Important Business News Thursday 28th January, 2021

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1. Loans, interest: Minister says Rs6trn, not Rs11trn, was paid in two years Federal information minister Shibli Faraz said on Wednesday that federal government paid Rs 6 trillion against loans and interest/mark-up in the last two years. 1 Business Recorder
2. SBP amends AML/CFT/CPF Regulations The State Bank of Pakistan (SBP) has amended Anti-Money Laundering, Combating the Financing of Terrorism & Countering Proliferation Financing (AML/CFT/CPF) Regulations aimed at meeting the Financial Action Task Force (FATF) recommendations. 1     Business Recorder
3. Sell-off of Discos PC given documents to expedite process
Power Division has handed over the entire documents of power Distribution Companies (Discos) to the Privatisation Commission (PC) meant to expedite sell-off process of those companies, well-informed sources told Business Recorder.
1   Business Recorder
4. Basmati rice registered as GI Pakistan has registered Basmati Rice as Geographical Indication (GI) under Geographical Indications Act 2020. 1 Business Recorder
5. FBR opposes zero-rating proposal The Federal Board of Revenue (FBR) has strongly opposed a proposal of the textile sector for the restoration of zero-rating regime or applicability of lower rate of sales tax on five export-oriented sectors. 1    Business Recorder
6. Markets.Rates.The Rupee THE RUPEE: Gain vs USD continues
On Wednesday, PKR continued to gain value against USD in both interbank and open markets.
1 Business Recorder
7. Economic stability, growth and jobs ADB endorses new 5-year CPS
The Asian Development Bank (ADB) Wednesday said it endorsed a new five-year country partnership strategy (CPS) to help restore economic stability and growth in Pakistan, enhance people’s well-being, create jobs, and expand economic opportunities as the country works to overcome the coronavirus disease (Covid-19) pandemic.
1   Business Recorder
8. Spot cargoes PLL claims revised bids save $30m
The Pakistan LNG Ltd (PLL) issued a tender (PLL/IMP/LNGT30) for three spot cargoes for March on 16th December 2020, and opened the bids on 15th January 2021 with bid opening to delivery ranging from 53 to 66 days.
2 Business Recorder
9. Rs82.8m transfer to PSDP-allocated project approved by govt The Federal Government has approved transfer of Rs 82.8 million to PSDP-allocated project “1000 industrial stitching units” through Technical Supplementary Grant (TSG). 3   Business Recorder
10. Steady trend witnessed on cotton market The local cotton market stable on Wednesday. Market sources told that trading volume was satisfactory. 8 Business Recorder
11. Without proper documentation 4000 petrol pumps identified across country
The authorities have identified 4000 petroleum pumps across the country, which are running their business without proper documentation.
13 Business Recorder
12. Pakistan pledges $25,000 contribution for UN peacekeeping fund Pakistan has announced a contribution of $25,000 to the UN Secretary General’s Peace building Fund, expressing commitment to multilateral cooperation for peace and conflict prevention. 13 Business Recorder
13. Margin of oil marketing companies Experts hail proposal to interim increase
The proposal of the Petroleum Division (PD) for an interim increase in the “margin” of oil marketing companies was widely appreciated by experts on the pretext that it was necessary for the survival of the industry and for ensuring uninterrupted supply of petroleum products in the country.
13 Business Recorder
14. Monthly fuel price adjustment Nepra indicates Rs1.60/unit raise in tariffs
National Electric Power Regulatory Authority (Nepra) on Wednesday indicated an increase of upto Rs 1.60 per unit in tariffs of power Distribution Companies for the month of December 2020 under monthly fuel price adjustment mechanism, amid a heated debate within the Authority on use of expensive fuel, which will overburden the consumers.
14 Business Recorder
15. Pak-Afghan border to Nowshera Work on 113km-transmission lines project inaugurated
Federal Minister for Energy Omar Ayub Khan and President of Islamic Development Bank (IDB), Dr Bandar Hajjar inaugurated construction of 113-kilometre electricity transmission lines project from Pak-Afghan border to Nowshera under the South Asia Central Asia Regional Trade and Transmission project (CASA-1000) in a virtual event. The approximate cost of the project is $1.17 billion.
14 Business Recorder
16. Rs3.50 per unit hike in power tariff on the cards The National Electric Power Regulatory Authority (Nepra) on Wednesday hinted at increasing electricity tariff by about Rs3.50 per unit over the next few days. 3 Dawn
17. Azerbaijan seeks to build long-term energy ties Socar Trading a commercial arm of the State Oil Company of Azerbaijan Republic has offered supply of petrol and LNG cargoes to Pakistan LNG Ltd (PLL) and Pakistan State Oil (PSO) round the year on credit under a government-to-government (G2G) arrangement to build upon strategically friendly relationship between the two countries. 9 Dawn
18. 2021 crucial year for cotton, says minister Minister for National Food Security and Research Syed Fakhr Imam on Wednesday said that 2021 will be a `make or break` year for the cotton crop. 9 Dawn
19. Currency exchange rates   Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   160.45 220.34 195.08 24.94 42. 91
19 Business Recorder

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