Important Business News Tuesday 17th November, 2020

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1. Govt delineates new approach to subsidies The government has decided to increase electricity and gas tariffs by limiting subsidies only for marginalized segments of society, backward areas of the country and export-oriented industry as the situation is getting critical well-informed sources told Business Recorder. 1     Business Recorder
2. THE RUPEE: No change On Monday, PKR remained unchanged against USD in interbank markets on market close while losing value against USD, Euro, AED and SR in open market thus breaking the upward stride. USD strengthened globally as uncertainty regarding US elections started to subside. 1 Business Recorder
3. Cabinet to discuss economy today The federal cabinet which is scheduled to meet on Tuesday (Nov 17) with Prime Minister Imran Khan in the chair will discuss the country’s political situation including post-GB elections scenario, economy and other issues. Pakistan Tehreek-e-Insaf has emerged as single largest party in GB elections. 1 Business Recorder
4. Dull trading on PSX Pakistan Stock Exchange Monday witnessed a mixed trend but closed on a negative note due to selling in various sectors. 1   Business Recorder
5. KCA cuts cotton spot rate by Rs100 to Rs9300 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 9300 per maund. 8 Business Recorder
6. Covid-related goods Exemptions from duties, taxes extended for another 3 months
The government has decided to extend taxes and duties exemptions on Covid-related goods for another three months, ie, October to December 2020, official sources told Business Recorder.
16 Business Recorder
7. FDI jumps 68pc in October Foreign direct investment (FDI)into the country jumped by 67.9 per cent monthon-month to $317.3 million in October compared to $189m in September, latest data released by the State Bank of Pakistan showed on Monday. 9 Dawn
8. Economy recovering at fast pace: PM Prime Minister Imran Khan on Monday said that at a time when the global economy was being battered by the adverse ef fect of Covid-19 pandemic, Pakistan`s economy has been recovering at a pace rivaled by none in the region. 9 Dawn
9. Turkish firms to set up industrial units in Pakistan Turkish delegation on Monday expressed their interest for setting up industrial units in Pakistan to start production activities to meet the needs of the construction industry, a press release issued by the Islamabad Chamber of Commerce and Industry (ICCI) said on Monday.   9 Dawn
10. Privatisation process of PSM, Heavy Electrical Complex advances The Cabinet Committee on Privatisation (CCoP) on Monday approved the transaction structure for the divestment of 96.6 per cent shares of Heavy Electrical Complex (HEC), and constituted a committee to improve upon the transaction structure for Pakistan Steel Mills (PSM). 9 Dawn
11. E-visa facility set to be extended to 16 more countries The online visa f acility currently available to the residents of 175 countries is set to be extended to another 16 countries. 12 Dawn
  Editorial News    
12. Reliance on domestic borrowing Prime Minister Imran Khan recently claimed that the government has engaged in zero borrowing during the first four months of the current year. 14 Business Recorder
13. Currency exchange rates   Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   158.20 207.00 186.50 24.00 42. 00
9 Business Recorder

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