【Daily】8 Oct. Brief of Pak BizNews
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KSE 100 44,586.04 ▲ 0.48% KASB Tech Index 532.34 ▲ 0.79%
· The KSE-100 gained 213 points and closed at 44,586 points with bulls having the upperhand over bears as the market reacted positively on reduced international coal prices. · After being in continuous pressure due to rising coal prices, the cement sector was able to catch a breath and led the rally alongside Banks. · SBP’s imposition of controls on flight of dollars to Afghanistan and requirement of a biometric verification for all forex transactions equaling $500 and above may ease some pressure on declining local currency.
National News Extended Fund facility review: IMF demands raise in Income tax, sales tax, RD ISLAMABAD: The International Monetary Fund (IMF) has asked Pakistan to take additional taxation measures in the shape of Income Tax, Sales Tax, and Regulatory Duty (RD) for jacking up the annual tax collection target from Rs5.8 trillion to Rs 6.3 trillion.
$5bln textile industry investment in pipeline: adviser ISLAMABAD: Abdul Razak Dawood, Adviser to Prime Minister on Commerce, on Thursday said an investment of around $5 billion was in the pipeline in one hundred new textile units, which was expected to generate 500,000 jobs. https://www.thenews.com.pk/print/898467-5bln-textile-industry-investment-in-pipeline-adviser
ECC restricts cash redemption on remittances ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet on Thursday empowered a committee led by Finance Minister Shaukat Tarin to ban or allow export of onions and tomatoes based on actual data and decided to restrict cash redemption of reward points on remittances to only those overseas Pakistanis who return to the motherland permanently. https://www.dawn.com/news/1650752/ecc-restricts-cash-redemption-on-remittances
World Bank lowers GDP forecast, projects higher inflation https://www.brecorder.com/news/40125349/world-bank-lowers-gdp-forecast-projects-higher-inflation
Cotton production likely to show nearly 20pc increase ISLAMABAD: The government, on Thursday, set wheat production target at 28.9 tons for Rabi season 2021-22 on an area of 9.2 million hectares of land https://www.brecorder.com/news/40125341/cotton-production-likely-to-show-nearly-20pc-increase
Foreign exchange: SBP reserves fall $125m to $19.2b KARACHI:The foreign exchange reserves held by the central bank fell 0.65% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. https://tribune.com.pk/story/2323716/foreign-exchange-sbp-reserves-fall-125m-to-192b
Pakistan's rupee strengthens against US dollar A day after registering its weakest level, Pakistan's rupee recovered against the US dollar in the inter-bank market on Thursday. https://www.brecorder.com/news/40125148/pakistans-rupee-strengthens-against-us-dollar
PM for provision of targeted subsidy on essential items ISLAMABAD: Prime Minister Imran Khan, on Thursday, directed government officials to expedite preparations for the provision of targeted subsidy on essential food items to the deserving population under Ehsaas Targeted Commodity Subsidy Programme. https://www.brecorder.com/news/40125343/pm-for-provision-of-targeted-subsidy-on-essential-items
Basmati GI rights: Reap has successfully worked against Indian plea in EU court KARACHI: Rice Exporters Association of Pakistan (Reap) has successfully worked against Indian application of Basmati Geographical Indicator (GI) rights in EU court.
TAPI project agreement: NA body for removing obstacles ISLAMABAD: The National Assembly Standing Committee on Foreign Affairs, on Thursday, asked the government to take stringent measures through effective diplomacy to remove obstacles in the agreement on Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project, so that it could be completed without further delay. https://www.brecorder.com/news/40125313/tapi-project-agreement-na-body-for-removing-obstacles
International News Russia says will invite Taliban to global talks MOSCOW: Russia will invite the Taliban to international talks on Afghanistan scheduled for October 20 in Moscow, the Kremlin's envoy to Afghanistan, Zamir Kabulov, said Thursday. https://www.brecorder.com/news/40125342/russia-says-will-invite-taliban-to-global-talks
IMF urges govts to make fiscal plans to tame pandemic debt WASHINGTON: Governments should start planning a return to more sustainable budgets with policies that win the trust of investors, after unprecedented fiscal stimulus to fight the COVID-19 pandemic, the International Monetary Fund said on Thursday. https://www.brecorder.com/news/40125347/imf-urges-govts-to-make-fiscal-plans-to-tame-pandemic-debt
Commodities and Currency: 1-Day Change
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