IMPORTANT BUSINESS NEWS / CURRENT AFFAIRS SATURDAY 27th MARCH, 2021

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1. 3rd Covid-19 wave poses downside risks to growth The fiscal deficit for the first seven months (July-January 2020-21) of the current fiscal year stood at 2.9 percent of the GDP (Rs1,309 billion), according to the Ministry of Finance’s (MoF’s) monthly Economic Update and Outlook for the month of March 2021 released on Friday. https://epaper.brecorder.com/2021/03/27/1-page/875838-news.html 1 Business Recorder
2. Contract defaults TCP blacklists 9 sugar mills The Trading Corporation of Pakistan (TCP) has blacklisted nine sugar mills as they were failed to perform the awarded contract with the state-run grain trader for supply of sugar. https://epaper.brecorder.com/2021/03/27/1-page/875833-news.html 1 Business Recorder
3. ECC approves Rs1bn for ad drive to highlight govt initiatives A meeting of the Economic Coordination Committee (ECC) has approved Rs1 billion for launching an advertisement campaign about reforms and initiatives the government has taken so far to earn good will of the people. https://epaper.brecorder.com/2021/03/27/1-page/875841-news.html 1 Business Recorder
4. $1.336bn loan accords inked with WB for 7 projects Pakistan and the World Bank Friday signed loan agreements of seven projects worth around $1.336 billion. https://epaper.brecorder.com/2021/03/27/1-page/875842-news.html 1 Business Recorder
5. Payment to IPPs in limbo due to NAB investigation National Accountability Bureau’s (NAB’s) investigation against Independent Power Producers (IPPs) has reportedly put first installment of 40 per cent of agreed amount of over Rs 400 billion in limbo, well-informed sources old Business Recorder. https://epaper.brecorder.com/2021/03/27/1-page/875844-news.html 1 Business Recorder
6. Petroleum shortages SAPM on petroleum asked to step down Special Assistant to the Prime Minister on Petroleum, Nadeem Babar, has been asked by Prime Minister Imran Khan to resign from his office. https://epaper.brecorder.com/2021/03/27/1-page/875845-news.html 1 Business Recorder
7. LoS extensions approved by PPIB board The Board of Private Power and Infrastructure Board (PPIB) headed by Secretary Power, Ali Raza Bhutta, on Friday approved extensions in Letter of Support (LoS) of a few projects without any penalty. https://epaper.brecorder.com/2021/03/27/1-page/875846-news.html 1 Business Recorder
8. KSE-100 Index turns red BRIndex100 drifts lower Pakistan Stock Exchange on Friday closed on a negative note as the investors opted to book profit on available margins. https://epaper.brecorder.com/2021/03/27/1-page/875837-news.html 1 Business Recorder
9. Rupee strengthens On Friday, PKR continued to go up against USD in both inter-bank and open markets. 1 Business Recorder
10. WB financing Social safety initiatives to receive major boost: PASSD Federal government is hopeful that its social safety initiatives under Ehsaas Programme would receive a major boost as World Bank’s Board of Executive Directors has approved $ 600 million to support Pakistan in expansion of Ehsaas Programme. https://epaper.brecorder.com/2021/03/27/2-page/875849-news.html 2 Business Recorder
11. ‘Digital Bank’ SBP develops draft of regulatory framework for feedback The State Bank of Pakistan (SBP) has developed draft of digital bank regulatory framework for public consultation. https://epaper.brecorder.com/2021/03/27/3-page/875857-news.html 3 Business Recorder
12. Pharmaceutical sector records strong gains The Pharmaceutical sector recorded strong growth during CY20. https://epaper.brecorder.com/2021/03/27/3-page/875860-news.html 3 Business Recorder
13. PYMA urges Razak to remove ACD and RD on synthetic yarns Senior Vice Chairman of Pakistan Yarn Merchants Association (PYMA), Hanif Lakhany has urged Abdul Razak Dawood, Adviser on Trade & Investment to PM to fulfil his promise for removal of additional customs duty and regulatory duty (ACD & RD) on synthetic yarns, which is the raw material of the textile industry. https://epaper.brecorder.com/2021/03/27/3-page/875864-news.html 3 Business Recorder
14. Gold prices down Gold prices on Friday further lowered in the local market, traders said. Another reduction of Rs 550 pulled down gold price to Rs 106,300 per tola. https://epaper.brecorder.com/2021/03/27/3-page/875863-news.html 3 Business Recorder
15. Emerging sectors and industries Wide range of income tax exemptions withdrawn The government has withdrawn a wide range of income tax exemptions to the emerging sectors and industries including IT sector; exemption on profit and gains derived by LNG terminal operators and terminal owners and exemption available to the Pakistan Mortgage Refinance Company under the Tax Laws (Second Amendment) Ordinance, 2021. https://epaper.brecorder.com/2021/03/27/54-page/876479-news.html 54 Business Recorder
16. Taxpayers can update profiles by June 30th: FBR To facilitate millions of taxpayers, the Federal Board of Revenue Friday extended the deadline up to June 30th, 2021, for updation of taxpayers profile under Section-114A of the Income Tax Ordinance, 2001. https://epaper.brecorder.com/2021/03/27/54-page/876476-news.html 54 Business Recorder
17. Erstwhile FATA, PATA Industrial units required to submit ‘consumption certificates’ The industrial units in erstwhile Federally Administered Tribal Areas (FATA) and the Provincially Administered Tribal Areas (PATA) would now be required to submit the “consumption certificates” to the Federal Board of Revenue (FBR) to ensure that the tax-exempt goods are ultimately consumed within the tribal areas. https://epaper.brecorder.com/2021/03/27/54-page/876477-news.html 54 Business Recorder
18. Official spot rate down Rs300 amid slow activity The Spot Rate Committee of the Karachi Association on Friday has decreased the spot rate by Rs 300 per maund and closed it at Rs 11,900 per maund. https://epaper.brecorder.com/2021/03/27/58-page/876493-news.html 58 Business Recorder
19. Govt must take timely steps for economic recovery : report In its ‘Monthly Economic Update and Outlook’ report released on Friday, the ministry of finance says that as the third wave of Covid-19 pandemic is posing the downside risk, the government’s timely measures will be helpful in continuation of economic recovery along with decelerating inflationary pressure and preserving external balance. https://www.dawn.com/news/1614836/govt-must-take-timely-steps-for-economic-recovery-report 5 Dawn
20. Investment by banks in govt papers surges 33 pc in 12 months Banks investment in government papers increased by 33 per cent year-on-year in February while advances showed a poor growth of less than 4pc during the same period. https://www.dawn.com/news/1614867/investment-by-banks-in-govt-papers-surges-33pc-in-12-months 9 Dawn
21. Feedback sought on regulatory framework for digital banks The State Bank (SBP) on Friday said that it has initiated work on the introduction of a separate framework for digital banks along the lines of regional regulatory trends. https://www.dawn.com/news/1614865/feedback-sought-on-regulatory-framework-for-digital-banks 9 Dawn
22. Plans for swift development of Rashakai SEZ discussed The Chinese Road and Bridge Corporation (CRBC) on Friday informed the Board of Investment that the development of Rashakai Special Economic Zone (SEZ) was being carried out expeditiously and respective teams had already been mobilised for the purpose. https://www.dawn.com/news/1614866/plans-for-swift-development-of-rashakai-sez-discussed   9 Dawn
23. FPCCI slams power tariff hike The Federa­tion of Pakistan Chambers of Commerce and Industry (FPCCI) on Friday expre­ssed serious concerns over the per unit increase in electricity rates. https://www.dawn.com/news/1614860/fpcci-slams-power-tariff-hike 9 Dawn
  Editorial News    
24.  The wheat MSP The federal government seems to have learnt at least one lesson from last year’s wheat fiasco and not delayed the announcement of the minimum support price (MSP) till the very last moment this time, reducing the risk of farmers opting for other crops for no other reason than uncertainty about how much they will ultimately get for their wheat. https://epaper.brecorder.com/2021/03/27/52-page/876454-news.html 52 Business Recorder
25. SBP bill causes major controversy The federal cabinet early this week approved the State Bank of Pakistan (SBP) ‘Amendment Bill 2021’. https://epaper.brecorder.com/2021/03/27/52-page/876456-news.html 52 Business Recorder
26. Currency exchange rates Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   155.00 213.34 182.90 23.82 41. 37
55   Business Recorder

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