Important Business News 18th May, 2020

S.# Description Pg # Source
01. Flour millers say shutting down mills in 3 provinces Rejecting the offer of talks by Punjab government, Pakistan Flour Mills Association (PFMA) has announced that it is shutting down is operations from today for an “indefinite” period. https://epaper.brecorder.com/2020/05/18/1-page/837496-news.html 01 Business Recorder
02. Tax relief’ budget being prepared    On the directions of the Advisor to the Prime Minister on Finance and Revenue, Dr Abdul Hafeez Shaikh, the Federal Board of Revenue (FBR) is preparing a “tax relief” budget 2020-2021 for the business community and the general masses with a focus on greater relief measures rather than new taxation measures. Sources told Business Recorder that the government was committed to announcing a relief-focused budget. https://epaper.brecorder.com/2020/05/18/1-page/837492-news.html 01 Business Recorder
03. Decision on resumption of operations to be made on 19th: Rashid Minister for Railways Sheikh Rashid Ahmad has said that the final decision on possible resumption of train operation in the country will be taken after his meeting with Prime Minister Imran Khan by May 19 (Tuesday). https://epaper.brecorder.com/2020/05/18/1-page/837493-news.html 01 Business Recorder
04. Futures spread down by 490bps The futures spread declined by 490bps to 7.10 percent on the last day of the outgoing week. https://epaper.brecorder.com/2020/05/18/1-page/837495-news.html 01 Business Recorder
05. Prices of essential kitchen items remain high The retail prices of all essential kitchen items including pulses, vegetables, rice, wheat flour, fruits, sugar, chilies, milk, spices, chicken and meat are almost firm in the open market despite twice reduction in prices of petroleum products and easing lockdown in provincial capital. https://epaper.brecorder.com/2020/05/18/3-page/837506-news.html 03 Business Recorder
06. WEEKLY COTTON REVIEW: No trading activity witnessed for two months  Formulation of new cotton policy 2020-2021 is under process. Federal Committee on Agriculture (FCA) will announce the total estimates of cotton production and the total area of cotton cultivation. https://www.brecorder.com/2020/05/18/597966/weekly-cotton-review-no-trading-activity-witnessed-for-two-months/ 05 Business Recorder
07. Gas & Oil Pakistan introduces EV charging facilities   Gas & Oil Pakistan Limited (GO), the fastest growing oil marketing company (OMC) in Pakistan has announced that it has become the first OMC in Pakistan to introduce electric vehicle (EV) charging facility at its retail outlets.  https://www.brecorder.com/2020/05/18/597962/gas-oil-pakistan-introduces-ev-charging-facilities/ 05                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Business Recorder
08. Sugar inquiry Commission may seek extension to complete probe  Sugar Inquiry Commission is likely to seek further extension for completion of task as a bunch of analysis on data and documents is not yet completed, well informed sources told Business Recorder. https://epaper.brecorder.com/2020/05/18/12-page/837574-news.html 12 Business Recorder
09. ZTBL restructuring Three-member advisory body constituted Finance Division has constituted a three-member Advisory Committee to restructure Zarai Tarqiati Bank Limited (ZTBL), which is being penalized by the Securities and Exchange Commission of Pakistan (SECP) for functioning without a Board for the last three years .  https://epaper.brecorder.com/2020/05/18/12-page/837579-news.html 12 Business Recorder
10. NFC and 18th Amendment Experts cite reasons behind controversy The failure of federal government to increase tax to GDP ratio and reduce non-development expenditures are the major reasons behind the ongoing controversy over National Finance Commission (NFC) and 18th Constitutional Amendment. https://epaper.brecorder.com/2020/05/18/12-page/837578-news.html 12 Business Recorder
11. 30,000 tests per day sufficient, says Asad  As coronavirus cases surged past 41,000 mark, federal Minister for Planning, Development and Special Initiatives Asad Umar expressed the view that the capacity of 30,000 tests per day would be sufficient for Pakistan to control the spread of the deadly virus. https://epaper.dawn.com/DetailImage.php?StoryImage=18_05_2020_001_006 01 Dawn
12. Oil refineries, firms told to boost supplies Amid tight demandsupply conditions of high-speed diesel during the wheat harvesting season, the government has asked the oil marketing companies and refineries to beef up supplies of major transport fuels ahead of Eidul Fitr. https://epaper.dawn.com/DetailImage.php?StoryImage=18_05_2020_001_007 01 Dawn
13. Restoring the fiscal balance THE centre has set the > ball rolling to restore the federal-provincial fiscal balance after years of its unease over the 7th National Finance Commission (NFC) Award that shifted a major chunk of the common revenue stream to the federating units in 2010. https://epaper.dawn.com/DetailImage.php?StoryImage=18_05_2020_601_001 28 Dawn
14. Pandemic cuts into Ramazan donations THE raging Covid-19 pandemic has > had a major impact on the composition of donations this Ramazan in Pakistan where the crushing economic pressures had already stunted the capacity of the middle class to maintain the scale of its earlier giving. https://epaper.dawn.com/DetailImage.php?StoryImage=18_05_2020_601_002 28 Dawn
15. The Week Trade between Pakistan and Iran resumes after two more crossing points are reopened in Taftan following a decision taken by the National Command and Operations Centre last month https://epaper.dawn.com/Advt.php?StoryImage=18_05_2020_601_003 28 Dawn
16. Monetary easing amid Covid-19 THE State Bank of Pakistan (SBP) has cut its policy rate once again by a full percentage point to eight per cent. The central bank has reduced the interest rate by 5.25 percentage points since March 17, in four instalments, pulling it down from its peak of 13.25pc. https://epaper.dawn.com/DetailImage.php?StoryImage=18_05_2020_602_003 29 Dawn
17. Meeting agriculturists` requirements THE fate of Pakistan`s agriculture this year hinges chiefly on how successful it becomes in the ongoing fight against locusts. The breeding and spread of locusts across agricultural fields have emerged as a serious challenge. https://epaper.dawn.com/DetailImage.php?StoryImage=18_05_2020_602_001 29 Dawn
18. Green-tech revolution through agripreneurs WHILE Pakistan`s economy is bleeding red, mainly due to Covid-19, this is the best better moment to make it green through agriculture. However, this may not happen via `business as usual` but rather by making agriculture the `usual business`. https://epaper.dawn.com/DetailImage.php?StoryImage=18_05_2020_604_002 29 Dawn
19. Currency exchange rates   Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   160.50 198.00 172.00 22.20 43.00
  Urdu Point

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