Important Business News 28th May, 2020

S.# Description Pg # Source
01. 1,630 tariff lines 2pc additional duty may be removed The government is likely to remove 2 percent Additional Custom Duty on 1,630 tariff lines, in addition to substantial reduction in duties on 350 tariff lines in federal budget 2020-21, as all the stakeholders have reached a consensus on this plan, sources close to Prime Minister Advisor on Commerce told Business Recorder. 01 Business Recorder
02. Airline refunds SBP urged to give credit card payment relief The pandemic has brought all sorts of strange troubles for individual citizens and businesses alike. 01 Business Recorder
03. Sugar industry SAPM accuses Khaqan of providing most subsidies  The Special Assistant to the Prime Minister on Accountability, Shahzad Akbar, on Wednesday said that most of the sugar subsidies over the last five years were given during previous government of the Pakistan Muslim League-Nawaz (PML-N) with the lion’s share – Rs29 billion – given during the then premier Shahid Khaqan Abbasi’s tenure. 01 Business Recorder
04. PSX hit by selling pressure   Pakistan Stock Exchange remained under selling pressure during the outgoing week ended May 21, 2020 as investors opted to book profits on available margins before long Eid holidays. 01 Business Recorder
05. Futures spread jumps 529bps  The futures spread increased by 529bps to 12.40 percent on the last day of the trading session Thursday (May 21). 01 Business Recorder
06. Documenting economy FBR urged to use data of bourse, property market  Pakistan Business Council (PBC) has asked the Federal Board of Revenue (FBR) to use stock market/property data and the National Database and Registration Authority (Nadra) information for documenting the economy and providing a level-playing field to the domestic manufacturing from the next fiscal year. 36 Business Recorder
07. Removal of PAAPAM’s SG Infighting reported among auto-part manufacturers After a standoff between PAMA and PAAPAM on auto sector-related SROs, infighting has been reported within the auto-part manufactures, after removal of the PAAPAM’s Secretary General (SG) Muhammad Arshad 36 Business Recorder
08. FIPI outflows exceed $244m: Offshore investors withdraw $37.497m  Foreign investors opted to pull out their investment from Pakistan equity market due to their concerns over deadly coronavirus and slowing economic activities. 36 Business Recorder
09. Big businesses urge furlough system to avoid layoffs With the prolonging Covid-19 pandemic and its economic fallout, big businesses have started making the case for cash contribution f rom the government to put in place a furlough system for labour to avoid big layof fs and insolvency challenges. 09 Dawn
10. EU lays out costly €750bn rescue for squabbling bloc The European Union`s executive unveiled a 750 billion euro plan on Wednesday to prop up economies hammered by the coronavirus pandemic, hoping to end months of squabbling over how to fund a recovery that exposed faultlines across the 27-nation bloc. 09 Dawn
11. Rs50bn subsidy on farm inputs on the cards, says Fakhar Federal Minister for National Food Security and Research Syed Fakhar Imam has said the government is going to announce a Rs50 billion relief package for farmers in terms of subsidy on various agriculture inputs. 22 Dawn
12. Eight years on, SNGPL yet to recover Rs400m late surcharge from food firm The Sui Northern Gas Pipelines Limited (SNGPL) has yet to recover about Rs400 million late payment charges from a private food company in a case of massive gas theft in 2012. 14 Dawn
13. Virus sparks record drop in energy investment: IEA The energy industry is set to suffer a record drop in investment due to the coronavirus fallout, the IEA said on Wednesday, and while renewables are likely to fare better than oil, any swift economic recovery could create a global fuel crunch. 09 Dawn

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