Important Business News 10th April, 2018

Important Business News

10th April, 2018

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1.       6pc growth target missed

The government has failed to achieve 6 percent growth target for the current fiscal year and revised the projection for the entire financial year to 5.79 percent on the basis of available data of six to eight months.

1 Business Recorder
2.       Saudi economic teforms to upset remittance inflows: SBP

The State Bank of Pakistan (SBP) believes that the economic reforms in Saudi Arabia will upset the remittances inflows. Saudi Arabia has introduced a number of economic reforms to cope with the low oil price environment. Under these reforms some important changes have been announced in employment and residence policies in Saudi Arabia.

1 Business Recorder
3.       March 2018 Exports increase by 24pc highest in four years

The country’s exports have increased by 24 percent at highest point in 4 yearsreaching $2.23 billion in March 2018 as compared to corresponding month last year.
According to an official statement of Commerce Division, the highest year-on-year growth in a month was reached in March 2018.

1 Business Recorder
4.       Non filler barred from depositing cash into forex account

A person, who is a non-filer, is prohibited from depositing any cash into any foreign currency account under Protection of Economic Reforms (Amendment) Ordinance, 2018.
According to the analysis of the amnesty scheme done by tax expert Ashfaq Tola issued here on Monday, as per amendment introduced in section 5(4) of Protection of Economic Reforms Act, 1992, a person, who is a non-filer, is prohibited from depositing any cash into any foreign currency account.

7 Business Recorder
5.       Neelum Jhelum project starts adding electricity to national grid

Neelum Jhelum Hydropower Project has started providing electricity to the National Grid on trial basis. The first unit is contributing 60MW electricity to the system on Monday and will generate electricity to its full capacity to the tune of 242 MW in next two days.
Neelum Jhelum Hydropower Project, located in Azad Jammu & Kashmir, is scheduled to be inaugurated on April 13.

7 Business Recorder
6.       Advanced economies need immigration to boost labour: IMF

Aging populations in advanced economies drain the labour force and could slow economic growth, but allowing an influx of immigrant workers could counteract that decline, the International Monetary Fund said Monday.

9 Business Recorder
7.       REAP proposes trade with Iran in yaun

REAP Chairman Samee Ullah Naeem terming the unavailability of banking channel as the only barrier for low rice trade between Iran and Pakistan, floated this proposal during a meeting with Mojtaba Mousavian, Director General of Foreign Trade, Ministry of Industries, Mine and Trade Promotion of Iran. Samee is currently leading a 16-member strong rice exporter’s delegation to Iran.

16 Business Recorder
8.       IRP raises the alarm about rising debts

Pakistan is effectively in a debt trap where new borrowing is servicing the past debt. Both domestic and external debts are at an all-time high. Pakistan’s budget deficit for FY18 will exceed target while the current account deficit for the year will end at an unprecedented high.

16 Business Recorder
9.       SAARC chamber FPCCI, LCCI strongly raect to Modi’s sinister move

The Federation of Pakistan Chamber of Commerce and Industry, SAARC Chamber (Pakistan chapter) and Lahore Chamber of Commerce and Industry on Monday jointly slammed Indian premier Narendra Modi for declining Nepalese Prime Minister KP Sharma Oli’s offer for participating in SAARC summit in Islamabad and said India’s stubborn stance on SAARC will lead to disrupt process of making South Asia a global superpower and jeopardize all efforts designed for achieving durable peace and prosperity in the region.

16 Business Recorder
10.    Need stressed to strengthen Pak- Bosnia trade ties

Ambassador of Bosnia and Herzegovina Sakib Foric has said that Bosnia is a small but developed country and is a road to European Union.
He was speaking at the Lahore Chamber of Commerce & Industry, here on Monday. Honorary Consul of Bosnia, Danish Iqbal, Honorary Consul of Spain, Zaheer Islam and LCCI office-bearers were also present on the occasion.

16 Business Recorder
11.    Tax reforms package 2018: legal and economic analysis

Prime Minister, Mr. Shahid Khaqan Abbasi, announced ‘one time amnesty scheme’ as a part of Economic Reforms Package during his candid press conference on April 06, 2018.
The scheme was ratified, along with other amendments in relevant laws, by the President of Pakistan by way of an Ordinance, as the Senate and National Assembly are not in session.

38 Business Recorder
12.    Budget: PHMA for deductions in ST, WHT rates

Textile value added sector has proposed the government to drastically reduce sales tax (ST) from 17 percent to 3 percent, withholding tax (WHT) from 5.5 percent to 1 percent, clear all pending claims of exporters, reduce cost of doing business / energy cost and abolish export development fund on exports in the upcoming budget 2018-19.

57 Business Recorder
8. Objective assessment

The second quarterly report for FY18 on the state of Pakistan’s economy released by the State Bank of Pakistan on 6th April, 2018 contains a comprehensive assessment of country’s economy. According to the report, prospects for Pakistan’s economy surpassing last year’s growth rate appear strong, with continued healthy performance by agriculture and services sectors, and a four-year record high LSM growth during the first half of FY18.

56 Business Recorder
9. Currency exchange rates










Selling TT & OD115.40






Buying TT Clean







Buying OD/T.CHQ







 11 Business Recorder

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