Important Business News 8th September, 2020

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1. PHL’s PES-II Hafeez praises role of PSX Hafeez praises role of PSX
Pakistan Stock Exchange (PSX) held a gong ceremony Monday to mark the successful book building and listing of Power Holding Limited’s Rs 200 billion Pakistan Energy Sukuk-II (PES-II).
1           Business Recorder
2. Body formed to resolve KE issues The federal government has established a “one-window operation committee” headed by Additional Secretary Power Division, Waseem Mukhtar to oversee and resolve outstanding issues of KE in the light of Supreme Court’s directions. 1       Business Recorder
3. KSE-100 Index surges BR Index 100 edges up Pakistan Stock Exchange Monday witnessed a bullish trend on the back of healthy buying by local and foreign investors. 1 Business Recorder
4. ‘Supra-national’ law needed to bypass privacy protection: FBR The Federal Board of Revenue (FBR) has proposed that a supra-national law is required to bypass the privacy protection available to the information of citizens, for utilising third-party data of Pakistanis, for carrying out data analysis, for detecting tax evasion and broadening the tax base by the National Database and Registration Authority (Nadra). 3 Business Recorder
5. FBR sends draft return forms to Law Division for vetting  The Federal Board of Revenue (FBR) has dispatched the draft income tax return forms to the Law and Justice Division for vetting covering taxpayers including traders’ community and salaried class for the Tax Year 2020. 5 Business Recorder
6. Hafeez urges business persons to find new markets for exports Advisor to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh Monday urged the business community to find new markets for exports and assured them that the government will provide conducive environment to investors in the country. 5 Business Recorder
7. Tax-evasion inquiries against shopping malls, housing societies initiated The Directorate of Intelligence & Investigation (DI&I), IR, Karachi, has initiated tax evasion inquiries against all the major shopping malls in the city and some notable housing societies to plug revenue leakages against bulk supply of power and gas utilities. 5 Business Recorder
8. ‘Pak-UK trade ties should be strengthened by tapping new areas of investment’ Sheikh Sultan Rehman, Vice President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has said that trade relations between Pakistan and UK should be strengthened further by tapping new areas of investment. 5 Business Recorder
9. KCA cuts spot rate by Rs 100 to Rs 8800 The Spot Rate Committee of the Karachi Cotton Association on Monday has decreased the spot rate by Rs 100 per maund and closed it at Rs 8800 per maund. 8 Business Recorder
10. Rs 156.45m worth of federal govt properties auctioned The Ministry of Privatization on Monday succeeded in auctioning Rs156.45 million worth of properties in the federal capital. 12 Business Recorder
11. Middlemen responsible for spike in price of essential commodities, says NPMC The National Price Monitoring Committee (NPMC) continued blaming the middlemen for spike in the prices of essential commodities and noted that profit margin between wholesale and retail is huge in items such as apples, bananas, gram pulse, mash, masoor, tomatoes, and onions. 15 Business Recorder
12. Fortescue Metals Group keen to invest in Pakistan Fortescue Metals Group Limited has shown its interest in investing in Pakistan to establish new technologies with zero carbon emissions, particularly Green Fertilizer and Green Steel production plants. 15 Business Recorder
13. Wheat prices rise despite imports The price of imported wheat on Monday rose by around Rs2 per kg despite arrival of two vessels carrying over 125,000 tonnes in the last 12 days, while the third vessel loaded with 69,000 tonnes will dock at the Karachi Port on Tuesday. 9 Dawn  
14. Provinces asked to share details of crop damage The National Price Monitoring Committee (NPMC) on Monday asked provincial governments to provide information regarding flood damages of minor and major crops to Ministry of Food Security and Research for timely response to meet any shortages. 9 Dawn  
15. Profits outflow surges by 157pc in July The outflow of profits and dividends on total foreign investment from the country soared by 157 per cent to $354.5 million in July, as against $138.2m in the same month of 2019, reported the State Bank of Pakistan.   9 Dawn  
16. Hafeez lauds energy sukuk issue at lower rates Finance Adviser Dr Abdul Hafeez Shaikh struck a gong at the stock exchange on Monday to mark the listing of the Pakistan Energy Sukuk II (PES-II) worth Rs200 billion. 9 Dawn  
17. Australian investor explores green opportunities An Australian green industry developer has shown interest for investment in zero carbon emission technologies particularly fertiliser and steel production plants in Pakistan.   9 Dawn  
  Editorial News    
18. Inflationary pressure Pakistan Bureau of Statistics (PBS) data revealed that the Consumer Price Index (CPI) rose by 8.2 percent year on year in August 2020 against 9.3 percent in July 2020 and 10.5 percent in August 2019. 14 Business Recorder
19. Currency exchange rates   Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   165.70 219.41 196.13 24.38 44. 17
9 Business Recorder

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