Important Business News 25th July, 2020

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1. Companies Act, Limited Liability Partnership Act Govt decides to promulgate Ord to amend laws The government has decided to promulgate an ordinance to amend the Companies Act, 2017 and the Limited Liability Partnership Act, 2017 to check misuse of bearer securities and prevent companies from money laundering or terrorist financing abuses in line with the recommendations of the Financial Action Task Force (FATF). 1 Business Recorder
2. Essential commodities MoF suggests legislation to curb smuggling The Finance Ministry has proposed legislation to curb the menace of smuggling of food and other essential commodities as Covid-19 outbreak may affect global supply chain, and high prices of the commodities create an incentive for smuggling. 1 Business Recorder
3. PSMA’s ICA IHC reserves verdict The Islamabad High Court (IHC) on Friday reserved its verdict in Pakistan Sugar Mills Association’s (PSMA’s) Intra-Court Appeal (ICA) challenging a single bench’s verdict, which had turned down its petition against the report of the Sugar Inquiry Commission (SIC). 1 Business Recorder
4. Rozgar Scheme SBP allows disbursement of salaries before Eid In order to facilitate the businesses, the State Bank of Pakistan (SBP) has allowed disbursement of salaries for July before Eid-ul-Azha under Rozgar Scheme. Earlier, the banks were required to disburse salaries, under the Rozgar Scheme, according to the cycle of salaries used by businesses, which is typically after the completion of the month. 1 Business Recorder
5. PIA flight operations in Europe Govt to file appeal by Aug 30: minister Federal Minister for Aviation Ghulam Sarwar Khan informed the Senate on Friday that Pakistan will file an appeal, by August 30 this year, for resumption of flights in Europe in the backdrop of suspension of Pakistan International Airlines (PIA) flight operations by European Union Aviation Safety Agency (EASA) citing safety concerns. 1 Business Recorder
6. Mixed trend on PSX BR Index 100 inches up Pakistan Stock Exchange witnessed mixed trend on the last day of the week as the investors remained cautious to take fresh positions. 1 Business Recorder
7. MPC not to declare policy rate this month The Monetary Policy Committee (MPC) of the State Bank of Pakistan has decided not to hold the regular meeting in July as it has already taken some actions to support the economy. 1 Business Recorder
8. SPI up 0.21 pc WoW The Sensitive Price Indicator (SPI) for the week ended July 23, 2020 recorded an increase of 0.21 percent over the last week, mainly due to a rise in prices of food items including wheat flour (3.55 percent), potatoes (3.24 percent), sugar (2.95 percent), and curd (1.76 percent). 1 Business Recorder
9. PSDF partners with Extreme Commerce to launch online training Punjab Skills Development Fund (PSDF) on Friday partnered with Extreme Commerce to launch an online training programme for women to acquire skills as Amazon Virtual Assistants. 2 Business Recorder
10. Robust performance for HI in new normal HBL profit up by fourfold to Rs 15.2 bn Habib Bank Limited Friday declared a consolidated profit after tax of Rs 15.2 billion for H1’20, an almost fourfold increase over the same period last year. 3 Business Recorder
11. Pakistan’s first virtual hospital starts function Pakistan’s first virtual hospital has started functioning in Karachi to treat all those patients who are unwilling to visit any healthcare facility fearing that they could contract the infectious disease.   3 Business Recorder
12. ABAD, ML&C sign MoU to promote construction industry Association of Builders and Developers of Pakistan (ABAD) and Military Lands and Cantonments (ML&C) Karachi region have signed a Memorandum of Understanding (MoU) to promote construction industry. 3 Business Recorder
13. Gold continues to another high The upward trend in gold prices continues to another high of Rs118700 per tola, up by Rs1400 on the local market, traders said. 3 Business Recorder
14. Cotton Spot rate down by Rs 50 to Rs 8300 The Spot Rate Committee of Karachi Cotton Association on Friday has decreased the spot rate by Rs 50 per maund and closed it at Rs 8300 per maund. Market sources told that downward trend was witnessed in the local cotton market because the quality of Phutti as well as supply of the Phutti was affected due to the monsoon rains. 8 Business Recorder
15. Eighteen join hands with WWF for three plantation EIGHTEEN the leading luxury real estate destination in the twin cities, has signed an agreement with WWF-Pakistan (World Wide Fund for Nature) for a Tree Plantation Campaign that aims to uplift the green spaces in the capital’s urban areas and to improve the environment of the region. 11 Business Recorder
16. FBR clarifies Federal Board of Revenue has clarified that the auction of confiscated smuggled cigarettes of foreign origin have been stopped which were earlier decided to hold by field formations. 11 Business Recorder
17. Trade and transit PSW’s proposed law aimed at unlocking potential as regional hub The Pakistan Single Window’s proposed legislation will help unlock Pakistan’s potential as the regional hub for trade and transit by simplifying, harmonizing and automating regulatory controls, enabling Pakistan to integrate with upcoming regional and global single window systems for trade and transport. 12 Business Recorder
18. Telecom companies Body formed by PM to resolve connectivity, taxation issues A committee constituted by Prime Minister Imran Khan to address the connectivity and taxation issues related to telecom companies, has decided to resolve their issues as soon as possible to improve quality, access and affordability of telecom services. 12 Business Recorder
19. Ministry asked to explore new markets for date exports A parliamentary panel on Friday asked Ministry of Commerce to evolve a strategy within a month to diversify export of dates to other markets following the suspension of trade ties with India. 9 Dawn
20. FBR cancels auction of confiscated cigarettes The Federal Board of Revenue (FBR) has reversed its earlier decision to auction confiscated millions of cigarette sticks of foreign origin. 9 Dawn
21. Currency exchange rates   Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   167.75 213.82 194.78 24.05 44. 68
9 Business Recorder

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