IMPORTANT BUSINESS NEWS / CURRENT AFFAIRS Monday 3rd May, 2021

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1. Trade deficit widens by 20.1pc in 10 months The country’s trade deficit has widened by 20.1 per cent to $23.562 billion during first 10 months (July-April) of Financial Year 2020-21 from $19.613 billion in the corresponding period of 2019-20. https://epaper.brecorder.com/2021/05/03/1-page/884808-news.html 1 Business Recorder
2. Power supply to Karachi increased by 621MW: Federal govt Federal Planning Minister Asad Umar said on Sunday that power supply to Karachi was recorded at 3,180 megawatts, which is 621 MW more than power supply of 2,559 to Karachi recorded in the corresponding period last year. https://epaper.brecorder.com/2021/05/03/1-page/884804-news.html 1 Business Recorder
3. There’s no proposal to withdraw Section 8B of ST Act: FBR The government has no intention to abolish/amend Section 8B of the Sales Tax Act 1990 in the coming budget (2021-22) to allow registered taxpayers to claim 100 percent input tax adjustment. https://epaper.brecorder.com/2021/05/03/1-page/884809-news.html 1 Business Recorder
4. PSX remains under pressure BRIndex100 loses 68.99 points WoW Pakistan Stock Exchange remained under pressure during the outgoing week ended on April 30, as the investors opted to sell their holdings due to their concerns over spreading Corona virus cases and lockdown in different parts of the country. https://epaper.brecorder.com/2021/05/03/1-page/884802-news.html 1 Business Recorder
5. Futures spread increases by 331bps The futures spread increased by 331bps to close at 16.57 percent on the last day of outgoing week. https://epaper.brecorder.com/2021/05/03/1-page/884803-news.html 1 Business Recorder
6. January to March Exports to Japan jump by 40pc Pakistan’s exports to Japan have jumped by 40 percent in the first quarter (Jan-Mar) during the current year as compared with the last quarter of 2020 i.e. (Oct–Dec). https://epaper.brecorder.com/2021/05/03/3-page/884712-news.html 3 Business Recorder
7. Frivolous representations before President FTO urges FBR to avoid unnecessary filing The Federal Tax Ombudsman (FTO) has recommended the Federal Board of Revenue (FBR) to avoid unnecessary filing of frivolous representations before the President of Pakistan in cases involving action against corrupt tax officials. https://epaper.brecorder.com/2021/05/03/3-page/884720-news.html 3 Business Recorder
8. Good news for wheat farmers’ predicted Pakistan Meteorological Department (PDM) on Sunday predicted a good news for wheat growing farmers, saying that the weather system was expected to be ‘suitable’ for crop harvesting across the country. https://epaper.brecorder.com/2021/05/03/3-page/884714-news.html 3 Business Recorder
9. Fan exports increase 26.83pc in 9 months The exports of electric fan witnessed an increase of 26.83 percent during the nine months of financial year (2020-21) as compare to the corresponding period of last fiscal year. https://epaper.brecorder.com/2021/05/03/3-page/884719-news.html 3 Business Recorder
10. Informal labourers’ inclusion in EOBI pension net: Ordinance to be presented before cabinet: Zulfi Special Assistant to the Prime Minister (SAPM) on Overseas Pakistanis and Human Resource Development (OPHRD) Sayed Zulfikar Abbas Bukhari on Sunday said that effort were afoot to amend the Employees Old-Age Benefits Institution’s (EOBI) laws for inclusion of the informal workers in its pension net. https://www.brecorder.com/news/40089707 4 Business Recorder
11. Weekly Cotton Review The rate of cotton remained stable amid fluctuation in international market rates. Low trading observed due to lack of interest by textile and spinning sector in buying because of Ramadan, decreased dollar rate, Covid-19 as well as low rate of yarn and its low demand. https://epaper.brecorder.com/2021/05/03/5-page/884723-news.html 6 Business Recorder
12. Prices of essential food items reduce slightly A nominal decrease in prices of essential food commodities, except fruits, cow meat, mutton beef, sugar, cooking oil/ghee, and flour was witnessed in the retail market, according to a survey conducted by Business Recorder here on Sunday. https://epaper.brecorder.com/2021/05/03/11-page/884780-news.html 11 Business Recorder
13. PSO enters into strategic partnership with PARCO, PAPCO Pakistan State Oil (PSO) has signed multiple infrastructural MoUs of strategic importance with Pak Arab Refinery Limited (PARCO) and Pak Arab Pipeline Company (PAPCO) which aim to safeguard the country’s petroleum product supply chain and enable economical and environment friendly transportation of fuels. https://epaper.brecorder.com/2021/05/03/11-page/884777-news.html 11 Business Recorder
14. Eastbay Expressway to be completed in Oct: Asim Bajwa Work on the Eastbay Expressway Gwadar project is in final stage that would be completed by October 2021, Chairman CPEC Authority Lt-Gen Asim Saleem Bajwa (Retd) said on Sunday. https://epaper.brecorder.com/2021/05/03/12-page/884813-news.html 12 Business Recorder
15.  The roaring inflation dragon There is no respite to the inflation dragon. Food prices are not coming in control. Global commodity prices upward shift will keep the prices higher in the domestic market. https://epaper.brecorder.com/2021/05/03/13-page/884782-news.html 13 Business Recorder
16. Next budget to focus on GDP, inflation, uplift projects: PM Prime Minister Imran Khan setting aside the protocol on Sunday drove to G-11 Markaz and some other areas of the federal capital where he interacted with cart owners before presiding over a meeting on the next annual budget and national economy. https://epaper.dawn.com/DetailImage.php?StoryImage=03_05_2021_001_006 1 Dawn
17. Target for reduction in circular debt unlikely to be achieved Reduction in circular debt as committed with the International Monetary Fund (IMF) and the World Bank is unlikely to materialise due to unrealistic subsidy allocations at the outset of the two-year circular debt management plan (CDMP), according to the power division. https://epaper.dawn.com/DetailImage.php?StoryImage=03_05_2021_001_002 1 Dawn
18. Exports cross $2bn mark for seven months, says PM aide Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood has claimed that Pakistan`s monthly exports have crossed the two billion dollars mark for seven consecutive months for the first time over a decade. https://epaper.dawn.com/DetailImage.php?StoryImage=03_05_2021_003_006 3 Dawn
19. OGDCL deplores ‘unfair’ treatment of domestic producers’ LPG business The state-run Oil and Gas Development Company Limited (OGDCL) has complained to the government over unfair treatment of liquefied petroleum gas (LPG) business of domestic producers against the imported commodity and demanded a level playing field. https://www.dawn.com/news/1621696 12 Dawn
20. The Week Consumer confidence in Pakistan deteriorates during the period between January and March this year, primarily owing to the restrictions renewed by the government to stop the rising Covid-19 infections that heralded the third wave of the pandemic   1 Dawn Business & Finance
21. Workers deserve a better deal A VIBRANT economy, democratic stability and sustainable development will be difficult to achieve if the government, employers and society fail the working masses by letting the exploitative systems perpetuate. https://epaper.dawn.com/DetailImage.php?StoryImage=03_05_2021_601_004 1 Dawn Business & Finance
22. Rebalancing the sources of forex inflows IN less than eight months, forex inflows through Roshan Digital Accounts (RDA) of overseas Pakistanis crossed a billion dollars mark on April 23.  https://epaper.dawn.com/DetailImage.php?StoryImage=03_05_2021_602_001 2 Dawn Business & Finance
23. The controversial amendments to the SBP Act NOTHING seems to hurt Pakistanis more on a daily basis than inflation. Indeed, it is a country where many have to skip a meal at times. https://epaper.dawn.com/DetailImage.php?StoryImage=03_05_2021_603_003 3 Dawn Business & Finance
  International News    
24.  NGOs call on ADB to end fossil fuel loans amid climate reboot A group of non-governmental organisations called on the Asian Development Bank (ADB) on Monday to end loans to the fossil-fuels sector, as the international lender holds its annual meeting this week with a focus on a green economic recovery. https://www.brecorder.com/news/40089716 12 Business Recorder
25. Jan-March exports to China shoot up by 64pc China-Pakistan Free Trade Agreement Phase-II (CPFTA-II) effective since January 1, last year is now showing results. Pakistan’s exports to China shot up by 64% during January-March 202, Commercial Consular, Pakistan Embassy, Beijing, Badar Uz Zaman said. https://epaper.brecorder.com/2021/05/03/13-page/884786-news.html 13 Business Recorder
  Editorial News    
26.  Fiscal consolidation or economic stimulus? Federal Finance Minister Shaukat Tarin while addressing the virtual seventh session of the United Nations Economic and Social Commission for Asia and Pacific (UNESCAP) stated that Pakistan resumed the International Monetary Fund (IMF) programme and is faced with a difficult choice between the need for fiscal consolidation and the ever-rising demand for an economic stimulus amid and post-Covid-19 scenarios. https://epaper.brecorder.com/2021/05/03/10-page/884770-news.html 10 Business Recorder

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