Important Business News 12 May, 2018

Important Business News

12 May, 2018

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1. Pakistan imposes restrictions on US diplomats

In an interchange move, Pakistan Friday introduced new travel restrictions for US diplomats and officials across the country, mirroring travel restrictions by Trump administration on Pakistani diplomats and officials effective from 11 May.
The Foreign Office had advised the US Embassy on 27 April this year that if the State Department proceeded with imposing travel restrictions on Pakistani diplomats in the US, Pakistan would reciprocate.
In a letter dated May 10, a copy of which is available with Business Recorder, the Ministry of Foreign Affairs formally conveyed the new travel permission regime to the US Embassy in Islamabad applicable on diplomats and officials of the US Embassy and consulates in others cities.

1 Business Recorder
2. Europe moves to safeguard interests in Iran

Europe’s largest economies lobbied to protect their companies’ investments in Iran on Friday, seeking to keep the nuclear deal with Tehran alive after Washington pulled out and threatened to impose sanctions on European companies.
Germany and France have significant trade links with Iran and remain committed to the nuclear agreement, as does Britain, and the three countries’ foreign ministers plan to meet on Tuesday to discuss it.
That is part of a flurry of diplomatic activity following Tuesday’s unilateral withdrawal from what US President Donald Trump called “a horrible, one-sided deal”, a move accompanied by the threat of penalties against any foreign firms doing business in Iran.



Business Recorder
3. Annual Plan for 2018-19

The Annual Plan of Pakistan has been placed recently on the website of the Planning Commission. This Plan needs to have the permission of the National Economic Council (NEC) to publish it. The meeting of the Council on the 24th of April was disrupted by the walkout of three Chief Ministers and the absence of one Chief Minister. Presumably, the NEC had endorsed the Plan prior to the walkout. If not, then the official validity of the Plan remains in question.
This issue is further complicated by the fact that some key magnitudes have been changed in relation to the draft of the Plan laid before the NEC. For example, the original Plan projected a current account deficit in 2018-19 of $12.5 billion, equivalent to 3.8 percent of the GDP. The present version has revised the deficit upwards to $13.3 billion or 4 percent of the GDP. In addition, the GDP by expenditure estimates for 2018-19 have also been somewhat altered.

1 Business Recorder
4. PM inaugurates deep water container terminal

Prime Minister Shahid Khaqan Abbasi formally inaugurated Hutchison Ports Pakistan here on Friday.
The Hutchison Ports Pakistan is the purpose-built, deep-water container terminal in the Port of Karachi – the first of its kind in the country.
Hutchison Ports Pakistan is a public-private partnership of Karachi Port Trust (KPT) and Hong-Kong-based Hutchison Ports. The terminal is one of the most advanced in the region, having broken its own productivity record four times and serviced some of the largest containerships in the world since test operations began on 9 December 2016. Its high performance is expected to raise Pakistan’s global trade competitiveness and set a strong foundation for further economic growth.

1 Business Recorder
5. SBP urged to bring stability in dollar’s rate

The Pakistan Industrial and Traders Association Front (PIAF) has urged the State Bank of Pakistan (SBP) to take necessary measures to bring stability in the dollar’s rate failing which it would increase inflation in the country.
PIAF Chairman Irfan Iqbal Sheikh said the prices of essential items are likely to register substantial increase in the month of Ramazan if the dollar’s rising rate could not be checked.
Terming the local currency’s depreciation in the recent past a serious trend, he said it is adversely impacting the industrial production mainly as imported raw materials are becoming more expensive. As a result, not only the exportable goods but the essential items would become costly, he added.

3 Business Recorder
6. Sindh’s water shortfall stands at 55pc: Murad

Sindh Chief Minister Syed Murad Ali Shah Friday said the province was not receiving full supply of water as it is witnessing a shortfall of 55 percent.
Addressing a post-budget news conference at the CM House, Murad said PPP is the only party that had strengthened after the 2013 general elections in Sindh while other parties have lost their cadres to different parties during five years.
“It is only in Sindh province that PPP had increased its lawmakers after coming into power and is ending its tenure on higher number of lawmakers that were elected at the time of general elections in 2013,” he said, adding that the success in the province would help achieve success nationwide.

3 Business Recorder
7. TDAP secy invited to China Import-Export Fair

Yunnan Provincial People’s Congress Standing Committee’s vice chairman, Na Jie, officially invited the Secretary TDAP to visit China Kunming Import & Export Fair and China South Asia Exposition that will be held from June 12 to 18, 2018 in Chinese city at Kunming.
The offer came during a visit by a high-level six- member Chinese Yunnan Province’s delegation to the Trade Development Authority of Pakistan, here on Friday.
Na Jie led the delegation and apprised TDAP authorities of the scope and objectives of said two exhibitions and available opportunities for participants from Pakistan.

3 Business Recorder
8. LCCI sees huge economic scope under new Malaysian PM

The Lahore Chamber of Commerce and Industry, while extending warm greetings to Dr Mahathir Mohamad on assuming the charge as Malaysia’s seventh prime minister, termed it good news for Pakistani economy as well.
“Credit of Malaysia’s economic development goes to Dr Mahathir who developed unparalleled economic policies and turned Malaysia into an economic power. New term of Dr Mahathir Mohamad has paved way for another economic revolution and Pakistan needs to avail this valuable and enhance its exports to Malaysia”, said LCCI President Malik Tahir Javaid here on Friday.

5 Business Recorder
  SF to provide 50 homes to poor women free of cost

Sheikh Foundation (SF) has embarked upon an ambitious project to provide 50 constructed houses to the poor and deserving female members free of cost, disclosed SF president Mian Muhammad Adrees.
Addressing the Management Council at 11th Installation Anniversary of the SF on Friday, he told that it has accomplished a laudable agenda to facilitate the deserving members of SF with a focused approach on widows and divorcees since its inception.
“I have been serving this foundation just to win the blessings of Allah Almighty without any monetary and worldly benefit”, he said and told that during last executive meeting, he had committed to provide shelter to the deserving female members.

9. Cotton prices firm on thin activity

Cotton prices stayed firm on the local market on Friday in the process of slow trading activity, dealers said.
The official spot rate was unchanged at Rs 7400, they added. In the ready session, approximately, 2000 bales of cotton changed hands between Rs 6300-7000, they said.
Some needy spinners showed interest in purchasing of few lots to meet their urgent needs. According to the market sources, off-season mood is fully prevent as buyers were not ready to enter into fresh deals because they are not getting lots of their choice.

16 Business Recorder
10. Sanctions against Tehran to have impact on Islamabad: Malik

As the US pulled out of the nuclear deal with Iran, Pakistan Peoples Party (PPP) Senator Rehman Malik on Friday said that there is a need to take precautionary measures as the sanctions on Tehran would have a serious impact on Islamabad.
Speaking on a point of public importance, he said that the US sanctions would have a discernible and deleterious impact on Pakistan as there will be travel restrictions. He said that thousands of pilgrims visit Iran every year to visit holy sites and if there is a ban, it will be stopped.
The US President Donald Trump’s latest move, which would go along with tough sanctions to be imposed on Tehran, is worrying the US allies as well as countries like Pakistan and India which have signed billions of dollars trade agreements with the neighboring country, he said.

19 Business Recorder

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