Important Business News 07th June, 2018

 Important Business News

07th June, 2018

S.# Description Pg # Source

Cabinet agrees on urgency of situation
BoP, debt repayments, PSEs

A meeting of the caretaker federal cabinet has underlined the need for taking immediate measures within the mandate of the caretaker government to address certain issues related to balance of payment, fiscal and debt sustainability and better management of public sector enterprises.
The maiden meeting of the federal cabinet presided over by the caretaker

1 Business Recorder
 2. Minister seeks presentation on non-essential imports

Minister for Finance and Commerce, Dr Shamshad Akhtar has sought a detailed presentation on non-essential imports from the Commerce Division next week.
She gave these directions to the ministry while chairing a meeting held at the Ministry of Commerce to review the performance of the ministry.
She discussed in detail the short-term measures that could reduce imports and steps that could make exports more competitive.

1 Business Recorder
3. Amnesty schemes, tax rebates

Shamshad wants to know impact
Caretaker Finance Minister Dr Shamshad Akhtar has sought details from the Federal Board of Revenue (FBR) on the impact of different amnesty schemes and tax rebates offered by the previous government on the revenue collection after tax officials stated that even Rs3,935 billion downward revised revenue collection target for 2017-18 may not be achieved.

The caretaker finance minister on Wednesday chaired a meeting on FBR’s performance for the current fiscal year.

1 Business Recorder
4. Wapda chairman comes up with creative idea
Terming Sindh’s concerns on Kalabagh dam genuine, Chairman Water and Power Development Authority (Wapda), Lt-General Muzammal Hussain (retired) proposed on Tuesday that if a consensus evolves on the dam within political forces, then it should be built but its operation should be handed over to Sindh aimed at addressing its concerns.
He made these comments before the Senate Standing Committee on Water Resources, days before the Supreme Court (SC) would deliberate on the Kalabagh dam issue. The meeting was presided over by Senator Shamim Afridi. Recorder5.Centre borrows over Rs1trn from banking sector
The federal government Wednesday borrowed over Rs 1 trillion from banking sector through the sale of short-term bonds to meet its financial needs. As the recently independent Monetary Policy Committee has increased the policy rate by 50 basis points to 6.50 percent for next two months, banks aggressively participated in the auction for government of Pakistan Market Treasury Bills (MTBs).
Bankers said that slow foreign inflows and rising expenditures have compelled the government to enhance its reliance on domestic banking system to meet its financial requirements. Recorder6.

Many parts of country facing drought-like situation

The continuing deficient rainfall has imposed a drought like condition on the most parts of Pakistan, as the country received 45 percent lower rains during January and May 2018.
Thus, a moderate to severe drought gripped rain-cropped (Barani) areas of Punjab, Lower Khyber Pakhtunkhwa, South Punjab, Southeast Balochistan and Southeast Sindh, according to the Met Office’s Drought Alert. “Dry condition was observed in southern parts of the country during the past five months.

5Business Recorder7.

Prompt corrective measures urged for economy’s revival

SAARC CCI Senior Vice President (SVP) Iftikhar Ali Malik on Wednesday while greeting Dr Shamshad Akhtar for assuming charge of Federal Minister for Finance, Revenue and Economic Affairs in caretaker setup has demanded prompt corrective measures on war footing for help reviving the national economy.
Iftikhar Ali Malik in a statement said sound economy is prerequisite for the survival of the country and strengthening of democratic system of government.

13Business Recorder8.

Free & fair polls to guarantee country’s prosperity: Shahbaz

Pakistan Muslim League-Nawaz (PML-N) President Shahbaz Sharif on Wednesday said that free and fair elections will guarantee the development and prosperity of Pakistan.
He said this while addressing the meeting of the PML-N parliamentary board held at Model Town. The PML-N parliamentary board conducted interviews of the party candidates from Gujranwala division.
Addressing the meeting, Shahbaz Sharif said that PML-N will enter into the election arena with complete preparations adding that our five-year performance is evident before the people.

13Business Recorder9.

Energy crisis exposed former rulers’ claims: Siraj

LAHORE Chief of Jamaat-e-Islami, Senator Sirajul Haq, has said that the serious energy crisis in the country had exposed the false claims of the development made by the erstwhile rulers.
While talking to different delegations at Mansoora on Wednesday, he said that the masses were facing worst load shedding even at Sehr and Iftar times in the sizzling heat while the outgoing rulers were most shamelessly saying that they were not responsible for the energy crisis and the care takers were to be blamed for that.

13Business Recorder10.

TDAP striving hard to help business forums: DG

Trade Development Authority of Pakistan has been endeavoring to provide assistance to the business forums to help enhance the pace of trade development of the Country.
Mian Riaz Ahmad, DG TDAP, Lahore stated this while talking to the M/s. Pakistan Country Managers Denny Wang, and  Patrick  called on him at TDAP Lahore here Wednesday.
The DG said that under Emerging Pakistan initiative as envisaged by Younus Dagha, Secretary Commerce is a way forward in focusing and projecting the products of the country abroad which will subsequently help in enhancing the trade volume of the country.

13Business Recorder11.

No business on cotton market

Not a single deal reported on the cotton market on Wednesday as the spinners preferred to remain on the sidelines owing to rise in prices, dealers said.
The official spot rate was unchanged at Rs 7,500, they added. In the ready session, no deal finalised till our going to the press, they said.
Prices of seed cotton in Sindh are available at Rs 3900-4050, they said.
Cotton analyst, Naseem Usman said that leading spinners kept on the sidelines as prices not matching with their psychological levels.

18Business Recorder12.

Lasbela Chamber flays PML-N govt’s economic policies

President of Lasbela Chamber of Commerce and Industry (LCCI), Yakoob Karim has strongly flayed the performance of outgoing government for not achieving any economic goal including export target.
He said that the government is once again set to miss export target due to its anti economic policies and frequent increases in utilities and cost of production.
He pointed out that Pakistan’s exports are expected to remain at $23 to $24 billion during ongoing fiscal year, not even the level of exports volume we had achieved about one decade ago. The government under STPF had set $35 billion exports target by June 30, 2018. The exports target announced in the trade policy could not materialise.

21Business Recorder13.All industrial plots already booked: COPHC chief
Chairman of China Overseas Ports Holding Company (COPHC), Zhang Baozhong has said that all the industrial plots at Gwadar Free Economic Zone have already been booked and ten investors have been allowed to invest in first phase of free economic zone, which also includes four Pakistani companies.
Speaking at a meeting of Federation of Pakistan Chambers of Commerce and Industry (FPCCI), he added that $300 million has already been spent on the development/construction of First Free Economic Zone at Gwadar. Recorder14.

FBR to withdraw cars issued beyond entitlement of taxmen

In line with the directions of the Chief Justice of Supreme Court of Pakistan, the Federal Board of Revenue (FBR) has decided to withdraw all vehicles issued beyond entitlement of tax officials and move a summary to the Economic Coordination Committee (ECC) of the Cabinet for not issuing any authorization to tax officer/office to use tampered vehicles above 1300cc.
Sources told Business Recorder that the FBR has held a meeting at the FBR House hereWednesday to ensure compliance with the directives of the Chief Justice of Supreme Court during the hearing proceedings of suo motu case # 11/2018 on 05.06.2018.

22Business Recorder                                                 EDITORIAL  


Caretaker finance minister

A former State Bank of Pakistan Governor with extensive experience in multilateral institutions, the caretaker Finance Minister Dr Shamshad Akhtar, has the relevant qualifications and experience, though she has held no ministerial position in the past, to meet the challenges facing the Pakistan economy. Her mandate however is limited by the constitution


Business Recorder


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