Important Business News 19th April, 2018

Important Business News

     19th April, 2018

S.# Description Pg # Source
1.                    Pakistan reducing dependence in US arms: FT report

Pakistan is gradually reducing its dependence on American military technology and China is filling the gap, says a Financial Times report, which also warns that this shift will have geo-political repercussions as well.

The long, almost 2,000-word report notes that the shift started in the last few months of the Obama administration, when Congress blocked the sale of eight F-16 fighter jets to Pakistan.

https://www.dawn.com/news/1402479

3 Dawn
2.                    Twin deficits worry govt as budget approaches

The government fears the high twin deficits fiscal and current account could pose challenges on the external front as the country moves into the next fiscal year.

According to latest official estimates, the fiscal deficit for the current year is estimated at 5.5pc of GDP far higher than the budgeted target of 4.1pc while the target for next year is being set at 5.3pc of GDP.

https://www.dawn.com/news/1402507

10 Dawn
3.                    Dollar soars to Rs 117 in open market

While the interbank exchange rate remained stable, the open market witnessed a sharp increase in the US dollar rate to close at Rs117 on Wednesday.

The dollar hit the highest rate for the second time after it closed at Rs117 on March 20, the day when the local currency was depreciated by 4.5 per cent in the interbank market.

https://www.dawn.com/news/1402505/dollar-soars-to-rs117-in-open-market

10 Dawn
4.                    Tax bar hails amnesty scheme

The tax consultants and practitioners have hailed the recently announced tax amnesty scheme and believe it will receive an “overwhelming response from home and abroad”.

“We believe people are waiting for the announcement of the budget 2018-19 on April 27, because a large number of queries are already pouring in from within and outside the country,” stated Karachi Tax Bar Association (KTBA) President Khalid Mahmood on Wednesday.

https://www.dawn.com/news/1402500

11 Dawn
5.                    Cotton production records 7.9pc growth

The country recorded 7.94 per cent growth in cotton production up to April 15, producing 851,999 more bales at 11.579 million bales, over the corresponding period last year.

This is the third consecutive season when cotton production remained much below the government’s initial target of 14.1m bales which was later revised downwards to 12.6m bales.

https://www.dawn.com/news/1402501

11 Dawn
6.                    CPEC to fuel industrial growth

The government expects growth in industrial sector in the next fiscal year due to better supply of energy and planned investment under China-Pakistan Economic Corridor (CPEC).

In view of steady growth rate during the current fiscal year, the industrial sector is expected to grow by 7.6 percent during 2018-19 on the back of better energy supply and planned investment under CPEC.

https://epaper.brecorder.com/2018/04/19/1-page/711403-news.html

1 Business Recorder
7.                    FY 19 : Rs266.425bn allocations proposed for two corporations

The government has been proposed to allocate Rs266.425 billion for corporations – National Highways Authority (NHA) and National Transmission and Dispatch Company (NTDC)/Pakistan Electric Power Company Limited (Pepco) – in the budget for the next fiscal year (2018-19).

https://epaper.brecorder.com/2018/04/19/1-page/711404-news.html

1 Business Recorder
8.                    FDI change but no change

Each passing month has been strengthening the ongoing trend of Sino-isation of Pakistan’s FDI. The latest tick – for March 2018 – also reconfirms that trend.
Following the 52 percent year-on-year drop in March 2018, net FDI inflow stood at 4 percent year-on-year for 9MFY18. That growth is nothing to write home about. What is worth talking about is this. The net increase in FDI in dollars terms was $89 million in the nine-month period.

https://epaper.brecorder.com/2018/04/19/2-page/711417-news.html

2 Business Recorder
9.                    Afzal identifies areas for investment in Pakistan

State Minister for Finance Rana Afzal has said that Pakistan offers promising investment opportunities while the government has introduced lucrative incentive to attract foreign investment.
Halal food, tourism, leather, textile and pharmaceutical are the key areas where investors can make joint ventures, the state minister for finance further said while addressing the Pak-Uzbek Networking Session, organised by Rawalpindi Chamber of Commerce and Industry (RCCI), here on Wednesday.

https://epaper.brecorder.com/2018/04/19/2-page/711421-news.html

2 Business Recorder
10.                PSO allowed to import 0.420m tons of furnace oil

The Economic Coordination Committee (ECC) of the Cabinet has allowed Pakistan State Oil (PSO) to import 0.420 million tons of furnace oil through gallop tendering process on emergency basis for power generation, official sources told Business Recorder.
https://epaper.brecorder.com/2018/04/19/8-page/711474-news.html

8 Business Recorder
11.                Business community terms levy of RLNG ‘illegal & unjust’

 Business community has termed the levy of Re-gasified Liquefied Natural Gas (RLNG) by Sui Northern Gas Pipelines Limited (SNGPL) on industrial and commercial units in Khyber Pakhtunkhwa as illegal and unjustified step and announced to move the court against the decision. 
https://epaper.brecorder.com/2018/04/19/8-page/711481-news.html

8 Business Recorder
12.                ‘PAD striving hard to achieve cotton sowing target

Secretary Agriculture Punjab Muhammad Mahmood has said that cotton growing has started throughout the province and the department is striving hard to achieve target of cotton sowing on area of 6 million acres.
He said cotton growers are advised to sow cotton seed of approved varieties which have already been announced by the department. He further said that due to hard work of department and government initiatives cotton production increased up to 14% during financial year 2017-18 as compared to 2015-16.

https://epaper.brecorder.com/2018/04/19/13-page/711523-news.html

13 Business Recorder
13.                Furniture sector needs govt support to capture world market: Sarwar

Former Governor Punjab, Senator Ch Muhammad Sarwar has said that Pakistan furniture industry has a big potential to dominate global markets with innovative designs. It can substantially contribute to the country’s export annually if the government properly patronizes to give a boost to the locally handmade furniture.

https://epaper.brecorder.com/2018/04/19/13-page/711531-news.html

13 Business Recorder
14.                New Islamabad airport’s opening putt off till May 3

Delays continue to hit New Islamabad International Airport, as its formal inauguration date has been extended, once again, to May 3, 2018 despite earlier confirmation from the government to inaugurate the much-delayed project on May 1.
Director Planning & Development Wing, Civil Aviation Authority, Nadir Shafi Dar announced this on Wednesday.

https://epaper.brecorder.com/2018/04/19/21-page/711587-news.html

21 Business Recorder
15.                CPPA proposes 45 paisa per unit hike in Discos’ tariffs

The Central Power Purchasing Agency (CPPA) has proposed a 45 paisa per unit increase in Discos tariffs for March 2018 under monthly fuel price mechanism due to steep increase in furnace oil prices and massive reduction in hydel generation.
https://epaper.brecorder.com/2018/04/19/22-page/711590-news.html

22 Business Recorder
16.                Sales tax in locally manufactured tractors may be abolished

The government is likely to abolish sales tax on locally manufactured tractors in the upcoming budget 2018-19.
Sources told Business Recorder here on Wednesday that Ministry of National Food Security & Research also proposed to abolish subsidy regime for fertilizers with the replacement to reduce duties and taxes related to other items of agriculture sector.

https://epaper.brecorder.com/2018/04/19/22-page/711591-news.html

22 Business Recorder
17.                Iran switches from dollar to euro for official reporting currency

Iran will start reporting foreign currency amounts in euros rather than US dollars, state media said on Wednesday as part of the country’s effort to reduce its reliance on the US currency due to political tension with Washington.
The new policy could encourage government bodies and firms linked to the state to increase their use of the euro at the expense of the dollar.

https://epaper.brecorder.com/2018/04/19/22-page/711592-news.html

 

22 Business Recorder
                                               Editorial/Reports    
18.               

IMF’s Warning

The outstanding level of external debt and its servicing has become a hot topic these days. Speaking on the subject in Beijing, International Monetary Fund (IMF) chief Christine Lagarde warned China about what she said saddling other countries with a “problematic increase in debt” through its ambitious global infrastructure project.

https://epaper.brecorder.com/2018/04/19/20-page/711578-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

164.55

142.53

91.84

30.83

18.83

Buying TT Clean

115.40

164.27

142.28

91.69

30.77

18.80

Buying OD/T.CHQ

115.16

163.93

141.99

91.44

30.69

18.75

 11 Business Recorder

 

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