Important Business News 8th October, 2020

S.# Description Pg # Source
1. 47pc Pakistanis think PM Imran has ‘destroyed’ economy: Gallup survey A survey conducted by Gallup Pakistan revealed that 47 percent Pakistanis think Prime Minister Imran Khan has destroyed the country’s economy, endorsing a recent survey of France-based organization Ipsos which stated that 4 in 5 Pakistanis foresee the economy further deteriorating. 1     Business Recorder
2. Gas, power to SEZs PM directs depts to accord foremost priority
Prime Minister Imran Khan has directed the departments concerned to accord foremost priority to the provision of utilities services, gas and electricity to SEZs and wanted that a report indicating availability of required facilities at existing SEZs should also be provided to him.
1   Business Recorder
3. Waqar briefed about tax-to-GDP ratio fall Special Assistant to the Prime Minister on Revenue, Dr Waqar Masood Khan has obtained his first briefing from the Federal Board of Revenue (FBR) on key issues including major reasons behind the decline in tax-to-GDP ratio to 9.6 percent in 2019-20, sales tax refunds, organizational structure of the FBR, and ongoing reforms in the tax administration. 1 Business Recorder
4. Further procurement from Russia Body formed to negotiate wheat price
The Economic Coordination Committee (ECC) of the Cabinet has formed a three-member committee consisting of Secretary Finance, Secretary Commerce, and Secretary National Food Security to negotiate the price of wheat with the Russian government for further procurement of wheat as Food Ministry wants to import an additional 750,000 tons of wheat from Russia.  
1 Business Recorder
5. TCP’s ‘lacklustre’ approach to looming crisis flagged The federal cabinet has taken serious notice of Trading Corporation of Pakistan’s (TCP’s) “lacklustre” approach to looming wheat crisis in the country, well-informed sources told Business Recorder.   1 Business Recorder
6. PSX ends in positive trajectory BRIndex100 extends gains
Pakistan Stock Exchange Wednesday witnessed a bullish trend on the back of healthy buying, mainly by local investors and institutions. BRIndex100 gained 84.37 points or 2.09 percent to close at 4,123.54 points. BRIndex100 hit intraday high of 4,134.23 and intraday low of 4,045.70 points.
1 Business Recorder
7. Dawood, WB country director discuss various matters The newly appointed Country Director of World Bank for Pakistan, Najy Benhassine, called on Advisor to the Prime Minister on Commerce and Investment, Abdul Razak Dawood. 3 Business Recorder
8. Ministries, divisions Bank accounts to be closed; funds to go to central account
Following the directives of the federal government, the State Bank of Pakistan (SBP) has asked banks to close all accounts of ministries and divisions and transfer the balance funds to the federal government’s central account with the SBP.
16 Business Recorder
9. Jul-Aug period Power sector receivables soar to Rs1.437trn
The power sector receivables have increased by 4.5 per cent from Rs 1.375 trillion to Rs 1.437 trillion during the first two months of FY 2020-21, well-informed sources told Business Recorder.
16 Business Recorder
10. SBP introduces incentive, penalty mechanism for banks The State Bank of Pakistan (SBP) has introduced incentive and penalty mechanism for banks to promote housing and construction financing. 16 Business Recorder
11. Recovery of Rs115bn from gas consumers okayed The Economic Coordination Committee (ECC) of the cabinet on Wednesday remained upset over the wheat situation amid vague signals from the authorities concerned and continuously increasing flour prices in the market.   1 Dawn
12. Banks asked to meet housing finance targets or face penalties The State Bank of Pakistan (SBP) on Wednesday introduced incentives and penalty mechanism for banks to promote housing and construction financing forcing them to meet housing sector targets or face penalties.   9 Dawn
13. Another hike in flour prices Amid flourishing wheat imports, millers continue to play havoc with the prices as they jacked up the rate of flour no. 2.5 to Rs59 per kg on Wednesday. 9 Dawn
14. Qaiser directs early clearance of ATT containers Directing the Customs department to clear stuck up containers at Torkham and Chaman borders within a week, Speaker National Assembly Asad Qaiser on Wednesday said easing scanning requirements for Afghan Transit Trade (ATT) will be beneficial for the whole region.   9 Dawn
15. Western Digital enters Pakistan Amid digital growth in the country, the Western Digital has decided to enter Pakistani market with the launch of its products in the country, but the company faces challenges from piracy and copy rights violations from imports to retail end.   9 Dawn
16. Govt raises Rs781bn through T-bills, PIBs The government raised Rs780.5 billion through auction of market treasury bills and Pakistan Investment Bonds on Wednesday.  
9 Dawn
17. `Delay in textile policy to harm investments` All Pakistan Textile Mills Association (Aptma) on Wednesday expressed concern over delay in the announcement of new textile policy and urged the government to take necessary action in this regard.   9 Dawn
18. WB sees poverty rise, muted recovery over two years Forecasting worst recession in South Asia, the World Bank sees an increase in poverty in Pakistan over the next two years coupled with muted and uncertain economic recovery owing to the adverse impacts of Covid-19. 12 Dawn
  Editorial News    
19. All indicators ‘good’ except inflation Federal Minister of Information Shibli Faraz while briefing the media on cabinet decisions has stated that the Minister for Planning, Development, Reforms and Special Initiatives Asad Umer stated during the meeting that all economic indicators were good barring inflation. The “good” indicators Umer noted included five major claims. 14 Business Recorder
20. Currency exchange rates   Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   164.00 211.29 192.34 24.27 43. 67
9 Business Recorder

Leave a Reply