Important Business News 07 November, 2018

Important Business News

07 November, 2018


S.# Description Pg # Source
1. Govt says BoP crisis over

Finance Minister Asad Umar on Tuesday declared that Pakistan’s immediate balance of payment crisis of $12 billion was over. Speaking at a joint news conference along with Foreign Minister Shah Mehmood Qureshi about Prime Minister Imran Khan’s visit to China, the finance minister also announced that China has agreed, in principle, to extend an economic relief package to Pakistan.

1 Business Recorder
2. Moody’s highlights criticality of reforms

The implementation of reforms to address both fiscal and external imbalances remains key to supporting the sovereign credit profiles of Pakistan, says Moody’s Investors Service. Moody’s in its latest report “Sovereigns — Global, 2019 outlook still stable, but slowing growth signals increasingly diverging prospects” states that the implementation of reforms to address both fiscal and external imbalances remains key to supporting the sovereign credit profiles of Turkey, Argentina, Pakistan (B3 negative), Sri Lanka and Zambia.

1 Business Recorder
3. Economic and trade cooperation

Pakistan seeks to diversify its relationship with US

Pakistan has sought to diversify its relationship with the United States with particular focus on enhanced economic and trade cooperation as well as people-to-people contacts

1 Business Recorder

BRIndex100 extends losses

A bearish trend continued on Pakistan Stock Exchange due to selling in various sectors. BRIndex100 lost another 71.55 points or 1.62 percent to close at 4,336.15 points Tuesday. BRIndex100 touched intraday high of 4,409.29 and intraday low of 4,310.66 points. Volumes stood at 217.304 million shares.

1 Business Recorder
5. China agrees to double Pakistani zero-rated exports’ volume

China has agreed to double Pakistani zero rated exports’ volume aimed at reducing trade deficit which is hovering around $ 10 billion.

Senior Pakistani and Chinese trade officials will hold another meeting at Beijing on Thursday (tomorrow) to deliberate on items to be included in the list of zero duty items.

1 Business Recorder
6. Inflation would be the challenge

From October 2014 until March 2018, Pakistan faced a remarkably low inflation, averaging at less than 4%. This period of low inflation has finally ended.

1 Business Recorder
7. IMF mission due today

The International Monetary Fund (IMF) mission is scheduled to arrive in the federal capital today (Wednesday) to discuss terms and conditions of bailout package whose amount is yet to be determined. Finance Minister Asad Umar during his media talks put the original estimate of financing needs of Pakistan for the current fiscal year at $ 12 billion. However, subsequent to $6 billion Saudi assistance – $3 billion for balance of payment support for one year and $3 billion oil import facility on deferred payment annually for three years – the amount requested from the IMF may be much lesser. However, former Finance Minister Dr Hafeez Pasha has projected Pakistan’s financing gap at $18 billion.

1 Business Recorder
8. FM, EU envoy discuss bilateral issues

Foreign Minister Makhdoom Shah Mahmood Qureshi received Ambassador of the European Union Jean-François Cautain at the Foreign Office Tuesday.  The two sides discussed a wide range of regional and bilateral issues of mutual interest and expressed satisfaction at the positive growth in Pakistan-EU relations, says a press release issued here.

5 Business Recorder
9. Removal of father’s name

SC seeks reply from interior ministry on ToRs

The Supreme Court on Tuesday sought reply from the Ministry of Interior on the terms of references (ToRs) proposed regarding the removal of father’s name from official documents of a person.

7 Business Recorder
10. KCCI rejects FBR officials’ access to account-holders’ info

President of Karachi Chamber of Commerce and Industry (KCCI) Junaid Esmail Makda has urged the Ministry of Finance to withdraw the ‘draconian’ provisions and laws which have extended immense discretionary powers to the officers of Inland Revenue.

7 Business Recorder
11. Imminent balance of payments crisis averted: Umar

Finance Minister Asad Umar on Tuesday claimed that the country’s imminent balance of payments crisis had been averted after Chinese commitment for assistance.

1 Dawn
12. FIA, SBP at odds over theft of bank accounts data

: Amid conflicting reports about a wide breach of bank accounts data, the top investigation agency of the country and the State Bank of Pakistan were found at odds on Tuesday, with the latter claiming that neither any bank nor any law-enforcement agency came up with such information.

1 Dawn
13. Uniform higher education policy likely next month

The Punjab Higher Education Department (PHED) has initiated a move to introduce a uniform higher education policy by next month.

15 Dawn


US Iran sanctions aimed at ‘upsetting global balance’: Erdogan

Turkish President Recep Tayyip Erdogan on Tuesday hit out at new sanctions on Iran imposed by the administration of President Donald Trump, saying they were aimed at upsetting the global balance and against international law.

12 Dawn
15. Govt tax policy on vehicles’ purchase challenged in IHC

A senior leader of the Pakistan Tehreek-i-Insaf (PTI) Dr Babar Awan has filed a petition on behalf of an auto dealer in the Islamabad High Court (IHC) against the government’s policy that bars non-filers of income tax returns from purchasing vehicles.

3 Dawn


Pakistan, Indonesia agree to boost trade ties

Secretary Commerce Younus Dagha held a meeting with Indonesian Minister for Trade on the sidelines of Import Expo, Shanghai.

Both the sides agreed to further strengthen the trade relations between two countries. Secretary Commerce, raised the issue of delay in notification of inclusion of 20 additional tariff lines in Pakistan Indonesia Preferential Trade Agreement (IP-PTA), says a press release issued here on Tuesday.

7 Business Recorder
17. Cotton prices rise on brisk activity

Prices maintained rising trend on the cotton market on Tuesday as mills and spinners continued buying following the fears of further cut in supply of lint cotton and some positive developments on economic front, dealers said.

8 Business Recorder
18. Activities of Karachi Port and Port Qasim

The Karachi Port handled 127,806 tonnes of cargo comprising 107,664 tonnes of import cargo and 20,142 tonnes of export cargo including 7,685 loaded and empty containers during the last 24 hours ending at 0700 hours on Tuesday.

8 Business Recorder
19. Pakistan needs IMF bailout, panda bond issue: HBL CEO

Pakistan needs to seek a bailout from the International Monetary Fund (IMF) and make “hard decisions” to avoid going back again, said Muhammad Aurangzeb, chief executive officer of Habib Bank Ltd, the country’s biggest lender.

17 Business Recorder
20. US sanctions seek to hit Iran’s oil, other sectors

The Trump administration slapped sanctions on Iran with the objective of crippling its economy but at the same time granted waivers to Iran’s top eight oil importers China, India, South Korea, Japan, Italy, Greece, Taiwan and Turkey – exemptions that would undermine the effectivity of the sanctions, prompting Trump critics to maintain that, like his other directives, the sanctions are more bluster than substance. This view was strengthened as the international price of oil fell on 2 November as traders realized that the sanctions may not immediately lead to a decline in Iranian oil exports.

18 Business Recorder


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