Important Business News 06th June, 2018

Important Business News

6th June, 2018

S.# Description Pg # Source
1. Six-member interim cabinet administered oath
Ex-SBP governor Shamshad made finance minister 
A six-member interim cabinet of caretaker Prime Minister former Justice Nasir-ul-Mulk took oath at the President’s House on Tuesday.
President Mamnoon Hussain administered oath to the newly-inducted members of the cabinet – Dr Shamshad Akhtar, former governor State Bank of Pakistan, Abdullah Hussain Haroon, former Pakistan’s ambassador to the United Nations, former Senator Roshan Khursheed Bharucha, Mohammad Yousuf Sheikh, Mohammad Azam Khan, and Syed Ali Zafar.
1 Business Recorder
 2. Mulk takes stock of power situation

Prime Minister Nasir-ul-Mulk has expressed dissatisfaction over the figures of power generation and distribution presented to him. He has directed the high-ups of the Power Division to submit him detailed figures.
He gave these directions at a maiden meeting with the Power Division officials at a time when the shortfall has touched 10,000 MW which accounts for massive load-shedding across Pakistan.

1 Business Recorder
3. Justice Dost Muhammad becomes KP caretaker CM

The Election Commission of Pakistan (ECP) Tuesday announced that former Justice Dost Muhammad Khan will be the caretaker chief minister of Khyber Pakhtunkhwa.
“Khyber Pakhtunkhwa government and the opposition had sent four names to be considered for the post,” Additional Secretary of ECP Dr Akhtar Nazeer said, addressing a press conference, here. He further said the decision to appoint former judge of the supreme court as KP’s acting CM was made at a consultative meeting of the five-member commission as required under the Constitution.

1 Business Recorder
4. POL and gas sectors

Abbasi-led govt approved loads of tax exemptions
The Abbasi-led administration has granted tax exemptions for petroleum and gas sectors and large-scale diameter gas pipeline projects, official sources told Business Recorder.
Giving the background, the sources said, the ECC while considering the Petroleum Division’s summary of November 10, 2017 regarding exemption of   taxes and duties (gas infrastructure development projects of large diameter pipelines) had constituted a committee comprising Secretary Finance Division (Convener), Secretary Petroleum Division, and Chairman, FBR to review the issue holistically and submit a report thereof to the ECC for consideration.

1 Business Recorder
5. Water for agriculture
Amid water shortages this summer, social media is awash with water-conservation messages for households. Indeed, using a bucket to do the laundry or wash a car can save dozens of liters flowing down the tap. A drop saved is indeed a drop that can be used later on. With the water they get, households, especially in the upper parts of the country, could always be more economical with the use.
2 Business Recorder
6. FCCI chief for planned, systematic business

The business community of Faisalabad is fully cognizant of its corporate social responsibilities (CSR) and under taking this job with planned and systematic way could yield much better result in addition to eradicate poverty from the country.
These views were expressed by Faisalabad Chamber of Commerce & Industry (FCCI) president Shabbir Hussain Chawla. He was addressing the annual installation ceremony of Nexus Lions Club Faisalabad.

5 Business Recorder
7. Pakistan exports record 370,000MT of kinnow

Despite unfavorable circumstances and various tough challenges, Pakistan exported record some 370,000 metric tons Kinnow during this year.
The export of Kinnow commenced from December 2017 and was continued till beginning of May 2018. During the current season of this year, Kinnow has witnessed an ever highest export volume of 370,000 metric tons leading to generation of huge foreign exchange of $222 million for the country compared to some 325,000 metric tons Kinnow exports in the last season.

7 Business Recorder
8. Customs duty, ST re-imposed on import of cotton

Customs duty, additional custom duty and sales tax has been re-imposed @ 3%, 1% and 5% on the import of cotton with effect from July 15, 2018 to maintain stability in cotton prices in the country, sources revealed to Business Recorder.
In the last meeting of the PML-N Cabinet held on May 31, 2018, the Ministry of National Food Security and Research moved a summary, seeking re-imposition of customs duty, additional custom duty and sales tax on import of cotton.

8 Business Recorder
9. LCCI hails CJP’s vow of according priority to water issues

The Lahore Chamber of Commerce & Industry on Tuesday welcomed the action taken by the Supreme of Pakistan on water issues and Kalabagh Dam and termed it a ray of hope for Pakistani nation.
LCCI President Malik Tahir Javed said that the Supreme Court of Pakistan has translated the wishes of over 200 million people and agriculture sector of Pakistan. In this regard, a campaign has been launched by the LCCI as well. Perhaps Pakistan is the only country around the globe where important water and power projects are being opposed that is unfortunate. Indian water aggression and our failure in building new water reservoirs have thrown country into the list of water-starved countries, he said.

13 Business Recorder
10. Insurance cos allowed issuing contracts of guarantees/bonds

The Securities and Exchange Commission of Pakistan (SECP) has allowed insurance companies to issue contracts of guarantees/bonds including custom bonds, fidelity bonds, mobilization advance guarantee, administration bonds and payment bonds to a party or a group.
In this regard, the SECP has issued S.R.O. 696 (I)/2018 to notify “Credit and Suretyship (Conduct of Business) Rules, 2018” here on Tuesday.
Under the said rules, “insurer” means a non-life insurer who is registered under the Insurance Ordinance.

22 Business Recorder


Gas policy violations


Business Recorder



Onward march of democracy


Business Recorder


Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes:

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>