Important Business News 10th October, 2020

S.# Description Pg # Source
1. Stocks of wheat, other commodities Ministry comes under criticism over lack of authentic data
Ministry of National Food Security and Research is said to be facing harsh criticism at the highest level for not having authentic stock figures of wheat, sugar and other commodities, well-informed sources told Business Recorder.  
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2. Entire Pakistan declared a locust-free country Federal Minister for National Food Security and Research Syed Fakhar Imam on Friday declared entire Pakistan locust free, saying the country has successfully overcome the challenge of locust. 1   Business Recorder
3. SPI up 1.24pc WoW The Sensitive Price Indicator (SPI) for the week ended October 8, 2020, recorded an increase of 1.24 percent over last week due to rise in food items, ie, tomatoes (16.39 percent), onions (12.78 percent), eggs (10.78 percent), chicken (5.34 percent), wheat flour bag (2.78 percent), potatoes (2.64 percent) and sugar (1.03 percent). 1 Business Recorder
4. Govt decides to convert additional PHL debt into public debt The government has reportedly decided to convert additional debt of Rs 80 billion of Power Holding Limited (PHL) into public debt as per agreements with the international financial institutions (IFI), well informed sources told Business Recorder.   1   Business Recorder
5. Power Division informs Senate panel Govt undertaking reforms to deal with circular debt challenge
The Power Division has informed the Senate Standing Committee on Power that the government was undertaking reforms to deal with the problem of the circular debt.  
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6. MoF notifies forex account rules The Ministry of Finance has notified Foreign Currency Account Rules 2020 that would come into force at once, with an SRO uploaded on the website on Friday, stated that the federal government was making those rules in exercise of the powers by Section 11, and second proviso to sub-section (4) of Section 5 of the Protection of Economic Reforms Act, 1992. 1     Business Recorder
7. PSX stays bullish BRIndex100 maintains uptrend
A bullish trend continued on Pakistan Stock Exchange on Friday on the back of fresh buying by local and foreign investors.
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8. Amendments in rules of NSSs Approval put on hold
The Cabinet Committee on Disposal of Legislative Cases (CCLC) has put on hold approval of amendments in rules of different National Saving Schemes (NSSs) due to ambiguity in the proposal of Central Directorate of National Savings (CDNS), sources in Finance Ministry told Business Recorder.  
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9. Punjab formulates ease of doing business for construction sector: CM Punjab Chief Minister Sardar Usman Buzdar in a meeting with federal ministers here on Friday said that Punjab has formulated ease of doing business for the construction sector and the ratio of stamp duty has been decreased from 5 per cent to one per cent. 11 Business Recorder  
10. Refineries warn of closures amid rising stocks, low fuel off-take from OMCs Months after severe country-wide oil shortages, the country`s oil refineries are raising red flags over lower uplifting of their refined products by oil marketing companies (OMCs), resulting in curtailment of capacity utilisation and crude production from oilfields.   9 Dawn
11. System soon to identify risky goods, individuals at borders Pakistan Customs on Friday said it will put in place a National Targeting Centre (NTC) to identify and profile risky goods and individuals to improve enforcement as part of the coordinated border management.   9 Dawn
12. `No gas outages for industries in winter` Federal Energy Minister Omar Ayub Khan has said that necessary arrangements have been made to provide gas without any outages to industries during the next five months. 9 Dawn
13. Report sought on falling cotton production  Senate Chairman Sadiq Sanjrani on Friday tasked Standing Committee on Commerce Chairman Mirza Muhammad Afridi to prepare a comprehensive report assessing the decline in cotton production and exports in consultation with concerned ministries and research institutions.   9 Dawn
  Editorial News    
14. 1-year extension in G20 debt relief? Prime Minister Imran Khan spoke for all developing countries when he called for extending the G20’s debt suspension initiative for at least another year.   10 Business Recorder
15. Currency exchange rates   Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   163.70 212.04 192.79 24.25 43. 63
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