IMPORTANT BUSINESS NEWS / CURRENT AFFAIRS TUESDAY 30th MARCH, 2021

S.# Description Pg # Source
1. Constitution of board for PSM subsidiary proposed Ministry of Industries and Production (MoI&P) has proposed constitution of a seven-member board for a new subsidiary of Pakistan Steel Mills (PSM) to be headed by Chairman PSM Board to proceed ahead with the privatisation of PSM, sources close to Minister for Industries told Business Recorder. https://www.brecorder.com/news/40079089/constitution-of-board-for-psm-subsidiary-proposed 1 Business Recorder
2. Azhar to become new finance minister: PM removes Hafeez over ‘price hike’ Prime Minister Imran Khan has decided to remove Finance Minister Dr Abdul Hafeez Shaikh as Finance Minister due to his “failure” to check rising inflation and replace him with Minister for Industries and Production Hammad Azhar. https://www.brecorder.com/news/40079097/azhar-to-become-new-finance-minister-pm-removes-hafeez-over-price-hike 1 Business Recorder
3. AGP to conduct audit of NJS The Auditor General of Pakistan (AGP) is to conduct financial audit of Neelum Jhelum Surcharge (NJS) collected by Discos and remitted to Water and Power Development Authority (Wapda) after December 28, 2018, well-informed sources told Business Recorder. https://www.brecorder.com/news/40079090/agp-to-conduct-audit-of-njs 1 Business Recorder
4. ECC to allow import of cotton, yarn from India  The Economic Coordination Committee (ECC) of the Cabinet is to allow import of cotton and yarn through land route (including India) aimed at ensuring provision of raw material to the value-added sector at cheaper rates. https://www.brecorder.com/news/40079092/ecc-to-allow-import-of-cotton-yarn-from-india 1 Business Recorder
5. THE RUPEE: Gains persist After market close on Friday, Pakistan Rupee almost imitated yesterday’s behaviour in recording gains and losses. https://www.brecorder.com/news/40063461/the-rupee-gains-persist 1 Business Recorder
6. PSX closes in deep red BRIndex100 bleeds Pakistan Stock Exchange Monday closed in deep red with heavy losses due to panic selling on investor concerns over spreading Coronavirus cases in the country. https://epaper.brecorder.com/2021/03/30/1-page/877173-news.html 1 Business Recorder
7. SC orders forensic audit of SNGPL’s pending cases The Supreme Court has ordered forensic audit of the pending cases of Sui Northern Gas Pipeline Limited (SNGPL) and directed the secretary and directed the secretary energy to file a report within two months. https://www.brecorder.com/news/40079088 2 Business Recorder
8. Private sector likely to import LNG by April 21 The private sector is likely to start import of LNG by April 21, 2021 as grant of unutilised Liquefied Natural Gas (LNG) terminal capacity is currently in process. https://epaper.brecorder.com/2021/03/30/3-page/877195-news.html 3 Business Recorder
9. SBP, CGAP ink MoU on digitizing govt payments via Raast The State Bank of Pakistan (SBP) and the Controller General of Accounts Pakistan (CGAP) Monday signed a Memorandum of Understanding (MoU) on digitizing federal government payments through Raast – Pakistan’s first instant payment system, launched in January 2021 by SBP. https://epaper.brecorder.com/2021/03/30/3-page/877191-news.html 3 Business Recorder
10. NA proceedings Opposition demands withdrawal of proposed draft of SBP Bill The opposition members in the National Assembly Monday criticised the government on proposing a draft of “State Bank of Pakistan (Amendment) Bill, 2021” and vowed not to let the State Bank of Pakistan (SBP) become a “subsidiary of International Monetary Fund (IMF).” https://epaper.brecorder.com/2021/03/30/10-page/877273-news.html 9 Business Recorder
11. Govt retains corporate income tax exemption to REITs The government has retained the corporate income tax exemption available to the Real Estate Investment Trusts (REITs) through the Tax Laws second Amendment Ordinance, 2021, to encourage investment in the REITs. https://epaper.brecorder.com/2021/03/30/10-page/877268-news.html 9 Business Recorder
12. Pakistan, ADB agree to expand economic portfolio Pakistan and Asian Development Bank (ADB) on Monday agreed to continue discussing ways to deepen bilateral development partnership and ensure effectiveness of the ongoing economic portfolio. https://epaper.brecorder.com/2021/03/30/10-page/877272-news.html 9 Business Recorder
13. FBR urged to lower duty on import of motorcycle spare parts Chairman of the All Pakistan Motorcycle Spare Parts Importers and Dealers Association, Khalid Waheed has urged the Federal Board of Revenue (FBR) to lower the custom duty and withdraw the addition custom duty on the commercial import of motorcycle’s spare parts. https://epaper.brecorder.com/2021/03/30/9-page/877265-news.html 10 Business Recorder
14. Gold prices fall Gold prices on Monday slumped again on the local market, traders said. https://epaper.brecorder.com/2021/03/30/9-page/877263-news.html 10 Business Recorder
15. Regionally competitive energy tariffs Pakistan’s uncompetitive and inefficient energy mix has rendered economic growth elusive and also raised pertinent questions about affordability. https://www.brecorder.com/news/40078976/regionally-competitive-energy-tariffs 107 Business Recorder
16. Gwadar is new economic hub across Asia: Baluchistan governor Baluchistan Governor Amanullah Khan Yasinzai on Monday said that the rising sun of Gwadar heralds a new bright morning after long dark nights across Asia under China-Pak Economic Corridor (CPEC) project. https://www.brecorder.com/news/40078972/gwadar-is-new-economic-hub-across-asia-balochistan-governor 107 Business Recorder
17. Spot rate decline continues on local market The Spot rate of cotton decreased by Rs 700 per maund in the local market in the last four days. 112 Business Recorder
18. SECP’s commitment to outcome-based regulation reiterated Chairman, Securities and Exchange Commission of Pakistan (SECP), Aamir Khan, reiterated the SECP’s commitment for outcome-based regulation by reducing regulatory burden, simplification of laws, and optimal use of technology. https://www.brecorder.com/news/40078934/secps-commitment-to-outcome-based-regulation-reiterated 114 Business Recorder
19. Increase in oil, gas, electricity rates should be avoided: UBG Patron in Chief of United Business Group (UBG) and Former President of FPCCI, S M Muneer has emphasised that increase in oil, gas and electricity rates should be avoided and the burden of inflation on the poor should be reduced. https://www.brecorder.com/news/40078935/increase-in-oil-gas-electricity-rates-should-be-avoided-ubg 114 Business Recorder
20. Chaudhry Sugar Mills Heads of accounts, sales summoned by NAB After tightening its noose around estranged PTI leader Jahangir Khan Tareen’s JWD Sugar Mills, the Federal Investigation Agency (FIA) has now summoned the heads of accounts and sales of the Chaudhry Sugar Mills of the Sharif family to its Temple Road office in Lahore on Wednesday in connection with its ongoing investigation in the sugar scam. https://www.brecorder.com/news/40078962/chaudhry-sugar-mills-heads-of-accounts-sales-summoned-by-nab 120 Business Recorder
21. Payment to IPPs: Ministry says process put on hold due to NAB notice Ministry of Energy (Power Division) said on Monday that payment of Rs 85 billion-first installment of agreed amount to the Independent Power Producers (IPPs), established under the pre-1994 Power Policy and the 1994 Power Policy was due on March 29, 2021 but the process has been put on hold due to a National Accountability Bureau (NAB) notice. https://www.brecorder.com/news/40078966/payment-to-ipps-ministry-says-process-put-on-hold-due-to-nab-notice 120 Business Recorder
22. Import of raw sugar SBP allows 100pc advance payment The State Bank of Pakistan (SBP) has allowed sugar mills to make advance payment up to 100 percent of the value of the contract for import of raw sugar. https://www.brecorder.com/news/40078963/import-of-raw-sugar-sbp-allows-100pc-advance-payment 120 Business Recorder
23. Robust growth in Islamic banking assets credit positive: Moody’s Robust growth in Pakistan’s Islamic banking assets is credit positive for banks, says Moody’s Investor Services (Moody’s). https://www.brecorder.com/news/40078965/robust-growth-in-islamic-banking-assets-credit-positive-moodys 120 Business Recorder
24. FY22 Budget: Requirement of submitting taxpayers’ profiles to be abolished The government has decided to abolish the requirement of submitting or updating taxpayers’ profiles by the registered taxpayers, in the next federal budget (2021-22). https://www.brecorder.com/news/40078967/fy22-budget-requirement-of-submitting-taxpayers-profiles-to-be-abolished 120 Business Recorder
25. Pakistan, Denmark to form energy working group Pakistan and Denmark have decided to constitute energy working group to develop Terms of Reference (ToRs) for renewable energy projects on Government-to-Government basis. https://www.brecorder.com/news/40078964/pakistan-denmark-to-form-energy-working-group 120 Business Recorder
26. 60pc of energy mix to be clean energy by 2030: PM Prime Minister Imran Khan Monday said that by 2030 the country’s 60 percent energy mix would be shifted to clean electricity production through solar, wind, and hydro power. https://www.brecorder.com/news/40078968/60pc-of-energy-mix-to-be-clean-energy-by-2030-pm 120 Business Recorder
27. DAP prices threaten application Farmers have spent an identical amount on the two key fertilizers in the last three Rabi seasons. https://www.brecorder.com/news/40078846/dap-prices-threaten-application 121 Business Recorder
28. Rafhan Maize: price increase to the rescue! An eight percent decline in production could not keep Rafhan Maize (PSX: RMPL) from improving its profitability indicators. https://www.brecorder.com/news/40078844/rafhan-maize-price-increase-to-the-rescue 121 Business Recorder
29. Atlas Honda raises bike prices Atlas Honda Ltd (AHL) has increased bike prices by Rs1,000-1,600 despite low cost of import on account of improving rupee strength against the dollar in the last seven months. https://epaper.dawn.com/DetailImage.php?StoryImage=30_03_2021_009_009 9 Dawn
30. Profits outflow surpass $1bn during 8MFY21 The outflow of profits and dividends on foreign investment crossed $1 billion during the first eight months of the current fiscal year (8MFY21), reflecting healthy growth of companies having foreign investments. https://epaper.dawn.com/DetailImage.php?StoryImage=30_03_2021_009_007 9 Dawn
31. Currency exchange rates Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   154.60 212.95 182.21 23.75 41. 23
113   Business Recorder

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