Important Business News Wednesday 27th January, 2021

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1. First 5 months of FY21 Fiscal deficit stands at 1.8pc of GDP
The fiscal deficit during the first five months of the current fiscal year stood at 1.8 percent of GDP, 0.2 percent higher over 1.6 percent last year, however, primary balance remained in surplus of Rs216 billion (0.5 percent of GDP) as opposed to 0.3 percent of GDP or Rs117 billion for the same period a year before, according to monthly economic update and outlook for Jan 2021 uploaded by Finance Ministry on its website.
1 Business Recorder
2. Pakistan: 1.5pc GDP growth projected The International Monetary Fund (IMF) has projected 1.5 percent Pakistan’s GDP growth for the current fiscal year 2021 and 4 percent for the next fiscal year 2022 in its World Economic Outlook update for January 2021 uploaded on its website on Tuesday. 1     Business Recorder
3. Markets.Rates.The Rupee THE RUPEE: Rebounds against USD
After market close on Tuesday, Pakistan Rupee rebounded against US Dollar in both interbank and open markets. It also went up against Euro, AED and SR in open market.
1   Business Recorder
4. Q1 external debt servicing stands at $3.593bn The country has paid some $3.593 billion for external debt servicing during the first quarter (Jul-Sep) of this fiscal year.? 1 Business Recorder
5. Power plant at Gwadar: ECC’s approval sought for ‘unique’ QPPA Power Division has sought approval of the Economic Coordination Committee (ECC) of the Cabinet of an arguably a “unique” Quadripartite Power Purchase Agreement (QPPA) for establishment of 300MW coal-fired power plant at Gwadar, well-informed sources in PPIB told Business Recorder. 1    Business Recorder
6. Profit, dividend Foreign investors repatriate $892m in H1
Foreign investors repatriated some $892 million abroad on account of profit and dividend during the first half of this fiscal year (FY21).
1 Business Recorder
7. PSX maintains buoyant mood BRIndex100 extends gains
A bullish trend continued on Pakistan Stock Exchange Tuesday on the back of healthy buying, mainly by local investors.
1   Business Recorder
8. Rental power projects PAC panel settles 11 out of 12 audit objections

A two-member committee of the Public Accounts Committee (PAC) settled 11 out of 12 pending audit objections against rental power projects installed during the Pakistan Peoples Party (PPP) tenure on Tuesday.
3 Business Recorder
9. World Bank to invest $2bn in different sectors: Firdous Special Assistant to Chief Minister on Information Dr Firdous Ashiq Awan has said that the World Bank’s Country Director for Pakistan Najy Benhassine during his meeting with the Chief Minister Usman Buzdar discussed about investing US$2 billion in five important sectors adding that the investment will be made in 5Gs sectors including girls’ education, clean and green Pakistan and last but not the least improving governance standards. 3   Business Recorder
10. Trading volume seen satisfactory on cotton market The local cotton market stable on Tuesday. Market sources told that trading volume was satisfactory. 8 Business Recorder
11. TI-P tells govt Vaccine procurement not exempted from PPRA law 2002
Trans-parency International-Pakistan (TI-P) has conveyed to the government that the procurement of Covid-19 vaccine is exempted from the PPRA Rules, 2004 not the PPRA Ordinance 2002, according to which Integrity Pact from the suppliers is mandatory to prevent corruption in procurement.
12 Business Recorder
12. Revision of duties, taxes on EVs import Ordinance aimed at amending ST Act, other laws under study
The government is planning to promulgate a Presidential Ordinance to rationalise duties and taxes on the import of electric vehicles. The plan also includes abolition of three percent additional sales tax on the import of electric vehicles and its parts in CKD kits.
12 Business Recorder
13. Tax policy Waqar convenes meeting on creation of ‘TPU’
Special Assistant to the Prime Minister on Revenue, Dr Waqar Masood has convened a meeting on the creation of a Tax Policy Unit (TPU) within the domain of the Revenue Division for exclusively dealing with the issue of tax policy of the country.
12 Business Recorder
14. Sec 114A of IT Ord Salaried individuals not required to update tax profiles: FBR
The Federal Board of Revenue (FBR) has issued a clarification that the salaried individuals are not required to update their tax profiles under section 114A of the Income Tax Ordinance, 2001.
12 Business Recorder
15. MoF opposes 16pc increase in margins of OMCs Ministry of Finance (MoF) has reportedly opposed 16 per cent increase in margins of Oil Marketing Companies (OMCs), saying that upward revision of 6.58 per cent is sufficient till PIDE completes its study, sources close to SAPM on Petroleum Nadeem Babar told Business Recorder. 12 Business Recorder
16. FBR exempts WHT on import of 3,000MT of wheat The Federal Board of Revenue (FBR) has exempted withholding tax on the import of 300,000 Metric Tons of wheat. 12 Business Recorder
17. Senate informed Country will achieve $ 10bn IT exports target in 10 years Pakistan’s information technology (IT) exports could increase to $ 10 billion in the next 10 years and to $ 5 billion by June 2023, Federal Minister for Information Technology and Telecommunication Syed Amin Ul Haque informed the Senate Tuesday. 18 Business Recorder
18. More cotton production MNFS&R urged to prepare incentive program for farmers The Punjab Agriculture Committee has recommended to the Ministry of National Food Security & Research (MNFS&R) to prepare an incentive programe for farmers to enhance cotton production in Pakistan. 18 Business Recorder
19. Profit repatriation jumps 26pc in July-December Repatriation of profits was 26 per cent higher than the inflow of foreign investment during the first half of the current fiscal year. 9 Dawn
20. Pandemic, soaring prices hit gold jewellery sales Conflicting claims have emerged over the revival of gold jewel1ery sales since the start of the wedding season from Sept 15, 2020, with many jewellers painting a gloomy picture while others not so despondent. 9 Dawn
21. Finance ministry optimistic about economic revival The country`s fiscal deficit widened to 1.8 per cent, or Rs822 billion, of GDP in the first five months of FY21 compared to 1.6pc (Rs676bn) in the corresponding period last year. 9 Dawn
22. $3.6bn foreign debt retired in Q1 Pakistan paid $3.593 bilhon in external debt servicing during the first quarter of this fiscal year, reported the State Bank of Pakistan (SBP). 9 Dawn
23. Pakistan gets up to 38pc lower LNG rates through revised bids Amid falling international market, Pakistan on Wednesday received significantly cheaper bids for three cargoes of liquefied natural gas (LNG) to be delivered in March under an urgent tendering process. 12 Dawn
  International News    
24.  IMF lifts global growth forecast The International Monetary Fund on Tuesday raised its forecast for global economic growth in 2021 and said the coronavirus-triggered downturn in 2020 would be nearly a full percentage point less severe than expected. 1 Business Recorder
25. Currency exchange rates   Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   160.75 219.70 195.18 24.94 42. 91
17 Business Recorder

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