Important Business News 27th June, 2020

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1. Govt optimistic about FY21 tax collection target Unfazed by severe criticism coming from opposition, Federal Minister for Industries and Production Hammad Azhar on Friday expressed his optimism to achieve Rs4, 960 billion tax collection target set for the next fiscal year. 1 Business Recorder
2. SBP extends EFS limits to individual The State Bank of Pakistan (SBP) has announced to extend the refinance limits sanctioned by banks to individual exporters under Export Finance Scheme (EFS) for seven months i.e. up to Jan 31, 2021. 1 Business Recorder
3. Govt entities holding FTNs inflict a huge loss on FBR The holders of Free Tax Numbers (FTNs), including government entities/organizations (filers and non-filers), have caused a revenue loss of Rs18,934 million during 2019-20 as many declared “exempt income”.   1 Business Recorder
4. Nepra decides to ‘expose’ certain Discos The National Electric Power Regulatory (Nepra) has decided to expose all those power Distribution Companies (Discos) which are unleashing load shedding despite receiving due allocated quota of electricity. 1 Business Recorder
5. POL products The government on Friday increased price of petrol by Rs 25.58 per litre effect from June 26 in an early monthly review. 1 Business Recorder
6. PSX on positive note BRIndex100 moves out from red zone
Pakistan Stock Exchange on Friday closed on positive note on the back of local investors and institutional support.
1 Business Recorder
7. FPCCI urges SBP to restrict banks to adjust KIBOR monthly The Federation of Pakistan Chambers of Commerce and industry (FPCCI) has asked the State Bank of Pakistan to restrict the commercial banks to adjust KIBOR monthly to pass on relief to the businesses. 2 Business Recorder
8. 796 fresh corona cases, 27 deaths reported in Punjab There is a bit slow down in the spread of Covid-19, as 796 positive cases and 27 deaths were reported across the province of Punjab in the last 24 hours. 2 Business Recorder
9. Ahsan blames govt policies for economic inactivity in country The government policies are to be blamed for economic inactivity in the country, and the large size of the cabinet is a burden on the national exchequer, the Pakistan Muslim League-Nawaz (PML-N) leader, Ahsan Iqbal said on Friday. 3 Business Recorder
10. Punjab PA passes budget for FY2020-21 Amid opposition protest on Friday Punjab Assembly passed the provincial budget for the next fiscal year by approving the finance bill 2020-21 with majority. 11 Business Recorder
11. CPEC projects Hafeez for taking steps to speed up implementation
Prime Minister Adviser on Finance and Revenue Dr Abdul Hafeez Shaikh has stated that the government was taking several institutional steps to further speed-up implementation of the China Pakistan Economic Corridor (CPEC) projects.
12 Business Recorder
12. Kashmir issue to be raised before world on Aug 5: Imran Prime Minister Imran Khan on Friday vowed that Pakistan would again vigorously raise Kashmir issue before the world on August 5 to press for its just settlement. 1 Dawn
13. Govt expects virus cases to rise to 225,000 by month-end The government believes that corona virus cases will go up to 225,000 by June 30 in the country but expresses satisfaction that the number is still lower than its expectations. 1 Dawn
14. Karachi industry hit by massive load shedding As Karachi residents continue to face massive power failures, K-Electric has now extended the scope of load shedding towards the city`s industrial sector by conducting seven to eight hours power cuts. 9 Dawn
15. Five-year trade policy finalized The commerce ministry on Friday finalized five-year Strategic Trade Policy Framework (STPF) draft with measures to diversify exports from traditional sectors to high quality and globally-competitive engineering products. 9 Dawn
16. Pakistan`s case not taken up at FATF meeting: FO The Foreign office on Friday said that Pakistan`s case was not taken up at the Financial Action Task Force (FATF) meeting held earlier this week and it would continue to be on its `grey list` till October. 12 Dawn
  International News    
17.   ECB says ‘probably passed lowest point’ of economic crisis FRANKFURT AM MAIN: The worst of the economic crisis unleashed by the coronavirus pandemic is likely over, European Central Bank chief Christine Lagarde said Friday, warning however that the new normal will look different from what was before. 1 Business Recorder
18. Currency exchange rates   Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   167.40 207.99 187.86 23.76 44. 57
9 Business Recorder

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