Important Business News 10th January, 2020

 

S.# Description Pg # Source
1.

Stabilisation weighs heavily on activity: WB

Pakistan’s GDP growth rate is projected to bottom out at 2.4 percent in fiscal year 2019-20 and 3 percent in 2020-21 as macroeconomic stabilization efforts weigh on activity, says the World Bank (WB).

https://epaper.brecorder.com/2020/01/10/1-page/819192-news.html

1 Business Recorder
2.

Rs30bn earmarked for ‘Hunarmand Pakistan’: PM

The Prime Minister on Thursday said that the government has earmarked Rs 30 billion for ‘Hunarmand Pakistan’ and in the first phase Rs10 billion would be utilized. Under the program, he added that skill training would be provided to 0.5 million youth while 175,000 youth to be provided training in the first phase.

https://epaper.brecorder.com/2020/01/10/1-page/819200-news.html

1 Business Recorder
3.

Policy measures start paying off

MoF sees recovery towards the end of FY20
The Finance Ministry has acknowledged that during fiscal year 2019, the slowdown in economy was largely attributed to various policy measures to manage the twin deficit crisis and consequently, the outcomes of these measures were realized on the industrial sector, particularly LSM sector that witnessed a negative growth.

https://epaper.brecorder.com/2020/01/10/1-page/819193-news.html

1 Business Recorder
4.

Some NAO sections against Shariah laws: CCI

The Council of Islamic Ideology (CII) has termed forced conversions unconstitutional as well as against the teachings of Islam.

https://epaper.brecorder.com/2020/01/10/1-page/819197-news.html

1 Business Recorder
 

5.

Financial adviser short-listed for HEC transaction

Privatization Commission (PC) has short-listed consortium of Bridge Factor & National Bank of Pakistan (NBP) as Financial Advisor for transaction of Heavy Electrical Complex.

https://epaper.brecorder.com/2020/01/10/1-page/819199-news.html

1 Business Recorder
6.

LHC dismisses petitions of registered Tier-I retailers

Lahore High Court (LHC) has dismissed petitions of registered retailers, falling under the category of Tier-I (big retailers), against computerized integration of retail invoicing with the Federal Board of Revenue (FBR) system.

https://epaper.brecorder.com/2020/01/10/1-page/819202-news.html

1 Business Recorder
7.

Changes in turnover tax rate

Leading sectors’ traders to meet tax authorities on 13th
The persons trading in sectors of tyre, mobile phone, ghee, sugar, pulses, cement, fertilizer, electronics, yarn, iron & steel, paper and automobile would meet tax authorities at the Federal Board of Revenue (FBR) on January 13-14 to discuss issues arising out after changes in turnover tax rate under the Tax Laws (Second Amendment) Ordinance 2019.

https://epaper.brecorder.com/2020/01/10/3-page/819221-news.html

 

3 Business Recorder
8.

Forex reserves up $3.4m

The country’s total liquid foreign exchange reserves slightly increased by $3.4 million to stand at $18.085 billion at the end of last week ended January 3, 2020.

https://epaper.brecorder.com/2020/01/10/5-page/819240-news.html

5 Business Recorder
9.

Minister informs NA about CPEC projects

Minister for Planning, Development and Special Initiatives Asad Umar has said that total cost of CPEC projects including ML-1 Railway project is approximately $ 50 billion out of which 13 projects at estimated cost of $ 11 billion are complete, 13 projects at cost of $ 18 billion are under implementation, whereas $ 21 billion projects are in pipeline.

https://epaper.brecorder.com/2020/01/10/20-page/819383-news.html

20 Business Recorder
 

10.

 

SBP Banking Services Corporation (Amend) Bill introduced in NA

Pakistan Tehreek-e-Insaf (PTI) government has introduced “The SBP Banking Services Corporation (Amendment) Bill, 2020” in the National Assembly, which states that any action done in good faith of the State Bank and its directors or officers cannot be challenged in any court.

https://epaper.brecorder.com/2020/01/10/20-page/819382-news.html

20 Business Recorder
11.

Stock surge by 1, 165 points

The Pakistan Stock Exchange settles above the 42,000 mark as tensions between Iran and United States simmer down following President Donald Trumsp’s reconciliatory speech.

1 Dawn
12.

Talks resume between FBR and traders

Federal Board of Revenue (FBR) top tax officials on Thursday met with traders` representatives to review progress on the agreement towards implementing CNIC condition on sale and purchase of goods from Feb 1.

https://epaper.dawn.com/DetailImage.php?StoryImage=10_01_2020_010_001

10 Dawn
13. Tractor sales plunge 40pc

Owing to persistent depressed demand the tractor sales plunged to 15,200 units during the first half year of 2019-20 from 38,000 units in the same period last year.

https://epaper.dawn.com/DetailImage.php?StoryImage=10_01_2020_010_007

10 Dawn
14. SBP reserves rise to $11.5bn

Foreign exchange reserves held by the State Bank of Pakistan (SBP), during the week ending Jan 5, rose to 21-month high increasing by $14.3 million to $11.503 billion, reported the bank of Thursday.

https://epaper.dawn.com/DetailImage.php?StoryImage=10_01_2020_010_005

10 Dawn
15. Stocks rally 1,165 points as US-Iran tensions ease

Investors who had run to take cover following Iran`s missile attacks on US bases in Iraq on Wednesday, rushed back to the market on Thursday after a highly unexpected reconciliatory code struck by US President Donald Trump in his speech the night before.

https://epaper.dawn.com/DetailImage.php?StoryImage=10_01_2020_010_002

10 Dawn
16. Panic buying on cotton market

The cotton prices on Thursday moved higher on panic buying from spinners amid fears of an expected short crop.

https://epaper.dawn.com/DetailImage.php?StoryImage=10_01_2020_011_002

11 Dawn
  International News    
17. World Bank sees uptick in global growth, but warns of trade risks

The World Bank says the global economy should see a modest rebound in growth this year.

https://epaper.dawn.com/DetailImage.php?StoryImage=10_01_2020_010_003

10 Dawn
18. Indian import curbs to start palm oil price war

India`s restrictions on imports of refined palm oil will lead to a loss of market share for Malaysia and spark a price war with rival supplier, Indonesia, a Malaysian industry association said on Thursday.

https://epaper.dawn.com/DetailImage.php?StoryImage=10_01_2020_010_004

10 Dawn
19. Currency exchange rates

 

Countries

 

U.S.

U.K

EURO

CHINA

SAUDIA ARABIA

Symbol

 

$

£

¥

﷼, SR

Rates

 

154.95

203.10

173.63

22.83

41.26

9 Business

Recorder

 

 

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