Important Business News 22th May, 2020

S.# Description Pg # Source
01. Report accuses sugar millers of acting like cartel The Sugar Inquiry Commission has accused sugar mills of acting like a cartel and engaging in massive wrongdoings ranging from cane procurement, estimating in cost of production, tax evasion, price hike through manipulation, suspicious export to Afghanistan, Benani sale, illegal capacity enhancement, and illegal power production. 01 Business Recorder
02. Foreign reserves down by $141m The State Bank of Pakistan’s (SBP) foreign exchange reserves decreased by $141 million to $12.129 billion during the last week. 01 Business Recorder
03. Cement industry CCP initiates inquiry into ‘unjustified’ raise in prices The Competition Commission of Pakistan (CCP) has started an enquiry against suspected cartelization in the cement industry after taking notice of the recent unjustified raise in cement prices despite lower demands and cheaper input costs. 01 Business Recorder
04. ‘Nepra equally responsible for mismanagement in power sector’ The National Electric Power Regulatory Authority (Nepra) is equally responsible for mismanagement and bad governance in the power sector and cannot shift the entire blame on the distribution companies (DISCOs)/power division as it has been allowing justified/unjustified periodic adjustments in the power tariff. 05 Business Recorder
05. Nespak-led JV wins Diamer-Bhasha Dam’s consultancy contract A National Engineering Services Pakistan Limited (Nespak) led joint venture has won the consultancy contract of Diamer Bhasha Dam Project through competitive bidding. 05 Business Recorder
06. Wheat procurement in Punjab enters final stage: minister  Punjab Senior Minister Abdul Aleem Khan has said wheat procurement in the province has entered the final stage and 3.9 million metric tons and 87 percent target has been achieved so far while 98 percent “bardana” has also been distributed. 05 Business Recorder
07. Punjab technical board cancels all exams A meeting, presided over by the Punjab Minister for Industries, Commerce & Investment Mian Aslam Iqbal decided to cancel all exams under the Punjab Board of Technical Education (PBTE) in the wake of Covid-19 pandemic and approved the policy regarding promotion 05 Business Recorder
08. APTMA Punjab demands restoration of zero-rating regime  In the wake of 64 percent plunge in export of textile products during April 2020 as compared to corresponding month of April, 2019 and plummet of domestic sales to the lowest ebb, Chairman All Pakistan Textile Mills Association (APTMA) Punjab Zone Adil Bashir has demanded restoration of the zero-rating regime for the five export oriented sectors to give a fillip to textile industry in its endeavours to upsurge local production and exports and to save millions of job. 13 Business Recorder
09. Banned Indian origin goods Bid to misuse EPZ facility foiled Model Customs Collectorate (MCC), Exports, Port Qasim on Thursday claimed to have foiled an attempt to misuse the facility of Export Processing Zone (EPZ) to bring substantial quantity of banned Indian origin goods and other high value items in the country. 13 Business Recorder
10. Pakistan ranks No 1 across Asia Illicit cigarette incidence stands at 34.7pc: PMPKL A leading multinational cigarette manufacturing company disclosed Thursday that out of around 80-85 billion cigarettes sold in Pakistan, the illicit cigarette incidence stood at 34.7 percent as Pakistan ranks as number one across Asia in terms of the quantum of illicit cigarettes sold annually. 13 Business Recorder
11. Tier-1 retailers’ POS FBR extends deadline for online integration  ISLAMABAD: To facilitate big retailers, the Federal Board of Revenue (FBR) has further extended the date up to June 30, 2020 for online integration of tier-1 retailers’ point of sale (POS) with the board’s computerized system for real time reporting of their sales. 14 Business Recorder
12. Diamer-Bhasha Dam Pakistan rejects India’s ‘concerns’ Pakistan on Thursday rejected India’s ‘concerns’ over construction of Diamer-Bhasha Dam in Gilgit-Baltistan, saying that ‘India does not have any locus standi in the matter and cannot raise objections to the project’. 14 Business Recorder
13. Payment of ST SRB extends deadline to 29th Sindh Revenue Board (SRB) has extended the last date for the payment of Sindh Sales Tax by May 29, 2020. 14 Business Recorder
14. CAD jumps to $572m in April as exports fall Minister for Food The current account deficit (CAD) during the month of April rose to $572 million compared to just $9m in March, data released by the State Bank of Pakistan (SBP) showed on Thursday. 09 Dawn
15. Human development faces first decline in decades Global human development which can be measured as a combination of the world`s education, health and living standards could decline this year for the first time since 1990, warns the United Nations Development Programme (UNDP) in its report released on Thursday. 09 Dawn
16. New committee formed for talks with IPPs The government has constituted another committee for renegotiations with Independent Power Producers (IPPs) for recovery of `overpayment` to them and tariff reduction. 09 Dawn
17. `No interest payments from PM relief fund` The finance ministry said on Thursday that the Rs10 billion that was being diverted to help make interest payments to the power sector will not come from the Prime Minister Covid Relief Fund but from the fiscal stimulus package totalling Rs1.2 trillion that was announced by the govern-ment in the month of March. 09 Dawn
18. NBP profit slips The National Bank of Pakistan (NBP) on Thursday reported that its profit after tax (PAT) fell 1.5 per cent to Rs4.12 billion during the first quarter of this calendar year compared to Rs4.18bn in the corresponding period of 2019. 09 Dawn
19. SBP reserves fall Foreign exchange reserves held by the State Bank of Pakistan (SBP) fell by $141 million to $12.129bn during the week ended on May 15. 09 Dawn
20. Stocks shed 96 points ahead of six-day Eid closure Stocks remained volatile in the last session before the six-day Eid holidays. Investors engaged in quick bouts of buying and selling but the profit-takers finally won over the value-buyers as there was more of a nervousness on holding large positions. 09 Dawn
21. Economic costs of Covid-19 THE latest economic data from Sweden one of the few countries to remain open during the coronavirus pandemic as a matter of policy choice is grim. Its economy is heading into its worst recession since World War II, and is expected to contract seven per cent this year. Forty per cent of businesses in the country`s services sector are on the verge of bankruptcy. 06 Dawn
22. Debt relief PAKISTAN is on the verge of receiving debt relief under the G20 plan and according to an official announcement the total amount is $2bn. 06 Dawn
23. Currency exchange rates   Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   161.00 196.00 175.50 22.50 42.40
07 Business Recorder

Leave a Reply