【Daily】10 Nov. Brief of Pak BizNews
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KSE 100 42,265 ▲0.52% KMI 30 71,589 ▲0.85% KASB Tech Index 501 ▼1.31%
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AIIB to give us $500m to counter social fallout Pakistan will receive $500 million as co-financing for the BRACE development program from the Asian Infrastructure Investment Bank (AIIB), the finance minister Ishaq Dar said on Wednesday. https://epaper.brecorder.com/2022/11/10/1-page/947081-news.html
SBP, NBP to withdraw pleas: Dar Finance Minister Ishaq Dar has stated that the federal government has decided to withdraw the State Bank of Pakistan (SBP)’s and the National Bank of Pakistan (NBP)’s appeals from the Supreme Court against Sharia court with respect to make the economy interest-free in the next five years. https://epaper.brecorder.com/2022/11/10/1-page/947084-news.html
PM in London ahead of Bajwa’s retirement Prime Minister Shehbaz Sharif has left for London after concluding his two-day trip to Egypt on Wednesday, where he attended the COP27 climate conference. https://epaper.brecorder.com/2022/11/10/1-page/947076-news.html
SBP launches ‘ESRM manual’ for banks and DFIs The State Bank of Pakistan (SBP) Wednesday launched Environmental & Social Risk Management (ESRM) Implementation Manual to help banks and DFIs identify and manage environment and social risk by having the right policies, procedures and tools. https://epaper.brecorder.com/2022/11/10/1-page/947085-news.html
Arbitration pact: Halmore urges govt not to refer ‘excess profit’ issue to tribunal M/s Halmore Power Generation Company Limited (HPGCL) has requested the federal government not to refer excess profit issue to the tribunal as it has not made any excess profit, sources in CPPA-G told Business Recorder.
Environmental, social risks: Financial sector must become sensitive to consequences: SBP governor State Bank of Pakistan (SBP) Governor Jameel Ahmad Wednesday said Pakistan is one of the most vulnerable countries to the impacts of climate change as witnessed during the recent floods; therefore, it is high time Pakistan’s financial sector become sensitive to financial consequences arising out of environmental and social risks.
World Bank to restructure $188m PHCSP The World Bank will restructure “Pakistan Hydromet and Climate Services Project (PHCSP)” worth about $188 million by mid of the current month as the project has already faced significant delays, it is learnt. https://www.brecorder.com/news/40208014/world-bank-to-restructure-188m-phcsp
Diversion of costly RLNG into domestic sector: Petroleum Division to seek Rs100bn While the gas deficit is feared to surge by up to 1.35 billion cubic feet per day in winter, the top man of the government wants smooth supply of gas to domestic consumers with reasonable pressure to avoid any backlash from the masses.
Telenor kicks off sale of $1bn Pakistan business Telenor is pushing ahead with plans to sell its operations in Pakistan, which could be valued at about $1 billion, people familiar with the matter told Bloomberg news wire. https://www.thenews.com.pk/print/1008299-telenor-kicks-off-sale-of-1bn-pakistan-business
IMF agrees to $4.5bn support package for Bangladesh The International Monetary Fund said Wednesday it had reached a preliminary agreement with Bangladesh to provide a support package worth $4.5 billion. https://www.thenews.com.pk/print/1008298-imf-agrees-to-4-5bn-support-package-for-bangladesh
Commodities and Currency: 1-Day Change
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