Important Business News Thursday 19th November 2020

S.# Description Pg # Source
1. National savings schemes Institutional investment disallowed
In a major policy decision, the Federal Government has decided to impose ban on institutional investment in National Savings Schemes (NSS) from July 1, 2020, on the recommendations of Governor State Bank of Pakistan (SBP) Dr Reza Baqir, sources in Finance Ministry told Business Recorder.
1     Business Recorder
2. SBP expects 1.5-2.5pc growth The State Bank of Pakistan (SBP) expects the country’s GDP growth to stay within the range of 1.5-2.5 percent during the current fiscal year, ie, FY21. 1 Business Recorder
3. PM says there will be no business growth bottlenecks Prime Minister Imran Khan Wednesday urged the businessmen and exporters to invest freely in the country with no worry for any policy shift or bottlenecks as the government was fully focused at reviving industrialization through maximum facilitation. 1 Business Recorder
4. THE RUPEE: Fall on all fronts On Wednesday, global shares and USD went up on account of further positive Covid-19 vaccine news from Pfizer. 1   Business Recorder
5. Cotton output shows alarming decline The cotton production in the country witnessed an alarming decline of 2.8 million bales, according to a report released by Pakistan Cotton Ginners Association. 1 Business Recorder
6. PKR-denominated Karakoram bonds ADB raises Rs1.83bn
The Asian Development Bank (ADB) has raised Rs1.83 billion ($11.4 million) in a first issue of local currency Karakoram bonds by a multilateral development bank of which Pakistan is a member.
1 Business Recorder
7. Country incurs $3.181bn debt in 4 months Pakistan incurred foreign debt of $3.181 billion from multiple financing sources in the first four months (July-October) of 2020-21, including $566.27 million from foreign commercial banks projected at 26 percent of total budgeted external loans of $12.233 billion for the entire fiscal year. 1 Business Recorder
8. July-Oct: export growth inches up 0.62pc The country’s exports during July-October, 2020 totaled $7.576 billion against $7.529 billion during the corresponding period of last year, showing an increase of 0.62 percent, revealed exports and imports data released by the Pakistan Bureau of Statistics (PBS). 1 Business Recorder
9. KSE-100 Index dips BRIndex100 retreats
Pakistan Stock Exchange Wednesday closed on a negative note due to selling in various sectors.
1 Business Recorder
10. Annual report 2019-20 unveiled Economy poised to resume trajectory of recovery: SBP
 With the improvement in Pakistan’s macroeconomic fundamentals intact, the SBP foresees that the economy is poised to resume the trajectory of recovery on which it had embarked prior to the Covid-19 outbreak.
5 Business Recorder
11. Cotton crop Textile sector urges govt to increase cultivation area
The country’s top export – textile sector on Wednesday sought the government’s priority towards the increase of a sizeable cultivation area of cotton crop and its output growth to safeguard the local yarn market.
5 Business Recorder
12. SECP grants approval for launching of P2P Lending Platform The Securities and Exchange Commission of Pakistan (SECP) has granted approval for launch of a Peer-to-Peer (P2P) Lending Platform which connects borrowers with individual lenders to meet the borrowers’ loan requirements and provide small and medium enterprises and retail investors short term investment opportunities. 7 Business Recorder
13. North-South Gas Pipeline execution Pakistan, Russia finalise protocols
The Ministry of Energy (Petroleum Division) of Pakistan and the Ministry of Energy of the Russian Federation held first Russia-Pakistan Technical Committee meeting from 16th to 18th November 2020 in Islamabad on mutual cooperation for the development of North South Gas Pipeline Project.
7 Business Recorder
14. Online content rules published in gazette of Pakistan The federal government has published the “Removal and blocking of unlawful online content (procedure, oversight and safeguards) Rules, 2020” in the gazette of Pakistan. 7 Business Recorder
15. Volume of business remains thin on cotton market The local cotton market remained stable on Wednesday. 8 Business Recorder
16. 13 SEZs approved: CM announces Rs13bn development package for Faisalabad Announcing Rs13 billion development package for Faisalabad, Chief Minister Sardar Usman Buzdar on Wednesday said the Punjab government has approved 13 Special Economic Zones (SEZs) while notification of seven SEZs has been issued by the federal government. 12 Business Recorder
17. Minimum tax liability LTBA points out ‘glaring miscalculation’ by IRIS system
The Federal Board of Revenue (FBR) has received serious complaints on the miscalculation of minimum tax liability by the IRIS system in the income tax return form 2020.
15 Business Recorder
18. APTTA and PTA Parleys with Afghanistan bilateral, not trilateral: Dawood
Prime Mini-ster’s Advisor on Commerce and Investment, Abdul Razak Dawood Wednesday said that parleys between Pakistan and Afghanistan were held on bilateral trade and not on trilateral basis.
16 Business Recorder
19. UAE suspends issuance of new visit visas The Foreign Office on Wednesday confirmed that the UAE has temporarily suspended the issuance of new visit visas until further announcement for 12 countries, including Pakistan. 16 Business Recorder
20. Inclusive growth key to economic development: Hafeez Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh has said that inclusive growth is the key to economic development, and wanted the private sector to take lead role in providing services and employment in the markets. 16 Business Recorder
21. Industrial sector output declines by 2.6pc in FY20 Provisional National Accounts data shows that industrial sector output declined by 2.6 percent in FY20, compared to a contraction of 2.3 percent in FY19, the SBP Annual Report said. 16 Business Recorder
22. GDP to grow by 2.5pc in FY21: SBP The State Bank of Pakistan (SBP) expects GDP growth to stay within the range of 1.5-2.5 per cent in FY21 against the target of 2.1pc set by the government, said the annual State of the Economy report for 2019-20 issued on Wednesday. 9 Dawn
23. Rupee sees biggest fall in weeks The rupee in the interbank market on Wednesday fell by Rs1.52, or 1 per cent, to close at Rs159.83 against the dollar mainly on panic-buying from importers ahead of resumption of talks with International Monetary Fund.   9 Dawn
24. Fortnightly cotton output falls 41pc Phutti (seed-cotton) arrivals into ginneries declined by 41.27 per cent to 4.027 million bales till Nov 15 compared to 6.8m bales in the same period last year, showed fortnightly data released by the Pakistan Cotton Ginners` Association (PCGA) on Tuesday. 9 Dawn
25. Currency exchange rates   Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   158.10 209.13 187.54 24.26 42. 23
9 Business Recorder

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