Important Business News 26th July, 2020

S.# Description Pg # Source
1. National grid KE seeks Nepra’s support to get additional power
Karachi Electric (KE) has sought National Electric Power Regulatory Authority’s (Nepra’s) support to get additional 400MW electricity from the national grid which will partially help meet power demand-supply gap for 2021, sources in Nepra told Business Recorder.
1 Business Recorder
2. Mills’ actual output tax payments FBR for placing ‘ RFID trackers ‘ in sugar sacks The Federal Board of Revenue (FBR) has strongly recommended that the sugar mills’ actual production, sales and tax payments can be effectively checked by placing the Radio Frequency Identification (RFID) trackers within the sugar sacks, which is an inexpensive way of stock monitoring of this sector. 1 Business Recorder
3. ‘Amended Ordinance calls for setting up of Corporate Restructuring Board’ Corporate Restructuring Companies (Amendment) Ordinance, 2020 has directed the federal government to constitute a Corporate Restructuring Board (CRB) having professionals for recovery of non-performing assets or restructuring and rehabilitation of companies in financial distress. 1 Business Recorder
4. Steps under way to extricate country from FATF grey list: Qureshi Foreign Minister Makhdoom Shah Mehmood Qureshi Saturday said the government was taking some more administrative and legislative steps which would surely help the country extricate itself from grey list of Financial Action Task Force (FATF). 1 Business Recorder
5. Moody’s lists factors underpinning credit profile The credit profile of Pakistan (issuer rating B3) reflects the country’s “baa2” economic strength, which is underpinned by the robust long-term GDP growth potential and large scale of the economy, balanced against low per capita incomes and global competitiveness, says Moody’s Investors Service (Moody’s). 1 Business Recorder
6. Keeping account secure Facebook issues guidelines for Pakistani users
Facebook has issued guidelines on account safety for Pakistani users to be more vigilant in protecting their personal data.
2 Business Recorder
7. Locust control operations in process in Nagarparkar area The Met Office has said that currently, control operations are in process against hopper groups and bands in the Nagarparkar area of southeast Sindh near the India border. 2 Business Recorder
8. Long-term LPG policy being prepared The government is preparing a long-term Liquefied Petroleum Gas (LPG) policy aimed at increasing the commodity production, stabilising its price and ensuring uninterrupted supply at affordable prices across the country, especially during the peak winter season. 3 Business Recorder
9. Cotton spot rate falls by Rs50 to Rs8250 The Spot Rate Committee of Karachi Cotton Association on Saturday has decreased the spot rate by Rs 50 per maund and closed it at Rs 8250 per maund. 5 Business Recorder
10. PBIF chief slams increasing power tariff President Pakistan Businessmen and Intellectuals Forum, Mian Zahid Hussain has said further increasing power tariff on the behest of IMF will amount to stabbing masses and the business community in the back. 7 Business Recorder
11. Economic growth PIAF seeks out-of-the-box solutions The Pakistan Industrial and Traders Associations Front (PIAF) has called for out-of-the-box solutions for economic growth in these crucial times, as the exports have declined by 7 percent to $21.39 billion in this fiscal year against $22.95 billion of preceding fiscal year. 7 Business Recorder
12. Experts identify major snags to wind power generation Low credibility and capacity of pertinent regulatory and monitoring bodies, administrative delays and technical uncertainties, lack of infrastructure and logistic support, relatively poor state and underinvestment in research and development (R&D) facilities, and insufficient release of funds for advancing Renewable Energy (RE) projects are major snags to realization of wind power generation in Pakistan said energy experts. 8 Business Recorder
13. Delay in FATF legislation to cost dearly: FM Foreign Minister Shah Mehmood Qureshi has said that Pakistan can face serious consequences in case of delay in legislation in connection with the Financial Action Task Force (FATF). 1 Dawn
14. Exports to Qatar, Saudi Arabia rise despite Covid-19 The Ministry of Commerce informed the National Assembly that exports have seen an upsurge in few countries despite the global economic slowdown since March. 10 Dawn
15. Stocks close in green for fifth week The stock market extended its winning streak for the fifth consecutive week with the KSE-100 index notching up gains of 276 points and closing at 37,608. 10 Dawn
16. Govt sets Rs1.5bn susbsidy for local tractors The government will give a subsidy of Rs1.5 billion on locally manufactured tractors for one year as part of the hscal package announced for the agriculture sector in the wake of Covid-19. 10 Dawn

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