【Daily】19 Sept. Brief of Pak BizNews
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KSE 100 41,679 ▼0.22% KMI 30 68,619 ▼0.42% KASB Tech Index 461 ▲1.59%
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National News
Pakistan mulls importing Russia oil on deferred payment Pakistan can import oil from Russia on deferred payment as both countries are in talks to discuss the possibility, a senior government functionary revealed on Sunday after the recent meeting between Prime Minister Shehbaz Sharif and Russian President Vladimir Putin on the sidelines of Shanghai Cooperation Organisation (SCO) in Samarkand. https://tribune.com.pk/story/2377298/pakistan-mulls-importing-russia-oil-on-deferred-payment
Russia offers gas, wheat supplies to Pakistan: minister Minister for Defence Khawaja Muhammad Asif on Saturday said the country would need assistance from its neighbours and the world community due to massive floods as large-scale crop losses might cause a famine. https://www.thenews.com.pk/print/992396-russia-offers-gas-wheat-supplies-to-pakistan-minister
Lucky Cement extends buyback period Lucky Cement Ltd told investors on Friday it’s extending the period during which it’ll buy back up to 10 million of its own shares from the stock market for the purpose of cancellation. https://www.dawn.com/news/1710509/lucky-cement-extends-buyback-period
ICI sells stake in NutriCO for $45m ICI Pakistan Ltd, which will soon be formally renamed Lucky Core Industries Ltd, said on Friday it’s executed a share purchase agreement with Morinaga Milk Industry Company Ltd under which the Japanese firm will buy 26.5 per cent shares in the local company’s subsidiary — NutriCo Morinaga — at an aggregate price of $45 million or $2.07 per share. https://www.dawn.com/news/1710508/ici-sells-stake-in-nutrico-for-45m
250-member Japanese delegation to visit Pakistan A major Japanese business delegation comprising 250 members will visit Pakistan in the last week of this month to explore investment opportunities in various sectors, Federal Secretary for Board of Investment Asad Rehman Gillani said on Friday. https://www.dawn.com/news/1710514/250-member-japanese-delegation-to-visit-pakistan
Flood losses top $30bn in initial estimate: minister Minister of State for Finance Dr. Aisha Ghaus Pasha said Friday the recent floods caused total accumulated losses of over $30 billion in accordance with an initial assessment. https://www.thenews.com.pk/print/991951-flood-losses-top-30bn-in-initial-estimate-minister
Cost of power generation jumps 57pc in August The total cost of power generation surged 57 percent to Rs10.06/KWh in August 2022 from Rs6.41/kWh in the same month last year, mostly owing to increasing fuel prices, latest numbers showed on Saturday. https://www.thenews.com.pk/print/992258-cost-of-power-generation-jumps-57pc-in-august
Indonesian envoy offers market access to boost trade with ASEAN Ambassador of Indonesia to Pakistan Adam M. Tugio on Saturday said that Pakistan could not only benefit from the Indonesian market but could also develop its strong economic relations with the Association of South East Asian Nations (ASEAN) through Jakarta. https://www.dawn.com/news/1710662/indonesian-envoy-offers-market-access-to-boost-trade-with-asean
Banks sending dollars out via credit cards Amid the daily dollar rate appreciation, banks have doubled their buying of the US currency and are sending it abroad via credit cards while the government grapples to control greenback outflows. https://www.dawn.com/news/1710516/banks-sending-dollars-out-via-credit-cards
SPI inches lower albeit wheat flour woes Weekly inflation eased 0.19 percent as fall in food prices offered some respite during the seven-day period ended September 15, but analysts warn of likely rise in near future with wheat flour prices going sky-high. https://www.thenews.com.pk/print/991957-spi-inches-lower-albeit-wheat-flour-woes
Post-flood challenges: Govt won’t opt for debt rescheduling or moratorium: MoEA Pakistan will not opt for debt rescheduling or moratorium to meet floods-related challenges as it is not an option in commercial loans and bonds while roll over from friendly countries is being availed.
Jul 1-Sept 2 govt borrowing rises 21pc to Rs58bn YoY The borrowing for budgetary support rose by 21 percent during a little over first two months of this fiscal year (FY23). According to the State Bank of Pakistan (SBP), the federal and provincial governments borrowed Rs 58.11 billion during July 1, 2022 to Sep 2, 2022 for budgetary support from the domestic banking system compared to Rs 48.18 billion in the same period of last fiscal year (FY22), depicting an increase of Rs 10 billion. https://www.brecorder.com/news/40198059/jul-1-sept-2-govt-borrowing-rises-21pc-to-rs58bn-yoy
PM Shehbaz Sharif to appoint next army chief in November Minister for Energy Khurram Dastagir on Saturday said that Prime Minister Shehbaz Sharif will take the decision on the appointment of the Chief of the Army Staff (COAS) after consultations with party supremo Nawaz Sharif. https://www.thenews.com.pk/print/992249-pm-to-appoint-next-army-chief-in-november
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