Important Business News 5th September, 2020

S.# Description Pg # Source
1. WB says Karachi needs $ 10bn financing The World Bank has estimated that Karachi needs around $9 to 10 billion of financing over a 10-year period to meet its infrastructure and service delivery needs in urban transport/drainage, water supply and sanitation and municipal solid waste. 1           Business Recorder
2. Aug exports down 20.89 pc MoM The country’s exports declined by 20.89 percent to $1.583 billion in August 2020 compared to $2.001 billion during the same period of last month, said the Pakistan Bureau of Statistics (PBS). 1       Business Recorder
3. Repatriation of profit, dividend exceeds FDI inflows in July Repatriation of profit and dividend by foreign investors has exceeded the Foreign Direct Investment arrived in July 2020. 1 Business Recorder
4. PIA’s expansion plans now on hold  Pakistan International Airlines (PIA) will not appeal against a six-month ban imposed on its lucrative flights to European locations, three officials said, in a blow to the ailing airline’s pre-pandemic turnaround plans. 1 Business Recorder
5. THE RUPEE Strengthens  against USD On Friday, Pakistan Rupee gained value against USD in both interbank and open markets while losing value against Euro in open market. 1 Business Recorder
6. Plant, machinery SBP explains TERF, ITERF exposure limits Temporary Economic Refinance Facility for plant and machinery would attract weightage of 25 percent for the purpose of calculating exposure limit. 1 Business Recorder
   7. PSX down 165.11 points BR Index 100 sheds 19.26 points After witnessing a mixed trend, Pakistan Stock Exchange Friday closed on a negative note as investors opted to book profit on available margins. 1 Business Recorder
8. E-Auction system FBR issues new procedure for bidders to purchase goods The Federal Board of Revenue (FBR) has issued a new procedure for the bidders to purchase goods from Customs department through the system of electronic auction (E-Auction) of confiscated/ seized goods or overstayed goods. 1 Business Recorder
9. Irrational energy mix, poor collection lead to high circular debt Bulk share of thermal generation in the energy mix, poor revenue collection by the distribution companies and withdrawal of subsidies by the government under the pressure of IMF  are major contributors to ever-rising circular debt, said Pakistan Electric Power Company 3 Business Recorder
10. Cement dispatches increase 5.04 pc in August Cement dispatches in August 2020 have increased by 5.04 percent from 3.351 million tons in August 2019 to 3.520 million tons.  3 Business Recorder
11. Trading activity remains low on cotton market Business remained stable on local Cotton market on Friday. Trading activity remained low in the local cotton market after the rains as millers are not taking interest in the buying because of the low quality of cotton due to rains in Sindh and Punjab. 8 Business Recorder
12. Gross rental income Individuals, AOPs allowed to claim deductions
The Federal Board of Revenue (FBR) has allowed all individuals and association of persons (AOPs) to claim deductions against gross rental income if they opt to pay tax at the specified rates under the Income Tax Ordinance 2001.
11 Business Recorder
13. Riba-free financial system Body formed to finalise recommendations
The National Assembly Standing Committee on Finance has constituted a special committee comprising members of the parliament, religious scholars and representatives of the Ministry of Finance and State Bank of Pakistan to finalize recommendations with regard to interest-free financial system in the country.
12 Business Recorder
14. Services exports dip Services exportsfellby over ñve per cent year-on-year to $436.05 million in the first month of the currentñscalyear, data released by the Pakistan Bureau of Stadsucs (PBS) showed on Friday. 9 Dawn
15. Pakistan`s business innovation ranking declines Pakistan`s ability, capacity and success in business innovation declined in 2020 as the country`s ranking on the Global Innovation Index (GII) fell to 107 during the year f rom 104 in 2019. 9 Dawn
16. Currency exchange rates   Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   165.90 220.29 196.54 24.37 44. 18
9 Business Recorder

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