Important Business News 19th May, 2020

S.# Description Pg # Source
01. No need to keep markets closed on weekends: SC The Supreme Court declared the decision of closure of business on Saturdays and Sundays illegal, and directed the Sindh government to approach the Ministry of National Health Services, Regulation and Coordination (NHSRC) for reopening of shopping malls in the province. https://epaper.brecorder.com/2020/05/19/1-page/837590-news.html 01 Business Recorder
02. Over Rs3bn donations collected so far PM launches Cat-IV of Ehsaas Programme Prime Minister Imran Khan Monday launched the newly added category-IV of ongoing Ehsaas Emergency Cash Programme to provide financial assistance to those who have lost their livelihoods as a result of the coronavirus outbreak. https://epaper.brecorder.com/2020/05/19/1-page/837593-news.html 01 Business Recorder
03. PIA special flight brings students back from Wuhan As many as 174 Pakistani students were repatriated to the country from Wuhan and Hubei province on Monday. A first special flight of the Pakistan International Airlines (PIA) from China transported Pakistani nationals back home. https://epaper.brecorder.com/2020/05/19/1-page/837594-news.html 01 Business Recorder
04. Financial year 2020-2021 Confusion reigns over who will present budget With the budget date scheduled for 12 June drawing near the government is facing  the challenge of preparing a ‘corona budget’ amidst uncertainty as to who would present it in Parliament. https://epaper.brecorder.com/2020/05/19/1-page/837583-news.html 01 Business Recorder
05. Loopholes, gaps in taxation system identified International tax expert Dr Ikramul Haq on Monday conveyed to the Adviser to the Prime Minister on Finance and Revenue, Dr Abdul Hafeez Shaikh, that the tax gap in Pakistan had been estimated at 50 percent, which immediately required removal of enforcement weaknesses, and huge revenue leakages in the taxation system through policy changes in the coming budget 2020-21. https://epaper.brecorder.com/2020/05/19/1-page/837584-news.html 01 Business Recorder
06. Fiscal deficit to continue to rise in 2021 and beyond: Moody’s  Pakistan will continue to register large fiscal deficits in 2021 and beyond, says Moody’s Investor Services (Moody’s). https://epaper.brecorder.com/2020/05/19/1-page/837585-news.html 01 Business Recorder
07. Outsourcing of airports Cabinet to consider plan The federal cabinet which is scheduled to meet today with prime minister in the chair, will consider a plan to outsource major airports of Pakistan, official sources told Business Recorder. https://epaper.brecorder.com/2020/05/19/1-page/837588-news.html 01                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Business Recorder
08. FDI grows 127pc in 10 months  Despite Covid-19 pandemic, Foreign Direct Investment (FDI) continued its rising trend in Pakistan and posted a healthy growth of 127 percent during the first ten months of current fiscal year (FY20). https://epaper.brecorder.com/2020/05/19/1-page/837587-news.html 01 Business Recorder
09. ‘Account No-1’ Govt likely to disallow 4 entities from direct operation The government is likely to disallow four entities – Pakistan Post Office Department (pension payment and others); Federal Board of Revenue (tax refunds); State Bank of Pakistan (interest and principal payment) and Central Directorate of National Savings (interest and principal payment) from direct operation of ‘Account No-1’ (government account) as Finance Ministry construe it as illegal, sources to Finance Advisor told Business Recorder. https://epaper.brecorder.com/2020/05/19/3-page/837607-news.html 03 Business Recorder
10. Neelum Jhelum crosses 8bn units mark State-of-the-art 969 MW-Neelum Jhelum Hydropower Project achieved another milestone as its contribution to the national grid crossed 8 billion mark, said Wapda sources https://epaper.brecorder.com/2020/05/19/12-page/837688-news.html 12 Business Recorder
11. Power-loom industry facing shortage of workers  Power-loom industry has restarted functioning throughout the country but only partially due to non-availability of fifty percent of skilled workforce, which moved to their hometowns due to COVID-19 and lockdown.  https://epaper.brecorder.com/2020/05/19/12-page/837689-news.html 12 Business Recorder
12. Locust control Arrangements completed for aerial spray  Agriculture Department Punjab in collaboration with the Department of Plant Protection has completed the arrangements of aerial spray to control the spring breed of locusts. https://epaper.brecorder.com/2020/05/19/12-page/837684-news.html 12 Business Recorder
13. PSDP 2019-20 Rs562bn released against budgeted Rs701bn The federal government has released Rs562 billion (80 percent) including Rs109.29 billion foreign aid (85 percent) for various ongoing and new development projects under the Public Sector Development Programme (PSDP) 2019-20 against the total budgeted allocation of Rs701 billion.  https://epaper.brecorder.com/2020/05/19/15-page/837703-news.html 15 Business Recorder
14. Rs6.53bn distributed among deserving families: Buzdar  Punjab Chief Minister Sardar Usman Buzdar on Monday said that more than Rs 6.53 billion has been distributed among the deserving families in five days under the CM Punjab Insaf Imdad Programme and Ehsaas Programme. https://epaper.brecorder.com/2020/05/19/15-page/837705-news.html 15 Business Recorder
15. FBR chief seeks updated lists of refund claimants  Federal Board of Revenue (FBR) Chairperson Nosheen Javed Amjad on Monday directed chief commissioners of large taxpayer units and regional tax offices (RTOs) to update lists of income tax refund claimants on emergency basis. https://epaper.brecorder.com/2020/05/19/15-page/837706-news.html 15 Business Recorder
16. IT sector fetches $35.1m FDI in Jul-Apr  Information Technology sector fetched $35.1 million Foreign Direct Investment (FDI) in July-April 2020 compared to $22.9 million in the corresponding period of last fiscal year, registering an increase of around $12.2 million. https://epaper.brecorder.com/2020/05/19/15-page/837704-news.html 15 Business Recorder
17. Telemetry system project  Govt likely to remove three Irsa members The federal government is likely to remove three Irsa members for allegedly clashing with World Bank’s consultants for telemetry system project worth $ 4.5 million, sources close to Secretary Ministry of Water Resources told Business Recorder. https://epaper.brecorder.com/2020/05/19/16-page/837712-news.html 16 Business Recorder
18. PIA reports 43pc growth in revenue  With a 76 percent reduction in operating losses, Pakistan International Airlines (PIA) has reported 43 percent growth in revenue for 2019. https://epaper.brecorder.com/2020/05/19/16-page/837707-news.html 16 Business Recorder
19. Economic, energy, & trade reforms ADB extended $1.8bn loans in 2019 The Asian Development Bank (ADB) extended a total of $1.8 billion to Pakistan to support key economic, energy, and trade reforms in 2019. https://epaper.brecorder.com/2020/05/19/16-page/837708-news.html 16 Business Recorder
20. Agri, social sector projects Two $371m agreements inked with WB Pakistan and World Bank Monday signed two agreements of $371 million to support projects in agriculture and social sector. https://epaper.brecorder.com/2020/05/19/16-page/837709-news.html 16 Business Recorder
21. Masood Akhtar Naqvi appointed Chairman SECP Policy Board Finance Ministry has decided to appoint S Masood Akhtar Naqvi as Chairman Securities and Exchange Policy Board, official sources told Business Recorder. https://epaper.brecorder.com/2020/05/19/16-page/837710-news.html 16 Business Recorder
22. Experts find idea of herd immunity risky: Fawad  A committee of experts in the ministry of science and technology on Monday cautioned that relaxing lockdown without precautions could have dire consequences. https://www.dawn.com/news/1558175 01 Dawn
23. Economy shrinks by 0.38pc, National Accounts Committee told Pakistan’s economy suffered a major setback with all key sectors failing to perform according to expectation in the wake of coronavirus outbreak resulting in a negative 0.38 per cent economic growth rate this fiscal year, compared to 1.91pc growth in 2018-19. https://www.dawn.com/news/1558133 09 Dawn
24. FDI plunges 52pc in April  The foreign direct investment (FDI) plunged by 52.23 per cent to $133 million in April, from $278.7m in March, reported the State Bank of Pakistan on Monday. https://www.dawn.com/news/1558131/fdi-plunges-52pc-in-april 09 Dawn
25. Gold hits Rs97,000 per tola The one tola and 10-gram domestic gold prices on Monday swelled by Rs2,000 and Rs1,715 to Rs97,000 and Rs83,162, respectively, owing to an increase of $43 per ounce in world gold price to $1,762 per ounce. https://www.dawn.com/news/1558130/gold-hits-rs97000-per-tola 09 Dawn
26. Govt working on capacity-based taxation for traders The government is considering capacity-based taxation for traders across the country besides enforcing mandatory tax filing by maximum withholding taxpayers for increased tax collection. https://www.dawn.com/news/1558129 09 Dawn
27. PIA incurs loss of Rs56bn Pakistan Inter­national Airlines posted loss after tax at Rs56.04 billion in 2019, down from Rs66.66bn in 2018 — showing a decline of 15.9 per cent. https://www.dawn.com/news/1558126/pia-incurs-loss-of-rs56bn 09 Dawn
28. Stocks fall 203 points on profit-taking The stock market opened positive on bullish momentum of the outgoing week, which recei­ved further support from the interest rate cut by 100 basis points to eight per cent that was announced by the Mon­e­tary policy commi­ttee of the State Bank of Pak­­is­tan after trading hours on Friday. https://www.dawn.com/news/1558127/stocks-fall-203-points-on-profit-taking 09 Dawn
29. SECP asked to fine-tune Companies Act The Compa­nies (Amendment) Ordina­nce, 2020 has significantly eased the corporate regulatory environment in line with regional practices, but the Security and Exchange Commission of Pakistan (SECP) still needs to further improve the law. https://www.dawn.com/news/1558132 09 Dawn
30. $371m WB loans signed for agriculture, social sectors Pakistan and the World Bank on Monday signed two loan agreements of $371 million to support projects in the agriculture and social sectors. https://www.dawn.com/news/1558146/371m-wb-loans-signed-for-agriculture-social-sectors 12 Dawn
31. Currency exchange rates   Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   160.50 196.00 172.50 22.34 42.00
9 Business Recorder

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