Important Business News 15th October 2020

S.# Description Pg # Source
1. Essential commodities Govt seeks to ease price hike concerns
The federal government said on Wednesday that it would take fiscal, financial and administrative measures to bring stability in the prices of essential commodities as there was no shortage of wheat and sugar in the country.
1     Business Recorder
2. TCP wheat tender Six global suppliers submit bids
The Trading Corporation of Pakistan (TCP) has received six (6) bids ranging from $284 to $296 per metric tons for the import of 0.3 million tons wheat.
1   Business Recorder
3. Sugar subsidy scam NAB examines CIT’s initial report
The National Accountability Bureau (NAB) on Wednesday reviewed initial report of its combined investigation team (CIT) constituted to probe sugar subsidy scam, and expressed the resolve that strict action would be taken against those who illegally obtained sugar subsidy.
1 Business Recorder
4. IMF sees gross debt at 86pc of GDP for 2021 The International Monetary Fund (IMF) has projected government gross debt at 86 percent of the GDP for 2021 compared to 87.2 percent in 2020.   1   Business Recorder
5. PC dissociates itself from KE’s exclusivity issue Privatization Commission (PC) has dissociated itself from exclusivity issue of Karachi Electric (KE), suggesting that National Electric Power Regulatory Authority (Nepra) should consult KE and Shanghai Electric Power (SEP) and other relevant stakeholders, well informed sources in Nepra told Business Recorder. 1     Business Recorder
6. District and provincial levels PM for equitable revenue distribution
Prime Minister Imran Khan on Wednesday stressing the need for a Provincial Financial Award said transparent and equitable distribution of revenue was essential to ensure uniform level of development in the provinces.
1     Business Recorder
7. Rs72.63bn grant approved for PHPL The Economic Coordination Committee (ECC) of the Cabinet has, in principle, approved technical a Rs72.635 billion supplementary grant to Power Holding Private Limited (PHPL) for onward disbursements to respective banks or through financial instruments as and when due during the current financial year. 1 Business Recorder
8. Govt plans to recover RLNG cost The government has planned to impose surcharge on gas consumers to recover cost of the RLNG. 1 Business Recorder
9. IMC reviews auction result of 26 state-owned properties The Inter-Ministerial Committee (IMC) on assets management on privatisation held a special meeting on Wednesday to review the auction result of 26 state-owned properties.   1 Business Recorder
10. RLNG sale to KE PGPC allowed to use excess capacity
The federal government has allowed a private company, PGPC to utilise its excess capacity of 150mmsfcd, between now and end-March (when the FSRU’s Operational Capacity Testing will take place) for RLNG sale to K-Electric, and the CNG network.
1 Business Recorder
11. KSE-100 Index retreats BRIndex100 rebounds
Pakistan Stock Exchange Wednesday witnessed a mixed trend, however closed on a positive note due to select buying, mainly by local investors at the fag end.  
1 Business Recorder
12. Cotton spot rate rises further by Rs150 to Rs9800 The Spot Rate Committee of the Karachi Cotton Association on Wednesday has increased the spot rate by Rs 150 per maund and closed it at Rs 9800.   8 Business Recorder
13. APTMA, PRGMEA reject increase in power, gas prices All Pakistan Textile Mills Association and Pakistan Ready Made Garments Manufacturers and Exporters Association Wednesday rejected the frequent increase in the prices of gas and electricity, as the move, they say, continues to make Pakistan’s products uncompetitive in the international market. 16 Business Recorder
14. Sept car sales up 18pc YoY The sales of passenger cars have gone up by 18 percent YoY in September 2020.   16 Business Recorder
15. Various textile sector items No additional ADC, RD on import: FBR
The Federal Board of Revenue (FBR) will not charge additional customs duty (ADC) and regulatory duty on the import of various items of textile sector.
16 Business Recorder
16. Transporters halt imported wheat supply Despatch of imported wheat from Karachi Port to up country has remained suspended for the last two days after transporters refused to comply with axle load restrictions. 9 Dawn
17. Speedy clearance of vegetables from Kabul ordered The government has directed relevant departments to speed up clearing imports of onions, tomatoes and potatoes at the Torkham border in order to bridge the supply and demand gap in the domestic market.   9 Dawn
18. Committee delists auction of three state properties The Inter-Ministerial Committee (IMC) at a specially-convened meeting on Wednesday decided to delist the auction of three high priced lands located in Lahore, Multan and Rahimyar Khan from the government`s active list of privatisation.   9 Dawn
19. Govt engages provinces in crucial gas policy shift The government on Wednesday announced major shift in gas policies towards introducing a weighted average cost of local and imported gas (WACOG), improving cheaper availability of LPG and bifurcate transmission and distribution business of gas utilities.   9 Dawn
20. FM calls for talks on debt relief for developing countries Foreign Minister Shah Mehmood Qureshi has asked the Commonwealth to launch a dialogue over deeper and sustained debt relief for developing countries for rapid, stronger and sustained economic recovery of these countries. 12 Dawn
  International News    
21. G20 vows to do ‘whatever it takes’ to support economy Financial leaders from the Group of 20 major economies on Wednesday underscored the urgent need to bring the spread of the coronavirus pandemic under control, and vowed to “do whatever it takes” to support the global economy and financial stability. 1   Business Recorder
22. WB approves $12bn for Covid-19 vaccines The World Bank said Tuesday that it approved $12 billion for developing countries to finance the purchase and distribution of Covid-19 vaccines, tests and treatment. 1       Business Recorder
23. Human rights abuse allegations US apparel watchdog probes Jockey’s Indian partner
A top apparel industry watchdog has launched an investigation into underwear maker Jockey International’s Indian partner Page Industries Ltd following allegations of human rights abuses at one of its factories, the watchdog told Reuters.
16       Business Recorder
24. Currency exchange rates   Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   163.80 211.90 192.37 24.43 43. 62
9 Business Recorder

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