Important Business News Thursday 7th January, 2021

S.# Description Pg # Source
1. ECC moves to help industries get cheap raw material • Removal of 2pc additional customs duties on 152 tariff lines approved
The Economic Coordination Committee (ECC) of the Cabinet has approved the removal of two percent additional customs duties on 152 tariff lines to help industries get cheap raw material and lessen their cost of doing business.
1     Business Recorder
2. FBR estimates Rs1trn revenue loss The Federal Board of Revenue (FBR) has estimated a revenue loss of approximately Rs1 trillion in its tax collection, if the FBR accepts the stance of the provincial revenue authorities on disputed areas of sales tax collection on goods and services including restaurants, transportation of petroleum products, toll manufacturing, and the construction business. 1   Business Recorder
3. Jewellers, accountants, developers/builders Certain officials empowered to monitor and document
The Federal Board of Revenue (FBR) has empowered certain officials of the Directorate General of Intelligence and Investigation Inland Revenue, Regional Tax Offices, and Model Customs Collectorates to monitor and document jewellers, accountants, and developers/builders under the Anti-Money Laundering Act, 2010 for assisting the Directorate General of Designated Non-Financial Business and Professions (DNFBPs).
1 Business Recorder
4. Base tariffs of Discos Govt in a catch-22 situation
The federal government is said to be facing a catch-22 situation with respect to increase in base tariffs of power Distribution Companies (Discos) by Rs 3.34 per unit to recover over Rs 300 billion from consumers.
1   Business Recorder
5. Ogra opposes proposal to grant flare gas-based CNG licences The Oil and Gas Regulatory Authority (Ogra) has opposed a proposal of granting flare gas based CNG licenses. 1 Business Recorder
6. Markets.Rates.The Rupee THE RUPEE: Slight gains vs $

On Wednesday, PKR slightly strengthened against USD in both inter-bank and open markets.
1 Business Recorder
7. Rising pension spending SBP calls for systemic reforms
The State Bank of Pakistan (SBP) has called for parametric and systemic reforms to deal with rising public pension expenditure in the country.
1 Business Recorder
8. PSX crosses 45,000-point level BRIndex100 rebounds
Pakistan Stock Exchange Wednesday witnessed a bullish trend on the back of healthy buying by both local and foreign investors. BRIndex100 gained 55.45 points or 1.17 percent to close at 4,782.29 points.
1 Business Recorder
9. Qureshi emphasises importance of ‘economic diplomacy’ Foreign Minister Shah Mahmood Qureshi Wednesday asked Pakistan’s envoys based in African countries to cultivate and broaden mutually-beneficial trade and economic partnerships with the host states, focusing on key goals of trade promotion, financial inflows, investments, remittances, tourism, and technology transfer. 2 Business Recorder
10. PARC says seeks to transform Pakistan into cotton exporting country The Pakistan Agricultural Research Council (PARC) told the Parliamentary Committee on the China-Pakistan Economic Corridor (CPEC) that the PARC’s aim is to change Pakistan from cotton importing country to cotton exporting country, and save foreign exchange of $1.5 billion. 9 Business Recorder
11. Gold prices up by Rs600 Gold on Wednesday maintained its upward trend as a result of an increase of Rs600 per tola on the local market, traders said. 12 Business Recorder
12. Wholesale market Sugar price reaches Rs8800/100kg
 Price of white refined sugar price on Wednesday reached the level of Rs 8800 per 100 kg in the wholesale market adding Rs 2 per kilogram as against the price of Rs 8600 per 100 kg on Tuesday.
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13. CAA to be divided into three divisions The Pakistan Civil Aviation Authority (CAA) while restructuring the authority has decided to divide it into three divisions. 16 Business Recorder
14. PTA to hire consultancy firm carrying out study of mobile financial services The Pakistan Telecommunication Authority (PTA) has decided hiring consultancy firm/consultant to carry out study of mobile financial services covering technical, legal, and financial aspects etc. vis-à-vis international best practices in implementation of mobile financial services. 16 Business Recorder
15. Bullish trend witnessed on cotton market The local cotton market remained bullish on Wednesday. Market sources told that trading volume also increased. 20 Business Recorder
16. Virgin Islands court resumes hearing on Reko Dig award today As the High Court of Justice in the British Virgin Islands (BVI) resumes on Thursday (today) hearing of a case relating to enforcement of a $5.97 billion award against Pakistan, Islamabad is hopeful that its legal team will ensure that no further adverse effect takes place against the country. 1 Dawn
17. ECC okays additional wheat import for buffer stock The Economic Coordination Committee (ECC) of the cabinet on Wednesday approved additional import of more than 250,000 tonnes of wheat for buffer stock ahead ofthefreshcrop produce in April and allowed removal of duty on 152 tarif f lines. 1 Dawn
18. New textile policy envisions trillion-rupee subsidies for exporters till year 2025 The government is set to unveil an ambitious Textile and Apparel Policy 2020-25 laden with cash subsidies and lower rates on utilities worth Rs960 billion to boost production and exports of value-added textile products. 9 Dawn
19. Call for exploiting agriculture potential under CPEC The Parliamentary Committee on China-Pakistan Economic Corridor (CPEC) on Wednesday called for strengthening the agriculture sector under the CPEC framework by observing that this diminishing sector has the potential source of employment for the people of the country. 9 Dawn
20. 3rd round of trade talks with S. Korea Pakistan and South Korea held third round of the Joint Trade Committee meeting on Wednesday to discuss avenues to expand the bilateral trade and investment linkages, the Ministry of Commerce said in a statement. 9 Dawn
  Editorial News    
21.  Growth: SBP and WB estimates The World Bank has projected a growth rate of 0.5 percent, with the global economy rising by 4 percent, whereas the State Bank of Pakistan (SBP) has projected a rate of between 1.5 to 2.5 percent for the current year. 14 Business Recorder
22. Currency exchange rates Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   160.35 218.17 197.04 25.04 42. 80
21 Business Recorder

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