Important Business News 22nd July, 2020

S.# Description Pg # Source
1. Import of wheat 60pc regulatory duty abolished
The Federal Board of Revenue (FBR) has abolished 60 percent regulatory duty on the import of wheat from July 21, 2020.
1 Business Recorder
2. CA deficit plunges 78pc in FY20 The country’s current account deficit contracted by 78 percent during the last fiscal year (FY20), mainly driven by a modest growth in workers’ remittances and significant reduction in imports. 1 Business Recorder
3. LSMIs May output plunges 24.80pc YoY The Large-Scale Manufacturing Industries (LSMIs) output in May 2020 plunged by 24.80 percent year-on-year as almost all the major manufacturing sectors posted a negative growth, the data released by the Pakistan Bureau of Statistics (PBS) showed Tuesday. 1 Business Recorder
4. NA body informed Rs5.5bn refunds issued to exporters
The Federal Board of Revenue (FBR) has informed the finance committee of the National Assembly on Tuesday that Rs5.5 billion refunds have been issued to the exporters on Monday.
1 Business Recorder
5. $200m ADB Pak rupees-linked bonds SBP sets strict conditions
State Bank of Pakistan (SBP) has set strict conditions for $ 200 million ADB Pak Rupees-linked bonds which will be sold only to non-resident investors, well-informed sources told Business Recorder.
1 Business Recorder
6. PM’s package in response to Covid-19 AGP begins probe into refunds, drawbacks and rebates
The Auditor General of Pakistan (AGP) has started investigation into the sales tax refunds, duty drawback and customs rebate paid to exporters under the Prime Minister’s Relief Package for Covid-19.
1 Business Recorder
7. Eidul Azha on Aug 1 The first day of Eidul Azha will be celebrated across country on August 1, Central Ruet-i-Hilal Committee chairman Mufti Muneebur Rehman announced after no reports were received of sighting of the Zilhaj moon on Tuesday. 1 Business Recorder
8. PSX reintroduces ‘Rule Book’ under Securities Act In line with its vision and mission, Pakistan Stock Exchange (PSX) regularly reviews and updates PSX regulations in tandem with changing regulatory landscape of Pakistan. 1 Business Recorder
9. Mixed trend on PSX BRIndex100 continues upward move
Pakistan Stock Exchange on Tuesday witnessed mixed trend and after moving both sides finally closed on positive note due to buying in some stocks in late hours.
1 Business Recorder
10. Murtaza rejects reopening of schools in Sindh from Aug 15 Spokesperson for Sindh government and Advisor for Law, Environment & Coastal Development Barrister Murtaza Wahab on Tuesday said that the spread of coronavirus was being controlled with the cooperation of the people of Sindh. 5 Business Recorder
11. FTAs, PTAs cause over Rs45bn loss: FPCCI The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Tuesday said the government had suffered a revenue loss of over Rs 45 billion during financial year 2019-20 due to Free Trade Agreements (FTAs) and Preferential Trade Agreements (PTAs). 12 Business Recorder
12. Govt may open marriage halls after Eid: minister Punjab Law Minister Raja Bashrata has said that the proposal of opening marriage halls after Eid-ul-Azha is under consideration. 12 Business Recorder
13. Civil Aviation Authority is in shambles: SC The Supreme Court regretted on Tuesday that the Civil Aviation Authority (CAA)is in a shambles, their computers that issued flying licences were not safe, their employees were compromised and there was no system of security. 1 Dawn
14. CAD shrinks 78pc in 2019-20 The country`s current account deficit in fiscal year 2019-20 fell by 78 per cent mainly on account of significant decline in imports, record high remittances and foreign direct investment during the period under review, latest data issued by the State Bank of Pakistan (SBP) showed on Tuesday. 9 Dawn
15. Per-tola gold price soars to Rs113,500 The per tola and 10 gram gold prices on Tuesday broke all previous records, reaching Rs113,500 and Rs97,308 respectively, as world rate of the yellow metal hit a nine-year high. 9 Dawn
16. Duty drawback payments being worked out for eight sectors The Ministry of Commerce on Tuesday said it is working to finalise calculations for payment of duty drawback to eight sectors. 9 Dawn
  International News    
17. EU agrees landmark 750-bn-euro virus ‘Marshall Plan’ BRUSSELS: EU leaders emerged from a marathon four-day and four-night summit Tuesday to celebrate what they boasted was a historic rescue plan for economies left shattered by the coronavirus epidemic. 1 Business Recorder
18. Oil prices up $1/bbl on virus vaccine hopes, EU deal NEW YORK: Oil prices rose about $1 to hit a more than four-month high on Tuesday, helped by a European Union stimulus deal and hopeful news about coronavirus vaccine trials. 13 Business Recorder
19. US wants to build coalition to counter China`s `disgraceful` menace, says Pompeo LONDON: US Secretary of State Mike Pompeo said on Tuesday the United States wants to build a global coalition to counter China as he accused Beijing of exploiting the coronavirus pandemic to further its own interests. 10 Dawn
20. Currency exchange rates   Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   168.30 213.41 192.94 24.19 44. 82
9 Business Recorder

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