【Daily】27 July Brief of Pak BizNews
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KSE 100 39,894.05 ▲0.13% KMI 30 65,580.92 ▲0.13% KASB Tech Index 377.70 ▲0.55%
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National News
Miftah hopes for current account surplus in July Finance Minister Miftah Ismail on Tuesday hoped that Pakistan would post a surplus on the external front this month as imports would likely be lower than exports plus remittances. https://www.thenews.com.pk/print/977167-miftah-hopes-for-current-account-surplus-in-july
PKR declines further Amid massive economic and political uncertainty, Pakistan's rupee continued to take a battering at the hands of the US dollar with the currency closing near the 233 level in the inter-bank market on Tuesday. https://epaper.brecorder.com/2022/07/27/1-page/938101-news.html
SSGC plans gas supply to 2 SEZs The Sui Southern Gas Company (SSGC) is in process of executing at least three strategic projects to supply gas to two special economic zones (SEZs) and an industrial park in their respective areas to boost industrial production, a statement said on Tuesday. https://www.thenews.com.pk/print/977179-ssgc-plans-gas-supply-to-2-sezs
Cabinet okays rebasing of power tariff The federal cabinet has approved the rebasing of power tariff under which the government has raised electricity rates by Rs3.5 per unit on an immediate basis, and the forum has also decided to provide round-the-clock power supply to dedicated industrial feeders.
Power supply to export sectors at low rates: More funding contingent on IMF’s consent, ECC told The Finance Division has conveyed to the Economic Coordination Committee (ECC) of the Cabinet that additional funding requirement for providing electricity at concessionary rates to the export-oriented sectors would be contingent to the International Monetary Fund’s consent.
Key power projects to be taken up in JEWG meeting Power projects including 1124 MW Kohala and 700.7 MW Azad Pattan HPPs as well as 1,320 MW Thar Coal power plant project will be taken up in the coming meeting of the Pakistan-China Joint Energy Working Group (JEWG) which would be held in the first week of the next month (August). https://epaper.brecorder.com/2022/07/27/3-page/938116-news.html
Wapda for direct contracting to rehabilitate NJHEP Water and Power Development Authority (Wapda) has reportedly proposed direct contracting instead of open bidding for rehabilitation of 969-MW Neelum Jhelum HydroElectric (NJHEP) Project to avoid delay, sources close to Chairman WAPDA told Business Recorder. https://epaper.brecorder.com/2022/07/27/1-page/938094-news.html
Pak Suzuki warns of plant shutdown in August if import restrictions persist Pak Suzuki Motor Company (PSMC), which has the biggest market share in the passenger car segment, said on Tuesday that it stopped entertaining new bookings from July 1, warning that it may even have to shut down its plant next month if restrictions on importing material for production continues.
Mining sector likely to get status of industry The federal government is likely to grant mining sector as industry status aimed at facilitating its development as per rules of provincial governments, sources in Petroleum Division told Business Recorder. https://epaper.brecorder.com/2022/07/27/1-page/938100-news.html
Traders turn to French wheat for Pakistan Tra-ders bought up to seven shipments of French wheat aimed for Pakistan as part of a 300,000 tonne tender last week, European traders said on Tuesday, in a further sign that importing countries are turning to western Europe to fill a gap left by missing Black Sea grain. https://epaper.brecorder.com/2022/07/27/12-page/938183-news.html
Commodities and Currency: 1-Day Change
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