Important Business News 19th July, 2020

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1. PM performs business park groundbreaking Prime Minister Imran Khan on Saturday said that no nation in the world could aspire to excel or become successful without industrialization and vowed that the government would fully facilitate the small and medium industries, businesspeople and industrialists with initiatives like ease of doing business. 1 Business Recorder
2. SBP has disbursed Rs123bn among 1,900 SMEs: IMF The State Bank of Pakistan (SBP) has disbursed Rs123 billion among 1,900 small and medium enterprises (SMEs) so far to incentivize businesses and avoid laying off their workers during the pandemic, says the International Monetary Fund (IMF). 1 Business Recorder
3. Oil refining, marketing policy formulated Ministry of Energy (MoE) has formulated the Pakistan Oil Refining and Marketing Policy 2020, offering substantial incentives to investors to be notified after approval from the ECC and Cabinet. 1 Business Recorder
4. Private sector books 270,000 metric tons of wheat for Aug, Sept Private sector has booked 270,000 metric tons of wheat on four vessels for August and September. 1 Business Recorder
5. AEDB assists SBP in revising financing schemes for renewable energy The Alternative Energy Development Board (AEDB) has assisted State Bank of Pakistan in revision of SBP’s Financing Scheme for Renewable Energy in order to make financing available for broader consumer categories and swift implementation, said sources. 3 Business Recorder
6. PESSI collects about Rs1.4bn annually The Punjab Employees Social Security Institution (PESSI) collects about Rs 1.4 billion annually whereas 1.1 million workers are registered with the Punjab Labour Department. 3 Business Recorder
7. Submission of data Pama, Paapam write separate letters to FBR chief
Auto parts manufacturers have asked the Federal Board of Revenue (FBR) not to force companies to submit their data again and again as it will only hurt ease of doing business in the country.
3 Business Recorder
8. Business on cotton market remains stable Business on local cotton market remained stable on Saturday. Market sources told that mixed trend was seen in the trading volume. Due to the monsoon rains the quality and supply of the Phutti was also affected. 5 Business Recorder
9. Strike called off OTCA presents demands to Omar
Federal Minister for Energy, Omar Ayub Khan chaired a session with a delegation of Oil Tankers Contractors Association (OTCA) and provincial and federal government departments/agencies to resolve the issues of OTCA at the Ministry of Energy-Petroleum Division on Saturday.
7 Business Recorder
10. Al Meezan Investments launches cutting-edge mobile application Al Meezan Investment Management Limited, subsidiary of Meezan Bank, launches an all new state of the art Mobile Application. 7 Business Recorder
11. Reopening of businesses Traders set 31st July deadline for govt
Traders Saturday set a deadline of July 31st for the government to meet their demands that include allowing reopening of all businesses with SOPs and withdrawal of weekly lockdown holidays.
7 Business Recorder
12. Conduct of insurance businesses Draft law introduces risk-based capital, solvency requirements

The draft Insurance Ordinance (Amendment) Bill, 2020 has introduced risk-based capital and solvency requirements for the conduct of insurance businesses; Rs 500,000 penalty for not providing information; compliance with the requirements of international jurisdictions and also issued a variety of new definitions for the insurance sector including the concept of “authorised surveying officer”; “index based insurance” or parametric insurance”; “insurable interest”;“InsurTech”; “other insurance intermediaries”; “reinsurance broker”; “retakaful” and macro-prudential supervision.
8 Business Recorder
13. PSO’s appeal SHC asks excise, taxation deptt to file reply
Sindh High Court (SHC) has ordered Sindh Excise & Taxation Department to submit a reply in response to an appeal pertaining to the recovery of property tax from Pakistan State Oil (PSO) for utilizing terminals at Karachi Port Trust (KPT) as a tenant.
8 Business Recorder
14. Work on Thal canal to commence soon: PM Announcing a big news for the residents of Bhakkar, Khushab, Muzaffargarh and Layyah districts, Prime Minister Imran Khan Saturday said that a decision to start work on the Thal canal project had been made which would commence soon. 8 Business Recorder
15. Pakistan among borrowers eligible for debt service suspension With an external debt stock of $73 billion at the end of 2018, Pakistan by far has emerged as the largest borrower in the list of 15 top Debt Service Suspension Initiative (DSSI) eligible borrowers. 5 Dawn
16. Call for increase in Pakistan-Iran trade activities Increase in trade activities between Pakistan and Iran is the need of the hour and the two countries should cooperate with each other for giving a boost to their economies so that they both could face economic challenges they are facing currently. 5 Dawn
17. Industrialists to challenge ECC decision on retrospective billing in Karachi A joint meetingoftheindustrialassociations and bodies representing the textile sector on Saturday decided to initiate a legal case against the National Electric and Power Regulatory Authority (Nepra) and the Economic Coordination Committee`s (ECC) decision to retrospectively increase K-Electric`s tarif f by Rs2.89 per unit. 9 Dawn
18. Stocks cross 37,000-level in bullish week Bulls continued to command the stock market in the outgoing week, recording gains of 1,140 points (3.15 per cent) and closing at 37,331. 9 Dawn
19. Public demand for dollar falls to historic low Demand for the US dollars in the country has f allen to historical lows, said currency dealers whose businesses have shrunk drastically since the spread of Covid19 in the country four months ago. 9 Dawn
  International News    
20. Saudi Arabia says G20 to consider extending debt suspension initiative DUBAI: Saudi Arabian Finance Minister Mohammed al-Jadaan on Saturday said the Group of 20 advanced economies will consider extending a debt suspension initiative beyond this year. 1 Business Recorder
21. `Double blow` for India as Iran excludes it from gas project as well TEHRAN: After being `dropped` from a key rail project in southeastern Iran along the border with Afghanistan, India is also set to lose an ambitious gas field project in the country that had been in the pipeline for past 10 years. 12 Dawn

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