Important Business News 12th October, 2019

Important Business News

12th October, 2019

 

S.# Description Pg # Source
1

Pakistanis holding properties

FBR chief says Dubai to instantly provide details

Chairman Federal Board of Revenue (FBR) Shabbar Zaidi announced on Friday that Dubai Land Department will instantly provide details of Pakistanis holding properties in Dubai.

https://epaper.brecorder.com/2019/10/12/1-page/805071-news.html

01 Business Recorder
2.

Criticism of New Delhi’s actions in IOK

India may ‘punish’ Malaysia, Turkey thru less imports

India is considering restricting imports of some products from Malaysia including palm oil, according to government and industry sources, in reaction to the Southeast Asian country’s leader criticising New Delhi for its actions in occupied Kashmir.

https://epaper.brecorder.com/2019/10/12/1-page/805075-news.html

01 Business Recorder
3.

Rental power

Govt to submit evidence to ICSID

Pakistan is to submit documents and evidence to International Centre for Settlement of Investment Disputes (ICSID) on October 21, 2019 with respect to Turkish firm M/s Karkey Karadeniz Elektrik Uretim A.S, two days before the visit of Turkish President Recep Tayyip Erdogan to Islamabad, well-informed sources told Business Recorder.

https://epaper.brecorder.com/2019/10/12/1-page/805078-news.html

01 Business Recorder
4.

Payment of $800m from Etisalat

PM asks Hafeez to approach UAE rulers

Prime Minister Imran Khan has directed Advisor Finance and Revenue, Dr. Abdul Hafeez Shaikh to approach the United Arab Emirates (UAE) government for payment of remaining $ 800 million from M/s Etisalat, well-informed sources told Business Recorder.

https://epaper.brecorder.com/2019/10/12/1-page/805073-news.html

01 Business Recorder
5.

Sept exports post 2.67pc growth YoY

 

The country’s exports during September 2019 witnessed a growth of 2.67 percent compared with exports of September 2018, despite 25.867 percent depreciation of Pak rupee against the US dollar, Pakistan Bureau of Statistic (PBS) said.

https://epaper.brecorder.com/2019/10/12/1-page/805074-news.html

01 Business Recorder
6.

Public debt swells

 

A senior official in the Ministry of Finance, borrowing to finance the fiscal deficit and the rupee depreciation against the dollar would massively increase Pakistan’s total public debt during the remaining four-year tenure of the Khan administration.

https://epaper.brecorder.com/2019/10/12/16-page/805203-news.html

16 Business Recorder
7.

Transport infrastructure under CPEC

Islamabad, Beijing ink agreed minutes of 7th JWG meeting

Pakistan and China Friday inked the agreed minutes of the 7th meeting of Joint Working Group on Transport Infrastructure of the two countries under the China-Pakistan Economic Corridor (CPEC) framework.

https://epaper.brecorder.com/2019/10/12/18-page/805229-news.html

18 Business Recorder
8.

SECP unveils draft amendments to private funds rules

 

Private fund management company is required to assess the net worth of an eligible investor through his latest tax return and wealth tax statement filed with the Federal Board of Revenue (FBR).

https://epaper.brecorder.com/2019/10/12/18-page/805223-news.html

18 Business Recorder
9.

Locally-assembled

Sept car sales plunge 39pc YoY

The sales of locally-assembled cars witnessed a steep decline of 39 percent in September 2019.

https://epaper.brecorder.com/2019/10/12/18-page/805226-news.html

18 Business Recorder
10.

Pakistan, ADB sign $200m additional financing facility for BISP

The Asian Development Bank (ADB) Country Director Xiaohong Yang and Secretary Economic Affairs Division, Noor Ahmed signed a $200 million loan agreement for additional financing to help support the government of Pakistan’s flagship social protection program, the Benazir Income Support Program (BISP).

https://epaper.brecorder.com/2019/10/12/18-page/805224-news.html

18 Business Recorder
11.

Gas price reform

IT has been apparent for a number of years now that gas pricing in Pakistan is in need of urgent reform. The recent news that a Rs55bn bill is being prepared by the two gas distribution companies, known as ‘the Sui sisters’,

 https://www.dawn.com/news/1510371/gas-price-reform

08 Dawn
12.

Govt sole borrower of bank money

At the close of first quarter, the federal government has emerged as the sole borrower from scheduled banks whereas private and public sector firms are still retiring their debts.

https://www.dawn.com/news/1510429/govt-sole-borrower-of-bank-money

10 Dawn
13.

SNGPL warns of huge fuel related costs if LNG power plants sold

Voicing serious risks to its financial viability, the Sui Northern Gas Pipelines Ltd (SNGPL) has opposed the privatisation of two LNG-based government power plants (GPPs) of 2,640MW without absolving it of “take or pay” contracts with foreigner and local LNG suppliers.

https://www.dawn.com/news/1510428

10 Dawn
14.

SECP registers 1,392 firms in September

The Securities and Exchange Commission of Pakistan (SECP) registered 1,392 new companies in September, raising the total number of incorporated companies to 105,407.

https://www.dawn.com/news/1510425/secp-registers-1392-firms-in-september

10 Dawn
15.

Brisk buying on cotton market

The cotton market remained steady on Friday amid sustained demand from big and small buyers.

 

https://www.dawn.com/news/1510421/brisk-buying-on-cotton-market

11 Dawn
16. Currency exchange rates

 

Countries

 

U.S.

U.K

EURO

CHINA

SAUDIA ARABIA

Symbol

 

$

£

¥

﷼, SR

 

Rates

 

155.80

195.00

171.80

22.20

41.40

07 Business

Recorder

 

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