Important Business News 9th October, 2020

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1. Hoarding causing surge in wheat flour prices Despite massive import of wheat grains, the prices of wheat flour have surged to an all-time high of Rs75 per kilogram, mainly due to hoarding.   1     Business Recorder
2. ECC unwilling to convert ‘financially unviable’ NHA loans The Economic Coordination Committee (ECC) of the Cabinet is reportedly unwilling to convert “financially unviable” NHA loans into government grant or waive-off these without Finance Ministry’s input, well-informed sources told Business Recorder. 1   Business Recorder
3. PM assures Karachi traders, industrialists  ‘Unnecessary’ regulations will be removed
Prime Minister Imran Khan Thursday stated that the government priority was to facilitate businesses, remove unnecessary regulations as well as reform the country’s tax system, and to provide incentives to the people associated with businesses.
1 Business Recorder
4. Stable trend witnessed on cotton market The local cotton market remained stable on Thursday. Market sources told that the rate of cotton reached at Rs 9500 per maund which is highest in the season. The supply of Phutti is 19% less than previous year. 8   Business Recorder
5. Dawood discusses issues related to tariff rationalizations Advisor to Prime Minister on Commerce and Investment, Abdul Razak Dawood on Thursday discussed issues related to tariff rationalizations. 15     Business Recorder
6. Accountability, financial management SBP chief praises AGP’s role
Auditor General of Pakistan (AGP) Javaid Jahangir met with Governor State Bank of Pakistan (SBP) Dr Reza Baqir here on Thursday.  
15     Business Recorder
7. Island project to attract $50bn investment: governor Sindh Governor Imran Ismail said Bundal Island project off the coast of Karachi would attract $50 billion investment, which would benefit the country’s overall economy. 16   Business Recorder
8. Banks can outsource cash processing functions: SBP The State Bank of Pakistan (SBP) on Thursday allowed banks to outsource their cash processing functions that includes sorting, authentication and packing of banknotes to cash processing companies. 16   Business Recorder
9. First issuance Auction for floating rate PIBs on 21st
The Finance Ministry said first issuance in the auction of floating rate PIBs would be on Oct 21, and afterwards there would be regular issuance.
16   Business Recorder
10. Provident funds AGP asked to conduct special audit of 8 offices
The Ministry of Finance has asked the Auditor General of Pakistan (AGP) to conduct a special audit of eight offices which maintain provident funds and submit an audit report to the Finance Division within two months.
16     Business Recorder
11. ‘Economic diplomacy’ kicked off: Qureshi Foreign Minister Shah Mahmood Qureshi on Thursday said that to promote the economic and trade relations at international level as envisioned by Prime Minister Imran Khan, “we have practically kicked off an ‘economic diplomacy’.” 16     Business Recorder
12. Suspected accountholders SECP tells regulated entities to implement TFS
The Securities and Exchange Commission of Pakistan (SECP) has directed securities brokers, futures brokers, insurance companies, Takaful operators, Non-Banking Finance Companies (NBFCs), and Modarabas, to ensure implementation of Targeted Financial Sanctions (TFS) on customers/suspected accountholders of the regulated entities, which owe money, assets or property of the designated or proscribed persons under the United Nations (Security Council) Act, 1948 and Anti-Terrorism Act, 1997.
16         Business Recorder
13. Additional customs duties being removed The Tariff Policy Board (TPB) on Thursday agreed to work out a proposal for the removal of additional customs duty on 152 tariff lines to provide cheaper raw materials to domestic industries.   9 Dawn
14. Power firms allowed 84-paisa hike in fuel adjustment for July In a majority decision, the National Electric Power Regulatory Authority (Nepra) on Thursday notiñed an increase of 84-paisa per unit increase in electricity rates for ex-Wapda distribution companies (Discos) to generate about Rs12 billion additional revenue.   9 Dawn
15. SBP reserves fall After accounting for $300 million inflows from the Asian Development Bank and $580m outflows in the form of debt servicing, the reserves held by the State Bank of Pakistan declined by $205m to $12.54 billion during the week ended on October 2, a press release showed on Thursday.   9 Dawn
16. Currency exchange rates   Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   163.85 211.83 192.84 24.25 43. 63
9 Business Recorder

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