IMPORTANT BUSINESS NEWS / CURRENT AFFAIRS FRIDAY 16th July, 2021

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1.Pak-Uzbek ties make big leap forwardPrime Minister Imran Khan on Thursday said with Pakistan and Uzbekistan sharing the same objective of lifting their people out of poverty, increased and strong trade and economic relations would be mutually beneficial and a win-win for the two sides.https://epaper.brecorder.com/2021/07/16/1-page/893613-news.html1Business Recorder
2.THE RUPEE: All-round lossOn Thursday, PKR went down against USD in both interbank and open markets after recording gains yesterday.https://epaper.brecorder.com/2021/07/16/1-page/893619-news.html1Business Recorder
3.Heads of Terms of PSGP project signedPakistan and Russia on Thursday signed Heads of Terms to construct $ 2.5 billion Pakistan-Stream Gas Pipeline (PSGP) project of 1040 kilometers from Port Qasim to Kasur, to be completed by 2023.https://epaper.brecorder.com/2021/07/16/1-page/893616-news.html1Business Recorder
4.Petrol price hiked by Rs5.40/litreThe government has increased petrol price by Rs5.40 per litre and High-Speed Diesel (HSD) by Rs2.54 per litre, whereas, the prices of kerosene oil and light diesel have been increased by Rs1.39 per litre and Rs1.27 per litre, respectively.https://epaper.brecorder.com/2021/07/16/1-page/893610-news.html1Business Recorder
5.Independent power producersCCoE approves PD’s summaryThe Cabinet Committee on Energy (CCoE) has approved a summary on Examination, Validation of Process of Independent Power Producers (IPPs) Agreement submitted by the Power Division.https://epaper.brecorder.com/2021/07/16/1-page/893611-news.html1Business Recorder
6.KSE-100 Index regains footingBRIndex100 edges upPakistan Stock Exchange Thursday witnessed a positive trend and closed in green territory due to fresh buying, mainly by local investors.https://epaper.brecorder.com/2021/07/16/1-page/893612-news.html1Business Recorder
7.Power sectorChinese investors irked by non-payment of returns?Chinese companies are reportedly not interested in making further investment in Pakistan, citing inappropriate treatment, especially in payment to companies that invested in the power sector, well-informed sources told Business Recorder.https://epaper.brecorder.com/2021/07/16/1-page/893617-news.html1Business Recorder
8.Withholding agents‘Reconciliation of statements with declared amounts a must’The Finance Act 2021 has made it mandatory for the withholding agents to reconcile annual withholding tax statements with the amounts declared in the return, audited accounts or financial statements by the due date of filing of return of income.https://epaper.brecorder.com/2021/07/16/4-page/893637-news.html4Business Recorder
9.PM hails growth in housing financeFIs achieve 97pc of June target: BaqirHousing and construction finance continues to increase, supported by favourable government policies and financial institutions have achieved 97 percent of the overall target set by the State Bank of Pakistan (SBP) for June 30, 2021.https://epaper.brecorder.com/2021/07/16/5-page/893642-news.html5Business Recorder
10.Covid-19Business community concerned over closing down of businessesChairman Businessmen Group (BMG) & Former President KCCI Zubair Motiwala and President Karachi Chamber of Commerce & Industry (KCCI) M Shariq Vohra expressed deep concerns over the decision to once again closing down of dining facility at all restaurants and many other businesses.https://epaper.brecorder.com/2021/07/16/5-page/893638-news.html5Business Recorder
11.PSM assetsPC Board to approve revised valuation of PSM todayThe Privatisation Commission (PC) Board is to meet on Friday (July 16) to approve revised valuation of core and non-core assets of Pakistan Steel Mills (PSM), aimed at paving the way for its revival, well-informed sources to Business Recorder.https://epaper.brecorder.com/2021/07/16/7-page/893657-news.html7Business Recorder
12.Sale of non-duty paid, smuggled carsFBR launching crackdown on showrooms, warehousesWithout disclosing any possibility of a new amnesty scheme to legalise smuggled cars, the Federal Board of Revenue (FBR) announced launching a major crackdown against showrooms and warehouses selling non-duty paid smuggled vehicles.https://epaper.brecorder.com/2021/07/16/13-page/893698-news.html13Business Recorder
13.SCCI, UCCI sign MoU to enhance trade tiesThe Sarhad Chamber of Commerce and Industry (SCCI) and Uzbekistan Chamber of Commerce and Industry (UCCI) have signed a memorandum of understanding (MoU) to further enhance bilateral trade and economic relations.https://epaper.brecorder.com/2021/07/16/13-page/893701-news.html13Business Recorder
14.Agri tax far less than potentialAll equity may be taxed equally: WB webinarPakistan is collecting around Rs4 billion tax from agriculture income against the potential of Rs150 billion and there is a need for creating an environment that all equity may be taxed equally.https://epaper.brecorder.com/2021/07/16/13-page/893704-news.html13Business Recorder
15.Golden jubilee celebration: CJCSC highlights HIT’s role in changing strategic, security environmentChairman Joint Chiefs of Staff Committee (CJCSC) General Nadeem Raza on Thursday attended the golden jubilee celebration of Heavy Industries Taxila (HIT) and appreciated its professional excellence in the changing strategic and security environment across the globe.https://www.brecorder.com/news/40107502/golden-jubilee-celebration-cjcsc-highlights-hits-role-in-changing-strategic-security-environment13Business Recorder
16.SHC responds to PSBA’s petitionA division bench of Sindh High Court (SHC) has made “inoperative” the Pakistan Stock Exchange (PSX) Futures Trading Eligibility criteria 4(i) to the extent that it prohibits futures trading of shares of companies which have obtained stay orders against the Securities & Exchange Commission of Pakistan (SECP).https://epaper.brecorder.com/2021/07/16/14-page/893705-news.html14Business Recorder
17.Ghee/edible oil marketTarin asks CCP to act against cartelisationFinance Minister Shaukat Tarin has directed the Competition Commission of Pakistan (CCP) to take immediate action to break cartelisation in ghee/edible oil market to prevent undue profiteering.https://epaper.brecorder.com/2021/07/16/14-page/893709-news.html14Business Recorder
18.Availability of essential food items discussedFinance Minister Shaukat Tarin has underscored the need for involving all the relevant stakeholders for successful implementation of the proposed Agriculture Transformation Plan.https://epaper.brecorder.com/2021/07/16/14-page/893707-news.html14Business Recorder
19.Bank holidaysThe State Bank of Pakistan will remain closed from 20th to 22nd July, 2021 (Tuesday to Thursday) being public holidays on the occasion of Eid-ul-Azha.https://epaper.brecorder.com/2021/07/16/14-page/893708-news.html14Business Recorder
20.Textile output: flat-lined?In a recent op-ed for this newspaper, Tahir Jahangir – ex-chairman of Towel Manufacturers Association of Pakistan, noted that the ongoing export boom may not last long, as the 13 percent increase in textile export earnings during FY21 is largely fuelled by higher world cotton prices.https://epaper.brecorder.com/2021/07/16/15-page/893711-news.html15Business Recorder
21.Spot rate decreases by Rs200/maundThe Spot Rate Committee of the Karachi Cotton Association on Thursday decreased the spot rate by Rs 200 per maund and closed it at Rs 12900 per maund.https://epaper.brecorder.com/2021/07/16/18-page/893719-news.html18Business Recorder
22.Govt to renegotiate deals with 12 independent power producers on NAB adviceReversing earlier decisions and agreements, the government on Thursday decided to ‘re-negotiate’ once again power purchase agreements (PPA) with about a dozen independent power producers (IPPs) set up under Policy for Power Generation 2002 to recover ‘excess payments’ they had secured from the government.https://www.dawn.com/news/16353549Dawn
23.Pakistan rejects draft global deal on fishingPakistan has severely criticised the draft agreement that the World Trade Organisation (WTO) is hopeful to finalise to stop overfishing.https://www.dawn.com/news/1635352/pakistan-rejects-draft-global-deal-on-fishing9Dawn
24.Exporters fear losses as Chaman border closed for tradeExport containers have been piling up at Chaman border stations since July 14 in the wake of government’s decision of indefinite closure of Friendship Gate for all commercial activities and pedestrian traffic.https://www.dawn.com/news/1635351/exporters-fear-losses-as-chaman-border-closed-for-trade9Dawn
25.PIA Sukuk-I raises Rs5.7 billionThe Pakistan International Airlines (PIA) raised Rs5.7 billion on Thursday with the conclusion of the book-building process for PIA Sukuk-I at the cut-off price of one-month Karachi interbank offered rate (Kibor) plus 100 basis points.https://www.dawn.com/news/1635290/pia-sukuk-i-raises-rs57-billion12Dawn
 Editorial News  
26.Remittances: momentum must lastHome remittances or workers’ remittances have really done well in the outgoing financial year in sharp contrast to projections by multilateral and donor agencies.https://epaper.brecorder.com/2021/07/16/6-page/893644-news.html6Business Recorder
 International News  
27.Ireland rejects global tax reform plansIreland will not support global tax reform plans, Finance Minister Paschal Donohoe insisted Thursday, entrenching its hold-out position as momentum builds for a deal meant to ensure multinationals pay a fair share.https://epaper.brecorder.com/2021/07/16/14-page/893706-news.html14Business Recorder
28.Currency exchange ratesCountries 
U.S.U.KEUROCHINASAUDIA ARABIASymbol $£¥﷼, SRRates 159.10220.07188.5524.8742. 47
19 Business Recorder

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