【Daily】20 June Brief of Pak BizNews
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Pakistan to stay in ‘grey area’ until FATF visit Global dirty money watchdog FATF kept Pakistan on its “grey list” of countries under increased monitoring on Friday but acknowledged that the country had substantially completed its two action plans, covering 34 items. https://www.dawn.com/news/1695417/pakistan-to-stay-in-grey-area-until-fatf-visit
Weekly inflation soars 3.3pc on fuel price hikes Inflation measured by the Sensitive Price Index (SPI) increased by 3.38 per cent from the previous week mainly due to highest ever increase in petroleum products prices, according to the Pakistan Bureau of Statistics (PBS) data released on Friday. https://www.dawn.com/news/1695383/weekly-inflation-soars-33pc-on-fuel-price-hikes
Power tariff to be raised in three phases The federal government has decided to pass on Rs7.91 per unit determined by Nepra in three phases, along with Rs0.20 per unit hike on account of subsidy rationalization phase-II, well-placed sources in Power Division told Business Recorder. https://www.brecorder.com/news/40180886/power-tariff-to-be-raised-in-three-phases
Budgetary borrowing almost doubles Despite a massive increase in revenue collection, the government’s budgetary borrowing increased by over 186 per cent in the first 11 months of the outgoing fiscal year. https://www.dawn.com/news/1695559/budgetary-borrowing-almost-double
Pakistan seeks four LNG cargoes Pakistan LNG Ltd (PLL) is seeking four shipments of liquefied natural gas (LNG) for delivery in July, with bids to be sent in by June 23, a tender published on Friday showed. https://www.dawn.com/news/1695384/pakistan-seeks-four-lng-cargoes
Power firms demand Rs7.9 increase in tariff The electricity distribution companies have demanded an increase of more than Rs7.96 per unit, to be reflected in the bills of July, due to the high cost of power produced from diesel and furnace oil for May. https://www.dawn.com/news/1695560/power-firms-demand-rs79-increase-in-tariff
Foreign investment falls 5pc in 11MFY22 The current fiscal year is coming to an end this month but the Foreign Direct Investment (FDI) is still behind the last year’s poor inflows and fell by 5 per cent during the first 11 months of the outgoing 2021-22. https://www.dawn.com/news/1695385/foreign-investment-falls-5pc-in-11mfy22
Govt looking into ways to expand tax ambit The government is looking for new avenues to increase burden on the rich and may impose taxes on gifts, jack up rates for corporate and salaried sectors as well as allow unconditional import of gold to bring it into the tax ambit. https://tribune.com.pk/story/2362278/govt-looking-into-ways-to-expand-tax-ambit
Finance Bill 2022: Exemption to IPPs limited Chairman Federal Board of Revenue (FBR) Asim Ahmad Saturday informed the Senate Standing Committee on Finance that the exemption to the Independent Power Producers (IPPs) has been limited to the lifecycle of the power project or 25 years period. https://www.brecorder.com/news/40181025/finance-bill-2022-exemption-to-ipps-limited
SNGP to add newly discovered gas to grid within FY23 The Sui Northern Gas Pipelines Ltd (SNGPL) on Friday said it would connect new gas fields, discovered near North Waziristan and Lakki Marwat areas of Khyber Pakhtunkhwa, to the system within the next fiscal year, which would help fill demand-supply gap. https://www.thenews.com.pk/print/967037-sngp-to-add-newly-discovered-gas-to-grid-within-fy23
Consumer prices to drop 25-30pc if cartels busted: CCP Competition Commission of Pakistan on Friday said if the cartlisation activities are brought to the book effectively, the consumer prices can reduce significantly. https://www.thenews.com.pk/print/967045-consumer-prices-to-drop-25-30pc-if-cartels-busted-ccp
CPEC IPPs: MoF urges Power Div to address issue of excess profitability Finance Ministry has urged Power Division to address excess profitability by Independent Power Producers (IPPs) under China-Pakistan Economic Corridor (CPEC) at par with settlement with other IPPs, well informed sources told Business Recorder. Finance Ministry raised the issue of CPEC–IPPs, while offering comments on one of the summaries of Power Division regarding opening of Revolving Account for the Chinese IPPs.
Assemblers raise tractor prices by up to Rs422,000 Despite achieving over 90 per cent localisation, the tractor assemblers have increased farm machinery prices by Rs254,000-422,000 in the outgoing fiscal year. https://www.dawn.com/news/1695558/assemblers-raise-tractor-prices-by-up-to-rs422000
Textile, clothing exports up amid rise in global demand Textile and clothing exports grew 28.26 per cent year-on-year to $17.62 billion in the first 11 months of this fiscal year (11MFY22), mainly on the back of a massive depreciation in the rupee’s value and a steady rise in global demand. https://www.dawn.com/news/1695382/textile-clothing-exports-up-amid-rise-in-global-demand
100% increase in vehicle registration tax approved Senate Standing Committee on Finance has approved 100 per cent increase in the vehicle registration tax for non-filers and directed the Federal Board of Revenue (FBR) that whatever legislation is done should be brought in the form of a bill and not through ordinances. https://tribune.com.pk/story/2362289/100-increase-in-vehicle-registration-tax-approved
Sindh reduces business hours to conserve energy Just hours before midnight, markets, eateries, wedding halls and other business concerns across the country’s financial hub were closed on Friday after the Sindh government in line with the Centre’s plan for effective measures to reduce loadshedding by conserving energy through a national strategy reduced the timings of all commercial activities except those of fuel stations, milk shops, bakeries, pharmacies and hospitals. https://www.dawn.com/news/1695416/sindh-reduces-business-hours-to-conserve-energy
Punjab revises business timings to save electricity Markets across Punjab will close at 9pm from Monday, the province’s chief minister, Hamza Shahbaz, announced Saturday in the government’s bid to save electricity. https://www.thenews.com.pk/latest/967294-punjab-revises-business-timings-to-save-electricity
Commodities and Currency: 1-Day Change
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