Important Business News 4th November, 2020

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1. PM takes power relief step to help boost exports Prime Minister Imran Khan on Tuesday announced Industrial Support Package (ISP) that offers additional consumption of electricity to small and medium industries at 50 percent less rates. The package became effective from Nov 1, 2020. 1     Business Recorder
2. Cheap power to industries, KE Govt to give Rs21bn subsidy from Covid Package
The government has reportedly decided to allocate Rs 21 billion subsidy from Covid-specific stimulus package to supply cheap electricity to industrial consumers of Discos and Karachi Electric, well-placed sources in CPPA-G told Business Recorder.
1 Business Recorder
3. 4 months of FY21: exports show 0.1pc negative growth YoY The country’s exports have shown negative growth of 0.1 percent during first four months of current fiscal year as compared to the corresponding period of 2019-20. 1 Business Recorder
4. Reforms introduced in govt entities, cabinet told Advisor to the Prime Minister on Institutional Reforms and Austerity Dr Ishrat Hussain Tuesday apprised the Federal Cabinet that major reforms had been introduced in different important government entities, including Federal Board of Revenue, Security Exchange Commission of Pakistan, Pakistan International Airlines, State Bank, Civil Aviation Authority and Pakistan Railways under the recommendation of Task Force. 1   Business Recorder
5. SPI up 1.38pc WoW The Sensitive Price Indicator (SPI) for the week ended October 29, 2020, recorded an increase of 1.38 percent over the last week due to a rise in prices of food items, ie, tomatoes (46.58 percent), onions (5.71 percent), sugar (4.18 percent), and potatoes (2.60 percent). 1 Business Recorder
6. TCP receives eight bids for 0.32 MTs of wheat Trading Corporation of Pakistan’s international wheat import tender attracted eight (8) bids ranging from $286.20 to $309.5 per metric ton for the import of 0.32 million tons. 1 Business Recorder
7. THE RUPEE: $ falls below Rs160 On Tuesday, on market close, PKR showed mixed behaviour. It went up against USD in interbank market while falling in open market. It also fell against Euro in open market while gaining value against AED and SR. 1 Business Recorder
8. Bulls storm PSX BRIndex100 rebounds
Pakistan Stock Exchange Tuesday witnessed a bullish trend on the back of aggressive buying at attractively low levels by local investors and institutions.
1 Business Recorder
9. Strategic dialogue Pakistan, EU to further enhance bilateral cooperation
Pakistan and the European Union Tuesday expressed satisfaction over the Strategic Engagement Plan, and agreed to further enhance bilateral cooperation in the fields of mutual interest, the Foreign Office said.
1 Business Recorder
10. Gold prices go up by Rs900 Gold prices further went up by Rs900 per tola to Rs Rs114100 on the local market, traders said on Tuesday. 2 Business Recorder
11. Resumption in economic activity lifts POL sales MS, HSD and FO sales showed recovery of 4.6/6.0/32 percent on year-on-year basis, respectively that took petroleum sales to 1.7 million tons in October 2020. 2 Business Recorder
12. Institutional strengthening, training programme for SPRIP Sindh Provincial Road Improvement Project Management Unit (PMU) Project (SPRIP) Works & Services Department Sindh to undertake two-week preparation of Sindh Road Network Master Plan including institutional strengthening and training in Sindh province will start from November 3 to November 19 at Hyderabad, Sukkur and Karachi respectively in collaboration with the M/S Engineering Consultants International Private Limited (ECIL).   2 Business Recorder
13. Computer vendors industry FBR approached to check ‘harassment’ by field formations
The computer vendors industry has approached the Federal Board of Revenue (FBR) to check harassment by its field formations issuing inadmissible notices to the businessmen in the IT sector, at a time, when local sales of computer and IT business in Pakistan have dropped by 70 percent.
7 Business Recorder
14. Customs Region (North) surpasses duty target at import stage in Oct The Customs Region (North) of the Federal Board of Revenue (FBR) has surpassed the customs duty target by 14 percent at the import stage during October 2020, and remained lead region in seizing huge quantity of smuggled goods including non-duty paid vehicles, narcotics, foreign origin fabric, tyres, electronics, cigarettes, and other miscellaneous goods during this period. 7 Business Recorder
15. KCA cuts cotton spot rate by Rs200 to Rs9700 The Spot Rate Committee of the Karachi Cotton Association on Tuesday has decreased the spot rate by Rs 200 per maund and closed it at at Rs 9700 per maund. 8 Business Recorder
16. PTA unveils ‘Rolling Spectrum Strategy 2020-23’ The government has unveiled “Rolling Spectrum Strategy 2020-23,” recommending not to put in place a fixed spectrum cap defined in MHz but operator with a higher than 35 percent/40 percent of all mobile spectrum be barred from an impending auction. 16 Business Recorder
17. Electricity being supplied to AJK SC directs ministries to look into ST issue

The Supreme Court directed the Ministry of Finance and the Ministry of Power to look into charging of sales tax on electricity being supplied to Azad Jammu and Kashmir (AJK) by the Islamabad Electric Supply Company (IESCO).
16 Business Recorder
18. Punjab govt allows import of Iranian tomato To control the price of tomato, which is selling in the range of Rs 180, the Punjab government has allowed import of Iranian tomato. 16 Business Recorder
19. New draft of APTTA, PTA Dawood to visit Afghanistan from 16th
Prime Minister’s Advisor on Commerce and Investment, Abdul Razak Dawood is to visit Afghanistan from November 16-18 to discuss prospects of Preferential Trade Agreement (PTA) and a new draft of Afghanistan Pakistan Transit Trade Agreement (APTTA) which will expire in February next year.
16 Business Recorder
20. FBR says there will be no extension in return filing deadline The Federal Board of Revenue (FBR) has made it clear to all taxpayers that the date for filing annual income tax returns will not be extended further; therefore the taxpayers are directed to submit returns before December 8, 2020. 16 Business Recorder
21. Cotton arrivals plunge 43pc as crop failure looms Phutti (seedcotton) arrivals into ginneries declined by a whopping 43 per cent to 3.4 million bales till Nov 1 compared to 6.1m bales in the same period last year due to monsoon rains and pest attacks, showed fortnightly data released by the Pakistan Cotton Ginners` Association (PCGA) on Tuesday. 9 Dawn
22. Exports in October rise 2.1pc to $2.06bn Pakistan`s exports grew for the second consecutive month in October to $2.066 billion, up 2.1 per cent from $2.024bn in the corresponding period last year, data released by the Ministry of Commerce showed on Tuesday. 9 Dawn
23. ECC to decide on 152 tariff lines today The Economic Coordination Committee (ECC) of the Cabinet is expected to allow on Wednesday removal of additional customs duties (ACDs) on 152 tarif f lines and take up a request of the Petroleum Division for settlement of circular debt affecting oil and gas supply chain. 9 Dawn
24. Currency exchange rates   Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   160.00 206.82 186.47 24.04 42. 71
9 Business Recorder

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