Important Business News 23th May, 2020

S.# Description Pg # Source
01. CPEC FO rejects US criticism of China  Pakistan on Friday termed the Untied States’ criticism over the China-Pakistan Economic Corridor (CPEC) and the Chinese “predatory, unsustainable and unfair” lending as contrary to facts and insisted that the multi-billion dollars “transformational project is contributing positively and transparently to country’s national development”. 01 Business Recorder
02. Tragedy hits Karachi days before Eid At least 60 die after PIA plane crashes into a residential area adjacent to Jinnah International Airport 01 Business Recorder
03. Implication of G-20 debt relief lacks clarity Pakistan is reportedly facing lack of clarity on full implication of G-20 debt suspension initiative meant to mitigate the Covid-19 impact, well-informed sources in the Ministry of Economic Affairs told Business Recorder. 01 Business Recorder
04. PSMA rejects inquiry commission’s report Pakistan Sugar Mills Association (PSMA) has rejected the findings, conclusions and recommendations of the report by the Sugar Inquiry Commission (Commission) and termed it a “premeditated exercise to malign a lawful and taxpaying industry that has an enormous social and economic contribution in Pakistan.” 01 Business Recorder
05. Mango export facing challenges The export of Pakistani mango faces stiff challenge due to Covid-19 coupled with serious negative impacts of the climatic changes. 02 Business Recorder
06. WB devises solid waste emergency efficiency programme The World Bank, in consultation with the Local Government, the Karachi Municipal Corporation (KMC) and the Solid Waste Management Board, has devised a comprehensive Solid Waste Emergency Efficiency Program (SWEEP) for the year 2020-24 costing $100 million for integrated solid waste management for the metropolis. 02 Business Recorder
07. PIA to operate another flight to bring Pakistanis back from US Pakistan International Airlines (PIA) has announced to operate another flight to bring Pakistanis back from the United States, said a press release on Friday. 02 Business Recorder
08. BoK earns Rs548m profit after tax for 1Q  The Bank of Khyber (BOK) posted Rs548 million profit after tax (PAT) for the 1st quarter ended 31st March 2020. 02 Business Recorder
09. SU VC observes working of LSM programme SU Vice Chancellor Prof Dr Fateh Muhammad Burfat has said that tackling odds, forging ahead in the face of challenges, adopting un-deterred stance to overcome hardships through sheer hard work were some of the signs of successful leaders. 02 Business Recorder
10. 90,000 wheat bags recovered during raids The Punjab food department has seized more than 90,000 bags of wheat in 10 districts of the province and initiated legal action against the hoarders. 03 Business Recorder
11. Punjab govt introduces scheme to boost cotton production  The Punjab government has launched a subsidy scheme for using PB Ropes technology to control pink bollworm by the progressive farmers of cotton growing areas to increase cotton production. 03 Business Recorder
12. Seed, pesticides sector Govt urged to act against cartelisation Federation of Pakistan Chambers of Commerce and Industry, former Chairman Standing Committee on Agriculture, Ahmad Jawad has demanded of the government to get rid of the cartelisation in the seed and pesticides sector. 05 Business Recorder
13. APTPMA for exempting textile exporters from paying WHT  All Pakistan Textile Processing Mills Association (APTPMA) has demanded that textile exporters fall under final tax regime u/s 143(b) and should be exempted from payment of WHT and be given exemption certificates. 05 Business Recorder
14. Integrated vector management programme: report launched  A report of the integrated vector management program in merged tribal areas cover the vector born diseases was launched here on Friday. 05 Business Recorder
15. UN report Urgent action needed to safeguard biodiversity of world’s forests  Urgent action is needed to safeguard the biodiversity of the world’s forests amid alarming rates of deforestation and degradation, according to the latest edition of The State of the World’s Forests released on Friday. 11 Business Recorder
16. Business Community resents long bank holidays After two months of lockdown, businesses have been reopened and with the advent of Eid, business activities have picked up simply. 11 Business Recorder
17. Delayed refunds Expert explains what constitutes compensation calculations   A leading Karachi-based chartered accountant has explained the compensation calculations for the ease of taxpayers seeking payment of delayed refunds from the date of refund orders in the light of the judgment of the Supreme Court of Pakistan. 11 Business Recorder
18. NBP foresees limited credit offtake National Bank of Pakistan (NBP) management is expecting that the credit offtake will remain restricted in the coming months as supply chains adjust to the economic impacts. 12 Business Recorder
19. SECP issues definition of ‘Government- Guaranteed Sukuk’  The Securities and Exchange Commission of Pakistan (SECP) has issued definition of “Government Guaranteed Sukuk” i.e. Sukuk issued by any corporation or body corporate owned and controlled by the Federal Government and such Sukuk is guaranteed by the Federal Government. 12 Business Recorder
20. Credit rating rules SECP empowered to relax requirements  To facilitate credit rating companies, the Securities and Exchange Commission of Pakistan (SECP) has been empowered to relax any of the requirements of Credit Rating Companies Regulation, 2016 for such companies operating in Pakistan. 12 Business Recorder
21. Deals with labour contractors can`t end trade union rights: SC   The Supreme Court has held that a contract between employers and labour contractors could not be used as a device to deprive the contract workers of their legitimate and fundamental right of forming union or becoming a part of it. 01 Dawn
22. Exporters want Torkham opened six days a week Fruit, vegetable exporters have demanded of the government to materialise its decision about opening of Torkham border for six days a week to ensure timely transportation of the perishable goods so they do not suf fer financial losses. 08 Dawn
23. Remittances fall in Ramazan The inflows of remittances in Ramazan have declined significantly due to the coronavirus pandemic forcing overseas Pakistanis to spend less amid fears of losing their jobs, said currency dealers on Friday. 09 Dawn
24. Japan has lifted ban on import of animal casings from Pakistan Following recent successes in removal of restrictions from import of rose petals and easing of inspection regime for mangoes from Pakistan, the Japanese Ministry of Agriculture, Forestry & Fisheries has lifted ban from import of animal casing from Pakistan to Japan. 03 Business Recorder
25. PTI government’s tax vision Dr Abdul Hafeez Shaikh, advisor to prime minister on finance and revenue affairs, reportedly reminded the Federal Board of Revenue (FBR) officials that their tax proposals for next year’s finance bill ‘do not represent the vision of the government and need to be simplified’ since the government is due to announce the next federal budget in the first week of June; just a little over a fortnight from now. 10 Business Recorder

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