Important Business News 4th September, 2020

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1. Exporters fall but trade balance improves The Commerce Ministry said on Thursday that the country’s exports have posted a downfall of 19.5 percent to $1.586 billion in August 2020 as compared to $1.969 billion in the corresponding month of last year. 1           Business Recorder
2. Draft export import (Exim) Bank Act 2020 uploaded Finance Ministry uploaded trade and competitiveness draft export import (Exim) Bank Act 2020 on its website on Thursday, saying the banks was being established for promotion and development of international trade. 1       Business Recorder
3. SBP unveils designation of D-SIBs for 2020 The State Bank of Pakistan (SBP) Thursday announced the designation of Designates Domestic Systemically Important Banks (D-SIBs) for 2020 under the Framework for D-SIBs that was introduced in April 2018. 1 Business Recorder
4. PSM revival Transactional structure approved by PC board Federal Minister for Privatization Mohammedmian Soomro chaired a meeting of Privatization Board (PC) here on Thursday. 1 Business Recorder
5. PSX volume hits 15-year high Pakistan Stock Exchange Thursday remained bullish and saw over 15-year high trading volume on the back of aggressive buying, mainly by local investors and institutions. 1 Business Recorder
6. The Rupee Mixed behavior On Thursday, Pakistan Rupee displayed mixed behaviour. It lost value to USD in both interbank and open markets while gaining value against Euro in open market. 1 Business Recorder
   7. Capital gains on disposal of immoveable property Significant changes made in IT Ord, 2001 The Federal Board of Revenue (FBR) has made significant changes in the Income Tax Ordinance 2001 through Finance Act, 2020 for taxation of capital gains on disposal of immoveable property.   1 Business Recorder
8. FBR issues eligibility criteria for grant of AEO status The Federal Board of Revenue (FBR) will grant status of “authorized economic operators” (AEOs) only to those entities who have not received any show-cause notice during last three fiscal years involving fraud/forgery, smuggling, illegal claim of duty drawback/sales tax refunds or availing illegal tax exemptions. 2 Business Recorder
9. Disputes resolution FBR to set up assessment oversight committees The Federal Board of Revenue (FBR) will constitute assessment oversight committees for resolution of disputes between the taxpayers and the tax officials on the issue of amendment of assessments. 2 Business Recorder
10. KCA raises spot rate by Rs 100 to Rs 8900 The Spot Rate Committee of the Karachi Cotton Association on Thursday has increased the spot rate by Rs 100 per maund and closed it at Rs 8900 per maund. 8 Business Recorder
11. Coal-based power generating cheaper than gas and oil by Rs 5.60/kWh Coal-based power generating is cheaper as compared to gas and oil by Rs 5.60/kWh on the basis of plant load factors approved by National Electric Power Regulatory Authority (NEPRA) 12 Business Recorder
12. PSX witnesses highest trading volumes in recent weeks Pakistan Stock Exchange – declared as best performing market in Asia, has been resilient to attract the investors by witnessing the highest trading volumes in recent weeks. 16 Business Recorder
13. COAS assures Karachi businessmen of help to resolve problems Chief of Army Staff (COAS) Gen Qamar Jawed Bajwa assured full support to industrialists and businessmen in resolving various issues besides urging them to set up more industries and enhance exports. 9 Dawn
14. Entry of Euro-V fuels will be smooth, insists Petroleum Division The Petroleum Division of Ministry of Energy (MEPD) and Islamabad Policy Institute (IPI) on Thursday challenged each other over the rationale to upgrading petrol and diesel to Euro-V standards in the country and over the relevant specifications and processes for such improvements. 9 Dawn
15. Foreigners buy $6.8m equities Foreign investors emerged as net buyers in August raking up equities worth $6.84 million after net selling of $61.42m in July, data released by the National Clearing Company of Pakistan Ltd showed. 9 Dawn
  Editorial News    
16. SBP’s strees testing protocols State Bank of Pakistan (SBP) has evolved as a pro-active and forward-looking regulator in the last two decades. 14 Business Recorder
17. Currency exchange rates   Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   165.60 220.66 196.76 24.37 44. 10
9 Business Recorder

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