【Daily】8 Dec. Brief of Pak BizNews
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KSE 100 41,819 ▲0.67% KMI 30 70,246 ▲0.60% KASB Tech Index 553 ▲1.12%
KASB Market View
National News
Forex reserve levels attract PM’s attention Prime Minister Office (PMO) has reportedly sought a report from Finance Ministry on pending foreign exchange approvals from the State Bank of Pakistan (SBP), well informed sources told Business Recorder. https://epaper.brecorder.com/2022/12/08/1-page/949319-news.html
Fiscal, monetary steps discussed Finance Minster Senator Mohammad Ishaq Dar and Governor’s State Bank of Pakistan (SBP) Jameel Ahmad Wednesday discussed overall economic situation of the country. https://epaper.brecorder.com/2022/12/08/1-page/949320-news.html
THE RUPEE: PKR suffers marginal loss Pakistan’s rupee registered a marginal loss for the third consecutive session against the US dollar on Wednesday, as the currency recorded a depreciation of 0.02% in the inter-bank market. https://epaper.brecorder.com/2022/12/08/1-page/949325-news.html
Soybean consignments The Federal Tax Ombudsman (FTO) has taken suo moto notice of the stuck-up consignments of imported soybean, i.e., poultry feed at Port Qasim, Karachi by the Directorate of Intelligence and Investigation (I&I) Customs, Karachi and Department of Plant Protection. https://epaper.brecorder.com/2022/12/08/1-page/949321-news.html
China announces nationwide loosening of Covid restrictions China announced Wednesday a nationwide loosening of its hardline Covid restrictions that had hammered the world’s second biggest economy and ignited rare protests against the ruling Communist Party. https://www.brecorder.com/news/40213183/china-announces-nationwide-loosening-of-covid-restrictions
Riyadh committed to helping Islamabad avert crisis: ex-envoy Dr Ali Awadh Asseri, former ambassador of Saudi Arabia to Pakistan, has said that Riyadh is committed to averting Islamabad’s current economic crisis worsened by the recent floods and to the $20 billion investment in refinery, petrochemical complex, mining and renewable energy projects in the country. https://www.brecorder.com/news/40213223/riyadh-committed-to-helping-islamabad-avert-crisis-ex-envoy
Business confidence negative: OICCI survey The Overseas Investors Chamber of Commerce and Industry (OICCI) has announced the results of its comprehensive Business Confidence Index (BCI) Survey – Wave 22, conducted throughout the country during September to October 2022, which revealed that the overall Business Confidence Score (BCS) in Pakistan now stands at negative four percent showing a decrease by 21 percent from the previous positive 17 percent in Wave 21 Survey conducted in March to April 2022. https://www.brecorder.com/news/40213248/business-confidence-negative-oicci-survey
Textile value chain: APTMA demands restoration of ‘zero rating’ All Pakistan Textile Association (APTMA) has urged the federal government for immediate restoration of ‘Zero Rating’ for the entire textile value chain in order to make available working capital for a cash-strapped textile industry. https://www.brecorder.com/news/40213249/textile-value-chain-aptma-demands-restoration-of-zero-rating
Telenor may consider closing operations M/s Telenor, a Norwegian Telecom Company, might consider closing operations in Pakistan after failure of merger efforts with Ufone, well-informed sources in Board of Investment (BoI) told Business Recorder. https://www.brecorder.com/news/40213251/telenor-may-consider-closing-operations
Marble City Karachi to attract $50 million investment Marble City Karachi (MCK) will be developed on 300 acres, with an expectation to attract an estimated $50 million in investment, said Syed Qasim Naveed Qamar, Special Assistant to Sindh CM on Wednesday. https://www.thenews.com.pk/print/1017820-marble-city-karachi-to-attract-50-million-investment
Oil dips, hits lowest since January as US data fans fuel demand fears Oil edged to its lowest since the start of the year in volatile trading, after U.S. government data showed an unexpectedly large build in fuel stocks, feeding fears about demand in a market already spooked by an uncertain economy.
Bank of England set to raise rates to 3.5pc after inflation hits 41-year high The Bank of England looks set to raise interest rates to 3.5 percent or more next week, but policymakers appear increasingly split on how much tightening is needed to tame double-digit inflation as the economy heads into recession
Bank Alfalah, Ignite ink MoU Bank Alfalah has signed a memorandum of understanding (MoU) with Ignite, a public sector company with the ministry of IT and Telecom (MoITT), for financial facilitation of startups and freelancers by providing them a one-stop solution for all their banking needs, a statement said on Wednesday. https://www.thenews.com.pk/print/1017828-bank-alfalah-ignite-ink-mou
SEDF partners with UBL United Bank Limited (UBL) and Sindh Enterprise Development Fund (SEDF) have signed an agreement for institutional collaboration to provide subsidised credit to small and medium enterprises (SMEs) in Sindh, a statement said on Wednesday. https://www.thenews.com.pk/print/1017827-sedf-partners-with-ubl
MCB signs pact with Bookme MCB Bank Limited has entered into an agreement with Bookme.pk to facilitate online ticket booking experience for digital banking customer base of MCB Live, a statement said on Wednesday. https://www.thenews.com.pk/print/1017829-mcb-signs-pact-with-bookme
Commodities and Currency: 1-Day Change
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