Important Business News 21st July, 2020

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1. PMs think tank deliberates over targeted subsidies Emphasizing the need for reviewing the entire subsidy system to ensure that it reaches the deserving through a transparent system, Prime Minister Imran Khan has directed Adviser on Finance Dr Abdul Hafeez sheikh to set up a cell to review the subsidy system with the objective to bring about improvement in it. 1 Business Recorder
2. AML law SBP’s FMU proposes amendments
The Financial Monitoring Unit (FMU) of State Bank of Pakistan (SBP) has proposed dozens of amendments in Anti-Money Laundering Act, 2020 aimed at tightening laws to curb money laundering.
1 Business Recorder
3. Rice exports reach $2.1bn mark in FY20 Despite negative impact of COVID-19, rice exports maintained an upward momentum and rose by some 5 percent during the last fiscal year (FY20). 1 Business Recorder
4. Bulls rule PSX BRIndex100 shows upward trend
Pakistan Stock Exchange witnessed bullish trend on Monday on the back of local investors and institutional support.
1 Business Recorder
5. Gold at another historic high Gold on Monday touched another historic high of Rs11,250 per tola, up by Rs1600 in a single day trading on the local market, traders said. 3 Business Recorder
6. APTMA for uninterrupted gas supply at reduced rates All Pakistan Textile Mills Association (APTMA) has urged the government for uninterrupted supply of gas at reduced rates to the textile industry. 5 Business Recorder
7. PBIF chief urges PM to stop hike in power tariff Pakistan Businessmen and Intellectuals Forum President Mian Zahid Hussain Monday urged Prime Minister Imran Khan that there should be no increase in electricity tariff for Karachi and the power utility should be asked to reduce power theft and line losses. 5 Business Recorder
8. PPP, PML-N agree to hold APC after Eid In order to devise a joint strategy against the government, opposition parties, particularly PPP and the PML-N, have decided to hold an All Parties Conference (APC) immediately after Eid-ul-Azha. 7 Business Recorder
9. NA informed Covid-19 cases on state of decline
The government on Monday informed the National Assembly that coronavirus cases in the country were on a state of decline.
7 Business Recorder
10. Cotton spot rate down by Rs50 to Rs8350 The Spot Rate Committee of Karachi Cotton Association on Monday decreased the spot rate by Rs 50 per maund and closed it at Rs 8350. 8 Business Recorder
11. ‘SCCI striving for promotion of tourism industry’ Chairman Departmental Committee on Travel and Tourism of Sialkot Chamber of Commerce and Industry (SCCI) Rana Nadeem has said that SCCI was making adequate efforts for the promotion of tourism industry on top priority basis. 12 Business Recorder
12. Digital Global Apparel Expo  PREGMEA becomes first body to participate
As the worldwide economy has been facing slowdown in the post-Corona scenario, and all international textile exhibitions have been cancelled; the Pakistan Readymade Garments Manufacturers and Exporters Association has taken the initiative to participate in the Digital Global Apparel Sourcing Expo, adopting latest trend to explore world market for Pakistani apparel goods through virtual mode.
12 Business Recorder
13. Bajwa tells Senate body ML-I railway project to increase transport share from 4pc to 20pc
The China-Pakistan Economic Corridor (CPEC) Authority Chairman Lieutenant General Asim Saleem Bajwa (retd) said that ML-I Railway Project at a cost of $7.2 billion would soon be completed under the CPEC and railway transport share would increase from four percent to 20 percent.
15 Business Recorder
14. Small and medium enterprises E-commerce offered huge opportunities: president
President Dr Arif Alvi chaired a meeting on E-commerce to review the action plan with regards to implementation of e-commerce policy in the country, said a press release issued on Monday.
15 Business Recorder
15. APPSA announces opening of educational institutes from Aug 15 The All Pakistan Private Schools and Colleges Association (APPSA) on Monday rejected the government’s decision of reopening schools from September 15, and announced opening of educational institutes from August 15, without the government approval. 15 Business Recorder
16. Dollar surges against rupee The dollar rose to the highest level of FY21 against the local currency on Monday, reflecting its increasing demand. 9 Dawn
17. Non-textile exports dip Exports of non-textile products dipped nearly eight per cent year-on-year to $8.873 billion during July-June in FY20 owing to the cancellation of orders following the coronavirus outbreak since March. 9 Dawn
  International News    
18. World facing bankruptcy time bomb: study PARIS: Governments around the world are scrambling to save companies battered by coronavirus lockdowns but the world is nevertheless facing a massive surge in bankruptcies by a third, a study conducted by a trade insurance firm said Monday. 1 Business Recorder
19. Gulf deficits to hit $490bn by 2023 over oil, virus: S&P DUBAI: Arab states of the energy-rich Gulf are expected to accumulate $490 billion in deficits by 2023 due to the double hit of low oil prices and the coronavirus slowdown, Standard and Poors said Monday. 6 Business Recorder
20. US sanctions 11 Chinese firms over Uighur rights violations WASHINGTON: The US Commerce Department on Monday announced it has blacklisted 11 Chinese businesses for involvement in human rights violations against the Uighur minority, cutting off the firms’ access to American goods. 6 Business Recorder
21. Two studies offer hope for Covid-19 vaccine LONDON: Two studies offered new hope of a potendal vaccine for the novel coronavirus on Monday, seven months af ter the disease was first identified in China and spread rapidly across the globe. 1 Dawn
22. Currency exchange rates   Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   167.30 209.46 191.01 24.04 44. 59
9 Business Recorder

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