VOLUME 16 | N o 119 Lahore Regd No. CPI 251 LAHORE 6P2 INTERNATIONAL 6P7 CM takes The UK watchdog stock of launches corona probe into situation An English Daily published simultaneously from Lahore and Faisalabad makeover of PM's flat PAGES 08 | R s 15 Buwww.thesbusineiss.cnom.pk esRas mazan 16 1442 Thursday, April 29 , 2021 Asad asks Dollar falls to Rs153.88 as rupee businessmen recovers 62 paisas to ensure SOPs KARACHI: Pakistani rupee made a re - ISLAMABAD: Asad lamabad Chamber of Com - covery of 62 paisas (+0.40 percent) against Umar, Federal Minister for merce & Industry (ICCI). the US dollar in the interbank on Wednes - Planning and Development Yasir Ilyas apprised him day, after facing depreciation in its value for has urged that the business of the consequences about seven consecutive trading sessions. community should ensure reduced business hours and According to the State Bank of Pakistan, strict implementation of requested him to consider the US dollar opened at Rs154.50 and SOPs in markets and com - extending them during Ra - closed at Rs153.88. Within the open mar - mercial areas in order to mazan. He also called ket, rupee was traded at 154.50/155.50 per curb the outbreak of upon the business commu - dollar. The rupee has lost one paisa against Covid-19 pandemic. nity and the general public the greenback during this week, while it He said that the third to strictly follow the has gained Rs14.17 against the greenback wave of coronavirus has Covid-19 SOPs in order to in fiscal year 2020-21 and appreciation has spread to a dangerous level avert any lockdown that been Rs5.96 in the current year. and this situation demanded would cause great losses to Meanwhile, the foreign exchange re - that business community the business activities, ren - serves held by the country stand at $23.21 should play a role for strict der thousands of daily wa - billion by week ended April 16, 2021, State compliance of SOPs in gers and workers jobless, ISLAMABAD: Minister for Finance and Revenue Shaukat Tarin presides over a meeting Bank of Pakistan (SBP) said. —TLTP business areas in order to make people lives more on tariff rationalisation at the Finance Division. control its further outbreak. miserable, give further rise He said that reduction in inflation besides badly im - coronavirus cases would pacting the economy. He g Farrukh appointed also help the government said that the only way to Vaccine rollout, stabilisation steps key to economic recovery to consider easing restric - curb the outbreak of as state minister tions on businesses. Covid-19 pandemic was to He expressed these follow the SOPs as there for information views during an online was no other better solu - meeting with Sardar Yasir tion to cope with this LAHORE: The government on Wednes - day appointed Parliamentary Secretary for Ilyas Khan, President, Is - deadly virus. —Online ADB projects Pak Railways Farrukh Habib as the State Min - ister for Information and Broadcasting. Annoucing this, Minister for Informa - tion and Broadcasting Fawad Chaudhry PSX falls by 233 congratulated Farrukh Habib on his new appointment and growth at four said that it was a points as strict well-deserved ap - pointment. Farrukh Habib was appointed lockdown fears as the Parliamentary The PSX lamic Index shed 24.47 KARACHI: Secretary for Rail - witnessed another bearish points (-0.11 percent) to percent in 2022 ways in 2018. While session on Wednesday, close at 21,857.96 points. ISLAMABAD: Pakistan’s economic tion and supporting the private sector,” pected improvement in food supply, Congratulating Far - with the benchmark KSE- A total of 394 companies growth is expected to rebound this year said ADB Acting Country Director for subsidies for wheat and sugar, and rukh Habib Fawad 100 Index losing 233.75 traded shares in the stock before gaining pace in 2022 as business Pakistan F Cleo Kawawaki. “Improving closer price monitoring of essential said, “I wish you all points (-0.52 percent) to exchange, out of them activity gradually resumes after the access to finance for small and medium- commodities. The State Bank of Pak - the best. Lots of prayers as he will take close at 45,059.12 points. shares of 156 closed up, coronavirus disease (Covid-19) pan - sized enterprises is essential to unlock - istan, the central bank, maintained its oath of office tomorrow (Thursday)." Concerns about rising shares of 225 closed down demic, the Asian Development Bank ing business opportunities and policy rate at seven percent to support PTI's Senator Faisal Javed Khan has also coronavirus cases and while shares of 13 compa - (ADB) said in a report on Wednesday. stimulating new jobs. Continued macro- the economic recovery. Investment is congratulated Farrukh Habib on Twitter deaths dented the invest - nies remained unchanged. According to the Asian Development economic stability and increasing com - expected to strengthen as global senti - over his reappointment and wished him the ment climate as investors The overall market vol - Outlook (ADO) 2021, ADB’s annual petitiveness are also key pillars under ment improves and the stabilisation pro - best. Farrukh Habib has been a member of kept a close watch on news umes decreased by 61.04m flagship economic publication, Pak - ADB’s Pakistan Country Partnership gramme supported by the International the NA of Pakistan since August 2018, as a about measures to be taken to 305.76m shares, while istan’s economy will grow by two per - Strategy 2021–2025 that will support an Monetary Fund progresses. candidate of PTI from the constituency NA- by the govt to contain the market capitalisation de - cent in 2021 as Covid-19 restrictions inclusive and sustainable recovery.” The report noted that strong support 108 (Faisalabad-VIII). spread of Covid-19 during creased by Rs27.84b. The ease. Assuming the Covid-19 vaccine For FY2021, industry appears poised for small and medium-sized enter - —Imran Aslam the third wave in Pakistan. number of total trades de - rollout is successful and economic sta - for robust growth led by manufacturing prises (SMEs) is needed to stimulate The KSE-100 Index creased by 13,766 to bilisation measures are implemented, and construction. Services are expected growth and ensure jobs for young peo - opened on a positive note 116,925, and value traded growth is expected to accelerate to four to rebound as retail and trade picks up. ple entering the labour market. Li - 10gm gold price but moved to the red zone decreased by Rs1.17b to percent in 2022 with improved con - Agriculture is projected to see slower censing and registration processes later on and remained there Rs16.16b. Among scrips, sumption and investor confidence. growth mainly due to a sharply lower need to be simplified to facilitate the slips to Rs87,000 till the end of the session. TELE topped the volumes “It is vital for Pakistan to continue to cotton harvest following heavy rains, movement of informal small and The index traded in a range with 29.33m shares, fol - combat the pandemic by rapidly de - pest attacks, and continued contrac - medium-sized enterprises (SMEs) into ISLAMABAD: Gold prices in the in - of 568.1 points, showing an lowed by ANL (25.61m) ploying vaccines and continuing with tions in cultivated areas of land. the formal sector. Digitalization could ternational market fell on Wednesday, intraday high of 45,588.9 and TRG (18.34m). Stocks reforms to support economic recovery, Inflation is projected to come down to also expand their access to financial pulled lower by firm US treasury yields and a low of 45,020.8. that contributed signifi - including strengthening social protec - 8.7% in FY2021, partly reflecting an ex - services and export markets. —TLTP and uptick in dollar index. At 1220 hours Among other indices, the cantly to the volumes in - GMT, gold in the international market was KSE All Share Index shed clude TELE, ANL, TRG, trading at $1,767.10 an ounce after shed - 149.81 points (-0.49 per - UNITY, and GGL, which ding $9.70 an ounce in its value as com - cent) to close at 30,485.45 formed over 33 percent of Shaukat Tarin presides over the meeting first time pared to its closing value on Tuesday last. points, while All Share Is - total volumes. —TLTP Likewise, the price of yellow metal in the country went down and the price of 10 grams yellow metal was recorded at ECC approves RLNG subsidy Rs87,000 after losing Rs1,300. The price of Virus increases 10 grams gold was recorded at Rs88,300 on Tuesday last. Investors are looking out for for export-oriented industry policy cues from the Federal Reserves' two- debt chances of day meeting, ending later in the day ISLAMABAD: The Economic Co - ters and secretaries from energy, petro - Minister for Privatization, Muhammad (Wednesday). Benchmark US 10-year ordination Committee (ECC) of the leum and other concerned ministries Mian Soomro; Federal Minister for Rail - Treasury yields rose above 1.6pc. —TLTP Pakistan: IMF Cabinet Wednesday approved Power for further deliberations. ways, Azam Swati; Adviser to Prime ISLAMABAD: The In - With limited access to ex - Division regarding the releases of sub - The sub-committee would present a Minister on Institutional Reforms, Dr. ternational Monetary ternal financing, govern - sidy for the supply of 100 percent firmed-up proposal before the next ECC Ishrat Hussain; SAPM on Power, Tabish Fund (IMF) has said that ments and large RLNG to export oriented industry for for consideration and approval. The Gauhar; SAPM on Revenue, Dr. Waqar the Covid-19 pandemic state-owned enterprises the month of March 2020. committee also approved various Tech - Masood Khan; federal secretaries, Chair - has exacerbated existing turned to domestic banks.