Important Business News 11th February, 2020

 

S.# Description Pg # Source
1.

ECC imposes ban on sugar export

The Economic Coordination Committee of the Cabinet (ECC) has imposed a ban on export of sugar and has directed the provinces to control prices of sugar as it is a provincial subject

https://epaper.brecorder.com/2020/02/11/15-page/824239-news.html

1 Business Recorder
2.

Govt struggles to contain rising inflation

Prime Minister Imran Khan on Monday said the government would leave no stone unturned in providing relief against inflation to general public particularly poor and salaried class.

https://epaper.brecorder.com/2020/02/11/15-page/824240-news.html

1 Business Recorder
3.

Flour crisis, rising commodity prices

Absence of magistracy system cited as major factor
Absence of a magistracy system and the failure of the Finance Ministry to engage with the provinces through convening Price Monitoring Committee (PMC) meetings regularly are being cited as major factors for the flour crisis and increase in price of essential commodities.

https://epaper.brecorder.com/2020/02/11/15-page/824241-news.html

1 Business Recorder
4.

Independent foreign policy

Qureshi links it to economic stability
Pakistan cannot articulate independent foreign policy without economic stability, the Foreign Minister Shah Mehmood Qureshi said here Monday.

https://epaper.brecorder.com/2020/02/11/15-page/824236-news.html

1 Business Recorder
5.

2nd phase of CPEC: ‘Industrialization, transfer of technology are high priorities’

Foreign Minister Makhdoom Shah Mehmood Qureshi Monday said Pakistan’s priorities in the second phase of China Pakistan Economic Corridor (CPEC) are industrialization and transfer of technology to bring trade revolution in the country.

https://www.brecorder.com/2020/02/11/569787/two-nd-phase-of-cpec-industrialization-transfer-of-technology-are-high-priorities/

 

1 Business Recorder
6. Govt, TCC still engaged in legal battle

Pakistan and M/s Tethyan Copper Company (TCC), the developer of Reko Diq project in Balochistan are reportedly still engaged in legal battle at Centre for settlement of investment disputes of the World Bank.

1 Business Recorder
7.

PSX closes in deep red

BRIndex100 plummets
Pakistan Stock Exchange Monday closed in deep red due to across-the-board selling by local and foreign investors.

https://epaper.brecorder.com/2020/02/11/15-page/824238-news.html

1 Business Recorder
8.

Two RLNG power plants: due diligence begins

The Ministry of Privatisation has started due diligence in the process of privatisation of two RLNG-based power plants – Haveli Bahadur Shah and Balloki – with an objective to complete the transaction by the end of the current financial year.

https://www.brecorder.com/2020/02/11/569794/two-rlng-power-plants-due-diligence-begins/

1 Business Recorder
9.

Two fertilizer plants in desperate need of LNG

The two fertilizer plants, which are closed due to non-availability of natural gas, have approached the government, requesting supply of LNG which is $ 2.5/Mmbtu to bridge expected shortfall in production of urea.

https://www.brecorder.com/2020/02/11/569795/two-fertilizer-plants-in-desperate-need-of-lng/

1 Business Recorder
10.

Registration of modaraba company: SECP proposes reduction in application fee

The Securities and Exchange Commission of Pakistan (SECP) has proposed major reduction in application fee from Rs250,000 to Rs100,000 for registration of a modaraba company.

https://www.brecorder.com/2020/02/11/569796/registration-of-modaraba-company-secp-proposes-reduction-in-application-fee/

1 Business Recorder
11.

Implementation of CPEC second phase to begin anytime soon

Pakistan and China are all set to begin implementation of the second phase of China Pakistan Economic Corridor (CPEC) envisaging 27 projects focused on social sectors, poverty alleviation, training, research and improving agriculture productivity at an estimated cost of over one billion dollars.

https://epaper.brecorder.com/2020/02/11/5-page/824162-news.html

7 Business Recorder
12.

No abusive market practices found in shares of OGDCL: SECP

The Securities and Exchange Commission of Pakistan (SECP) has not found any irregular patterns, abusive market practices or insider trading in the trading of shares of the Oil and Gas Development Company Limited (OGDCL) on January 22, 2020.

https://epaper.brecorder.com/2020/02/11/5-page/824160-news.html

7 Business Recorder
13.

Unregulated financing by brokers

SECP bench reduces penalty to Rs0.5m
An appellate bench of the Securities and Exchange Commission of Pakistan (SECP) has reduced penalty from Rs1,000,000 to Rs500,000 on securities brokers for violating regulatory framework regarding financing and extending credit.

https://epaper.brecorder.com/2020/02/11/5-page/824159-news.html

7 Business Recorder
14.

Budget preparations: Talks with stakeholders top priority: minister

Provincial Minister for Finance Makhdoom Hashim Jawan Bakht has said that consultation with stakeholders for budget preparation is top priority as economic revival is not possible without their due participation.

https://www.brecorder.com/2020/02/11/569732/budget-preparations-talks-with-stakeholders-top-priority-minister/

8 Business Recorder
15.

Only a fraction of GIDC money spent on projects, SC told

The apex court was informed that though the federal government has collected Rs295 billion in respect of Gas Infrastructure Development Cess (GIDC) in the last 11 years, but only a fraction of the collected amount has been spent on projects.

https://epaper.brecorder.com/2020/02/11/20-page/824283-news.html

20 Business Recorder
16.

Taxation matters

Haroon gives presentation to PM
Prime Minister Imran Khan Monday consulted Former Special Assistant to Prime Minister on Revenue Haroon Akhtar Khan on Federal Board of Revenue’s (FBR’s) performance.

https://epaper.brecorder.com/2020/02/11/20-page/824278-news.html

20 Business Recorder
17.

CPPA-G in financial distress

The continuous buildup of energy sector circular debt has reportedly dismayed the Central Power Purchasing Agency-Guaranteed (CPPA-G) prompting it to contend that it does not have sufficient funds to pay 7th installment of mark-up on Rs 50 billion Syndicated Term Finance Facility (STFF) for Power Holding Private Limited (PHPL), well-informed sources in CPPA-G told Business

https://epaper.brecorder.com/2020/02/11/20-page/824284-news.html

20 Business Recorder
18. MoU signed for electronic data exchange with Iran

ISLAMABAD: Pakistan and Iran on Monday signed a Memorandum of Understanding (MoU)for electronic data exchange between the Customs authorities of the two countries on real time basis to control under and over-invoicing on goods.

https://epaper.dawn.com/DetailImage.php?StoryImage=11_02_2020_010_007

10 Dawn
19. Balochistan plans 13 border markets

QUETTA: The Balochistan Special Economic Zones Authority (BSEZA) in its meeting held on Monday reviewed the plan of establishing of 13 border markets at Pak-Iran and Afghan national boundaries and agreed to provide infrastructure including communication, water and power and other f acilities with the cooperation of federal government.

https://epaper.dawn.com/DetailImage.php?StoryImage=11_02_2020_010_004

10 Dawn
20. Businesses optimistic about economic performance: survey

KARACHI: Businesses are mostly optimistic about the country`s economic performance in the immediate future, according to the first edition of the Business Optimism Index released by Dun & Bradstreet, a global database and risk management company.

https://epaper.dawn.com/DetailImage.php?StoryImage=11_02_2020_010_003

10 Dawn
21. 10 new maize varieties introduced

ISLAMABAD: Ten new maize varieties developed by the International Maize and Wheat Improvement Centre (CIMMYT) have been released for commercial cultivation in the country.

https://epaper.dawn.com/DetailImage.php?StoryImage=11_02_2020_010_006

10 Dawn
22. Exports to European Union double under GSP+

KARACHI: The European Union`s imports from Pakistan almost doubled from 3.6 billion in 2008 to 6.8bn in 2018, the European Commission said in its third biennial report on the Generalised Scheme of Preferences (GSP) released on Monday.

https://epaper.dawn.com/DetailImage.php?StoryImage=11_02_2020_010_001

10 Dawn
23. Cotton market lacks lustre

MULTAN: Trading activities failed to pick up on cotton market on Monday as both spinners and ginners kept to the sidelines.

https://epaper.dawn.com/DetailImage.php?StoryImage=11_02_2020_011_009

11 Dawn
24 Export of services jumps 10.4pc

ISLAMABAD: The export of services surged by 10.38 per cent year-on-year to $526.78 million in December, the Pakistan Bureau of Statistics reported on Monday.

https://epaper.dawn.com/DetailImage.php?StoryImage=11_02_2020_011_008

11 Dawn
25. Currency exchange rates

 

Countries

 

U.S.

U.K

EURO

CHINA

SAUDIA ARABIA

Symbol

 

$

£

¥

﷼, SR

Rates

 

154.50

199.11

169.10

22.12

41.15

9 Business

Recorder

 

 

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