Important Business News 1st December, 2019

 

S.# Description Pg # Source
1.

Rs300bn sell-off proceeds unlikely to be realized

Federal government may not be able to achieve revised Rs 300 billion from privatization proceeds in the current fiscal year (2019-20) due to legal and administrative challenges and consequently the primary and fiscal deficit benchmarks agreed with the International Monetary Fund (IMF) may be compromised.

https://epaper.brecorder.com/2019/12/01/1-page/812925-news.html

 

1 Business Recorder
2.

Fiscal operations

Q1 primary surplus stands at Rs286bn
The primary surplus for the first quarter of the current fiscal year, as per the summary of the consolidated federal and provincial budgetary operations 2019-20, was Rs 286 billion against a deficit of Rs 48 billion in the comparable period of last year.

https://epaper.brecorder.com/2019/12/01/1-page/812927-news.html

 

1 Business Recorder
 

3.

Four joint border markets with Iran being established

The seventh meeting of the Joint Border Trade Committee (JBTC) has decided to establish four joint border markets with Iran’s cooperation, Pakistani official Reza Baloch said on Saturday.
Reza Baloch made the remarks after signing of the joint Iran-Pakistan Border Trade Agreement held in Zahedan on Saturday.

https://epaper.brecorder.com/2019/12/01/1-page/812934-news.html

 

1 Business Recorder
4.

Lending Modaraba may raise funds through issuance of ‘COM’: SECP

A lending Modaraba, having enabling clause for resource mobilization in its prospectus, with the approval of the Commission, may raise funds through issuance of Certificates of Musharakah (COM) after complying with the laid down requirements by the Commission.

https://epaper.brecorder.com/2019/12/01/1-page/812935-news.html

 

1 Business Recorder
5.

ANP accuses govt of delaying NFC Award

Acting president ANP, Ameer Haider Khan Hoti, has alleged that government is using delaying tactics in announcement of National Finance Commission (NFC) Award and after 18th Constitutional Amendment no financial award is given so far.
He was addressing a provincial convention of the Malgari Wakeelan, an ANP affiliated lawyers’ wing.

https://epaper.brecorder.com/2019/12/01/5-page/812962-news.html

 

5 Business Recorder
6.

PSX clarification

“A Press briefing was held on Friday, November 29, 2019, at Pakistan Stock Exchange, where details about the signing of the agreement for acquisition of IT Trading & surveillance system for PSX from Shenzhen Stock Exchange (SZSE), China, were shared with various media representatives. The agreement signing had taken place earlier at a ceremony in Shenzhen, China, for which a delegation of Directors of Pakistan Stock Exchange, led by the Chairman PSX, Sulaiman S. Mehdi paid a visit to China.

https://epaper.brecorder.com/2019/12/01/12-page/813039-news.html

 

12 Business Recorder
7. Revenue shortfall grows to Rs211bn as govt touts fiscal numbers

Revenue collection in November grew by 17 per cent compared to last year to touch Rs334 billion, according to Federal Board of Revenue (FBR) Chairman Shabbar Zaidi in a late afternoon tweet after monthly figures had been compiled. The figure is still short by Rs48bn from the November target, causingthe overall revenue shortfall this fiscal year to climb to Rs211bn.
https://epaper.dawn.com/DetailImage.php?StoryImage=01_12_2019_010_003

 

10 Dawn
8. Stocks continue upward journey for fifth week

The stock market rallied for the fifth week in a row as bulls displayed no signs of fatigue. The KSE-100 index propelled by 1,362 points (3.59 per cent) and stormed past the 39,000-level after eight months to close at 39,288. During November, the index closed positively for third straight month and gained 15pc, the highest monthly gain since May 2013.
https://epaper.dawn.com/DetailImage.php?StoryImage=01_12_2019_010_006

10 Dawn
9. Slight cut in fuel prices

The government on Saturday reduced the petrol price by just 25 paisa and light diesel oil (LDO) by Rs2.90 per liter effective Dec 1.The Oil and Gas regulatory Authority (Ogra) had worked out about Rs2.40 per liter decrease in the price of high-speed diesel (HSD), 25 paisa in petrol for December. Lil(ewise, 83-paisa and Rs2.90 cut was proposed in the price of kerosene and LDO to pass on the impact of lower international market rates.
Petrol will be selling at Rs113.99, the LDO at Rs82.43, HSD at Rs125.01 and kerosene at Rs96.35 per liter from Sunday.

https://epaper.dawn.com/DetailImage.php?StoryImage=01_12_2019_010_005

 

10 Dawn
10.

China`s factory output grows unexpectedly in November

Factory activity in China unexpectedly returned to growth in November for the first time in seven months, as domestic demand picked up on Beijing`s accelerated stimulus measures to steady growth. But gains were slight, and exportdemandremained sluggish. More US tariffs are looming within weeks and Beijing and Washington are still haggling over the first phase of a trade deal. https://epaper.dawn.com/DetailImage.php?StoryImage=01_12_2019_010_004

 

10 Dawn
11. Cotton prices under pressure

Needy textile spinners moved in to replenish their cotton stocks on Saturday. Cotton prices generally remained under pressure but quality lint rates stood firm owing to short supply.
Market sources said that some textile spinners are attracted by low prices and are willing to compromise on cotton quality.
https://epaper.dawn.com/DetailImage.php?StoryImage=01_12_2019_011_010

 

11 Dawn
12.  

Currency exchange rates

 

Countries

 

U.S.

U.K

EURO

CHINA

SAUDIA ARABIA

Symbol

 

$

£

¥

﷼, SR

Rates

 

155.20

199.78

170.89

22.10

41.34

 

 

9 Business

Recorder

 

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