IMPORTANT BUSINESS NEWS / CURRENT AFFAIRS WEDNESDAY 9th NOVEMBER, 2022

S.# Description Pg. # Source
1. Govt plans to bring FCA mechanism of KE on a par with other Discos’ The Federal Government plans to apply Fuel Charges Adjustment (FCA) mechanism in K-Electric (KE) at par with power Distribution Companies (Discos), which will put additional financial burden on Karachiites. https://epaper.brecorder.com/2022/11/09/1-page/946986-news.html 1 Business Recorder
2. MBS, PM take stock of cooperation Prime Minister Shehbaz Sharif, in a meeting with Saudi Arabia’s Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz Al Saud on Tuesday, expressed confidence that the Saudi leader’s upcoming visit to Pakistan would promote bilateral cooperation. https://epaper.brecorder.com/2022/11/09/1-page/946988-news.html 1 Business Recorder
3. SBP takes big step to contain forex outflow In a major move to contain the outflow of foreign exchange from the country, the State Bank of Pakistan (SBP) has reduced the existing foreign currency cash carrying limits by 50 percent for travel purposes with immediate effect. https://epaper.brecorder.com/2022/11/09/1-page/946989-news.html 1 Business Recorder
4. Q1 non-tax collection dips 16.29pc to Rs202.159bn YoY The federal non-tax collection has fallen by 16.29 percent to Rs202.159 billion during the first quarter of the current fiscal year as opposed to Rs241.536 billion for the same period of last fiscal year consequent to zero surplus profit of the State Bank of Pakistan (SBP). https://epaper.brecorder.com/2022/11/09/1-page/946990-news.html 1 Business Recorder
5. THE RUPEE: PKR largely stable Pakistan’s rupee remained largely stable against the US dollar in the inter-bank market, and appreciated 0.01% on Tuesday. https://epaper.brecorder.com/2022/11/09/1-page/946996-news.html 1 Business Recorder
6. Equities extend gains A positive trend continued on Pakistan Stock Exchange on the back of fresh buying in various sectors Tuesday. https://epaper.brecorder.com/2022/11/09/1-page/946993-news.html 1 Business Recorder
7. FCA for Sept Discos allowed tariff hike of 8 paisa/unit
National Electric Power Regulatory Authority (Nepra) has increased Discos’ tariffs by Paisa 8 per unit for September 2022 under monthly FCA mechanism. https://epaper.brecorder.com/2022/11/09/3-page/947004-news.html
3 Business Recorder
8. KTC fully implements Track and Trace system Khyber Tobacco Company (KTC) is the first national cigarette manufacturing company which fully implemented the Track and Trace system and publicly supported the Federal Board of Revenue’s (FBR) initiative to curb the illicit trade in the tobacco sector. https://epaper.brecorder.com/2022/11/09/3-page/947005-news.html 3 Business Recorder
9. SBP to remain closed today The State Bank of Pakistan (SBP) will remain closed today (Wednesday), November 9, observing public holiday on the occasion of Iqbal Day. https://epaper.brecorder.com/2022/11/09/3-page/947002-news.html 3 Business Recorder
10. PFMA’s chairman vows to ensure excellence in footwear industry Mansoor Ehsan has been elected as new elected chairman of Pakistan Footwear Manufacturing Association (PFMA) for the year 2022-2023. Mansoor Ehsan Sheikh is the Chief Executive Officer of the renowned shoe brand Xarasoft. https://epaper.brecorder.com/2022/11/09/4-page/947013-news.html 4 Business Recorder
11. PSMA declines to start crushing if sugar export not allowed The Pakistan Sugar Mills Association (PSMA) has expressed its inability to start the crushing season 2022-23 in case millers are not allowed to export the surplus sugar stocks available in the country amounting to US$ 1 billion. https://epaper.brecorder.com/2022/11/09/4-page/947011-news.html 4 Business Recorder
12. Floods of 2010, 2022 have badly affected Sindh’s economy, says CM Sindh Chief Minister Syed Murad Ali Shah said the economy of his province has remained under stress which could be assessed from the fact that the poverty ratio has been recorded at 43 percent with 75.5 percent in rural areas. https://epaper.brecorder.com/2022/11/09/7-page/947040-news.html 7 Business Recorder
13. Punjab governor visits FPCCI HQ, calls for ‘charter of economy’ Punjab Governor Baligh Ur Rehman during a visit to FPCCI Karachi has proposed a charter of economy to all the stakeholders to put an end to the political instability; lack of continuity of economic policies; loss of industrial production & exports and to curtail unemployment and poverty. https://epaper.brecorder.com/2022/11/09/7-page/947041-news.html 7 Business Recorder
14. Gold prices up Gold prices on Tuesday saw some more gains on the local market, traders said. https://epaper.brecorder.com/2022/11/09/7-page/947039-news.html 7 Business Recorder
15. No change in outlook on cotton market The local cotton market on Tuesday remained steady and the trading volume remained very low. https://epaper.brecorder.com/2022/11/09/14-page/947047-news.html 14 Business Recorder
16. Financing gap `too high` to sustain flood recovery: PM Prime Minister Shehbaz Sharif on Tuesday called the recent floods that ravaged Pakistan a manmade disaster and observed that loss and damage needed to be part of the core agenda of the COP27 conference to meet the pressing humanitarian needs of those trapped in a crisis of public financing fuelled by debt, and yet have to fund climate disasters on their own. https://epaper.dawn.com/DetailImage.php?StoryImage=09_11_2022_003_001 3 Dawn
17. Cabinet approved $900m escrow account for Reko Dig in March, SC told The federal cabinet approved the creation of a $900 million escrow account for payments to the Chilean firm Antofagasta on March 14, 2022, whereas negotiations to reach a settlement with Barrick Gold Corporation (BCG) for the RekoDiq mining project were finalised on March 17, Additional Attorney General Chaudhry Aamir Rehman told the Supreme Court on Tuesday. https://epaper.dawn.com/DetailImage.php?StoryImage=09_11_2022_003_002 3 Dawn
18. Gas utilities seek up to 237pc hike in tariffs Sui Northern Gas Pipelines Ltd (SNGPL) and Sui Southern Gas Company Ltd (SSGCL) have demanded up to 237 per cent increase in natural gas rates to generate about Rs660 billion in additional funds during the current fiscal year. https://epaper.dawn.com/DetailImage.php?StoryImage=09_11_2022_009_008 9 Dawn
19. OGDC, PPL to fork out over $187.5m each for RekoDiq project Two state-owned energy companies announced separately on Tuesday they`ll seek approval from their respective shareholders to subscribe to 33.3 per cent shares of Pakistan Minerals Ltd for taking part in the reconstituted Reko Dig project. https://epaper.dawn.com/DetailImage.php?StoryImage=09_11_2022_009_002 9 Dawn
20. $2bn spending on wheat imports brings no major price relief Pakistanhasimported over six million tonnes of wheat from July 2020 till September at a cost of over $2 billion to bridge the demand and supply gap in view of short local production. https://epaper.dawn.com/DetailImage.php?StoryImage=09_11_2022_009_003 9 Dawn
21. Pakistan dollar bonds rise Dollar-denominated sovereign bonds rose on Tuesday as investors rushed to buy Pakistani debt amid a weakening greenback. https://epaper.dawn.com/DetailImage.php?StoryImage=09_11_2022_009_006 9 Dawn
22. Rising circular debt, at-whim inductions irk Senate body Displeased over the continued absence of the federal power minister from its meetings, the Senate Standing Committee on Power on Tuesday once again deferred a key government bill and expressed concern over rising circular debt and `out-of-merit` selection of directors to the boards of power sector entities. https://epaper.dawn.com/DetailImage.php?StoryImage=09_11_2022_009_004 9 Dawn
23. Four exploration blocks awarded The government provisionally awarded four new exploration blocks to the joint ventures of Pakistan Petroleum Ltd (PPL), Oil and Gas Development Company Ltd (OGDC) and Mari Petroleum Company Ltd (MPCL), the companies announced on the Pakistan Stock Exchange on Tuesday. https://epaper.dawn.com/DetailImage.php?StoryImage=09_11_2022_009_005 9 Dawn
  Editorial News    
24. Role of LPG in gas crisis — I Winters are approaching, in fact are there already.  https://epaper.brecorder.com/2022/11/09/6-page/947030-news.html 6 Business Recorder
25. Security for investors OREIGN investment is amongst the various remedies mentioned for addressing Pakistan`s chronic economic problems. https://epaper.dawn.com/DetailImage.php?StoryImage=09_11_2022_006_003 6 Dawn
26. Currency exchange rates Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   227.75 270.70 235.00 36.00 63.00
5 Business Recorder

Leave a Reply