【Daily】4 Jan. Brief of Pak BizNews
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KSE 100 44,886.89 ▲ 0.65% KMI 30 72,399.23 ▲ 0.99% KASB Tech Index 475.75 ▲ 2.06%
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National News NCOC announces start of 5th Covid-19 wave as country reports 708 fresh cases Pakistan, on Monday, announced the start of the fifth coronavirus wave as the country recorded 708 Covid-19 cases, the highest number of cases in a single day since October 30th. According to the National Command and Operation Centre (NCOC), countrywide, a total 45,643 diagnostic tests were conducted in the past 24 hours, of which 708 returned positive, reflecting a positivity ratio of 1.55 percent.
Nepra may grant KE quarterly tariff hike of Rs4.80 National Electric Power Regulatory Authority (Nepra) is likely to allow KE to increase quarterly tariff by Rs 4.80 per unit for first quarter (July-September) of current fiscal, whereas Paisa 75 per unit for November under FCA mechanism will be refunded to consumers. https://www.brecorder.com/news/40144557/nepra-may-grant-ke-quarterly-tariff-hike-of-rs480
Rs343bn exemptions withdrawn: Rs251bn will be refunded/adjusted to pharma, other sectors Rs251 billion out of total Rs343 billion tax exemptions withdrawn in the Finance Supplementary Bill, 2021, tabled in the National Assembly, will be refunded/adjusted to the pharmaceutical sector, importers of capital machinery, raw materials, and local suppliers of 11 items.
‘Mini-budget’: Delay of a few days doesn’t really matter: Tarin Finance Minister Shaukat Tarin said on Monday that delay of two to four days in the approval of the Finance Supplementary Bill, 2021 would not be an issue as the International Monetary Fund (IMF) can extend board meeting couple of days beyond January 12, 2022. https://www.brecorder.com/news/40144566/mini-budget-delay-of-a-few-days-doesnt-really-matter-tarin
Gas shortage hits Pakistan’s exports, adding to economic stress Pakistan’s natural gas shortage is hurting its most important export industry, putting even more stress on an economy already struggling with accelerating inflation and a weakening currency, Bloomberg reported on Monday.
7.3mln cotton bales reach ginners Seed cotton (Phutti) equivalent to over 7.2 million or exactly 7,347,404 bales have reached ginning factories across the country till first of January 2022 registering increase of 36.81 percent as compared to corresponding period of last year. https://www.thenews.com.pk/print/922263-7-3mln-cotton-bales-reach-ginners
Pakistan-China Business Investment Forum launched: Exports now under increased focus, says PM Prime Minister Imran Khan said that the government has made necessary alignment for increasing the country’s exports and was moving towards industrialisation after dealing with crises
Farmers protest over urea shortage As farmers are taking to the streets to protest against the unavailability — or availability at higher official rates — of fertilisers, the government plays it cool, saying the issue is being “over-projected”. https://www.dawn.com/news/1667273/farmers-protest-over-urea-shortage
E&P blocks: minister says 3rd bidding will be held in March Minister for Energy Hammad Azhar on Monday said Pakistan Tehreek-e-Insaf (PTI) government had so far held two bidding rounds for the award of new oil and gas Exploration and Production (E&P) blocks, and the third one would be conducted in March. https://www.brecorder.com/news/40144535/ep-blocks-minister-says-3rd-bidding-will-be-held-in-march
OPEC+ expected to stick with planned Feb output increase OPEC+ is expected to stick to its plans to increase output in February when it meets on Tuesday, seeing a mild and short-lived impact on demand from the Omicron coronavirus variant, three sources from the oil producer group told Reuters on Monday. https://www.brecorder.com/news/40144555/opec-expected-to-stick-with-planned-feb-output-increase
New framework: SBP to grant two types of digital bank licences The State Bank of Pakistan (SBP) has developed a licensing and regulatory framework for setting up digital banks in Pakistan aimed at enhancing financial inclusion, provision of affordable/cost-effective digital financial services, especially to unserved and underserved segments of the society.
Commodities and Currency: 1-Day Change
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