Important Business News 16th October 2020

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1. Passco, Punjab, KPK to get imported wheat A meeting of the Economic Coordination Committee (ECC) of the Cabinet has allowed Trading Corporation of Pakistan (TCP) to import 340,000 metric tons of wheat with a decision that the imported wheat would be provided to Passco, Punjab and KPK to ease the supply pressures. 1     Business Recorder
2. Italy includes Pakistan in its work visa scheme 2020-21 In the latest announcement of its annual schedule of work visas called ‘Decreto-Flussi,’ the Italian government has allowed Pakistani nationals to avail seasonal and non-seasonal work visas for the year 2020-21.   1   Business Recorder
3. 7 soldiers, 7 private security personnel martyred OGDCL convoy attacked on Mekran Coastal Highway
A gun and rocket attack targeting a paramilitary escort on Thursday killed seven soldiers and seven private security guards in Balochistan, officials said.  
1 Business Recorder
4. Construction sector PM tells authorities to quicken process of NOCs
Prime Minister Imran Khan has directed the concerned department and authorities to make the process for issuance of No Objection Certificates (NOCs) in construction sector, transparent, easy and speedy to facilitate investors, while a delegation of industrialists presented proposals for increase in exports, promotion of industry, and to reform the tax system.  
1   Business Recorder
5. CCoE takes notice of non-completion of gas line extension at PQ A meeting of the Cabinet Committee on Energy (CCoE) took serious notice of the non-completion of 17km gas pipeline extension at Port Qasim by the Sui Southern Gas Company (SSGC), which was a hindrance to utilisation of Liquefied Natural Gas (LNG) terminal capacity.   1     Business Recorder
6. Two KPK power projects WB to provide $1.15bn concessional financing
The World Bank will provide US$ 1.150 billion concessional financing to Pakistan for the two projects to support hydropower and renewable energy development in Khyber Pakhtunkhwa, and evacuation and transmission of power from DASU Hydropower Project.  
1     Business Recorder
7. SBP’s reserves fall by over $1bn on debt servicing The State Bank of Pakistan’s foreign exchange reserves declined sharply by over one billion dollars during the last four weeks mainly due to external debt servicing.   1 Business Recorder
8. PSX ends on negative note BRIndex100 inches down
Pakistan Stock Exchange Thursday witnessed healthy trading activity and remained in positive zone most of the day, however closed on a negative note as investors opted to book profit at the fag end.  
1 Business Recorder
9. ANF trying its best to facilitate exporters, importers: PCU Deputy Director/ In-charge, Port Control Unit (PCU), Anti-Narcotics Force (ANF) Karachi, Muhammad Ayub has said that ANF was trying its best to facilitate the exporters and importers by reducing the number withheld containers and at the same time, no compromise was being made on the performance which can be gauged from the fact that number of containers put on hold has been reduced to just 1.14 percent while 11 seizures were also done at all ports in 2020 by the ANF in which huge quantities of opium, hashish, ice, Xanax tablets and other illicit drugs were seized.   7 Business Recorder
10. Steps being taken to put economy on path to sustainable growth: Hafeez Advisor to Prime Minister on Finance and Revenue Dr Abdul Hafeez Sheikh said the government is taking steps to put economy on the path to sustainable growth and create employment opportunities for the youth. 12 Business Recorder
11. Govt, auto industry to consult on new auto policy The government and the auto industry will start consultations on new auto policy aimed at rationalisation taxes on the industry, and bringing improvement in it.   15 Business Recorder
12. 123 housing, construction projects FBR registers 112 cos, individuals, PM told
Prime Minister Imran Khan was on Thursday informed that 112 companies and individuals have so far been registered with the Federal Board of Revenue (FBR), which would start work on 123 housing and construction projects.  
15 Business Recorder
13. Rupee hits five-month high against US dollar The dollar fell to a five-month low against the rupee as it traded at Rs162.80 in the interbank market on Thursday.   9 Dawn
14. Currency exchange rates   Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   163.25 212.41 191.81 24.40 43. 47
9 Business Recorder

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