Important Business News 12th April, 2018

Important Business News

12th April, 2018

S.# Description Pg # Source
1.       Amnesty, tax relief package

Ordinance before lower house

Pakistan Muslim League-Nawaz (PML-N) government Wednesday laid three ordinances related to tax amnesty scheme before the National Assembly amid protest by the opposition members.
https://epaper.brecorder.com/2018/04/12/1-page/710308-news.html

1 Business Recorder
2.       Govt has no right to present budget, Khursheed tells PM

Leader of Opposition in the National Assembly Syed Khursheed Ahmed ShahWednesday told Prime Minister Shahid Khaqan Abbasi that outgoing Pakistan Muslim League-Nawaz (PML-N) government has no right to present budget for the next fiscal year 2018-19.

https://epaper.brecorder.com/2018/04/12/1-page/710309-news.html

1 Business Recorder
3.       Amnesty scheme fully compliant with OECD confidentiality clauses

Prime Minister’s Advisor on Revenues Haroon Akhtar Khan has said the amnesty scheme is fully compliant with confidentiality clauses of OECD (Organization for Economic Cooperation and Development) and reminded that predicate offences like corruption money as well as drug and terror financing

https://epaper.brecorder.com/2018/04/12/1-page/710310-news.html

1 Business Recorder
4.       SBP allows BOS to open yuan accounts of local banks

The State Bank of Pakistan (SBP) has allowed Bank of China (BOC) Pakistan to establish a local Chinese yuan (CNY) settlement and clearing setup in Pakistan with an aim to further strengthen the trade channels and remittance flows.

https://epaper.brecorder.com/2018/04/12/1-page/710311-news.html

1 Business Recorder
5.       Prospect of trade war poses ‘downside risks’ to economy: Fed

The prospect of a trade war poses “downside risks” to the US economy, which otherwise is poised to grow at a solid pace, the Federal Reserve said Wednesday.
While the Fed said the steep tariffs on steel and aluminum imports that President Donald Trump imposed last month would not on their own have a significant effect, the possibility of “retaliatory trade actions by other countries” could be harmful.

https://epaper.brecorder.com/2018/04/12/1-page/710303-news.html

1 Business Recorder
6.       ADB project GDP growth at 5.6pc

Asian Development Bank (ADB) has projected GDP growth for Pakistan at 5.6 percent in the current fiscal year which will decline to 5.1 percent next year as balance of payment constraints would outweigh improvements to supply-side factors such as improved security and energy supply.

https://epaper.brecorder.com/2018/04/12/1-page/710305-news.html

1 Business Recorder
7.       Water charter may be signed in next CCI meeting

The Federal and Provincial Governments are likely to sign a Water Charter aimed at dealing with current and future water issues with consensus and developing new reservoirs, well informed sources told Business Recorder.

https://epaper.brecorder.com/2018/04/12/1-page/710312-news.html

1 Business Recorder
8.       Saudi Aramco signs $44billion deal for mega Indian refinery

Saudi Aramco on Wednesday announced a $44-billion deal to build a giant refinery complex in India with three Indian firms that will become a crucial new outlet for the world’s biggest supplier.
The refinery at Ratnagiri on the west coast will be able to process up to 1.2 million barrels of crude a day. https://epaper.brecorder.com/2018/04/12/1-page/710307-news.html

1 Business Recorder
9.       Where are remittances headed?

State Bank of Pakistan in its recent quarterly report has projected that the country would attract a maximum of $20.5 billion in remittances in FY18. Given $14.6 billion remittance inflows in the first nine months of FY18, the last three months of the fiscal year should at least lure in $5.9 billion, which is around 29-30 percent of the projected total – or $1.96 billion per month on average for the next three months.

https://epaper.brecorder.com/2018/04/12/2-page/710114-news.html

2 Business Recorder
10.    Thar gives birth to economic revolution in country: Bilawal

Chairman Pakistan People’s Party (PPP) Bilawal Bhutto Zardari along with CM Sindh Syed Murad Ali Shah visited Thar Coal Block II and monitored the mining operations, construction of 2X330MW power plant, and the community development work done by Sindh Engro Coal Mining Company (SECMC) in a public private partnership model in Tharparkar.

https://epaper.brecorder.com/2018/04/12/7-page/710153-news.html

7 Business Recorder
11.    No business seen on cotton market

Not a single deal reported on the cotton market on Wednesday, dealers said.
The official spot rate was unmoved at Rs 7500, they added. In both Sindh and Punjab, seed cotton prices were at Rs 2800-3100, they said.
According to the market sources leading mills and spinners were on the sidelines as the ginners have started raising asking prices of cotton. Other analysts said that strong demand likely to push the rates higher in the coming days.

https://epaper.brecorder.com/2018/04/12/12-page/710206-news.html

 

 

12 Business Recorder
12.    Taxation system needs reforms based on ground realities: LCCI

Taxation system needs reforms based on ground realities and due consultation process with the stakeholders to ensure result-oriented policies for the businessmen. Harmonization in tax system across the country is also a must to get rid of the issue of dual taxation.

https://epaper.brecorder.com/2018/04/12/20-page/710248-news.html

20 Business Recorder
13.    SAARC member states urged to make self-regulating trade strategic

SAARC Chamber of Commerce and Industry Vice President Iftikhar Ali Malik on Wednesday said that in the prevailing global economic scenario, it is need of the hour that SAARC member states should craft new self-regulating trade strategies to withstand the shocks in wake of trade war ensued between the United States and China that could badly hit the development growth in the region.

https://epaper.brecorder.com/2018/04/12/20-page/710257-news.html

20 Business Recorder
  Editorial/Reports    
18. 6pc growth target missed

According to a Business Recorder exclusive, the government has acknowledged that the 6 percent growth target will not be achieved. The growth rate has been revised downward to 5.79 percent based on the seven months’ available data.

https://epaper.brecorder.com/2018/04/12/22-page/710277-news.html

22 Business Recorder
19. Currency exchange rates

 

Countries

 

U.S.A

U.K

EURO

CANADA

CHINA Yuan

SAUDIA ARABIA

Selling TT & OD115.60

163.90

142.91

91.75

30.83

18.86

Buying TT Clean

115.40

163.62

142.66

91.59

30.77

18.83

Buying OD/T.CHQ

115.16

163.26

142.37

91.35

30.69

18.78

 11 Business Recorder

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