【Daily】6 Oct. Brief of Pak BizNews
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OPEC+ agrees deep oil production cuts
OPEC+ agreed steep oil production cuts on Wednesday, curbing supply in an already tight market, causing one of its biggest clashes with the West as the US administration called the surprise decision shortsighted.
Losses caused by flood havoc
Finance Minister Ishaq Dar has informed a delegation of the Asian Development Bank (ADB) Wednesday about the devastation caused by floods in Pakistan and its impact on the country’s economy.
THE RUPEE: PKR continues to appreciate
Pakistan's rupee continued to appreciate against the US dollar for the ninth successive session on Wednesday, appreciating nearly 0.8% in the inter-bank market.
Thar coal mines to Railway line
Prime Minister Shehbaz Sharif has directed completion of the project to connect Thar coal mines to the Railway line by March 23, 2023, for transportation of local coal to the power plants.
SBP to complete probe soon into alleged FX manipulation
Central bank will soon complete an investigation into alleged manipulation by commercial banks of foreign exchange operations in the country
WTO slashes 2023 trade forecast as recession looms
The World Trade Organization on Wednesday dramatically lowered its global trade forecast for 2023, as Russia’s war in Ukraine and other shocks take their toll on the world economy.
PSMA reiterates its export surplus sugar demand
The Pakistan Sugar Mills Association (PSMA) has reiterated its demand that the government should immediately allow export of surplus sugar as according to the figures released by the Ministry of Food Security hinted that sugar stocks at the start of next crushing season would stand at around 1,736,017 metric tonnes.
APTMA decides to shut down textile mills across country
All Pakistan Textile Mills Association (APTMA) has decided to shut down textile mills across the country on Wednesday.
Musadik warns of drastic cut in gas supply during winter
Minister of State for Petroleum Dr Musadik Malik Wednesday warned of a drastic cut in gas supply for domestic purposes this winter and said a comprehensive plan would be unveiled soon to make the country self-sufficient in energy in next three to four years.
Govt to slash prices of POL products, energy soon: Gillani
Former Prime Minister Syed Yusuf Raza Gillani on Wednesday said that Pakistan People’s Party is the only party in the country that believes in the supremacy of law and constitution. He said the PDM government is trying day and night to steer the country out of the economic crisis. The price of the dollar, petrol and power will decrease day by day and they will become cheaper soon.
ADB announces $2.3-2.5bn to support flood relief efforts in Pakistan
The Asian Development Bank (ADB) on Wednesday announced it would provide aid of around $2.3-2.5 billion for relief operations in the wake of devastating floods that have caused catastrophic damage in Pakistan.
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