【Daily】24 Aug. Brief of Pak BizNews
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KSE 100 43,367 ▲1.30% KMI 30 72,126 ▲1.90% KASB Tech Index 436 ▲2.23%
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National News
PM announces fixed tax exemption for retailers, end to FCA for 17m people Prime Minister Shehbaz Sharif on Tuesday announced a major relief package for the inflation-burdened nation under which fixed taxes have been abolished for retailers and more than 1.7 million people will now be exempt from fuel charges adjustment on electricity bills.
KE wants to collect additional Rs14.53 per unit from consumers The K-Electric has pleaded with the National Electric Power Regulatory Authority (Nepra) to allow it a huge Rs14.533/unit additional collection from power consumers on account of quarterly fuel price variation for April-June 2022.
Govt imposes up to 150pc regulatory duty on 700 luxury goods The Federal Board of Revenue (FBR) on Tuesday notified imposition of time-bound regulatory duty (RD) and additional customs duty (ACD) on almost 600 to 700 luxury items in the range of 100 to 150 percent maximum to discourage imports. https://www.thenews.com.pk/print/984865-govt-imposes-up-to-150pc-regulatory-duty-on-700-luxury-goods
SBP sees FX reserves at $16bn in this fiscal Pakistan’s foreign currency reserves are expected to touch $16 billion in the current fiscal year, from $7.9 billion in August as an IMF bailout tranche worth $1.2 billion will unlock other inflows, central bank’s acting governor said on Tuesday. https://www.thenews.com.pk/print/984867-sbp-sees-fx-reserves-at-16bn-in-this-fiscal
Discos seek Rs3.7 per unit hike, Rs94.4bn more recoveries The power Distribution Companies (Discos) have sought an increase of Rs 3.7 per unit and to recover additional amount of Rs 94.4 billion from consumers for 4th quarter of CFY 2021-22 under Quarterly Tariff Adjustment (QTA) mechanism. https://www.brecorder.com/news/40193470/discos-seek-rs37-per-unit-hike-rs944bn-more-recoveries
Imported fertilizer: PM defers decision on dealers’ margins Prime Minister Shehbaz Sharif has deferred ratification of the ECC decision with respect to increase in dealers’ margin of imported urea after the Ministry of Industries and Production was grilled for giving benefit to fertilizer industry instead of farmers. https://www.brecorder.com/news/40193472/imported-fertilizer-pm-defers-decision-on-dealers-margins
PM in Qatar to generate trade, fetch investment Prime Minister Shehbaz Sharif on Tuesday invited investors from Qatar to invest in Pakistan’s energy, aviation, agriculture, livestock, maritime, tourism and hospitality sectors. https://www.brecorder.com/news/40193483/pm-in-qatar-to-generate-trade-fetch-investment
More foreign auto players to test their luck Despite uncertain political and economic conditions, foreign auto players are striving to roll out locally assembled vehicles well within the deadlines in the next two years. https://www.dawn.com/news/1706490/more-foreign-auto-players-to-test-their-luck
International News
Oil jumps above $3 Oil prices soared more than $3 a barrel on Tuesday after Saudi Arabia floated the idea of Opec+ output cuts to support prices and with the prospect of a drop in US crude inventories. https://www.dawn.com/news/1706485/oil-jumps-above-3
Commodities and Currency: 1-Day Change
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