IMPORTANT BUSINESS NEWS / CURRENT AFFAIRS THURSDAY 1st APRIL, 2021

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1.  Ban on cotton, sugar imports from India lifted ISLAMABAD: Minister for Finance and Revenue Hammad Azhar stated on Wednesday that the government has decided to open import of sugar and cotton from India for the benefit of the public and small and medium enterprises (SMEs), saying that “sugar is 15 to 20 percent cheaper in India compared to Pakistan.” https://epaper.brecorder.com/2021/04/01/1-page/880014-news.html   1 Business Recorder
2.  PSMA seeks exemption of ST on local supplies ISLAMABAD: The government will not charge 17 percent sales tax on the import of sugar, including the import of 0.5 million tons of sugar from India, which would keep the local industry at a disadvantageous position due to levy of sales tax on local supplies, claimed the Pakistan Sugar Mills Association (PSMA) Chairman, Iskandar M Khan, on Wednesday. https://epaper.brecorder.com/2021/04/01/1-page/880016-news.html   1 Business Recorder
3.  MoF for consulting NAB before making payment ISLAMABAD: Secretary, Ministry of Finance (MoF), Kamran Ali Afzal, is said to have underscored the need for consulting National Accountability Bureau (NAB) before ‘making any further payment ($ 7.754 million)’ to PIA to meet financial requirements of Roosevelt Hotel Corporation, New York, well-informed sources in Finance Ministry told Business Recorder.   https://epaper.brecorder.com/2021/04/01/1-page/880017-news.html   1 Business Recorder
4.  Over Rs100bn increase in collection target ISLAMABAD: The Federal Board of Revenue (FBR) has provisionally collected net revenue of Rs3,394 billion during July-March (2020-21) against the assigned target of Rs3,287 billion, reflecting an increase of over Rs100 billion. https://epaper.brecorder.com/2021/04/01/1-page/880020-news.html   1 Business Recorder
5.  BRIndex100 ends flat KARACHI: Pakistan’s launch of Eurobond and raising funds from international market was warmly greeted by investors as Pakistan Stock Exchange Wednesday started on a strong positive note. However, it failed to sustain this momentum as investors opted to book profit. https://epaper.brecorder.com/2021/04/01/1-page/880021-news.html   1 Business Recorder
6.  There can be no proceedings against legally valid declarations ISLAMABAD: The Federal Board of Revenue (FBR) will not initiate proceedings against legally valid declarations under the Foreign Exchange Regulation Act, 1947, Protection of Economic Reforms Act, 1992 and the Anti-Money Laundering Act, 2010 (section XII-A of the Schedule) with respect to assets, income or expenditure declared under the Voluntary Declaration of Domestic Assets, 2018, and Foreign Assets (Declaration and Repatriation) Act, 2018. https://epaper.brecorder.com/2021/04/01/1-page/880019-news.html   1 Business Recorder
7.  POL products’ prices reduced ISLAMABAD: The federal government Wedn-esday announced a decrease in the rates of petroleum products in the first half of April by reducing the cost of supply of PSO/ex-refinery prices, while keeping petroleum levy unchanged. https://epaper.brecorder.com/2021/04/01/1-page/880013-news.html   1 Business Recorder
8.   Markets.Rates.The Rupee KARACHI: On Wednesday, PKR continued its gains against USD in both interbank and open markets. PKR also went up against Euro, AED and SR in Pakistan open market. https://epaper.brecorder.com/2021/04/01/1-page/880022-news.html   24 Business Recorder
9.  PSM transaction: Ministers briefed about probable timelines ISLAMABAD: The Privatisation Commission Wednesday held two separate meetings on the privatisation of the Pakistan Steel Mills (PSM) and on the progress made in transaction of other entities. https://www.brecorder.com/news/40079854/psm-transaction-ministers-briefed-about-probable-timelines   24 Business Recorder
10.  Azhar holding finance portfolio for ‘limited period’? ISLAMABAD: There is intense speculation that Hammad Azhar may hold portfolio of minister for finance and revenue for a “limited period” as Shaukat Tarin, a former finance minister, is favourite choice of the prime minister to head the ministry of finance either as a minister or an adviser to the PM. https://www.brecorder.com/news/40079848/azhar-holding-finance-portfolio-for-limited-period   24 Business Recorder
11.  Moody’s says B3 rating underpinned by country’s robust growth potential ISLAMABAD: Moody’s Investors Service (Moody’s) has assigned a foreign currency senior unsecured programme rating of (P)B3 to the government of Pakistan’s global medium-term note programme, as well as B3 ratings to the senior unsecured, US dollar denominated notes issued under the programme with maturities of 5-, 10- and 30-year. https://www.brecorder.com/news/40079855/moodys-says-b3-rating-underpinned-by-countrys-robust-growth-potential 24 Business Recorder
12.  Pakistan LNG receives offers for tender seeking 8 cargoes SINGAPORE: Pakistan LNG has received offers from 12 companies for a tender seeking eight liquefied natural gas (LNG) cargoes for delivery from late-April to June, according to a document posted on the company’s website. https://www.brecorder.com/news/40079851/pakistan-lng-receives-offers-for-tender-seeking-8-cargoes   24 Business Recorder
13.  Participation of advisors, SAPMs in meetings: LHC seeks affidavit from federal govt LAHORE: The Lahore High Court (LHC) Chief Justice on Wednesday sought an affidavit from the federal government through secretary cabinet division to confirm the participation of the advisors and Special Assistants to Prime Minister (SAPMs) in the cabinet meetings to the extent of the sessions relevant to their portfolios. https://www.brecorder.com/news/40079850/participation-of-advisors-sapms-in-meetings-lhc-seeks-affidavit-from-federal-govt   24 Business Recorder
14.  Zafar Masud named OGDCL BoD’s chairman ISLAMABAD: The Board of Directors of Oil and Gas Development Company Limited in term of Section 192 of the Companies’ Act 2017 appointed Zafar Masud as chairman board for a term of three years in its meeting held on March 31, 2021 in Islamabad. https://www.brecorder.com/news/40079856/zafar-masud-named-ogdcl-bods-chairman   24 Business Recorder
15.  CASA-1000 project: Tajikistan assured of completion DUSHANBE (Tajikistan): Pakistan on Wednesday assured Tajikistan to make utmost efforts for the early completion of CASA-1000 project as an effective plan for management of energy and water resources. https://www.brecorder.com/news/40079857/casa-1000-project-tajikistan-assured-of-completion   24 Business Recorder
16.  Are daily wage earners worse off today? The ouster of Hafeez Shaikh was unofficially blamed at his failure to tame inflation. Not sure if he had much to do with inflation, but the Prime Minister is sure feeling the heat. You can read the pulse from the reduction in petroleum price letting go of the opportunity to gain on taxes, and a rather major announcement of restarting trade with India (expect backlash?). https://www.brecorder.com/news/40079744/are-daily-wage-earners-worse-off-today   21 Business Recorder
17. Eurobond issue: not half bad Finally, Eurobonds have been issued, after waiting in the pipeline for a year or more. Over the past few months, Islamabad had been waiting for the IMF program to resume. Thus, offering took place right after. However, the exit of the FM just a day before the offering took markets by the surprise and highlighted the disconnect in fiscal decision-making. https://www.brecorder.com/news/40079745/eurobond-issue-not-half-bad   25 Business Recorder
18.  Privately imported vaccine KARACHI: The Sindh High Court (SHC) directed the federal government on Wednesday to fix the price of a Covid-19 vaccine imported by the private sector in a week. https://epaper.brecorder.com/2021/04/01/5-page/880049-news.html   100 Business Recorder
19.  Budget proposals KARACHI: The Overseas Investors Chamber of Commerce and Industry (OICCI) has submitted comprehensive taxation proposals for the Budget 2021-22 which highlight various measures required  to streamline the complex tax regime, incentivise the legitimate taxpayer through ease of doing business measures and ensure filing of tax returns by all income earners.    https://epaper.brecorder.com/2021/04/01/5-page/880052-news.html     05 Business Recorder
20.  PLL gets 42 bids for LNG cargoes under new pricing mechanism ISLAMABAD: Pakistan LNG Limited (PLL) has received 42 bids from a record 12 international traders for the eight liquefied natural gas (LNG) cargo deliveries between April 30 and June 28 against prices that are significantly higher than comparable period last year. https://epaper.dawn.com/DetailImage.php?StoryImage=01_04_2021_009_007   09 Dawn
21.  Foreign investors return to PIBs with $240m KARACHI: Pakistan Investment Bonds (PIBs) attracted highest foreign investment of over $100 million in March alone, reflecting rising attraction for foreign investors keen to profit from returns up to 10 per cent. https://epaper.dawn.com/DetailImage.php?StoryImage=01_04_2021_009_008   09 Dawn
22.  New SECP rule for startups ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Wednesday issued a circular allowing private companies to raise capital by receiving immovable property, intangible assets and services from investors. https://epaper.dawn.com/DetailImage.php?StoryImage=01_04_2021_009_005   09 Dawn
23.  WB report highlights risks posed by Covid to Pakistan`s economy ISLAMABAD: A new World Bank report released on Wednesday termed new waves of infection, emergence of vaccine-resistant strains coupled with setbacks in mass vaccinations as major risks to the economic outlook of Pakistan. https://epaper.dawn.com/DetailImage.php?StoryImage=01_04_2021_009_011   09 Dawn
24. Stocks upbeat on $2.5bn bonds launch, IMF tranche KARACHI: The stock market opened gap up on Wednesday, representing investors` delight over Pakistan`s launch of Eurobonds in the international market that raised $2.5 billion. https://epaper.dawn.com/DetailImage.php?StoryImage=01_04_2021_009_006   09 Dawn
25. Currency exchange rates Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   154.60 213.02 181.96 23.65 41. 26
105   Business Recorder

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