Important Business News 21st March, 2020

S.# Description Pg # Source
1. PM again rules out lockdown, promises package Prime Minister Imran Khan has stated that the government will announce a comprehensive package on Tuesday for businesses as well as industry to offset the impact of coronavirus pandemic on the economy, but ruled out complete nationwide lockdown for now, terming it very difficult to enforce. 1 Business Recorder
2. US announces $1m assistance The United States has announced to help Pakistan in the fight against coronavirus with an initial US$1 million assistance to bolster the monitoring and to give a rapid response to COVID-19 in the country. 1 Business Recorder
3. SBP lends a helping hand to exporters The State Bank of Pakistan (SBP) has announced a relief package to support exporters affected by loss of demand due to COVID-19 and to prevent export sector from any liquidity crisis. 1 Business Recorder
4. Combined income groups SPI inflation up 0.05pc WoW
The weekly SPI inflation during the week ended March 19 against March 12 witnessed an increase of 0.05 percent for combined income groups, ie, from 129.66 points to 129.72 points, Pakistan Bureau of Statistic (PBS) revealed.
1 Business Recorder
5. 61 items exempted from duties, taxes To effectively deal with the coronavirus (COVID19) pandemic in Pakistan, the Federal Board of Revenue (FBR) has exempted customs duty, regulatory duty, additional customs duty, withholding tax and sales tax on the import of 61 different kinds of Diagnostic Support and health safety items including medical equipment/machinery and apparatus like coronavirus detection kits, surgical masks, multimode ventilator with air compressor, face shields and other medial equipment for a period of three months. 1 Business Recorder
6. PSX snaps losing streak BRIndex100 out of wild swings
Pakistan Stock Exchange Friday made a sharp turnaround on the back of fresh buying on attractive low levels and closed on strong positive note with healthy gains after seven days of turmoil.
1 Business Recorder
7. Railways to lose 35,000 passengers daily owing to suspension of 34 trains Pakistan Railways (PR) will be losing around 35,000 commuters per day due to suspension of its 34 passenger train operations across the country, owing to the fast spreading coronavirus – the global pandemic, official sources told Business Recorder. 3 Business Recorder
8. COVID-19  ‘Saylani to provide ration to 1.2m people’
Founder and chairman of Saylani Welfare Trust, Maulana Bashir Farooqi has said in order to tackle the deadly widespread outbreak of coronavirus across the country, the trust has decided to provide ration to 1.2 million
poor and needy persons.
3 Business Recorder
9. PTCL & Ufone close sales & service centers In the best interest of public health, Pakistan Telecommunication Company Limited & Ufone have announced closure of Sales & Service Centers and Joint Shops across Pakistan till March 31, 2020, due to the increasing number of coronavirus cases emerging in Pakistan. 3     Business Recorder
10. Trade and business activities badly affected in Punjab While the number of coronavirus cases is increasing with every passing day, trade and business activities across the province have badly hampered and the daily wage earners are worst effectees. 5 Business Recorder
11. Coronavirus tally rises to 96 in Punjab With 16 more fresh cases, the total number of coronavirus positive cases in the province of Punjab has reached to 96. 5 Business Recorder
12. PSDP 2019-20 Govt releases Rs466.68bn against budgeted Rs701bn
The federal government has released Rs466.68 billion (66.57 percent) including Rs92.74 billion foreign aid (72.3 percent) for various ongoing and new development projects under the Public Sector Development Programme (PSDP) 2019-2020 against the total budgeted allocation of Rs701 billion.
17 Business Recorder
13. Equipment purchases, Covid-19 responses Govt redirects $40m non-utilised sums from WB projects: minister
“The government has redirected $ 40 million non-utilized sums from the World Bank (WB) projects, which would be used by the provinces and the federal government for equipment purchases and responses to coronavirus (Covid-19) outbreak in the country.”
17 Business Recorder
14. EU believes policies skewed to favour Chinese companies The European Union (EU) has reportedly raised concerns on status to “Chinese” companies vis-à-vis European companies which intend to participate in different projects, well-informed sources told Business Recorder. 18 Business Recorder
15. Insurers/Takaful operators SECP simplifies product submission requirements
To promote ease of doing business, the Securities and Exchange Commission of Pakistan (SECP) Friday issued simplified submission requirements for standardized products of life insurers/family Takaful operators to be applicable from April 1, 2020.
18 Business Recorder
16. 75bps cut in policy rate termed a ‘joke’ Economists and industrialists have termed the 75 basis points (bps) reduction in policy rate by the State Bank of Pakistan ‘nominal’ and a ‘joke’ and not an appropriate response to deal with the coronavirus challenge and domestic ground realities. 18 Business Recorder
17. Subsidy to export sectors ECC sets up inter-ministerial body to evaluate eligibility
The Economic Coordination Committee (ECC) of the Cabinet has constituted an inter-ministerial committee to evaluate the eligibility of export-oriented sectors for consideration of subsidy, well-informed sources told Business Recorder.
18 Business Recorder
18. Medical equipment to be exempted from taxes ISLAMABAD: The government has exempted import of 61 diagnostic support and personal protective equipment (PPEs) from all duties and taxes for a period of three months in order to reduce the rising prices in the domestic market. 1 Dawn
19. Govt promises full payment of refunds before month-end ISLAMABAD: The government on Friday promised full payment of refunds to exporters within the current month following complaints that export industries were facing liquidity crunch due to nonpayment of rebates and tax refunds. 10 Dawn
20. Textile exporters say order cancellations growing LAHORE: Some textile exporters may have to lay off employees mainly daily-wage workers after most of the orders were delayed for an indefinite period due to lockdown in various European countries. 10 Dawn
21. State Bank flies in to ease liquidity crunch KARACHI: In the wake of slowdown in global demand due to the novel coronavirus, the State Bank of Pakistan (SBP) on Friday introduced relaxations for exporters to help alleviate the current crisis. 10 Dawn
22. Currency exchange rates   Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   158.50 184.22 170.12 22.41 42.09
7 Business Recorder

Leave a Reply