Important Business News 24th May, 2020

S.# Description Pg # Source
01. FBR decides to conduct audit of 4 sugar mills  The Federal Board of Revenue (FBR) has decided to conduct audit of four sugar mills to check/verify their records for the last five years and recover the evaded amount of sales tax in line with the recommendations of the Sugar Inquiry Commission. https://epaper.brecorder.com/2020/05/24/1-page/838252-news.html 01 Business Recorder
02. Payment to IPPs Govt to disburse Rs200bn raised through Sukuk  The government has reportedly decided to disburse Rs 200 billion recently raised through Islamic Sukuk facility in the light of power sector inquiry report, which has already been rejected by the Independent Power Producers (IPPs). https://epaper.brecorder.com/2020/05/24/1-page/838253-news.html 01 Business Recorder
03. Work on establishing bazaars at Pak-Afghan border in progress  Secretary Industries Khyber Pakhtunkhwa Aamir Latif has said that after completion of fencing, the government is going to establish border bazaars in Torkham, Ghulam Khan, Kharlachi and Shah Saleem Warandu (Chitral). https://www.brecorder.com/2020/05/24/600109/work-on-establishing-bazaars-at-pak-afghan-border-in-progress/ 02 Business Recorder
04. Tobacco farmers, industrial workers oppose heavy taxes  Tobacco farmers and industrial workers have demanded Pakistan Tehreek-e-Insaaf (PTI) government not to impose heavy taxes saying the move would create monopoly of multinational companies and eliminate thousands of jobs from local industry. https://www.brecorder.com/2020/05/24/600118/tobacco-farmers-industrial-workers-oppose-heavy-taxes/ 02 Business Recorder
05. Chinese envoy terms comments by Alice Wells as baseless allegations  The Pakistan-China Institute (PCI), in collaboration with the Centre for Chinese Legal Studies (CCLS), Shaikh Ahmad Hassan School of Law (SAHSOL), LUMS, organised a special webinar under the framework of “Friends of Silk Road” to celebrate 69 years of diplomatic relations between Pakistan and China. https://epaper.brecorder.com/2020/05/24/3-page/838279-news.html 03 Business Recorder
06. NTDC energises 500 kV transmission line  The National Transmission and Dispatch Company (NTDC) is completing its ongoing projects on a fast track with the best utilization of resources despite the COVID-19 pandemic. https://epaper.brecorder.com/2020/05/24/7-page/838303-news.html 07 Business Recorder
07. ‘Consultant to the issue’: SECP allows banks, DFIs to obtain licences   The Securities and Exchange Commission of Pakistan (SECP) has allowed scheduled banks, audit firms, development financial institutions, and investment banks to obtain licences from the commission to work as “consultant to the issue”. https://www.brecorder.com/2020/05/24/600137/consultant-to-the-issue-secp-allows-banks-dfis-to-obtain-licences/ 08 Business Recorder
08. Dispute relating to classification of goods: Scheme of Customs Act does not envisage any role of FBR: SC  The Supreme Court has held that the scheme of Customs Act, 1969 does not envisage any role of the Central Board of Revenue (CBR), now FBR, in resolving any dispute relating to the classification of goods.  https://www.brecorder.com/2020/05/24/600122/dispute-relating-to-classification-of-goods-scheme-of-customs-act-does-not-envisage-any-role-of-fbr-sc/ 08 Business Recorder
09. WB to give $75m loan for Pensions Reform Project The World Bank will provide a loan of $75 million for Pensions Reform Project. https://www.brecorder.com/2020/05/24/600136/wb-to-give-75m-loan-for-pensions-reform-project/ 08 Business Recorder
10. Private sector borrowing falls by 47pc Private sector borrowing in the first 10 months of current fiscal year fell by 47 per cent to Rs298 billion compared to Rs563bn in the corresponding period last year, data released by the State Bank of Pakistan (SBP) showed on Saturday. https://epaper.dawn.com/DetailImage.php?StoryImage=24_05_2020_009_006 09 Dawn
11. For oil, a new normal looms OIL markets have surged.
Demand is up. Supply has tightened. Around the same time last month, it was a blood bath. Now markets are somewhat buoyant. https://epaper.dawn.com/DetailImage.php?StoryImage=24_05_2020_009_002
09 Dawn
12. Stocks shed 172 points in shortened week The four-session outgoing week remained predominantly in the control of bears who wiped out 171.72 points (0.50 per cent) from the KSE-100 index, which settled at 33,837. https://epaper.dawn.com/DetailImage.php?StoryImage=24_05_2020_009_003 09 Dawn
13. `50pc of eateries may be wiped out after reopening` HE countrywide lockdown in the wake of the Covid-19 pandemic has all but been officially lifted. From gyms and salons/barbershops toshopping malls and markets, almost every business has been allowed to reopen barring just a handful, including restaurants. https://epaper.dawn.com/DetailImage.php?StoryImage=24_05_2020_176_011 22 Dawn

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