【Daily】7 July Brief of Pak BizNews
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KSE 100 41,159.79▲0.14% KMI 30 67,701.97▲0.03% KASB Tech Index 373.94▲0.44%
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National News
96pc of ADP funds utilized by Punjab govt The Punjab government has utilized Rs. 554 billion against the release amount of Rs. 636 billion during the last FY 21-22 in the head of Annual Development Programme (ADP). This reflects the 96% utilization of the funds. https://www.brecorder.com/news/40184746/96pc-of-adp-funds-utilized-by-punjab-govt
Value-added textile associations reject supertax Scores of value-added textile associations Wednesday termed the 10 percent supertax “harsh and destructive” for the export-oriented sector, demanding of the federal government to withdraw it immediately. https://www.brecorder.com/news/40184835/value-added-textile-associations-reject-supertax
Implementation of IFRS 9: SBP issues final instructions The State Bank of Pakistan (SBP) has issued final instructions for implementation of the International Financial Reporting Standard 9, or IFRS 9, in the banking sector. https://www.brecorder.com/news/40184838/implementation-of-ifrs-9-sbp-issues-final-instructions
APTMA urges govt to help restore gas supply immediately Chairman All Pakistan Textile Mills Association (APTMA) Abdul Rahim Nasir has urged the Federal government to restore gas supply to textile industry on an urgent basis, stressing that a loss of almost $1 billion in exports has already taken place due to non-availability of gas and closure of more than 300 textile mills. https://www.brecorder.com/news/40184839/aptma-urges-govt-to-help-restore-gas-supply-immediately
ADs told to get permission: SBP updates list of items for import transactions The State Bank of Pakistan (SBP) has updated the list of items for which banks are required to obtain prior permission before initiating the import transaction. Previously, in May 2022, the SBP asked the Authorized Dealers to get prior permission from Foreign Exchange Operations Department (FEOD), SBP-BSC before initiating transactions for import of some select goods including Motor Cars (CKD) power generation machinery, electrical machinery and apparatus and Mobile Phone (CKD).
GE seeks $100m for upgradation of RLNG plants in Punjab M/s General Electric (GE) has demanded $ 100 million for upgradation of RLNG-fired power plants in Punjab, which the government is endeavoring to privatize for long, well-informed sources told Business Recorder. https://www.brecorder.com/news/40184845/ge-seeks-100m-for-upgradation-of-rlng-plants-in-punjab
Oil slides 2pc to 12-week low on fears of global recession Oil prices slid about 2 percent to a 12-week low in volatile trade on Wednesday, extending the prior session’s heavy losses as investors grew more worried energy demand would take a hit in a potential global recession. https://www.brecorder.com/news/40184846/oil-slides-2pc-to-12-week-low-on-fears-of-global-recession
Lifeline consumers spared: PD proposes massive increase in gas prices The Petroleum Division has reportedly proposed a massive increase in price of natural gas across-the-board except lifeline consumers with reduction in slabs from seven to five, to be effective from July 1, 2022, sources close to the Petroleum Minister told Business Recorder.
Cabinet hasn’t approved Rs7.91/unit hike in power rates yet: Dastgir Power Minister Khurram Dastgir Khan Wednesday said the Federal Cabinet has not yet approved an increase in electricity rates by Rs7.91 per unit. The Economic Coordination Committee (ECC) of the Cabinet has approved the increase in tariff in three phases, Rs3.5/unit in July, Rs3.5/unit in August, and the remaining Rs0.91/unit may be passed on to the consumers in the month of October 2022.
Fiscal year 2022-23: Foreign assistance estimates revised upward to Rs5.5trn The government has revised upward the estimated foreign assistance to Rs5.503 trillion by around 74 percent from the initial budgeted Rs3.166 trillion for the current fiscal year 2022-23, after incorporating the estimated assistance of Rs558 billion from the International Monetary Fund (IMF), Rs558 billion from Saudi Arabia (time deposit), and Rs744 billions of SAFE China deposit.
969MW project shut after damage detected Amid countrywide electricity shortages, the 969-megawatt Neelum-Jhelum hydropower project, completed at an estimated approved cost of about Rs508bn, has been closed due to major cracks in its tailrace tunnel. https://www.dawn.com/news/1698642/969mw-project-shut-after-damage-detected
Bank advances to private sector swell by 142pc The federal government’s budgetary borrowing for the fiscal year 2021-22 (FY22) was more than 85pc higher than the previous year, while the private sector borrowing from banks jumped by 142pc. https://www.dawn.com/news/1698593/bank-advances-to-private-sector-swell-by-142pc
Ecnec approves 7 uplift projects worth over Rs410bn A meeting of the Executive Committee of the National Economic Council (Ecnec) has approved seven development projects of over Rs410 billion, including the construction of Hyderabad–Sukkur Motorway on a Built-Operate-Transfer (BOT) basis with a revised cost of Rs308.194 billion. https://www.brecorder.com/news/40184849/ecnec-approves-7-uplift-projects-worth-over-rs410bn
Rupee weakens to 209/dollar in open market The rupee weakened further on Wednesday, erasing all of previous session gains and heading towards a record low, as uncertainty over the International Monetary Fund (IMF) $6 billion bailout deal widely disappointed investors. https://www.thenews.com.pk/print/972136-rupee-weakens-to-209-dollar-in-open-market
Afghanistan raises coal prices as exports to neighboring Pakistan boom Afghanistan’s Taliban administration has more than doubled prices for coal, the finance ministry said on Wednesday, as the group seeks to raise revenue from coal exports and shrink its budget deficit after being cut off from international aid.
Commodities and Currency: 1-Day Change
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