Important Business News Monday 11th January, 2021

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1. PM derives satisfaction from taxation efforts The Federal Board of Revenue (FBR) has informed Prime Minister Imran Khan that the income tax return filers for tax year 2020 has reached 2.4 million along with tax payments of Rs45 billion till January 9, 2021 against 2.2 million returns filed last year with tax payments of Rs28.5 billion, showing extraordinary increase both in terms of returns and tax payments. 1     Business Recorder
2. Govt, IPPs agree to sign master agreements The Federal Government and Independent Power Producers (IPPs) have reportedly agreed to sign Master Agreements, to be annexed to the Power Purchase Agreements (PPAs) instead of making massive amendments in the PPAs, well informed sources told Business Recorder. 1   Business Recorder
3. Major breakdown Govt says it was technical fault
Federal Minister for Energy Omar Ayub Khan Sunday said power supply to most parts of the country is restored, following a countrywide power breakdown Saturday night, due to sudden drop of frequency in national grid from 50 to 0, saying an inquiry is launched to determine the cause of the technical fault that caused the power blackout.
1 Business Recorder
4. PSX witnesses bullish trend BRIndex100 gains 131.81 points
Pakistan Stock Exchange witnessed bullish trend during the outgoing week ended on January 08, on the back of healthy buying by both local and foreign investors and institutions.
1   Business Recorder
5. Futures spread declined by 404bps The futures spread declined by 404bps to 8.85 percent on the last day of outgoing week. 1 Business Recorder
6. 2nd quarter of FY 2020-21 OGDCL adds 2,666 BPD oil, 82 MMCFD gas in system: MD
Oil and Gas Development Company Limited (OGDCL) Managing Director Shahid Salim Khan said the company has successfully injected additional 2,666 BPD oil, 82 MMCFD gas and 77 MTD LPG in its production gathering system during second quarter of the fiscal year 2020-21, ending on December 31.
2 Business Recorder
7. New units at highways, motorways to be taxed from July The Excise, Taxation and Narcotics department has constituted teams for survey to identify units at highways and motorways to bring them into tax net in the limits of district. 3 Business Recorder
8. Prices of essential kitchen items decrease slightly Prices of daily use items, including live chicken/ meat, eggs, vegetable, flour, sugar, fruits, fresh milk and others have slightly dropped in the retail market, according to a survey conducted by Business Recorder here on Sunday. 9 Business Recorder
9. Govt earns $80m from export of engineering goods Pakistan has earned $ 80.002 million from the exports of engineering goods during the first five months of the current fiscal year, Pakistan Bureau of Statistics (PBS) reported. 9 Business Recorder
10. Weekly Cotton Review Bullish trend witnessed
The rate of cotton reached at Rs 11000 per maund which is highest in last ten years. The bullish trend was witnessed in international cotton market.
10 Business Recorder
11. ‘FPCCI offers plan to modernise industrial sector’ Chairman of Federation of Pakistan Chamber of Commerce and Industry (FPCCI) Capital Office, Qurban Ali Sunday said that FPCCI would arrange to offer a comprehensive development plan for modernizing the industrial sector in the country. 13 Business Recorder
12. July-Dec tax receipts surpass Rs2,205bn, PM told Prime Minister Imran Khan was informed on Sunday that tax receipts had surpassed Rs2,205 billion during the first six months (July-Dec) of the current financial year. 3 Dawn
13. $600m WB loan sought for hybrid social protection scheme The government has requested the World Bank for a loan of $600 million to roll out an innovative hybrid social protection scheme to support its aspirations around risk mitigation and financial inclusion among the poor and informal workers. 3 Dawn
14. Time to walk on a different path PAKISTAN`S textile industry expects the Economic Coordination Committee (ECC) to approve the new five-year textile policy, the country`s third, carrying unprecedented cash and energy price subsidies to increase the country`s textile and clothing exports to $20.8 billion in five years, this week. 1 Dawn Business & Finance
15. The Week In an unceremonious exit, Special Assistant to the Prime Minister on Power Tabish Gohar dispatches his resignation to Imran Khan from Dubai, informed official sources confirm 1 Dawn Business & Finance
16. Declaring premature victory THE government has started building its narrative about an economic turnaround based on nascent short-term positives. That is perhaps aimed at building public hopes something not unusual for political governments. 1 Dawn Business & Finance
17. Complexity of inflation management LOW interest rates are here to stay at least till the end of this fiscal year as the government is trying to lift the economy and the central bank remains committed to pursuing growth-promoting monetary policy. 2 Dawn Business & Finance
  Editorial News    
18. FBR’s preposterous claim Inexplicably and disturbingly the Federal Board of Revenue (FBR) has made a preposterous claim that it has conducted a study that shows that if FBR accepts the stance of provincial revenue authorities with regard to the definition of four disputed sectors (restaurants, transportation of petroleum products, construction and toll manufacturing) it would lose approximately one trillion rupees in revenue. 12 Business Recorder
19. Q1FY21: SBP Report The State Bank of Pakistan (SBP) has released its first quarterly 2020-21 report (July-September). 12 Business Recorder

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