Important Business News 14th October, 2020

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1. Steps taken to check price hike, Cabinet told The federal cabinet was informed that measures taken and mechanism put in place would ensure a reduction in the prices of essential commodities to village level, after Prime Minister Imran Khan termed the dearness as serious challenge affecting the poor most. 1     Business Recorder
2. Umar makes bold admission Minister for Planning, Development and Special Initiatives, Asad Umar has acknowledged that prices of sugar and wheat have increased by 73 percent and 53 percent respectively since PTI came in power, well informed sources told Business Recorder. 1   Business Recorder
3. Pakistan: IMF projects 1pc growth for 2021 The International Monetary Fund (IMF) has projected GDP growth rate for Pakistan at 1 percent for 2021 against -0.4 percent in 2020. 1 Business Recorder
4. Keeping Discos tariffs unchanged Rs14.38bn extra subsidy approved
The federal government has approved additional subsidy of Rs 14.38 billion to keep Discos’ tariffs unchanged which were raised under quarterly tariff adjustment and monthly fuel adjustment reportedly due to political pressure, which is violative of the Extended Fund Facility programme signed with the International Monetary Fund (IMF).
1   Business Recorder
5. Govt to bear over Rs7.6bn rental power brunt The federal government is to bear the brunt of over Rs 7.6 billion due to settlement agreement with Turkish firm, M/s Karkey Rental Power Plant Power, well informed sources in Finance Ministry told Business Recorder. 1     Business Recorder
6. PSX further weakens BRIndex100 extends losses
A bearish trend continued on Pakistan Stock Exchange Tuesday due to selling in various sectors.
1     Business Recorder
7. Covid-19, locust swarms raise concerns about food security: ADB The compounding impacts of Covid-19 and locust swarms raise grave concerns about agricultural production and food security, says the Asian Development Bank (ADB). 17 Business Recorder
8. Indonesia to host Trade Expo 2020 virtually The Government of Indonesia is once again hosting its biggest annual international business exhibition, the Trade Expo Indonesia (TEI) from November 10 to 16th. The 35th TEI will now be held virtually, and can be participated by visitors from around the world, including Pakistan. 17 Business Recorder
9. Govt to build two shipyards, parliamentary panel told A parliamentary panel Tuesday was informed that the government is to set up two shipyards in Straits of Hormuz and Karachi besides upgrading the present shipyards. 18 Business Recorder
10. IMF forecasts 1pc growth, rising unemployment The International Monetary Fund (IMF) on Tuesday forecast a subdued economic growth rate for Pakistan coupled with elevated rate of inflation and rising unemployment duringthe currenthscalyear.   1 Dawn
11. Rs 1.8tr FBR recovery stuck in litigation The FBR has disclosed that more than Rs 1.856 trillion revenue has b een stuck for years due to litigation in courts, resulting in difficult financial conditions for the country. 1 Dawn
12. Industrialists urged to benefit from CPFTA Skilled human capital resources, competitive industrial sector and connection with global value chains are the only way forward to get more benefits from China-Pakistan Free Trade Agreement (CPFTA), said Islamabad Chamber of Commerce and Industry (ICCI) President Sardar Yasir Ilyas Khan.   9 Dawn
13. Rs1.856tr revenue stuck in litigation, FBR chief tells PAC The Federal Board of Revenue (FBR) on Tuesday disclosed that more than Rs1.856 trillion revenue has been stuck for years due to litigation in various courts, resulting in difficult financial conditions for the country.   12 Dawn
  International News    
14. IMF warns of lasting damage The global economic crisis will not be quite as grim as feared this year, but GDP will still contract 4.4 percent and the ongoing pandemic means the outlook remains uncertain, the IMF said Tuesday. 1   Business Recorder
15. Currency exchange rates   Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   163.80 213.64 193.19 24.38 43. 61
7 Business Recorder

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