【Daily】18 Aug. Brief of Pak BizNews
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KSE 100 43,677 ▲0.55% KMI 30 71,799 ▲0.88% KASB Tech Index 438 ▲3.84%
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National News
THE RUPEE: PKR declines The rupee's 11-session appreciation run ended on Wednesday, as the local currency fell 0.46% against the US dollar in the inter-bank market, signalling that it may have reached its short-term equilibrium. https://epaper.brecorder.com/2022/08/18/1-page/940212-news.html
IMF board meeting on 29th The International Monetary Fund (IMF) Executive Board meeting for the combined seventh and eight reviews under the Extended Fund Facility (EFF) has been set for August 29. https://epaper.brecorder.com/2022/08/18/1-page/940207-news.html
Govt to impose Rs50 levy on petroleum products In the Letter of Intent to IMF, according to sources, Pakistan has assured the Fund that the government will increase the price of petroleum products by imposing a levy of up to Rs50. Sources told Geo News that the federal government will impose a levy of Rs10 on petrol and Rs5 on diesel from September 1, while it will increase it to Rs30 on petrol and Rs15 on diesel from September 16. https://www.thenews.com.pk/latest/983048-pakistan-sends-back-letter-of-intent-to-imf
Govt takes step to spur forex inflows thru export boost Finance Minister Miftah Ismail has emphasized increasing exports and stated that there would be no tax on those companies that would export 10 percent of their production. https://epaper.brecorder.com/2022/08/18/1-page/940206-news.html
Zero pc GST on pharma inputs proposed The federal cabinet is likely to approve the Presidential Ordinance to amend Finance Act 2022 by end-August 2022, proposing zero percent sales tax on the import and local supplies of pharmaceutical raw materials and active ingredients. https://epaper.brecorder.com/2022/08/18/1-page/940208-news.html
Offshore terminal, stake in PIA to be offered Pakistan is to seek long-term and short-term Liquefied Natural Gas (LNG) contracts with Qatar in addition to offering the latter the establishment of offshore LNG terminal and a stake in Pakistan International Airlines (PIA) https://epaper.brecorder.com/2022/08/18/1-page/940202-news.html
Riyadh offers LNG, crude oil and revival of SFD pact Saudi Arabia has reportedly offered Liquefied Natural Gas (LNG) to Pakistan on commercial basis in addition to activating an agreement on financing and providing supplies of crude oil and petroleum products signed between Saudi Fund and GoP. https://epaper.brecorder.com/2022/08/18/1-page/940203-news.html
POL FY22 – profits double! Pakistan Oilfields Limited (PSX: POL) posted a massive growth in earnings for FY22 – 94 percent year-on-year to be precise. The oil and gas company’s earnings growth came from higher topline. Revenues for POL increased by 44 percent year-on-year on account of higher crude oil prices and Pak rupee depreciation. Crude oil prices were up by over 65 percent year-on-year in FY22, while currency depreciation of around 10 percent further gave topline a boost https://epaper.brecorder.com/2022/08/18/2-page/940216-news.html
Debt sustainability, transparency The Asian Development Bank (ADB) will provide technical assistance (TA) envisaging improved debt sustainability and transparency in Pakistan. ADB to give $0.9m assistance on grant basis. https://epaper.brecorder.com/2022/08/18/3-page/940226-news.html
Commodities and Currency: 1-Day Change
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