Important Business News
10th March, 2018
|1.||Government decides to present FY19 budget on Apr 27
The government announced on Friday that next fiscal year budget will be presented on April 27, 2018, claiming that fiscal deficit for the outgoing year will be below 5 percent. Speaking at a news conference along with Minister for Planning, Development and Reforms Ahsan Aqbal and Minster of State for Economic Affairs Rana Afzal Khan, Adviser to the Prime Minister on Finance Miftah Ismail stated that after consultations with opposition parties, including Pakistan Peoples Party (PPP), Pakistan Tehreek-e-Insaf (PTI) and others, it was decided that the federal budget would be presented on April 27.
|2.||FY 18 fiscal deficit to soar to 6.3pc
Sources on condition of anonymity stated that fiscal deficit will be around 6.3 percent this year, against the budgeted 4.3 percent. The Federal Board of Revenue (FBR) tax collection is expected to remain below target by Rs 150 billion despite claims that Rs 4013 billion target for the current fiscal year will be achieved. Sources added that expecting provinces to generate Rs 347 billion budget surplus during an election year is unrealistic and termed the International Monetary Fund (IMF) projection of 5.5 percent fiscal deficit for the current fiscal year ”quite lenient”.
|3.||FBR offers facility to pay taxes via bank accounts
The Federal Board of Revenue Friday launched a new facility for taxpayers to pay taxes directly from their commercial bank accounts for which the FBR in collaboration with State Bank of Pakistan (SBP) and 1-Link Network is offering online payment mechanism using Alternative Delivery Channels (ADC channels).
|4.||NEPRA set to make surcharges, subsidies part of Discos’ tariffs
The National Electric Power Regulatory Authority (Nepra) is set to make three surcharges amounting to Rs 2.07 per unit as well as subsidies part of Discos” tariffs of 2015-16 as per the federal government’s proposal to shift tariff increase responsibility on the regulator.
|5.||Exports post 11.66pc growth
The country’s exports have posted a growth of 11.66 per cent during first eight months (July- February) 2017-18 to $ 14.854 billion against $ 13.303 billion during the corresponding period of 2016-17. In February 2018, exports achieved a growth of 16.5 per cent to $ 1.902 billion against imports of $ 4.797 billion, showing an increase of 9.72 per cent.
|6.||‘My- Karachi, Oasis of Harmony Exhibition’ to be held on April 20
KARACHI: The KCCI’s My-Karachi, Oasis of Harmony Exhibition 2018, will portray the true picture of Karachi as a peaceful city and economic hub of Pakistan; this was expressed by SirajKassamTeli, chairman Businessmen Group and former president of Karachi Chamber of Commerce & Industry.
|7.||No major CPEC- related motorway project to be completed in next three months
ISLAMABAD: The successful completion of road projects under the China-Pakistan Economic Corridor (CPEC) framework would depend on the next government’s priorities, as no major motorway is going to be completed during the remaining three months of the tenure of the incumbent government.
|8.||$5bn refinery to be set up at Hub
Pakistan in collaboration with UAE is going to establish a state-of-the-art refinery with an estimated investment of around $5 billion at Hub, Baluchistan, said Director General Oil (Ministry of Petroleum and Natural Resources), Abdul Jabbar Memon, on Friday.
|9.||Rice exports post significant growth in 8 months
KARACHI: Rice exports from Pakistan have posted a significant growth during the first eight months of this fiscal year (FY18).
|10.||Cotton prices keep rising trend
KARACHI: Availability of lint cotton expanded the volume of business on the cotton market on Friday, dealers said.
|International Business News|
|11.||‘Pakistan’s image improved after giving full support to BRI’
The image of Pakistan has improved as the country gives full support to China’s Belt and Road Initiative (BRI), says a Chinese leading media house, the Global Times.
|12.||CPEC on the go
Overcoming all global or regional obstructions, the China Pakistan Economic Corridor (CPEC) sends a strong message across: the CPEC is on the go!
|11.||Currency exchange rates