF) again if the country`s exports did not increase sharply. https://epaper.dawn.com/DetailImage.php?StoryImage=12_01_2022_001_001 1 Dawn
19. Report sees debt crisis as top risk faced by Pakistan The `Global Risks Report 2022` has listed five risks facing Pakistan with top risk of debt crisis, followed by extreme weather events, failure to stabilise price trajectories, failure of cyber security measures and human-made environmental damage. https://epaper.dawn.com/DetailImage.php?StoryImage=12_01_2022_003_005 3 Dawn
20. 99 paisa per unit cut in average power tariff approved With a promise to seek tax exemption on infant milk and bread from the International Monetary Fund (IMF), the government on Tuesday approved 99 paisa per unit cut in average power tariff under quarterly adjustment and decided to immediately move a law in the parliament for gradual increase in average gas tariff by about 30pc. https://epaper.dawn.com/DetailImage.php?StoryImage=12_01_2022_009_003 9 Dawn
21. Sugar industry, textile biggest defaulters of bank loans Generally known for profit making, sugar sector has emerged with the biggest infection ratio of banking loans during the third quarter of the calendar year 2021. https://epaper.dawn.com/DetailImage.php?StoryImage=12_01_2022_009_004 9 Dawn
22. Auto sector posts robust sales in July-December Barring buses and locally assembled Chinese two and three-wheelers, the sales of the entire auto sector posted a robust growth in the Erst half of the current fiscal year (1HFY22) despite surging prices, rising interest rates and curbs on auto financing by the State Bank in the September-December quarter. https://epaper.dawn.com/DetailImage.php?StoryImage=12_01_2022_009_006 9 Dawn
23. Rs500m sales tax fraud by shoe retailer unearthed The integrated point of sales (POS) system of the Federal Board of Revenue (FBR) has claimed its first case of sales tax fraud of Rs500 million by a leading shoe retailer. https://epaper.dawn.com/DetailImage.php?StoryImage=12_01_2022_009_007 9 Dawn
  Editorial News    
24. Seeking continued support for exports In an interview to a foreign news agency Razak Dawood, Advisor to the Prime Minister on Commerce, stated that he is pushing the government to bet big on the export industry — a bet envisaging billions of dollars of support that the government can ill afford — as that alone is the best way to tackle Pakistan’s long-standing woes and achieve sustained growth. https://epaper.brecorder.com/2022/01/12/6-page/914862-news.html 6 Business Recorder
25. Currency exchange rates Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   178.80 242.00 201.50 28.00 47.40
17 Business Recorder

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