Important Business News 10th March, 2018

Important Business News

10th March, 2018

S.# Description Pg # Source
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.

https://fp.brecorder.com/2018/03/20180310350405/

1 Business Recorder
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”.

https://fp.brecorder.com/2018/03/20180310350408/

1 Business Recorder
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).
The FBR has launched trial run of payment of taxes through Alternate Delivery Channels (ATM, online banking and internet banking) to deposit income tax, sales tax, federal excise duty (FED) and customs duty.

https://fp.brecorder.com/2018/03/20180310350377/

1 Business Recorder
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.
https://fp.brecorder.com/2018/03/20180310350411/

1 Business Recorder
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.
https://fp.brecorder.com/2018/03/20180310350389/

1 Business Recorder
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.

https://epaper.brecorder.com/2018/03/10/2-page/704004-news.html

2 Business Recorder
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.

https://epaper.brecorder.com/2018/03/10/19-page/704148-news.html

19 Business Recorder
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.
https://fp.brecorder.com/2018/03/20180310350431/

20 Business Recorder
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).
Rice export increased by 27 percent during July to Feb of FY18 compared to some period of last fiscal year 2017. In term of value, Pakistan has exported rice amounted to $1.224 billion in first eight month of this fiscal year as against $961 million is corresponding period of last fiscal year, depicting an increase of $263 million.

https://epaper.brecorder.com/2018/03/10/19-page/704148-news.html

5 Business Recorder
10.    Cotton prices keep rising trend

KARACHI: Availability of lint cotton expanded the volume of business on the cotton market on Friday, dealers said.
The official spot rate gained more Rs 100 to Rs 7300, they added. In Sindh, seed cotton prices were at Rs 2400-3000 and in the Punjab, rates were at Rs 2600-3100, they said.

https://epaper.brecorder.com/2018/03/10/19-page/704148-news.html

16 Business Recorder
  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.
As an example, Pakistan Prime Minister ShahidKhaqanAbbasi was the first high-level foreign dignitary, received by K P Sharma Oli after Oli was sworn in as the prime minister of Nepal.https://epaper.brecorder.com/2018/03/10/3-page/704007-news.html

3 Business Recorder
  Article    
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!
In an encouraging development on the home front, all provinces have embraced the reality that the CPEC is there to stay. Hence the need for extracting maximum benefits from this historic development project.
One Belt One Road is the signature project of China and the CPEC is the vital part of it which will shape up China’s strategic economic, political and defense interests in one of the most strategic locations.

https://epaper.brecorder.com/2018/03/10/18-page/704136-news.html

18 Business Recorder
11.    Currency exchange rates

 

Countries

 

U.S.A

U.K

EURO

CANADA

CHINA

SAUDIA ARABIA

Selling TT & OD110.50

152.53

136.03 85.63

17.84

29.46

Buying TT Clean

110.30

152.26

135.78

86.43

17.81

29.41

Buying OD/T.CHQ

110.07

151.95

135.51

85.25

17.76

29.33

 11 Business Recorder

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