Important Business News 25th June, 2020

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1. $1bn inflows received from ADB, WB Pakistan on Wednesday received inflows amounted to $1 billion from international financial institutions as loan for essential budget support in wake of COVID-19. https://epaper.brecorder.com/2020/06/25/1-page/841926-news.html 1 Business Recorder
2. May C/A posts $13m surplus The country’s current account posted a $13 million surplus in May supported by sharp decline in the import bill.  https://epaper.brecorder.com/2020/06/25/1-page/841925-news.html 1 Business Recorder
3. Fiscal year 2017-2018 SOEs register Rs265bn losses The state-owned enterprises (SOEs) have registered Rs265 billion in losses, despite getting Rs692 billion in support on account of subsides, cash development plan, and guarantee from the government, according to the Ministry of Finance. https://epaper.brecorder.com/2020/06/25/1-page/841930-news.html 1 Business Recorder
4. Europe, UAE and other countries CCP removes major hurdle to export of fruit The Competition Commission of Pakistan (CCP) has removed a major hurdle in the export of seasonal fruit to Europe, the UAE, and other countries, by addressing the issue of mandatory condition of filing of indemnity bonds by the exporters with international airlines. https://epaper.brecorder.com/2020/06/25/1-page/841921-news.html 1 Business Recorder
5. PSX closes on negative note BRIndex100 lands in red zone Pakistan Stock Exchange on Wednesday witnessed mixed trend and after moving both sides finally closed on negative note due to selling in various sectors. https://epaper.brecorder.com/2020/06/25/1-page/841923-news.html 3 Business Recorder
6. Closure of industry no solution to controlling Covid-19 but an economic suicide: Suttar Ismail Suttar, President of the Apex Body of Manufacturers, The Employers Federation of Pakistan (EFP), has said the closure of industries and economic activities is not a solution to stop the spread of coronavirus, it would be rather economically suicidal. https://epaper.brecorder.com/2020/06/25/5-page/841952-news.html 5 Business Recorder
7. Positive cases surge to 190,340 The confirmed coronavirus cases in Pakistan have surged to 190,340, while Covid-19 deaths have reached 3,792, according to the latest statistics released by the authorities here on Wednesday. https://epaper.brecorder.com/2020/06/25/7-page/841982-news.html 7 Business Recorder
8. Bullish trend witnessed on cotton market The local cotton market on Wednesday witnessed a bullish trend as buyers and textile mills took extraordinary interest in the buying of old cotton. https://epaper.brecorder.com/2020/06/25/8-page/841986-news.html 8 Business Recorder
9. Diamer-Bhasha Dam project progressing well despite Covid-19: Vawda Federal Minister for Water Resources Muhammad Faisal Vawda has said that the Diamer Basha Dam project is progressing well despite the fact that Covid-19 pandemic has slowed down routine life the world over. https://www.brecorder.com/news/40000741/diamer-bhasha-dam-project-progressing-well-despite-covid-19-vawda 12 Business Recorder
10. Ogra urged to reduce gas tariff by 40pc The Oil and Gas Regulatory Authority (OGRA) has been urged to reduce the gas tariff by 40 percent, in line with sharp decline in crude oil and furnace oil globally, and cap the human resource expenditure of the Sui Northern Gas Pipeline Limited (SNGPL), in a public hearing on Determination of Estimated Revenue Requirements (DERR) for financial year 2020-2021, held on Wednesday. https://epaper.brecorder.com/2020/06/25/15-page/842036-news.html 15 Business Recorder
11. Gold prices touch another historic high Gold prices on Wednesday touched another historic high of Rs105, 100 per tola, up by Rs2000 on the local market, traders said. https://epaper.brecorder.com/2020/06/25/16-page/842037-news.html 16 Business Recorder
12. Flour millers reject govt’s wheat release policy Rejecting the wheat issuance policy of the Punjab Government for the current year, Pakistan Flour Mills Association (PFMA) has threatened to shut down milling operations if the government wheat is not released to all the flour mills situated in all 36 districts of the province. https://epaper.brecorder.com/2020/06/25/16-page/842040-news.html 16 Business Recorder
14. IMF lowers country`s growth forecast to 1pc The International Monetary Fund (IMF) on Wednesday lowered Pakistan`s growth forecast by half to one per centfor the next hscal year as the global economy appears to have suffered greater setbacks following the Covid-19 pandemic and shows slower signs of recovery than previously anticipated. https://epaper.dawn.com/DetailImage.php?StoryImage=25_06_2020_001_006 1       Dawn
15. Coronavirus spread being controlled as new cases stay below 400: capital admin Less than two weeks after the capital reported 771 cases of Covid-19 in a single day, the administration is claiming to have controlled the spread of the virus enough that Islamabad has reported fewer than 400 new cases every day in the days following lockdowns in hotspots. https://epaper.dawn.com/DetailImage.php?StoryImage=25_06_2020_004_006 4     Dawn
16. Consumer groups oppose move to hike gas prices by 110pc Strongly opposing a petition for almost 110 per cent higher gas rates, various stakeholders on Wednesday demanded rather substantial reduction in prices in line with drastic fall in international oil prices. https://epaper.dawn.com/DetailImage.php?StoryImage=25_06_2020_009_002 9 Dawn
17. Finance bill clears Senate The upper house of parliament on Wednesday unanimously adopted recommendations of the Senate Standing Committee on Finance on the Finance Bill 2020, containing the annual budget statement. https://epaper.dawn.com/DetailImage.php?StoryImage=25_06_2020_009_007 9 Dawn
18. Goods imports enjoy most sales tax exemptions The sales tax exemptions on imports of goods make up Rs255.843 billion or 49.3 per cent of the total exemptions granted in the Fiscal Year 2020, the Federal Board of Revenue`s (FBR) internal report showed. https://epaper.dawn.com/DetailImage.php?StoryImage=25_06_2020_009_003 9 Dawn
19. 40 more areas of Lahore locked down from midnight The Punjab government ordered the police to lock down 40 more areas of the city partially and completely from Wednesday midnight. https://epaper.dawn.com/DetailImage.php?StoryImage=25_06_2020_176_009 13     Dawn
  International News    
  Covid crisis sinks global economy in 2020, collapsing GDP 4.9pc: IMF WASHINGTON: The global coronavirus pandemic has sparked an economic “crisis like no other,” sending world GDP plunging 4.9 percent this year and wiping out $12 trillion over two years, the IMF said Wednesday. https://epaper.brecorder.com/2020/06/25/1-page/841918-news.html 1     Business Recorder
20. Currency exchange rates   Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   166.60 207.78 187.73 23.66 44. 35
9 Business Recorder

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