Important Business News 29th May, 2020

S.# Description Pg # Source
01. Tax base, other areas need attention: ADB

Pakistan has been experiencing fiscal and current account deficits, and continued efforts toward fiscal consolidation will be the key to sustaining improvements in macroeconomic stability, says the Asian Development Bank (ADB). https://epaper.brecorder.com/2020/05/29/1-page/838557-news.html

01 Business Recorder
02. Budget to be presented on June 12

The Pakistan Tehreek-e-Insaf (PTI) government will present the budget 2020-2021 in the National Assembly on June 12 for discussion and approval, it has been learnt. https://epaper.brecorder.com/2020/05/29/1-page/838558-news.html

01 Business Recorder
03. Budget 2020-21

Rs216bn subsidy for power sector likely

The federal government is likely to earmark Rs 216 billion subsidy for power sector, including Karachi-Electric (KE) in federal budget 2020-21, to be announced in the second week of June, well-informed sources told Business Recorder.

https://epaper.brecorder.com/2020/05/29/1-page/838559-news.html

01 Business Recorder
04. Formation of NFC challenged, notices issued

The Islamabad High Court (IHC) on Thursday issued notices to the federal government and others regarding the constitution of the National Finance Commission (NFC). https://epaper.brecorder.com/2020/05/29/1-page/838561-news.html

01 Business Recorder
05. Sugar industry

 ‘Why should Sindh CM record his statement?’

Sindh Information Minister Syed Nasir Hussain Shah Thursday said that political statements were being made by government circles on the sugar inquiry commission’s report.

https://epaper.brecorder.com/2020/05/29/1-page/838565-news.html

01 Business Recorder
06. KSE-100 Index depressed

BRIndex100 edges down

Pakistan Stock Exchange remained under pressure on the first day after long Eid holidays, weighed mainly by selling in various sectors. https://epaper.brecorder.com/2020/05/29/1-page/838556-news.html

01 Business Recorder
07. Up to Rs2 increase in power tariff likely

The government is all set to increase electricity tariff up to Rs 2 per unit under quarterly tariff adjustment mechanism for second and third quarter of current fiscal year https://epaper.brecorder.com/2020/05/29/20-page/838673-news.html

15 Business Recorder
08. Experts say cut in NSS rates, oversubscription of Sukuk to provide financial space

A cut of 5.42 percent in the profit rates of National Savings Scheme (NSS) and a 70 percent oversubscription in the energy Sukuk would provide a financial space to the government for continuity of social protection in the current challenging times, said financial market experts.

https://epaper.brecorder.com/2020/05/29/20-page/838676-news.html

15 Business Recorder
09. Forex reserves down $20m

The country’s total liquid foreign exchange reserves declined by $20 million during last week.

https://epaper.brecorder.com/2020/05/29/20-page/838669-news.html

15 Business Recorder
10. No immediate plan to go for stricter lockdown: govt

As the country registered thousands of new Covid-19 patients and witnessed many deaths from the virus on Thursday, the government expressed “satisfaction” over the situation in hospitals, saying it has no immediate plan to go for a stricter lockdown.

https://www.dawn.com/news/1560130

03 Dawn
11. Private sector sputters, fiscal balance improves in latest data

Latest data released in the run up to the budget shows private sector activity dropped sharply in the first ten months of the fiscal year, while the primary balance of the government improved, posting a surplus over last year’s deficit.

https://www.dawn.com/news/1560089

09 Dawn
12. Auto plants see partial revival amid confusion

Confusion has gripped the auto industry as some assemblers are freely operating in Karachi on claim of getting official permission, while others are avoiding restarting their operations in the absence of any official notification from the Sindh government. https://www.dawn.com/news/1560088/auto-plants-see-partial-revival-amid-confusion

09 Dawn
  Rs169bn raised through PIBs

The governm­ent on Thursday raised Rs168.8 billion through auction of Pakistan Investment Bonds (PIBs), exceeding its target of Rs125bn.

https://www.dawn.com/news/1560087/rs169bn-raised-through-pibs

09 Dawn
  Ogra asked to keep room for higher levy in oil prices

The government is expected to pass on partial benefit of reduction in the prices of petroleum products to consumers to mop up additional revenues during the month of June.

https://www.dawn.com/news/1560086

09 Dawn
  FBR directed to simplify tax laws

Ministry of Finance dropped several tax proposals recommended by the Federal Board of Revenue (FBR) while directing the apex trade body to focus on simplification of tax laws, procedures and removing anomalies in the budget for the next fiscal year, Dawn has learnt from knowledgeable sources.

https://www.dawn.com/news/1560082/fbr-directed-to-simplify-tax-laws

09 Dawn
  SBP reserves fall $55m

Foreign exchange reserves of the State Bank of Pakistan decreased by $55 million to $12.073 billion during the week ended on May 21.

https://www.dawn.com/news/1560080/sbp-reserves-fall-55m

09 Dawn
  Govt in a fix over economy, contagion

The Punjab government is finding itself in a catch-22 situation as it feels pushed to gradually open businesses to keep the wheel of the economy moving but its backlash in terms of surge in coronavirus infections and deaths is even more drastic.

https://www.dawn.com/news/1560079

17 Dawn
INTERNATIONAL NEWS
  Pandemic puts 86m children at risk of poverty: study

The economic consequences of the Covid-19 pandemic could push as many as 86 million more children into poverty by the end of 2020, a joint study by Save the Children and Unicef showed on Wednesday.

https://www.dawn.com/news/1560118/pandemic-puts-86m-children-at-risk-of-poverty-study

01 Dawn
  Currency exchange rates

 

Countries

 

U.S.

U.K

EURO

CHINA

SAUDIA ARABIA

Symbol

 

$

£

¥

﷼, SR

Rates

 

161.80

197.00

176.50

22.47

42.50

09 Business Recorder

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