Important Business News Friday 8th January, 2021

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1. ‘True’ potential of exports discovered thru mapping effort The Apex Committee on Economic Outreach has been informed that an extensive mapping exercise about export potential of goods and services has been carried out in consultation with relevant government ministries that identified additional exports potential of US$31 billion. 1     Business Recorder
2. Trade deficit widens by 32.04pc to $2.683bn in Dec Pakistan’s trade deficit widened by 32.04 percent to $2.683 billion in December 2020 compared to $2.032 billion in December 2019, says the Pakistan Bureau of Statistics (PBS). 1   Business Recorder
3. Supply of electricity, gas Cell established to process requests for concessionary tariff
The Federal Board of Revenue (FBR) has established an Export-Oriented Sectors Registration Cell (ESRC) to process requests for concessionary tariff rates on supply of electricity and gas.
1 Business Recorder
4. Well-being of people PBS shares results of survey on Covid-19 impact
A survey of Pakistan Bureau of Statistics (PBS) revealed that in Pakistan 35 percent of population which is 10 years of age and older (approximately 55.74 million) was working before the onset of Covid-19, but due to the closure of activities after lockdowns, it is observed that this had declined to 22 percent (35.04 million approximately).
1   Business Recorder
5. KE granted licence to build, operate RLNG pipeline The Oil and Gas Regulatory Authority (Ogra) on Thursday granted the K-Electric licence to construct and operate a gas pipeline that will supply Re-gasified Liquefied Natural Gas (RLNG) to an upcoming RLNG-based 900 MW BQPS-III power plant and supplement fuel requirements of the power plants located at its Bin Qasim Power Complex. 1 Business Recorder
6. Incentives for construction sector PM optimistic about provinces’ approach to extension
Prime Minister Imran Khan has expressed the confidence that the provinces will try to get maximum benefit from the extension in incentives for the construction sector.
1 Business Recorder
7. Markets.Rates.The Rupee THE RUPEE: Gains recorded against USD
On Thursday, after markets closed, Pakistan Rupee recorded gains against US Dollar in both interbank and open markets.
1 Business Recorder
8. Smart metering system CCOE seeks deliberations on proposed design
The Cabinet Committee on Energy (CCOE) directed the Power Division and the Ministry of Information Technology and Telecommunication (MoIT&T) to hold further deliberations on the proposed design of the Electricity-Meterless Smart Metering System, and submit a joint proposal to the CCoE.
1 Business Recorder
9. FBR issues forfeiture of property rules The Federal Board of Revenue (FBR) Thursday authorised its customs officials to freeze and forfeit assets to the federal government including both movable and immovable properties suspected of having been acquired through proceeds of smuggling. 1 Business Recorder
10. PSX on positive note BRIndex100 in green trajectory
Pakistan Stock Exchange on Thursday witnessed mixed trend during initial hours however closed on positive note on the back of healthy buying by both local and foreign investors.
1 Business Recorder
11. CPEC’s 2nd phase Transfer of technology top priority: Asim Bajwa
Chairman China Pakistan Economic Corridor (CPEC) Authority Lt Gen Asim Saleem Bajwa (retd) has said that Pakistan’s priorities in the second phase of CPEC are transfer of the technology to bring trade revolution in the country.
2 Business Recorder
12. Cane commissioner for action against ‘middlemen’ The Cane Commissioner Punjab has directed the district administration of the province to initiate a crackdown against middlemen/illegal purchase centres for stopping off-the-book sugarcane purchase and depriving the growers of due return of their produce. 2 Business Recorder
13. Forex reserves increase by $258m The country’s total liquid foreign exchange reserves increased by $258 million to stood at $20.512 billion end of the last week. 3 Business Recorder
14. Axle Load Policy CPEC panel for resolving issue of impediments in implementation
Parlia-mentary Committee on the China-Pakistan Economic Corridor (CPEC) has recommended that the Ministry of Communications should resolve the issue of impediments in implementation of “Axle Load Policy” with the consultation of all transport departments, and other stakeholders to protect roads infrastructure and facilitate smooth regulation of trade.
5 Business Recorder
15. Cotton spot rate rises by Rs100 to Rs10500 The Spot Rate Committee of the Karachi Cotton Association on Thursday has increased the spot rate by Rs 100 per maund and closed it at Rs 10,500 per maund. 8 Business Recorder
16. Digital financial services SBP chief chairs third stakeholders’ meeting
The State Bank of Pakistan (SBP) organised the third nationwide Stakeholders’ meeting on digital financial services on Thursday chaired by Governor SBP, Dr Reza Baqir.
11 Business Recorder
17. Cost of Nai Gaj Dam jumps to Rs47.723bn The cost of Nai Gaj Dam in District Dadu, Sindh, has jumped to Rs47.723 billion from Rs26.236 billion, indicates the 2nd revised PC-1 of the project. 12 Business Recorder
18. MoF asks depts to clear over Rs1trn liabilities Ministry of Finance (MoF) has reportedly asked NHA, Power Division, NTDC, Aviation Division and Strategic Planning Division (SPD) to clear outstanding liabilities of over Rs 1 trillion, well informed sources told Business Recorder. 12 Business Recorder
19. Transshipment of containers and bulk cargo Shipping lines required to submit indemnity bond
The Federal Board of Revenue (FBR) has made it mandatory for the shipping lines engaged in the business of international transshipment of containers and bulk cargo to submit an indemnity bond to the customs for ensuring to follow Customs rules and regulations of the FBR.
12 Business Recorder
20. NAB-FBI MoU to open up ‘Pandora’s box’: Mazari The Minister for Human Rights, Dr. Shireen Mazari has stated that a memorandum of understanding (MoU) between National Accountability Bureau (NAB) and Federal Bureau of Investigation (FBI) of the US will up a Pandora’s box for Pakistan. 12 Business Recorder
21. Pensions will be made through bank account: FD The Finance Division has instructed that payment of pension will be made to the pensioners through a bank account either current or profit and loss sharing (PLS) maintained in his own name, and a joint account would not be valid. 12 Business Recorder
22. 20.76m lost livelihood due to lockdowns: survey Pakistan`s 20.76 million workforce suffered livelihood losses due to coronavirusrelated lockdowns and a large majority of them got back to work af ter July 2020, an of ficial survey reveals. 1 Dawn
23. Circular debt rose to Rs2.306tr in November The government confirmed on Thursday that power sector`s circular debt went past Rs2.306 trillion as of Nov 30, 2020, up by Rs156 billion over the first five months of the current fiscal year, at a rate of Rs31.2bn per month. 1 Dawn
24. Currency exchange rates Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   160.20 217.00 196.50 24.50 42. 70
17 Business Recorder

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