【Daily】16 Aug. Brief of Pak BizNews
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KSE 100 47,169.84 ▼ 0.21% KASB Tech 470.44▼ 0.74%
KASB Market View · Regional instability has intensified as Kabul falls over to and the Afghan president has left the country. Potential fallout for Pakistan may keep investors wary as they wait for the situation to unfold. · Investors are expected to fall back to defensive plays during the uncertain climate and may likely look towards high-yielding, defensive stocks in the energy and fertilizer space. · Pakistan Vaccination drive is cruising along as nearly 43mn doses have been administered and over 12mn individuals are fully vaccinated (10% of the adult population).
National News LSM posts record 14.85pc growth in fiscal 2020/21 Large scale manufacturing (LSM) posted record 14.85 percent growth in the fiscal year 2020/21 as industrial activities largely resumed compared to the laggard 2019/20, official data showed on Friday.
Asia Pacific Group on ML: Pakistan compliant or largely compliant on 35 recommendations The Asia Pacific Group, a regional body of Financial Action Task Force (FATF), has found Pakistan compliant or largely compliant on 35 out of total 40 recommendations to combat money laundering.
Measures under way to secure World Bank loan: Tarin The government will make all-out efforts to address three to four outstanding issues, including tax harmonisation, for securing loans worth over $800 million from the World Bank in the next one month. https://www.dawn.com/news/1640749/measures-under-way-to-secure-world-bank-loan-tarin
‘Growth rate likely to remain 4-5pc for current fiscal year’ Governor State Bank of Pakistan Dr. Reza Baqir said on Friday that the SBP was projecting the GDP growth in the range of 4-5 percent for the current fiscal year as the country was set to achieve higher growth.
CCP imposed Rs44 bn fine on 81 sugar mills: Gill Special Assistant to Prime Minister (SAPM) on Political Communication Dr Shahbaz Gill Saturday said the Competitive Commission of Pakistan (CCP) imposed Rs44 billion fine on 81 sugar mills over embezzlement, corruption and exploitation of farmers. https://www.thenews.com.pk/print/878571-ccp-imposed-rs44-bn-fine-on-81-sugar-mills-gill
Octopus Digital gets nod to circulate prospectus for 27.3m shares Technology firm Avanceon Ltd has said its wholly-owned subsidiary, Octopus Digital Ltd, received the approval of the Securities and Exchange Commission of Pakistan to circulate the prospectus for the issue of 27.3 million shares that will raise at least Rs793.1m. https://www.dawn.com/news/1640738/octopus-digital-gets-nod-to-circulate-prospectus-for-273m-shares
PM for fast track reforms to attract investment Prime Minister Imran Khan Saturday directed the authorities concerned to expedite the reforms process to attract investors and improve the functioning of state-owned enterprises (SOEs). https://www.thenews.com.pk/print/878563-pm-for-fast-track-reforms-to-attract-investment
Ogra proposes hike in petrol, diesel prices The Oil and Gas Regulatory Authority (Ogra) has recommended an increase of Rs2.5 and Re0.5 per liter in the prices of diesel and petrol respectively and of one rupee each in the' prices of kerosene and light diesel oil (LDO) for the second half of August 2021. https://www.thenews.com.pk/print/878572-ogra-proposes-hike-in-petrol-diesel-prices
First HVDC transmission line tested with full load of 4,000MW Pakistan on Saturday launched the trial run of its first high voltage direct current (HVDC) transmission line with the full load of 4000 megawatts (MW), a landmark ahead of its commercial operation date (COD) next month.
Pakistan becomes smartphone exporter Pakistan has become exporter of 4G smartphones by sending first-ever shipment tagged ‘Manufactured in Pakistan’ to the United Arab Emirates. https://www.dawn.com/news/1640737/pakistan-becomes-smartphone-exporter
Delay in approval of revised tariff: Tabish-led PD team meets Nepra bigwigs A four-member team of Power Division led by SAPM on Power and Petroleum, Tabish Gauhar held a meeting with Nepra to seek explanation on reasons for the delay in approval of revised tariff of $ 1.7 billion ± 660kV HVDC Matiari to Lahore Transmission Line, well-informed sources told Business Recorder.
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