Important Business News 17th March, 2020

S.# Description Pg # Source
1. Jul-Feb FDI jumps 75pc YoY The country fetched Foreign Direct Investment (FDI) amounting to $1.8 billion, up by 75 percent, during the first eight months of this fiscal year (FY20), supported mainly by massive inflows from China. 1 Business Recorder
2. Coronavirus Govt acquires IMF concession: Hafeez
Advisor to Prime Minister on Finance Dr. Abdul Hafeez Shaikh has told media in an informal discussion in Islamabad that the Prime Minister had entrusted him with the responsibility of dealing with the economic impacts of coronavirus.
1 Business Recorder
3. JWGs for Agri and science & technology Pakistan, China to sign MoUs today
Minister for Planning, Development and Special Initiatives Asad Umar said that Pakistan and China would establish two new joint working groups (JWGs) under the China-Pakistan Economic Corridor (CPEC) for agriculture and science and technology.
1 Business Recorder
4. Manipulation in sugar, flour prices Cabinet members deplore CCP’s ‘poor’ performance
The Cabinet members have reportedly expressed annoyance at the Competition Commission of Pakistan (CCP) for its failure to protect consumers from manipulation in prices of sugar and flour (Atta), well-informed sources told Business Recorder.
1 Business Recorder
5. Cabinet meets today Power Division set to face strictures
The Power Division is all set to face another ‘doomsday’ in the Cabinet on Tuesday (March 17) during a presentation on power sector, and replies of questions sent by ministers on the instructions of Prime Minister Imran Khan.
1 Business Recorder
6. Taxes, duties SBP to settle transaction fee claims in five days
 The State Bank of Pakistan (SBP) has announced that it will settle the claims of transaction fee on payment of government taxes within five working days.
1 Business Recorder
7. Coronavirus: fruits and vegetables exports may sustain huge loss The overall export of fruits and vegetables from Pakistan is likely to sustain huge loss of $ 150 million due to coronavirus. 3 Business Recorder
8. Gold prices reduced by Rs1850 per tola Gold prices on Monday nosedived by Rs1850 per tola to Rs89,000 on the local market, traders said. 5 Business Recorder
9. Progress of major sectors of economy reviewed Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh chaired a meeting here at the Finance Division to review the progress being made by the major sectors of the economy, said a press release on Monday. 20     Business Recorder
10. PSX sees worst single-day decline in history The Pakistan Stock Exchange (PSX) on Monday suffered its worst single-day decline in history. 1   Dawn
11. Steps planned to mitigate virus`s impact on economy Prime Minister Imran Khan on Monday held extensive consultations with members of his cabinet and senior government officials about the government`s strategy to fight novel coronavirus and its negative impact on the country`s economy. 1     Dawn
12. Govt scrambles for resources to meet virus-related expenses   As the government started looking out for grants and aid to fight threat caused by Coronavirus (Covid-19),theInternationalMonetary Fund on Monday agreed not to consider expenditures to be made on deadly virus in deficit targets. 10   Dawn      

13. Panic buying hits select commodities Panic buying in some markets has created shortage of key commodities like branded flour bags besides pushing up demand for items including pulses, ghee/ cooking oil, sugar and rice by 20-30 per cent. 10     Dawn
14. Foreign investment jumps 513pc The foreign investment in the first eight months of this fiscal year jumped 512.9 per cent to $3.336 billion from $650.6 million in the same period last year, showed data released by the State Bank of Pakistan (SBP) on Monday. 10     Dawn
15. Rupee falls to 158.6 against dollar in interbank  Only a day after gaining some of the lost ground, the rupee resumed its slide against the dollar as it fell by Rs1.80 to reach Rs158.6 in the interbank market on Monday. 10     Dawn
16. PBC proposes 200bps rate cut The Pakistan Business Council (PBC) has called upon the State Bank of Pakistan (SBP) to cut policy rate by 200 basis points to help reduce business costs in the wake of economic slowdown caused by the coronavirus pandemic. 10     Dawn
17. Cotton market sluggish Trading on cotton market remained slow and selective on Monday as both buyers and sellers stayed away. Karachi Cotton Association kept its spot rate unchanged at Rs8,900. 11     Dawn
  Editorial News    
18. Remittances exempted from withholding tax The Finance Division has stated that remittances would henceforth be exempt from payment of withholding taxes, the objective being incentivizing the inflows of remittances. 18 Business Recorder
19. Budgetary outcome in 2019-20 The Mid-term Budget Review of 2019-20 was presented recently to the National Assembly. 18 Business Recorder
  International News    
20. World markets plunge as Fed`s move fails to heal panic NEW YORK: Markets reeled on Monday, with stocks on Wall Street and the price of Brent crude tumbling more than 10 per cent, as the Federal Reserve`s second emergency rate cut in as many weeks to blunt the economic impact of the coronavirus failed to calm fears of a prolonged recession. 1     Dawn
21. IMF to mobilise $1tr to fight coronavirus WASHINGTON: The International Monetary Fund (IMF) said on Monday it`s ready to use it s $1 trillion lending capacity to help countries struggling with the humanitarian and economic impact of the novel coronavirus (COVID-19). 14       Dawn
22. Currency exchange rates   Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   157.00 193.98 174.72 22.46 41.77
9 Business Recorder

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