Important Business News 13th October, 2020

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1. Govt struggles to firm up response to rising inflation Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh on Monday asked the relevant ministries and the provincial governments to take drastic measures to curb inflation, and to undertake concerted efforts in that regard. 1     Business Recorder
2. ECC may approve wheat MSP today The Economic Coordination Committee (ECC) of the Federal Cabinet which is scheduled to meet today, will approve Minimum Support Price (MSP) of wheat approximately around Rs 1675 per 40/kg for the season 2020-21. 1   Business Recorder
3. Ministry suggests inclusion of DG BISP in USC Board The Ministry of Industries and Production (MoI&P) has proposed inclusion of Director General, BISP in the Board of Utility Stores Corporation (USC) as the Finance Ministry is about to release Rs 40 billion as subsidy, official sources told Business Recorder. 1 Business Recorder
4. Sugar import thru TCP FBR abolishes sales tax on local supply
The Federal Board of Revenue (FBR) has abolished sales tax on the local supply of 300,000 metric tons of sugar imported by the Trading Corporation of Pakistan (TCP).
1   Business Recorder
5. FATF challenge Govt hires firm to solicit US support
Pakistan has hired a United States lobbying firm – Linden Strategies – to seek Trump administration’s support for the country’s quest to be removed from Financial Action Task Force’s (FATF’s) “grey list” ahead of its crucial October 21-23 plenary in Paris.
1     Business Recorder
6. THE RUPEE: Gains against USD On Monday, upon market closing, Pakistan Rupee gained value against USD in interbank market. In open market, it exhibited mixed movement. It gained value against USD for buying while losing value for selling. It also lost value against Euro in open market. 1     Business Recorder
7. Housing finance SBP announces Rs33bn govt markup subsidy
The State Bank of Pakistan (SBP) Monday announced government of Pakistan’s markup subsidy of Rs 33 billion for affordable housing finance.
1   Business Recorder
8. KSE-100 Index plunges BRIndex100 edges down
Pakistan Stock Exchange Monday witnessed a bearish trend due to heavy selling in almost all sectors by local and foreign investors.
1 Business Recorder  
9.   SECP data leak IHC extends stay in petition challenging constitution of probe body
The Islamabad High Court (IHC) Monday extended stay in a petition challenging the constitution of an inquiry committee to probe the data leak of the Securities and Exchange Commission of Pakistan (SECP) against its additional director.
3 Business Recorder
10. All set to approve enactment of EXIMBP Act 2020 The federal government is all set to approve, in principle, enactment of the Export-Import Bank of Pakistan (EXIMBP) Act, 2020, official sources told Business Recorder. 5 Business Recorder
11. Trade activity remains bullish on cotton market Trade activity remained bullish on the local cotton market on Monday. Market sources told that due to increase in the rate of cotton the buyers were not taking interest. The rate of cotton reached at ten years high of Rs 9800 per maund. 8 Business Recorder
12. $386m financing agreement inked with ITFC The government, on Monday, signed financing agreement amounting to $386 million with the International Islamic Trade Finance Corporation (ITFC), a subsidiary of the Islamic Development Bank (IsDB) Group, for import of oil and LNG. 15 Business Recorder
13. Remittances top $2bn for fourth month Inflows of workers’ remittances continued to post strong growth, surging by 31 percent during the first quarter of this fiscal year (FY21), mainly due to resumption of normal business activities in major remittance sources such as Middle East, Europe and USA. 16 Business Recorder
14. — show encouraging growth: PM Prime Minister Imran Khan has said there was good news for the economy as despite the Covid-19, remittances have been showing encouraging growth for fourth consecutive months. In a tweet on Monday, the premier stated that despite Covid-19 more good news for our economy. 16 Business Recorder
15. Hafeez-led body to give effect to MoUs signed with IPPs The Power Division has notified 8-member committee headed by the Prime Minister’s Advisor on Finance and Revenue, Dr Abdul Hafeez Shaikh to give effect to the MoUs signed with IPPs and their conversion into binding contractual agreements and devising a mechanism for settlement of outstanding dues of IPPs. 16 Business Recorder
16. Hike in power tariff for KE consumers notified The federal government has notified the long-awaited increase in electricity tariff for the K-Electric consumers from Rs1.09 to Rs2.89 per unit. 16 Business Recorder
17. Tax intake Pakistan to face additional hurdles: Moody’s
Pakistan, already struggling to increase its tax intake before the pandemic, will face additional hurdles, says Moody’s Investor Services (Moody’s).
16 Business Recorder
18. CDWP clears projects worth Rs269bn The Central Development Working Party (CDWP) on Monday cleared a total of 15 development projects involving a total cost of Rs269 billion.   9 Dawn
19. Govt debt up by Rs3.4tr in August Provisional data released by the State Bank of Pakistan (SBP) on Monday showed total central government debt rising by Rs3.4189 trillion in the period ending August 2020 compared to the same period last year. 9 Dawn
20. Auto sales rise amid fall in production The first quarter of FY21 ended on a contrasting note for auto sector, depicting a 2.7 per cent rise in car sales to 31,868 units while production fell by 24pc to 27,574.   9 Dawn
21. FM links independent foreign policy with economic security Foreign Minister Shah Mehmood Qureshi believes that economic security is sine qua non for having anindependentforeignpolicy. 12 Dawn
22. Currency exchange rates   Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   163.75 213.37 193.49 24.49 43. 65
9 Business Recorder

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