【Daily】1 Dec. Brief of Pak BizNews
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KSE 100 42,349 ▼0.06% KMI 30 71,769 ▲0.19% KASB Tech Index 566 ▼0.38%
KASB Market View
National News
Dar dismisses sovereign default threat Federal Finance Minister, Senator Ishaq Dar on Wednesday dismissed the impression that the country is faced with a default threat, saying that the government is making efforts to stabilize the economy. https://epaper.brecorder.com/2022/12/01/1-page/948758-news.html
WB says growth to slow to 2pc next year Remitt-ances to low- and middle-income countries grew by nearly 5% to around $626 billion in 2022 - about half the expansion seen last year - and growth is expected to slow further to around two percent next year, the World Bank reported on Wednesday. https://epaper.brecorder.com/2022/12/01/1-page/948760-news.html
THE RUPEE: Pakistan’s rupee remained stable on Wednesday and closed unchanged against the US dollar for a second successive day. https://epaper.brecorder.com/2022/12/01/1-page/948764-news.html
Delay in import of spare parts: Haveli Bahadur Shah power plant faces closure National Power Parks Management Company (Pvt) Ltd (NPPMCL) has cautioned the Private Power & Infrastructure Board (PPIB) that its 1230-MW RLNG-fired Haveli Bahadur Shah power plant will stop operation if State Bank of Pakistan (SBP) does not approve its four transactions to import equipment/ spares.
Encashment of SBLC: Resolve Hubco-CPHGC dispute, PM asks authorities concerned Prime Minister Shehbaz Sharif has directed the concerned authorities to resolve a dispute between Hub Power Company (Hubco) and M/s China Power Hub Generation Company (CPHGC) on “encashment of Hubco’s Standby Letter of Credit (SBLC) of $150 million”
FCA for Oct 2022: Nepra to allow KE negative adjustment of Rs2.15/unit National Electric Power Regulatory Authority (Nepra) is to allow negative adjustment of Rs 2.15 per unit in consumer-end tariff of K-Electric (KE) for October 2022 under monthly Fuel Charges Adjustment (FCA) mechanism amid serious concerns of consumers regarding charging about two times higher tariff by the power utility company as compared to Discos.
Rates of kerosene oil, light diesel dip In the fortnightly prices’ review of petroleum products, the price of kerosene oil (SKO) has been reduced by 5.2 per cent and light diesel oil (LDO) by 3.8 per cent, while the prices of petrol and high-speed diesel (HSD) will be unchanged. https://www.brecorder.com/news/40211909/rates-of-kerosene-oil-light-diesel-dip
Riba may go in five years: Ishaq Dar Finance Minister Ishaq Dar said on Wednesday that the government would look into a proposal to ban the opening of interest-based branches of conventional banks. He hoped that interest-based banking might be done away with in five years, adding that this system was horrendous and badly affects the poor. https://www.thenews.com.pk/print/1015443-riba-may-go-in-five-years-dar
Oil up more than $2 on tighter supply but OPEC+ talks limit gains Oil prices rose by more than $2 on Wednesday on signs of tighter supply, a weaker dollar and optimism over a Chinese demand recovery.
Pakistan remittances drop as illegal flows rise Remittances to two of South Asia’s largest countries dropped to their lowest level in eight months, with migrant workers finding it more profitable to send money through illegal non-banking channels, Bloomberg reported on Tuesday. https://www.thenews.com.pk/print/1015457-pakistan-remittances-drop-as-illegal-flows-rise
ASA MFB, Systems Ltd partner ASA Microfinance Bank (ASA MFB) Pakistan Limited has entered into a partnership with Systems Limited and NdcTech to implement Temenos core banking system, a statement said on Wednesday. https://www.thenews.com.pk/print/1015465-asa-mfb-systems-ltd-partner
REER index appreciates to 100.4 in October Pakistan’s real effective exchange rate (REER), the value of the rupee against a basket of trading partner currencies, rose to 100.4 in October from 90.7 in the previous month, data from the State Bank of Pakistan showed on Wednesday. https://www.thenews.com.pk/print/1015453-reer-index-appreciates-to-100-4-in-october
Eurozone inflation falls in Nov The eurozone annual inflation rate fell for the first time in 17 months in November as it slowed to 10 percent, official data showed Wednesday. https://www.thenews.com.pk/print/1015466-eurozone-inflation-falls-in-nov
Commodities and Currency: 1-Day Change
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