Important Business News 13th April, 2018

Important Business News

13th April, 2018

Sr. Description Pg # Source
1.       Privatization of PIA

Don’t do it without SC permission, govt told

The Supreme Court on Thursday directed the federal government not to privatize Pakistan International Airlines (PIA) without its prior permission.
The court also ordered the former managing directors (MDs) of national flag carrier not to leave the country without informing the apex court.

https://epaper.brecorder.com/2018/04/13/1-page/710322-news.html

1 Business Recorder
2.       Moody’s optimistic about Amnesty’s prospects

Moody’s Investors Service said if Pakistan’s tax-amnesty scheme remains successful, it would increase the government’s revenue base and alleviate fiscal pressure from its low revenue generation capacity and increasing capital expenditures for the China-Pakistan Economic Corridor (CPEC).

https://epaper.brecorder.com/2018/04/13/1-page/710320-news.html

1 Business Recorder
3.       Presentation of budget hangs in the balance

Presentation of the federal budget for fiscal year 2018-19 hangs in balance after the opposition parties conveyed to the government that either it should not present the budget or get authorization of the only four-month budget from the Parliament.
This implies whatever party comes in power after the general elections, it will have the choice to present a new budget or make amendments in the existing one.

https://epaper.brecorder.com/2018/04/13/1-page/710321-news.html

1 Business Recorder
4.       Sale of KES stake in KE

Cabinet ratifies CCoP decision

The federal cabinet has ratified the decision of Cabinet Committee on Privatization (CCoP) for issuance of National Security Certificate (NSC) for sale of KES 66.40 percent shares in K-Electric Limited to Shanghai Electric Power.
A meeting of the cabinet presided over by Prime Minister Shahid Khaqan Abbasi ratified the decisions taken by the Cabinet Committee on Privatization (CCoP) in its meeting held on March 30, 2018.

https://epaper.brecorder.com/2018/04/13/1-page/710323-news.html

1 Business Recorder
5.       Tax amnesty and the real estate  

From being a comprehensive yet bold to discriminatory and discouraging, a lot has been said about the tax-reform package announced by the Prime Minister. Without getting into the political or moral debate, let’s look at the impact of Tax Amnesty Scheme 2018 Package on the real estate sector.

https://epaper.brecorder.com/2018/04/13/2-page/710328-news.html

2 Business Recorder
6.       Over 42pc development funds provided to S Punjab: Shahbaz

Punjab Chief Minister Shahbaz Sharif Thursday said that Southern Punjab has moved on the road to genuine development while the PML-N government is bringing a ‘genuine revolution’ for the prosperity of the people and national development in the country.

https://epaper.brecorder.com/2018/04/13/3-page/710342-news.html

3 Business Recorder
7.       New Islamabad Airport can handle about 9m passengers annually: CAA DG

Director General Civil Aviation Authority has said that New Islamabad International Airport (NIIA) can handle about nine million passengers per year as compared to three   million passengers facilitated by old Benazir Bhutto International Airport.

https://epaper.brecorder.com/2018/04/13/5-page/710354-news.html

5 Business Recorder
8.       Minister informs NA

10,973MW of electricity added to national grid in five years 

Minister for Power Sardar Awais Leghari Thursday informed the National Assembly that his government has added 10,973 megawatts of electricity in the national grid during the last five years.
The minister said during the Question Hour that the government is completing the power projects in record time and more generation of electricity will also help reduce the power tariff.

https://epaper.brecorder.com/2018/04/13/5-page/710352-news.html

5 Business Recorder
9.       NA passes Prevention of Smuggling of Migrants Bill 2018

ISLAMABAD: National Assembly Thursday passed ‘The Prevention of Smuggling of Migrants Bill, 2018’ with majority vote.
The Pakistan Muslim League-Nawaz (PML-N) government also laid ‘Protection of Economic Reforms (Amendment) Ordinance, 2018’ and ‘Anti-terrorism (Amendment) Ordinance, 2018’ before the Lower House of Parliament.

https://epaper.brecorder.com/2018/04/13/7-page/710369-news.html

7 Business Recorder
10.    CFO conference

Saqib for reducing gap between population & GDP growth 

CEO and Group Director Strategic Planning Atlas Honda, Saqib H. Shirazi said Thursday that gap between population growth and GDP should be at least three to four percent while from a GDP perspective we need nearly seven to eight percent and from   population perspective we need to be less than two.

https://epaper.brecorder.com/2018/04/13/8-page/710387-news.html

8 Business Recorder
11.    Sindh’s revenue jumps to Rs1.364trn during Jul-Dec of FY18

Provincial fiscal operations posted a surplus of Rs 204 billion during the first half (H1) of this fiscal year (FY18) mainly due to hefty increase in the provincial revenue.
The total provincial revenue grew by 28.2 percent to Rs 1.364 trillion during July-Dec of FY18 as compared to a meager 1.3 percent growth reported in last year (FY17).

https://epaper.brecorder.com/2018/04/13/12-page/710423-news.html

12 Business Recorder
12.    71pc growth seen in cigarette output during fiscal year’s five months

Ministry of National Health Services, Regulations and Coordination has claimed that the local cigarette production increased by 71 percent during the first five months of the fiscal year 2017-18 due to lower tax rates. The ministry has written to the Federal Board of Revenue (FBR) to reconsider the policy of reducing cigarette prices.

https://epaper.brecorder.com/2018/04/13/13-page/710444-news.html

13 Business Recorder
13.    China-Pakistan Economic Corridor Ahsan urges Chinese enterprises to invest in free economic zones

Minister for Interior, Planning, Development and Reform, Ahsan Iqbal on Thursday invited the Chinese enterprises to invest in the free economic zones to be established under the China-Pakistan Economic Corridor (CPEC) and take advantage of the location and low cost of production.

https://epaper.brecorder.com/2018/04/13/13-page/710440-news.html

13 Business Recorder
  Cotton market continues to remain stable 

Cotton market exhibited a steady posture on Thursday even though the volume of business was on the low side. Even though most of the seed cotton (Kapas/Phutti) from the current crop (August 2017/July 2018) has been sold out, about 400,000 bales (155 Kgs) of cotton are still reportedly lying unsold with the ginners.

https://epaper.brecorder.com/2018/04/13/18-page/710464-news.html

18 Business Recorder
   

Editorial/Reports

   
  PM at Boao economic forum

Addressing the Boao Forum in China’s Hainan province, Prime Minister Shahid Khaqan Abbasi has pointed out that regional connectivity, open trade and increased economic growth are the key to promoting tolerance and deny space to extremism and that Pakistan is partnering with China to usher in a new era of peace and prosperity through enhanced connectivity.

https://epaper.brecorder.com/2018/04/13/20-page/710493-news.html

20 Business Recorder
18. Circular debt

According to a Business Recorder exclusive, receivables of Pakistan State Oil (PSO), already high due to overdue payments from the power sector have risen by 23 billion rupees – an amount payable by Sui Northern Gas Pipelines Ltd (SNGPL).

https://epaper.brecorder.com/2018/04/13/20-page/710492-news.html

20 Business Recorder
19. Currency exchange rates

 

Countries

 

U.S.A

U.K

EURO

CANADA

CHINA YUAN

SAUDIA ARABIA

Selling TT & OD 115.60

163.96

142.97

91.63

30.83

18.88

Buying TT Clean

115.40

163.68

142.72

91.67

30.77

18.84

Buying OD/T.CHQ

115.16

163.34

142.43

91.43

30.69

18.79

 11 Business Recorder

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