Important Business News 24th July, 2020

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1. Increase in power tariffs approved by Nepra National Electric Power Regulatory Authority (Nepra) on Thursday approved increase in electricity tariffs of Discos for five months and reduction for three months under monthly fuel price adjustment mechanism to be passed on to consumers in August and September 2020. https://epaper.brecorder.com/2020/07/24/1-page/845586-news.html 1 Business Recorder
2. Consignments under WEBOC Importers now required to wait till clearance process completes
The importers are now required to wait for clearance of imported consignments under the Web-Based One Custom (WEBOC) system till their deposited banking instruments including cheques/pay orders completes the clearing process of the banking channel, which may take 2-3 working days. https://epaper.brecorder.com/2020/07/24/1-page/845588-news.html
1 Business Recorder
3. RISE programme $750m financing pacts inked with WB and AIIB
The government Thursday signed two financing agreements valuing $750 million with the World Bank (WB) and the Asian Infrastructure Investment Bank (AIIB) for the Resilient Institutions for Sustainable Economy (RISE) programme. https://epaper.brecorder.com/2020/07/24/1-page/845592-news.html
1 Business Recorder
4. 90 projects of CPEC completed so far: Alvi President Dr Arif Alvi on Thursday said that about 90 projects of the China Pakistan Economic Corridor (CPEC) have so far been completed whereas 28 projects are in implementation phase and 41 are in the pipeline. https://epaper.brecorder.com/2020/07/24/1-page/845593-news.html 1 Business Recorder
5. PM directs completion of Gwadar Port’s allied projects Prime Minister Imran Khan Thursday while calling the strategically located Gwadar Port the guarantor of Pakistan’s future prosperity, directed the authorities concerned to ensure early completion of all its allied projects. https://epaper.brecorder.com/2020/07/24/2-page/845600-news.html 2 Business Recorder
6. PBIF chief calls for controlling exchange rate President Pakistan Businessmen and Intellectuals Forum (PBIF) Mian Zahid Hussain has said collapsing exchange rate should be controlled as it is increasing the cost of imports and hitting the buying power of masses. https://epaper.brecorder.com/2020/07/24/5-page/845623-news.html 5 Business Recorder
7. SBP conducts review of complaints against banks, FIs The State Bank of Pakistan (SBP) has conducted a four-year (2016-19) review of complaints against banks/MFBs/DFIs. https://epaper.brecorder.com/2020/07/24/7-page/845646-news.html 7 Business Recorder
8. Cotton spot rate remains unchanged The rates of cotton remained stable on Thursday.  https://epaper.brecorder.com/2020/07/24/8-page/845649-news.html 8 Business Recorder
9. Agritech, Fatima Fertiliser Ministry asks SNGPL to supply gas at discounted rate The Ministry of Industries and Production has written a letter to the Sui Northern Gas Pipeline Limited (SNGPL) for the supply of gas at discounted rate to Agritech Limited and Fatima Fertiliser Plants from July 26, 2020, in line with the directives of the Cabinet.  https://www.brecorder.com/news/40007462/agritech-fatima-fertiliser-ministry-asks-sngpl-to-supply-gas-at-discounted-rate 15 Business Recorder
10. Ignite, Jazz Cash ink agreement to facilitate freelancers Ignite, a subsidiary of the Ministry of Information Technology and Telecommunication and JazzCash, on Thursday, signed a memorandum of understanding (MoU) aimed at resolving the problems of Pakistani freelancers connected to the international market. https://www.brecorder.com/news/40007465 15 Business Recorder
11. PSMA urges govt to import up to 300,000 tons of sugar The all Pakistan Sugar Mills Association (PSMA) has proposed to the government to import up to 300,000 tons of sugar as strategic reserves for August to October. https://epaper.brecorder.com/2020/07/24/16-page/845712-news.html 16 Business Recorder
12. H1FY20 against H1FY19 Duty collection from major revenue spinners shows negative trend
The collection of customs duty from major revenue spinners, ie, automobile, machinery, organic chemicals, iron & steel and plastics and articles thereof has shown a negative trend during July-December (2019-20) as compared to same period of 2018-19. https://epaper.brecorder.com/2020/07/24/16-page/845708-news.html
16 Business Recorder
13. Virus may have peaked, but danger still lurks IN the ferocious battle against Covid-19, Pakistan finally has the upper hand. The last four weeks have witnessed a clear trend: cases are down, deaths are down and fear is down. https://epaper.dawn.com/DetailImage.php?StoryImage=24_07_2020_001_008 1 Dawn
14. $750m loan pacts signed with AIIB, World Bank  Pakistan on Thursday signed two loan agreements with the World Bank (WB) and Asian Infrastructure Investment Bank (AIIB) for quick disbursement of $750 million for budget support following increased expenditures on Covid-19 crisis response. https://epaper.dawn.com/DetailImage.php?StoryImage=24_07_2020_009_008 9 Dawn
15. Nepra approves net relief of Rs4.5bn for consumers The National Electric Power Regulatory Authority (Nepra) on Thursday concluded eight months of fuel price adjustments for distribution companies of Wapda with a net relief of about Rs4.46 billion to consumers owing to relatively lower rates in international energy markets. https://epaper.dawn.com/DetailImage.php?StoryImage=24_07_2020_009_002 9 Dawn
  International News    
16. Italian market Pakistan registers growth despite Covid-19, lockdown: Jauhar
ROME: “Despite the Covid-19 propelled lockdown and supply chain disruptions, Pakistan has fared quite well by registering visible growth in Italian market in FY 2019-20,” said the Ambassador of Pakistan to Italy Jauhar Saleem while addressing to Pakistani and Italian media. Italy is the 8th largest economy of the world with $ 2 trillion GDP.  https://epaper.brecorder.com/2020/07/24/7-page/845648-news.html
7 Business Recorder
17. Pak-China online fair held to boost CPhI trade Pak-China Zhejiang Export Online 2020 Fair of Chemical Pharmaceutical Ingredient for Pakistan was held in the Chinese city of Hangzhou, China Economic Net reported on Thursday   15 Business Recorder
18. Currency exchange rates   Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   167.25 212.96 193.58 23.99 44. 55
9 Business Recorder

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