【Daily】9 Aug. Brief of Pak BizNews
KSE 100 47,489.95 ▼ 0.32%
· Pakistan’s market witnessing range-bound trading because of a lack of notable upside triggers.
· Result season has largely been overshadowed by COVID infection rates and external account imbalances despite expectations of stellar earnings growth.
· Regional tension continues to rise as Taliban shuts down Afghanistan’s Chaman Border.
Tabish sees early start of LNG terminals’ construction
Special Assistant to the Prime Minister on Power and Petroleum Tabish Gauhar has expressed the hope that the two new “merchant” LNG terminal developers will soon achieve financial close and start construction this year.
KE allowed to charge additional Rs3.64 per unit in three months
The National Electric Power Regulatory Authority (Nepra) has allowed K-Electric to charge its consumers an additional cumulative cost of Rs3.64 per unit in three months (Aug-Oct) to add almost Rs5 billion to its revenue.
Hike in power base tariff: WB irked by govt's 'failure' to honour commitment
The World Bank has, reportedly, conveyed its serious reservations to the top government authorities for not honouring their commitment regarding increase in electricity tariff as per the February 2021 agreement, and seeking a new deadline for a hike in base tariff, well-informed sources told Business Recorder.
Mobile distributor Air Link plans Pakistan’s biggest private sector IPO
Air Link Communication Ltd. plans to raise at least Rs5.85 billion ($36 million) through an initial public offering this month, which would be the largest from a non-state firm in Pakistan, Bloomberg reported
SBP hits eight banks with penalties
Pakistan’s central bank has charged eight banks with monetary penalties totalling at over half a billion rupees for violating regulations including anti-money laundering (AML), combating financing of terrorism (CFT) and foreign exchange rules during the quarter ended June 30, 2021.
End of amnesty scheme slows down dollar inflows
The end of an amnesty scheme for investment in the construction industry on June 30 has created hurdles in the dollar inflow in the country and is likely to hurt growth of the sector, industry sources told Dawn on Saturday.
Cellular spectrum auction expected to fetch $831.8mln
Pakistan Telecommunication Authority (PTA) has invited bids for the sale of cellular spectrum in 1800 and 2100 Mhz bands, expecting to raise $831.8 million, it said on Friday.
Construction — a costly ride as prices of key inputs surge
The construction cost continues to surge as a leading manufacturer has further increased steel bar prices by Rs5,000 per tonne followed by a rise in cement prices in the country’s northern region in the last one week.
Ogra sets RLNG sale price at $13.22 per unit
The Oil and Gas Regulatory Authority (Ogra) on Friday set the average sale price of re-gasified liquefied natural gas (RLNG) at about $13.22 per million British thermal unit for the current month, an increase of 2.33 per cent from last month’s $12.91 per unit.
Current account gap figures vary
As the economy grows, glaring variations have surfaced in projections of current account deficit by the government that sees the deficit at over $13 billion and the central bank which is foreseeing it at only $8 billion in the current fiscal year.
E&P firms warn of halt in investment
State run-oil and gas exploration companies have warned the government that investment in liquefied petroleum gas (LPG) extract plants would come to halt due to anti-local and pro-importers polices, which offer tax concessions to LPG importers.
Rs25,000 minimum wage: Sindh Wage Board seeks time for submitting its reply
The Sindh Wage Board has sought time from the Sindh High Court (SHC) to submit a written reply on a petition challenging Rs25,000 minimum wage fixed by the provincial government in the budget of current fiscal.
Bill of over Rs25,000 per month: 7.5pc tax on non-filers effective from July 1, says KE
In line with the announcement of the budget for FY 21-22 by the federal government, residential consumers who are non-filers and have electricity bills of over PKR 25,000 will be subject to a withholding tax of 7.5%. This tax is effective from July 01, 2021 and is applicable across Pakistan including K-Electric’s serviced territory.
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