BOL NEWS BUSINESS DIGEST: November 20, 2021

Web Desk BOL News

20th Nov, 2021. 09:54 am
BOL NEWS BUSINESS

BOL NEWS BUSINESS DIGEST. Image: Unsplash

Bulls return to PSX as Index gains 379 points

KARACHI: The Pakistan stocks remained in the positive trajectory due to the market consensus of an increase in the interest rate and investors’ interest mostly inclined to the banking sector, dealers said on Friday. –JAVED MIRZA

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Aptma rejects gas price hike for export-oriented units

LAHORE: The All Pakistan Textile Mills Association (Aptma) has rejected the sudden hike in gas prices from $6.5/mmbtu to $9/mmbtu for the export-oriented units. –HASSAN NAQVI

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SBP increases the interest rate by 150 bps to 8.75%

KARACHI: The State Bank of Pakistan (SBP) on Friday declared an upsurge of 150 basis points in its policy rate to hold rising inflation, which intimidates to undermine the economy of Pakistan. –SHAHNAWAZ AKHTER

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Monetary policy reviews enhanced to eight every year

KARACHI: The State Bank of Pakistan (SBP) on Friday decided to increase the frequency of monetary policy reviews from the existing six to eight times a year. –SHAHNAWAZ AKHTER

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Pakistan’s current account deficit balloons to $5.08 billion in four months

KARACHI: Pakistan’s current account deficit sharply widened to $5.08 billion during the first four months (July-October) of the current fiscal year, according to the statistics released by the State Bank of Pakistan (SBP) on Friday. –SHAHNAWAZ AKHTER

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Rupee depreciates 57 paisas against dollar

KARACHI: The rupee ended 57 paisas down against the dollar on Friday, owing to higher demand for the foreign currency for import payments. –SHAHNAWAZ AKHTER

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Foodpanda thanks PRA for sales tax relief

KARACHI: To create a favourable business environment, the Punjab Revenue Authority has decided to reduce the sales tax being charged on the commissions for home-based chefs, a statement said. –SHAHNAWAZ AKHTER

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Punjab businessmen to get weapon licences

LAHORE: Law Minister Raja Basharat has promised facilitating the business community in getting weapon licences, a statement said. –IQTIDAR GILANI

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PIEDMC to set up industrial zone in Sialkot

LAHORE: The Punjab Industrial Estates Development and Management Company (PIEDMC) will set up an industrial zone on 1,000 acres of land in Sialkot, a statement said. –IQTIDAR GILANI

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KSE-100 opens bullish today

KARACHI: The Pakistan bourse quickly recovered after starting off with a bearish note as the KSE-100 index witnessed an increase of 402.17 points, or 0.87 per cent, in the first hour of trading on Friday. –LATIFUR REHMAN

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Pakistan enlisted to UN high-level political forum event

ISLAMABAD: Pakistan has made some progress in its commitment to the 2030 agenda for Sustainable Development Goals. –HAMZA HABIB

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SBP directs banks to tighten internal controls for rupee

KARACHI: The State Bank of Pakistan (SBP) has directed the commercial banks to tighten their internal controls for strengthening the rupee value. –SHAHNAWAZ AKHTER

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Kazakh minister reiterates commitment to foster economic ties with Pakistan

LAHORE: Kazakhstan Vice Minister of Industry and Infrastructure Development MaratKarabayev has expressed the hope that the historical relations between Kazakhstan and Pakistan will now reflect in the expansion of bilateral trade and commercial ties with enhanced frequent interaction between the business communities of the two countries. –HASSAN NAQVI

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Punjab chief secretary, ADB official discuss ongoing projects

LAHORE: A five-member delegation of the Asian Development Bank (ADB) led by Alternate US Executive Director John Hurley called on Punjab chief secretary Kamran Ali Afzal and discussed progress on the ongoing ADB-funded projects in the province, a statement said. –IQTIDAR GILANI

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