October 15, 2021: The State Bank of Pakistan (SBP) will remain closed on Tuesday, October 19, 2021 on the occasion of Eid Milad-un-Nabi (Sallallahu Alayhi Wa-Sallam).
The aforesaid announcement was made by SBP in a statement issued on Friday.
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December 7, 2021 (MLN): The National Electric Power Regulatory Authority (Nepra) has approved an increase of Rs3.7571 per unit in the power tariff for Karachi consumers on account of the fuel cost adjustment for the month of September 2021, said a notification issued by the authority on Tuesday.
As per the notification, the increase will apply to all consumer categories except lifeline users and the adjustments will be collected in December bills.
“While effecting the Fuel Adjustment Charges, K-Electric Ltd. shall keep in view and strictly comply with the orders of the courts notwithstanding this order,” the notice said.
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December 7, 2021 (MLN): Gold continued to extend gains in the domestic bullion market today as the price of 24-karat gold inched up by Rs350 to close at Rs124,000 per tola.
Similarly, the price of 10-gram of 24k gold also increased by Rs300 and was traded at Rs106,310 while the 10gm 22k gold was valued at Rs97,451, as reported by Karachi Sarafa and Jewellers Association.
On the contrary, the price of 24-karat silver remained stagnant at Rs1,460. Likewise, the price of 10-gram silver stayed flat at Rs1,251.71.
In the international market, the demand for gold remained steady, saw an up of $1 to stand at $1,781 on the back of a strong dollar which offset the back for precious metal stemming from concerns regarding the economic impact of the emergence of Omicron. Meanwhile, silver was traded at $22.43 an ounce.
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December 7, 2021 (MLN): The United Arab Emirates will shift its weekend to Saturday and Sunday for government entities as it looks to bring itself more in line with the rest of the world, Bloomberg reported on Tuesday.
As per the details, the UAE government said it will adopt a 4-1/2 day working week from January 1, with the weekend starting on Friday afternoon and lasting until Sunday.
Presently, the UAE and the rest of the Gulf nations, have a Sunday-Thursday working week.
“This will align the UAE with global markets and make it easier for international corporations to do business,” said Nabil Alyousuf, chief executive officer of Dubai-based International Advisory Group, reported Bloomberg.
“This will increase the number of days we do business with the rest of the world, which will boost trade,” he added.
In the context of Pakistan, this development will increase business turnover, said Malik Bostan, President Forex Association of Pakistan, while speaking to Mettis Global News.
“As 70% of Pakistan’s workers are in the Middle East, it will also boost remittance inflow,” he added.
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December 07, 2021 (MLN): The Cotton Crop Assessment Committee (CCAC) has revised the cotton production target for the fourth time, by around 3 percent, from 9.37 million bales set for 2021-22 to 9.1 million bales, the sources told Mettis today.
As per earlier expectations of the committee, the cotton production was to be around 10.05 million bales. However, the estimates were later revised to 8.46mn bales. In October'21, the committee revised its estimates once again and according to which the cotton production to be around 9.37mn bales.
The meeting was held under the chairmanship of Dr. Akmal Sidiq, Technical Advisor, Ministry of National Food Security and Research (MNFSR) for the third time. The committee estimated 5.168 million bales in Punjab, 3.5 million bales in Sindh, 0.43 million in Balochistan, and 0.004 million bales in Khyber Pakhtunkhwa.
Dr. Khalid Abdullah, Cotton Commissioner, presented an overview of the cotton production scenario in the country. Dr. Abdul Qayum, DG Crop Reporting Services Govt of Punjab assessed the production of 5.168 million bales from its earlier assessment of 5.44 million bales. However, Sindh retained its earlier assessment of 3.5 million bales.
On the other hand, Ahsan-ul-Haq, President, Cotton Ginners Forum said that the cotton output will be around 7.5 to 7.8 million bales. He also highlighted that textile mills during FY22 have received hefty export orders and to meet these orders, the textile imports will be around 7 million bales during the ongoing fiscal year.
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