Important Business News 10 June, 2018

Important Business News

10th June, 2018


S.# Description Pg # Source
1. Provincial development budgets: Rs182bn saving projected

The federal government has projected a saving of Rs182 billion in the allocation of provincial development budgets for the current fiscal year and estimated 5.5 percent budget fiscal deficit on the premise of saving.
Sources said as per revised budget estimates for the current fiscal year, provincial development budget was estimated at Rs930 billion for the current fiscal year as opposed to Rs1,112 billion earmarked in the budget and consolidated fiscal deficit was premised on the revised estimates.

1 Business Recorder
 2. G7 summit fails to heal trade rift as Trump exits early

The leaders of the G7 on Saturday failed to heal a tariff dispute that has pushed them to the brink of trade war, as Donald Trump quit their summit early warning Canada, Japan and Europe that “the gig is up.”
Trump had come to Quebec insisting on his long-standing claim that America has been exploited for too long by existing trade arrangements — and he was met by counterparts equally determined to protect the “rules-based” international system.

1 Business Recorder
3. Mamnoon, Xi agree to further strengthen strategic partnership

President Mamnoon Hussain and President Xi Jinping agreed to further strengthen all weather strategic cooperative partnership between Pakistan and China
President Mamnoon Hussain held a bilateral meeting with the Chinese President Xi Jinping on June 09, 2018 at Qingdao, China. The President of Pakistan is visiting China at the invitation of President Xi Jinping to participate in the 18th Shanghai Cooperation Organization (SCO) Council of Heads of State Meeting, said a press release issued here on Saturday.

1 Business Recorder
4. More and more water reservoirs to help flourish agri sector: PBIF

President of Pakistan Businessmen and Intellectuals Forum (PBIF), Mian Zahid Hussain has said the ongoing projects should be completed within the least possible time to fight the current bad water situation.
He said with more water reservoirs, Pakistan’s agriculture sector will flourish thus imports of agricultural-products will be reduced; exports of this sector will be increased and will bring positive effect to the country’s industrial sector which badly needs water for processing of industrial produce.

3 Business Recorder
5. SC imposes ban on using walls for advertisements

The Supreme Court Saturday ordered demolition of the walls with advertisements in the metropolis and imposed a ban on using walls for this purpose in the city.
A larger bench of SC headed by Chief Justice of Pakistan, Mian Saqib Nisar, issued the orders when the court took up petition seeking action against those walls on which advertisements are inscribed.
The petitioner stated that walls are being constructed in the city, especially in cantonment areas with advertisements. He pointed out that beauty of city has been ruined and referred to construction of walls before FTC at Sharea-e-Faisal as well as in other parts of the city.

3 Business Recorder
6. E-Commerce Gateway, P@SHA sign MoU

E-Commerce Gateway and Pakistan Software Houses Association (P@SHA) have signed Memorandum of Understanding (MoU) to boost Pakistan’s domestic Information Computer Technology (ICT) at least by 5 times and increase exports as well.
The MoU signing ceremony was held here and signed by P@SHA secretary general Sheryar Haideri and Umair Nizam, vice president, E Commerce Gateway.

3 Business Recorder
7. LCCI for resolving business disputes thru dialogue

President of the Lahore Chamber of Commerce & Industry Malik Tahir Javaid has said that mediation; arbitration and conciliation should be opted to resolve disputes as these tools are most effective forms of alternate dispute resolution.
He was speaking at a seminar on “Alternate Dispute Resolution” jointly organized by the Lahore Chamber of Commerce & Industry, Workers Employers Bilateral Council of Pakistan (WEBCOP) and American Solidarity Centre here at the Lahore Chamberon Saturday. Vice Chairman WEBCOP Ch. Naseem Iqbal, Syed Nazar Hussain, Muhammad Yaqoob, Engineer Sohail Lashari and other experts also spoke on the occasion.

5 Business Recorder
8. Pakistan to act as bridge between China and Europe: experts

Pakistan is likely to become a pragmatic bridgehead for China’s cooperation with Europe, through the Belt and Road’s initiative’s connective plan, says a media report published here on Saturday.
Pakistan’s broad potential has attracted great attention. It provides major sea road connecting China with Europe, with short distance.
The EU pays great attention to strategic partners in the Middle East, especially to Islamic countries that are grappling with social unrest.
Quoting experts, China’s major media network, the Global Times said that Pakistan is one of the countries with the largest Muslim populations, so although it’s not in the Middle East, it sometimes takes on a subtle role in Middle Eastern affairs.

17 Business Recorder


The ominous water challenge
The most profound challenge that the country faces at this point in time can be described in a five-letter word: WATER. Unfortunately, however, our successive governments have been found to be oblivious of the fact that there are ominous dark clouds gathering overhead as far as water security of the country is concerned.


Business Recorder

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