Important Business News 9th September, 2020

S.# Description Pg # Source
1. NPCs replacing OPSBs approved by govt The federal government has approved Naya Pakistan Certificates (NPCs) to be issued in foreign and local currencies to non-resident Pakistanis and foreign nationals with Pakistan Origin Card. 1           Business Recorder
2. Dysfunctional power plants Minister for Information and Broadcasting Shibli Faraz on Tuesday said the federal cabinet approved closure of dysfunctional power plants.      1       Business Recorder
3. Govt-owned power plants Payables to be settled at par with settlement with IPPs
The federal government has reportedly decided to settle payables of government-owned power plants amounting to Rs 357 billion as of June 2020 at par with settlement with Independent Power Producers (IPPs), well-informed sources told Business Recorder.
1 Business Recorder
4. PSX hit by selling pressure BRIndex100 retreats
Pakistan Stock Exchange Tuesday closed on a negative note as investors opted to book profits on available margins.
1 Business Recorder
5. Corporate sector asked to disclose Covid-19 impact on financial statements The Securities and Exchange Commission of Pakistan (SECP) has directed the corporate sector to disclose the impact of the Covid-19 on financial statements of the companies for assessment of the pandemic on the company’s financial position and the financial performance for the year/period. 3 Business Recorder
6. Winder Dam There should be no delay at all, SC tells govt

The Supreme Court of Pakistan Tuesday told the government that there should be no delay at all in the construction of Winder Dam in Baluchistan.
3 Business Recorder
7. NHA is highest receiver of funds under PSDP National Highway Authority (NHA) is the highest receiver of development funds under the Public Sector Development Programme (PSDP) 2020-21 with authorized release of Rs 21.5 billion followed by Water Resources with Rs 13.8 billion and Cabinet division Rs 13.4 billion. 7 Business Recorder
8. Bearish trend seen on cotton market Local cotton market remained bearish on Tuesday. Sources in the market said that trading activity is improving after the rains as the supply of Phutti is improving. The millers started imported cotton from abroad because of the high prices of the local cotton. Picking was also affected due to rains. 8 Business Recorder
9. ECC to impose ban on potato export today The Economic Coordination Committee (ECC) of the Cabinet which is scheduled to meet on Wednesday (Sept 9) with Finance Advisor in the chair, will impose ban on export of potatoes with immediate effect and till December 31, 2020 as prices have reached Rs 100 per kg in some parts of the country. 16 Business Recorder
10. No supplementary grant issued except corona-related spending The Finance Ministry stated on Tuesday that the government was no longer issuing supplementary grants, other than corona-related spending, adding that only Rs20 billion supplementary grants were released in the fiscal year 2019-2020, compared to Rs24 billion in the fiscal year 2018-2019, as finance committee met to consider taxes-related agenda items. 16 Business Recorder
11. In a quiet manner, govt allows private parties to import 0.2m tons of sugar The government has ‘silently’ allowed private parties to import 0.2 million tons of sugar after the Trading Corporation of Pakistan (TCP) failed to get reasonable prices for the planned 0.3 million tons of sugar import. 16 Business Recorder
12. IT sector holds huge investment potential: PM  Prime Minister Imran Khan on Tuesday said the country`s Information Technology (IT) sector held tremendous potential for investment, revenue generation and economic development. 9 Dawn  
13. Exports unlikely to recover: FPCCI After a 20 per cent year on year (YoY) drop in August 2020, exports are unlikely to recover in September due to the rains and subsequent floods flooding in the country particularlyinKarachi-which affected overall industrial operations, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Mian Anjum Nisar said on Tuesday. 9 Dawn  
14. Framework sought to check misuse of grants The Senate Standing Committee on Finance has asked the Ministry of Finance to prepare a working paper on the proposed amendment bill regarding supplementary grants in order to minimise the misuse of funds.   9 Dawn  
15. Dollar demand rises US dollar buying from the open market started increasing for the first time since the Covid-19 pandemic made its way to Pakistan in March. However, currency dealers said current trading was still much lower compared to pre-coronavirus levels. 9 Dawn  
16. New return form notified The Federal Board of Revenue (FBR) has notified new return form for business individuals, salaried persons, association of persons, individual paper return and companies for tax year 2020.   9 Dawn  
17. T-bills, bond auctions The government will raise about Rs3.58 trillion through auctions of treasury bills, Pakistan Investment Bonds (PIBs ) and Ijrara sukuk till mid November this year. 9 Dawn
  International News    
18. Oil prices stumble, hit June lows NEW YORK: Oil futures settled sharply lower on Tuesday, with Brent sinking below $40 a barrel for the first time since June and US crude falling nearly 8% after Saudi Arabia cut its October selling prices and Covid-19 cases rebounded in several countries. 13 Business Recorder
19. Currency exchange rates   Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   165.80 217.96 195.78 24.38 44. 15
9 Business Recorder

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