Important Business News
10th May, 2018
|1.||Money laundering allegation
PM for formation of body to probe NAB’s action
Prime Minister Shahid Khaqan Abbasi on Wednesday criticized National Accountability Bureau (NAB) for initiating an inquiry against former Prime Minister Nawaz Sharif for alleged laundering of $4.9 billion to India and urged the speaker National Assembly to constitute a special committee to probe action of the watchdog.
Speaking on floor of the National Assembly, the Prime Minister said the NAB has leveled serious allegation against the former prime minister and this also amounts to a “pre-poll rigging.”
He also said that the House should summon chairman NAB and ask him about the sources of information and evidence on the basis of which the inquiry has been initiated.https://epaper.brecorder.com/2018/05/10/1-page/715931-news.html
|2.||Europeans work to save Iran deal, business
Dismayed European allies sought to salvage the international nuclear pact and preserve their business with Iran on Wednesday after President Donald Trump pulled the United States out of the landmark accord and ordered sanctions reimposed on Tehran.
|3.||‘New textile package to be announced soon’
Prime Minister Shahid Khaqan Abassi has assured that new textile package will be announced within the next couple of days.
|4.||DG NLC urges modernization to tackle challenge of CPEC
Director General NLC Maj Gen Mushtaq Ahmed Faisal has said that National Logistic Cell (NLC) is contributing to all facets considered as yardstick for the Logistics Performance Index (LPI) of the country. Addressing the CPEC Logistics at National Institute of Transport (NIT) at National University of Science and Technology (NUST), DG NLC said that it is imperative to modernize the transportation sector to effectively tackle logistic challenge of CPEC.
“The successful actualization of CPEC requires a robust logistics mechanism for which collaboration between logistics industries of Pakistan and China is required,” he said.https://epaper.brecorder.com/2018/05/10/4-page/715959-news.html
|5.||Rice exports post 27pc increase in 10 months
Rice exports from Pakistan have seen sizeable growth of 27 percent in the first ten months of current fiscal year (FY18).
|6.||‘Digital Pakistan Policy’ awaits PM’s nod
The ‘Digital Pakistan Policy’ proposing several incentives, including 10 percent rebate, cash reward and special economic zones for information technology & enabled services’ exports and growth, is waiting for the final nod of Prime Minister Shahid Khaqan Abbasi.
|7.||Levelized tariff of $0.4177 per mmbtu RLNG determined for May
Oil and Gas Regulatory Authority (Ogra) has determined for Pakistan LNG Limited (PLL) a levelized tariff of $0.4177 per mmbtu RLNG for the month of May.
|8.||KCCI proposes to improve ‘Doing Business Ranking’ to reap benefits of CPEC
The Karachi Chamber of Commerce and Industry (KCCI),has proposed that the Doing Business Ranking should be improved drastically by taking concrete steps where the rankings should be improved by almost 50 ranks in order to reap the benefits of CPEC.
|9.||Rising trade gap creating serious BoP issues: NA panel
Members of the Finance Committee of the National Assembly have expressed serious concern over the rising trade gap whose ramifications on foreign exchange reserves and external account are creating serious balance of payment problems for the country.
|10.||SC asks govt, Ogra to justify POL price hike
The Supreme Court Wednesday issued notices to the federal government, the Oil and Gas Regulatory Authority (OGRA) and other stakeholders to file statement showing the justification of fixation of petrol and gas prices.
|11.||Income tax rates
The Senate Standing Committee on Finance has suggested an increase in the income tax rates that, as per the Federal Board of Revenue (FBR), would generate an additional 20 billion rupees. This proposal is fully supported by Business Recorder as the reduced income tax rates, announced by Prime Minister Shahid Khaqan Abbasi, flanked by the architect Miftah Ismail, three weeks before the budget was announced in parliament and eight weeks before the end of the current administration’s tenure, was widely seen as blatant pre-poll rigging. The new suggested rates by the Committee are as follow: 10 percent on those with an income up to 1.2 million rupees (against the Abbasi announcement of 5 percent), 15 percent on those earning from 1.2 million to 2.4 million rupees per month (against the 10 percent proposed by Abbasi) and 25 percent on those earning 4.8 million rupees and above against Abbasi’s proposal of 15 percent.