Important Business News 11th June, 2018

Important Business News

11th June, 2018


S.# Description Pg # Source
1. Implementation of SCO agenda
President spells out roadmap of priorities Presi-dent Mamnoon Hussain on Saturday unveiled at Shanghai Cooperation Organization summit a five-point roadmap to achieve durable peace, development and stability in the region through enhanced connectivity, shared prosperity, trade and people-to-people contacts.
He was addressing the plenary session of the 18th Meeting of the Council of Heads of States of Shanghai Cooperation Organization held here at Qingdao International Conference Centre which was attended by heads of states of eight-member countries and observer states and representatives from international organizations.
1 Business Recorder
 2. Tax Amnesty Scheme

FBR refuses to provide details of taxpayers

The Federal Board of Revenue (FBR) under the umbrella of section 216 of the Income Tax Ordinance, 2001 has refused to provide detail of taxpayers who availed Tax Amnesty Scheme earlier notified by the Nawaz Sharif Government vide SRO No 1065(I)/2013 which is finally declared illegal by the Lahore High Court in 2018.

1 Business Recorder
3. Mamnoon, Putin agree to enhance economic ties

President of Pakistan Mamnoon Hussain met his Russian counterpart Vladimir Putin on the sidelines of the SCO Council of Heads of State meeting.
The leaders discussed matters of mutual interest, including bilateral, contemporary regional and global issues. Both leaders agreed that relations have strengthened. Trade, energy, security, culture, education and people-to-people contact were identified as avenues for enhanced future cooperation.

1 Business Recorder
4. Cases against Sharifs

SC directs AC to announce verdict in a month

The Supreme Court has directed the accountability court to announce decision on all three corruption references against former prime minister Nawaz Sharif and his family within a month as the accused and people are in immense tension.
A two-member bench headed by Chief Justice Saqib Nisar heard accountability courts application here on Sunday seeking further extension for a month for the conclusion of trials against Nawaz and his family with regard to corruption references filed by the National Accountability Bureau (NAB) after apex court’s verdict in Panama Papers case.

1 Business Recorder
5. Water issues

CCI forms inter-provincial committee 
The Council of Common Interests (CCI) constituted an inter-provincial committee headed by Attorney General of Pakistan to look into current issues of availability of water and its distribution in the country in view of provinces tussle with each other over ‘share,’ well informed sources told Business Recorder.
This was the crux of the last CCI meeting presided over by former Prime Minister Shahid Khaqan Abbasi on May 27.

1 Business Recorder
6. Pakistan ready to act as conduit between Eurasia, China: Mamnoon

President Mamnoon Hussain reaffirmed Pakistan’s desire to act as a conduit between Eurasia, China, Central and South Asia and offered Pakistan-SCO Trade, Transit and Energy Corridor, through its territory.
He expressed these views, addressing the 18th meeting of the Council of the Heads of State of SCO Member States at Qingdao China where he visited from 9-10 June, 2018, on an invitation from Chinese President Xi Jinping.

3 Business Recorder
7. Pakistan and Japan can push trade to new heights: envoy

Ambassador of Japan to Pakistan Takashi Kurai has said that vast potential of economic cooperation exists between the two countries. Both countries can cooperate in the vendor industry, agriculture while the Japanese companies can also work in different projects under the CPEC.
He said this while speaking at an Iftar dinner held for President FPCCI Ghazanfar Bilour. Takashi Kurai said that different Japanese companies are also considering investment in Karachi. The diplomat noted that JVs in the vendor industry will benefit Pakistan and the auto sector of Japan while cooperation in the field of agriculture and high-tech industry will be beneficial.

3 Business Recorder


Growth in digital banking

According to the latest SBP’s Quarterly Payment System Review released on 4th June, 2018, digital channels have been fast replacing paper-based transactions of banks as Pakistan Real-Time Interbank Settlement Mechanism (PRISM) processed 446,500 transactions worth Rs.90.1 trillion showing a quarterly growth of 6.7 percent in terms of volume of transactions during January-March of FY18.


Business Recorder


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