Important Business News 08th June, 2018

 Important Business News

                          08th June, 2018                        

S.# Description Pg # Source
1. Non-essential items
Caretakers likely to rationalize imports

The caretaker government faced with serious challenges on account of balance of payment position (BoP) is expected to step up efforts to rationalize non-essential imports to reduce the quantum of trade deficit.
Pakistan’s trade deficit reached an all time high of $30 billion during the first ten months of the current fiscal year with $49 billion imports and $19 billion exports.
Sources said that Commerce Division has started preparing a list of non essential items subsequent to a maiden meeting with caretaker Finance Minister Dr Shamshad Akhtar.
1 Business Recorder
 2. Export package

Three-year extension notified
The Commerce Division has notified Prime Minister’s export package, extended for the next three years, to be implemented from July 1, 2018.
This was revealed by Commerce Secretary Younus Dagha, to this correspondent.
Providing details, Dagha said the Prime Minister’s package (announced in January 2017) of incentives of Rs 180 billion was for exporters of textile and non-textile items on shipments made from January 16, 2017 to June 30, 2018. The package was aimed at improving the competitiveness of the export sector which had been adversely affected due to high energy costs, exchange rate appreciation and high import tariffs on input.

1 Business Recorder
3. Caretaker CMs
Askari appointed in Punjab, Marri in Balochistan

The Election Commission of Pakistan on Thursday has unanimously decided to appoint Rizvi as caretaker chief minister. The PML-N leaders objected to it, saying Askari is not an impartial person.
But the ECP rejected all objections of Pakistan Muslim League-Nawaz (PML-N) to its nomination of Punjab’s caretaker Chief Minister Hasan Askari Rizvi.Spokesman ECP Altaf Khan said the Commission has taken the decision as per the Constitution and the selection of Rizvi for the interim chief minister was unanimous.
1 Business Recorder
4. CJP holds rulers responsible for water crisis

As the country is facing a severe water scarcity, Chief Justice Mian Saqib Nisar on Thursdayblamed the rulers for the water crisis, saying that they only ask for votes and do not provide basic necessities to the public.
While hearing a suo motu notice on water crisis, he observed that the government did not do anything during the last two years to ensure a steady supply of water. He questioned the government’s performance and asked if they ever prioritized water crisis and arranged any funds to fill the gaps.

1 Business Recorder
5. Analyses&Comments by BR Research

Islamabad economic machinery has seriously started working on structure of a possible IMF programme. The modus operand of pre-programme negotiations are usually that ministry of finance, SBP and other stakeholders prepare list of reforms, propose fiscal goals and set external limits for the IMF to make it part of the programme.
The technocrats and bureaucrats normally try to include conditions where political will and consensus lacks. But history suggests that despite stiff conditions, reforms remained elusive. Thus, the process is required to come up with practical, implemental and focused reforms agenda.

2 Business Recorder

First Pakistan single country exhibition held in Santiago

Trade Development Authority of Pakistan (TDAP) with Ministry of Commerce & Textile (Commerce Division) and Embassy of Pakistan, Buenos Aires Argentina organized “1st Pakistan Single Country Exhibition (Emerging Pakistan)” in Santiago, Chile from 26th to 29th May 2018 at Estacion Mapocho.
Leading Pakistani companies from textile, sports goods, surgical, pharma, handicrafts, cutlery, furniture and designer wear participated in the event. The event was aimed at promoting and strengthening Pakistan – Chile Business Interests and this event provided great opportunity for the businessmen from both the countries to develop long term business relations, says a press release received here today from Santiago, Chile.

3 Business Recorder
7. US, China reach $1.4bn sanctions deal over ZTE

Washington and Beijing have reached a deal to ease sanctions that brought Chinese smartphone maker ZTE to the brink of collapse, the US Commerce Department announced Thursday.
The agreement also follows a reported offer by Beijing to ramp up purchases of American goods and thereby drive down the yawning trade deficit between the world’s two largest economies — moving part-way towards meeting a key demand of US President Donald Trump in ongoing trade talks.

9 Business Recorder
8. FBR’s anti-smuggling drive launched at several places

In line with the directives of the Chief Justice of Pakistan, Directorate General of Customs Intelligence Thursday carried out a number of anti-smuggling operations and raids at Hayatabad Karkhano Market Peshawar, Blue Area Islamabad, Rawalpindi market and markets in other cities where smuggled goods are openly sold.
Sources told Business Recorder here on Thursday that Shaukat Ali, Director General Directorate (Intelligence & Investigation) Customs, has promptly taken the action on the directions of the Board following instructions of the Chief Justice of Pakistan.

21 Business Recorder
9. LCCI for making IPRs must for businesses

The Lahore Chamber of Commerce and Industry has called to make Intellectual Property Rights an essential part of the businesses saying that IPRs are the most valuable asset for businesses in West but here in Pakistan a lot of work is yet to be done.
LCCI President Malik Tahir Javaid said the scope and importance of IPRs cannot be underestimated particularly with reference to safeguarding the interest and future prospects of business community. He said there can be no second opinion to this fact that the Intellectual Property Rights are critical for competitive economy in the backdrop of ongoing globalization. The new concept of IPRs-based nation is gaining ground because it is Intellectual Property Rights that enables technology creation and technology transfer by providing the necessary enabling environment. 

21 Business Recorder
10. Senate panel seeks details of $16bn LNG deal with Qatar

The Senate Standing Committee on Petroleum has sought the details from Ministry of Energy (Petroleum Division) of $16 billion long-term LNG contract with Qatar, signed on February 10, 2016.
Mohsin Aziz chaired the committee meeting on Thursday. The committee has directed the relevant ministries to brief the standing committee in the next meeting regarding the Pak-Qatar LNG contract. The committee further sought details why Pakistan had inked government to government agreement with only Qatar when options with other LNG producing countries were available.

22 Business Recorder
11. Caretaker govt decides not to increase POL products’ prices

The caretaker government on Thursday decided that it would not increase petrol prices in Pakistan.
The caretaker government rejected the summary from Oil and Gas Regulatory Authority (Ogra). The government further decided to keep petrol prices maintained for June 2018. On May 31, Ogra sent the summary to the government of the PML-N and recommended the increase in petrol prices in Pakistan. A hike of Rs 8.37, Rs 12.5, Rs 8.30, and Rs 11.65 was suggested for petrol, diesel, kerosene oil, and diesel oil, respectively.

22 Business Recorder


POL products’ prices
Oil and Gas Regulatory Authority’s (Ogra’s) recommendation to the Abbasi-led administration to raise prices of petroleum and products in line with the rise in their international price on the last day of the month, which coincided with the last day of its tenure, was deferred on political grounds. This was not only gross dereliction of duty but also passing the buck onto the caretakers by the PML-N government and merits criticism.


Business Recorder


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