【Daily】16 Sept. Brief of Pak BizNews
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Again, Putin offers the carrot of cheap fuel, energy security
Russian President Vladimir Putin said on Thursday that pipeline gas supplies to Pakistan were possible and part of the infrastructure was already in place, Russian state-owned new agency RIA reported.
THE RUPEE: PKR continues to sustain losses
Pakistan's rupee continued to sustain losses against the US dollar for the 10th successive session, settling with a depreciation of 0.66% in the inter-bank market on Thursday, as investors await funding from friendly countries and international creditors. As per the State Bank of Pakistan (SBP), the rupee closed at 235.88
Floods to weigh on agri production: Fitch
Fitch Solutions has stated that the severe floods in Pakistan to weigh on agricultural production and exacerbate the country’s external imbalances, and revised real GDP growth forecast for the fiscal year 2022-23 down to 0.2 percent from 0.6 percent previously. Fitch Solutions in its latest report on Pakistan stated that a reduction in crop production will also likely lead to higher inflation, which could in turn prompt the State Bank of Pakistan (SBP) to tighten monetary policy even more aggressively than we currently expect.
Future CEOs of GHCL, Genco I, II
Power Division has reportedly finalised three names for appointment as the Chief Executive Officers (CEOs) of Genco Holding Company Limited (GHCL) and Genco-1 and Genco-II
Some oil products likely to be dropped from PPRA schedule
The government is likely to drop some petroleum products from Schedule-1 of PPRA but furnace oil will continue to be retained to avail shorter response time and bid validity
PIA reduces fares for flights to, from China
Pakistan International Airlines (PIA) has reduced its fares for Islamabad to China. According to the airline, the national flag carrier has announced immediate reduction in fares for Islamabad to China. The airline has reduced the fares by 10 percent for the flights to China.
Transmission lines in flood-hit areas: NTDC successfully carries out rehabilitation works
The National Transmission & Despatch Company Ltd (NTDC) has completed the necessary rehabilitation works of Port Qasim – Matiari Transmission line and Sibbi-Quetta transmission line within minimum time and re-energized both the transmission lines a day earlier.
Punjab: property transfer fee fixed at the rate of 1pc
Chief Minister Punjab Chaudhry Parvaiz Elahi has fixed property transfer fee at one percent across the province.
PSX e-IPO system introduced for investors, RDA holders
The Securities and Exchange Commission of Pakistan (SECP) in coordination with the Pakistan Stock Exchange (PSX) has introduced the PSX e-IPO system for Initial Public Offering (IPO) investors including individual investors, corporate investors, and Roshan Digital Account holders.
Most budget figures to undergo fluctuations: MoEA
Most of the budget figures for the current fiscal year 2022-23, including GDP growth rate, debt-to-GDP ratio and the budget deficit would fluctuate massively on account of unabated depreciation of the local currency against the dollar followed by heavy rains and floods which devastated all sectors including agriculture and infrastructure across the county.
Recovery of CVT on foreign assets: SHC asks tax authorities to comply with relevant laws
The Sindh High Court (SHC) has asked tax authorities that before proceeding for the recovery of the Capital Value Tax (CVT) amount on foreign assets, compliance of the law and the relevant provision, prescribed by the Federal Board of Revenue (FBR) shall be taken into consideration.
Commodities and Currency: 1-Day Change