Important Business News
14th May, 2018
|1.||Written off loans
SC issues notices to 222 beneficiaries
The Supreme Court on Sunday issued notices to 222 beneficiaries, who illegally got their loans written off and against whom the commission had recommended further action.
A two-judge bench comprising Chief Justice Mian Saqib Nisar and Justice Mushir Alam heard suo motu on billions of rupees loans written off in three decades.
The chief justice asked the authorities to give advertisement in this regard so that all those against who the commission recommended action appear before the court on next date of hearing. He said the persons who were involved in written off loans would also be taken to task.https://epaper.brecorder.com/2018/05/14/1-page/716660-news.html
|2.||Remittances remain on steady course
There is no drastic change in the picture for home remittances; the story remains the same where the country continues to see shrinking remittance receipts from overseas Pakistanis in Saudi Arabia due to the economic problems, labour market trends, localisation of jobs and introduction of VAT.
The Punjab government will present its supplementary Budget today for the fiscal year 2017-18 worth over 155 billion. In this regard, the Punjab governor has summoned the session of the Punjab Assembly on Monday, 14 May 3pm to present the Supplementary Budget for the financial year. Notification to this effect has been issued by the Assembly Secretariat. Speaker Rana Muhammad Iqbal Khan will preside this 36th session of the assembly.
Prime Minister Shahid Khaqan Abbasi Sunday stressed upon the exporters to increase Pakistan’s exports to at least $ 100 billion as the country had immense potential to compete in the global markets.
He said the government had already met the demands of investors and exporters, and now it was up to them to enhance the exports volume.
Addressing the Lahore Chamber of Commerce and Industry’s (LCCI) achievement award ceremony, the prime minister said three-month exports incentives announced by the government, were now paying dividends and hinted that the incentives period could be enhanced to three years.
|5.||Urea prices likely to shoot up
The domestic fertilizer industry is likely to further increase urea prices by Rs 200 per bag in case government fails to release remaining subsidy, well informed sources in Ministry of National Food Security and Research (MoNFS&R) told Business Recorder.
|6.||Pakistan faces perception issue in int’l media: Janjua
National Security Adviser Lt-General Nasser Khan Janjua (retd) said on Sunday that Pakistan faces a perception problem in international media which needs to be corrected.
|7.||KP economy witnesses steady growth: Economic Review
The Khyber Pakhtunkhwa’s economy during the last four years has witnessed a steady growth. The GDP in FY 2013-14 witnessed a growth of 5.18 percent, which continued its steady performance in 2014-15 with a growth rate of 5.23 percent, said the second edition of the Economic Review of Khyber Pakhtunkhwa 2016-17 published recently.
|8.||Water sector crisis
Dire warnings by domestic and international water experts for well over two decades of a severe water crisis facing Pakistan (projected to dry up by 2025) have largely been ignored by successive centre and provincial governments, including the incumbent – a crisis that has been defined as greater than terrorism.
Neither Musharraf nor the Zardari-led PPP coalition government or the incumbent PML-N administration allocated high priority to water sector projects. In 2004, 21 years before Pakistan is forecast to dry up, Musharraf directed Amir Muqam, the then Minister of State for Water and Power, to ensure proper use of water resources, avoid a water crisis in the future and build new water reservoirs so that water and energy needs of the country may be met. Amir Muqam ignored these directives/suggestions and instead thanked Musharraf for using the taxpayers’ money to construct Nowshera-Chakdara-Chitral (NCC) road and the Lawari tunnel. Musharraf never bothered to follow up on his own directives/suggestions with his selected cabinet leading one to conclude that the content of the speech, no doubt penned by his speech writer(s), left him unmoved.
|9.||Sindh budget: a routine affair
Sindh Budget for FY19 presented by Chief Minister Syed Murad Ali Shah, who also happens to be the Finance Minister of the province, was a routine affair and is barefoot of any major initiative except that its authorisation was sought for only three months until September, 2018 due to coming elections and the likelihood of inception of a new government which could change the major features of the budget. The overall expenditure or the total outlay of the budget was estimated at Rs 1.144 trillion as against the receipts of Rs 1.124 trillion which means a budget deficit of Rs 20 billion. The budget estimates of the receipts for FY19 at Rs 1.124 trillion were higher by 9 percent than the current year’s. Receipts from the https://epaper.brecorder.com/2018/05/14/16-page/716777-news.html
|10.||‘Extraordinary’ US-China clash at WTO
Clashes between China and the US at 164-member World Trade Organization (WTO) which the former joined in 2001 are not new but what happened at world’s trade body on last Tuesday ahead of fresh talks between the top two economies on averting a trade war can be plausibly described as “extraordinary” as both economic giants levelled accusations against each other. The WTO spokesman, for example, after a meeting of the body’s general council, has been quoted as saying: “What I would say about this meeting today is that it was extraordinary in intensity. We had perhaps the two most powerful members of the WTO weighing in with their views on each other’s policies in a way that I have not seen… in my many years of working here.” The situation was so grim that it drew the attention of both US President Donald Trump and his Chinese counterpart Xi Jinping with latter calling for a solution to their trade spate that is characterized by mutual threats.