Important Business News 20th May, 2020

S.# Description Pg # Source
01. PSEs: PM seeks details of ‘illegal’ recruitments   The Prime Minister, Imran Khan, has sought details of “illegal” recruitments in public-sector entities (PSEs) from various ministries and divisions. 01 Business Recorder
02. All PSM employees being retrenched: chairman Board of Directors (BoD) of Pakistan Steel Mills (PSM) Chairman Aamir Mumtaz has said that all employees of dysfunctional steel mill are being retrenched as every passing month adds a loan of Rs 2 billion. 01 Business Recorder
03. Health sector ADB approves $300m emergency aid loan The Asian Development Bank (ADB) has approved a $300 million emergency assistance loan to strengthen Pakistan’s public health response to the Covid-19 pandemic and help meet the basic needs of the vulnerable and poor segments of the society. 01 Business Recorder
04. PM’s coronavirus package There will be need for only Rs519bn extra funding: IMF The International Monetary Fund (IMF) has stated that there will be need for only Rs 519 billion extra funding in the current fiscal year for Prime Minister’s Relief Package of Rs 1.240 trillion for corona-affected sector. 01 Business Recorder
05. Covid-19 deaths Pakistan now the 19th most-affected country   Pakistan is now the 19th most-affected country by the coronavirus with 44,995 cases, while total Covid-19 deaths in Pakistan have reached 969. 01 Business Recorder
06. RLNG-fired power plants Inquiry against IPPs may hamper sell-off process?  Minister for Privatisation Muhammad Mian Soomro has warned the government that an inquiry against Independent Power Producers (IPPs) may hamper privatisation of RLNG-fired power plants, well-informed sources told Business Recorder. 01 Business Recorder
07. Rs200bn Sukuk–II oversubscribed by 70pc In a landmark achievement, Power Energy Sukuk–II of Rs200 billion is heavily oversubscribed by an amount of Rs139 billion (70 percent) at a rate of six months KIBOR minus 0.10 percent. The book-running was held on May 18-19 at the PSX. 01                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Business Recorder
08. External inflows stand at $7.381bn in July-April  Total provisional external inflows from multiple financing sources were $7.381 billion during July-April of fiscal year 2019-20 against the budgeted amount of $12.958 billion for the entire fiscal year which is around 57 percent of the budgeted amount. 01 Business Recorder
09. ECC to approve mobile device manufacturing policy today The Econ-omic Coordination Committee (ECC) of the Cabinet which is scheduled to meet on Wednesday (May 20) will approve the country’s first mobile device manufacturing policy, as some amendments have been made to the policy in consultation with stakeholders. 01 Business Recorder
10. KSE-100 Index rallies BRIndex100 edges up 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 Despite foreign selling, Pakistan Stock Exchange Tuesday witnessed a positive trend on the back of local investors and institutional support. 01 Business Recorder
11. Sale of embassy’s building in Jakarta NAB to file reference against officials of MoFA  The National Accountability Bureau (NAB) on Tuesday decided to file a corruption reference against senior officers and officials of the Ministry of Foreign Affairs on charge of sale of Pakistan embassy’s building in Jakarta in violation of rules and regulations resulting in huge loss to the national exchequer. 03 Business Recorder
12. Locust plague hits 53 districts across country  The locust plague has badly affected 53 districts across the country posing serious threat to standing crops in four provinces. 03 Business Recorder
13. Budget proposals 2020-21: APTPMA demands revival of SRO 1125 in true spirit All Pakistan Textile Processing Mills Association strongly demanded that to revive SRO 1125 in its true spirit and reintroduce system of no payment and no refund of sales tax for the five export-oriented sectors. 12 Business Recorder
14. Submission of incremental claims of DDT PHMA seeks extension in cut-off date  Textile value-added sector has urged the government for extension in cut-off date for submission of incremental claims of duty drawback of taxes for fiscal year 2018-2019 till July 31, 2020. 15 Business Recorder
15. Moody’s places 5 banks’ ratings under review    Moody’s Investors Service (Moody’s) has placed five Pakistani banks’ ratings under review for downgrade. 15 Business Recorder
16. Flour millers end strike  On the assurance of addressing their concerns by Punjab Food Minister Abdul Aleem Khan, the Pakistan Flour Mills Association (PFMA) announced on Tuesday to end their strike continued for the last two days. 16 Business Recorder
17. Import of drugs from India causes controversy Prime Ministers’ two top aides whose names are being mentioned as the main players in allowing import of cosmetics, vitamins and medicines under the garb of life-saving drugs from India, reportedly held a meeting with the pharmaceutical companies before altering cabinet minutes, well-informed sources told Business Recorder. 16 Business Recorder
18. Undocumented economy UBG chief for fixed ‘Covid-19 tax’  United Business Group Chairman Iftikhar Ali Malik Tuesday proposed steps for the next fiscal budget 2020-21 to develop the national economy and help the industries grow. 16 Business Recorder
19. 7 projects worth Rs41bn approved The Central Development Working Party (CDWP) on Tuesday cleared seven projects with a total estimated cost of Rs41.34 billion. 09 Dawn
20. Corporates start resuming plant operations The wheels of industry have started to turn with auto sector taking the lead in resuming operations after the government announced “relaxation to the automobile industry from the current situation of lockdown due to Covid-19”. 09 Dawn
21. Currency exchange rates   Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   160.50 197.00 173.00 22.64 42.20
09 Business Recorder

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