【Daily】1 July Brief of Pak BizNews
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KSE 100 41,540.83 ▲0.59% KMI 30 68,766.37 ▲0.82% KASB Tech Index 270.10▲0.61%
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National News
Non-mobilization of talent, resources stunts growth Pakistan’s growth has been stunted by the inability to mobilise all of its talent and resources, and allocate them to productive uses, says the World Bank. https://epaper.brecorder.com/2022/07/01/1-page/935220-news.html
CPI inflation may hover around 16pc in June The Consumer Price Index (CPI) based inflation might go close to 15.5 percent to 16 percent year-on-year in June 2022 mainly because of increased fuel and commodities prices, The News has learnt. https://www.thenews.com.pk/print/970409-cpi-inflation-may-hover-around-16pc-in-june
Petrol up by Rs14.85 per litre, diesel Rs13.23 The government on Thursday jacked up the prices of petrol and diesel by Rs14.85 and Rs13.23 per litre respectively after imposing the petroleum levy (PL) under the condition of International Monetary Fund (IMF). https://www.thenews.com.pk/print/970400-petrol-up-by-rs14-85-per-litre-diesel-rs13-23
Gas supply to export and non-export sector cut off till July 9 The government has closed down the supply of gas to the export and non-export industry in Punjab till July 9, 2022 and it will review its decision after Eidul Azha.
Wide spectrum of renewable energy projects Prime Minister Shehbaz Sharif said on Thursday that deepening China-Pakistan economic cooperation is very important for the socio-economic uplift of Pakistan. https://epaper.brecorder.com/2022/07/01/1-page/935219-news.html
SBP directs banks to stop fresh disbursements Following the directives of the federal government, the State Bank of Pakistan (SBP) on Thursday night asked banks to temporarily stop fresh disbursements under the Prime Minister’s Kamyab Jawan Youth Entrepreneurship Scheme and Government’s Mark-up Subsidy Scheme for Housing Finance known as Mera Pakistan Mera Ghar (MPMG). https://epaper.brecorder.com/2022/07/01/28-page/935511-news.html
*Forex reserves soar on $2bn Chinese inflows* The country’s total liquid foreign exchange reserves rose sharply by some $2 billion during the last week supported by the arrival of Chinese inflows. https://epaper.brecorder.com/2022/07/01/1-page/935218-news.html
PKR strengthens further The rupee continued to strengthen against the US dollar for a third consecutive session in the inter-bank market on Thursday, appreciating 0.13%, as the government managed to pass the Federal Budget 2022-23 and inched closer towards revival of the stalled International Monetary Fund (IMF) programme. https://epaper.brecorder.com/2022/07/01/1-page/935221-news.html
SECMC unearths 11m tons of coal to generate power, saves $700m per annum Sindh Engro Coal Mines Company (SECMC), a partner of the provincial government, has unearthed 11 million tons of coal to generate electricity which has saved $700 million per annum for the country. https://epaper.brecorder.com/2022/07/01/7-page/935268-news.html
LHC sanctioned Scheme of Arrangement to reconstruct, rearrange Mehmood Group Mehmood Textile Mills (PSX: MEHT) has informed that the honorable Lahore High Court, Multan Bench has graciously approved the Scheme of Arrangement for the rearrangement and reconstruction of Mahmood Group into Group A and Group B.
Startup funding shrinks 40pc to $104m Startups in Pakistan raised a total of $103.8 million in 22 deals in the April-June quarter, down almost 40 per cent from the preceding quarter when the flows amounted to $173m. https://www.dawn.com/news/1697531/startup-funding-shrinks-40pc-to-104m
Pakistan rolls out ‘single window’ for ease of trade Pakistan has rolled out the first phase of the Pakistan Single Window (PSW) for integrating different departments for facilitating imports and exports and reducing the cost of doing business in the country. https://www.thenews.com.pk/print/970412-pakistan-rolls-out-single-window-for-ease-of-trade
Agri input costs to go up Over the next decade, global agricultural production is projected to increase by 1.1 per cent per year, with the additional output to be mainly produced in middle- and low-income countries, according to a report released by the Food and Agriculture Organisation (FAO) of the United Nations and the Organisation for Economic Co-operation and Development (OECD). https://www.dawn.com/news/1697528/agri-input-costs-to-go-up
Stocks Struggle as Traders Weigh Recession Risks: Markets Wrap Stocks struggled for progress Friday while bonds added to gains as investors assessed whether a looming economic slowdown leaves little room for respite in global markets after a first-half pummeling.
Commodities and Currency: 1-Day Change
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