Important Business News 2 February, 2018

Important Business News

2 February, 2018

 S.# Description Pg # Source

China not losing interest in CPEC projects: envoy

The Ambassador of China, Yao Jing has dispelled the impression that their country losing interest in the CPEC projects, adding that Chinese government wanted expeditious execution of developmental schemes in Khyber Pakhtunkhwa and its adjoining tribal belt.

1 Business Recorder

PML-N Senator disqualified over judge bashing

Rejecting an unconditional apology from controversial ruling PML-N Senator Nehal Hashmi, the Supreme Court on Thursday sentenced him to one month imprisonment and a Rs 50,000 fine.
Announcing its verdict in a contempt of court case against Senator Hashmi, the apex court also ruled that Hashmi stood disqualified from holding any public office for a period of five years under Article 63 (1)(g) of the Constitution.

1 Business Recorder

Govt under criticism for granting concession to Chinese co

The government came under severe criticism for granting exemption in sales tax and federal excise duty to a Chinese company for import of material for construction of Multan-Sukkur section of motorway as senators termed the SRO of Federal Board of Revenue (FBR) to this effect discriminatory.

1 Business Recorder

Hike in prices of POL products fuels inflation

Consumer Price Index (CPI) inflation increased to 4.42 percent in January 2018 over the same period of the last fiscal year on the back of increase in petroleum prices, according to Pakistan Bureau of Statistics (PBS).
The increasing trend in inflation is likely to persist in the current month as well due to recent increase in the prices of petroleum products, according to analysts.

1 Business Recorder

Industrial sector: Govt may discontinue power subsidy

Federal government is likely to discontinue from December 2017 the Rs 3 per unit (KWh) subsidy extended to the industrial sector by the former Prime Minister Nawaz Sharif in 2015 as Finance Division is unwilling to release funds against the Discos claims.

1 Business Recorder

PAC informed: EOBI fails to recover Rs1.36bn dues against employees: AGP

The Employees’ Old-age Benefits Institution (EOBI) has failed to recover Rs1.36 billion outstanding against thousands of employees since 2009, Accountant General Pakistan (AGP) officials revealed to a parliamentary panel.

12 Business Recorder

PCMA for immediate release of sales tax refunds

Pakistan Chemical Manufacturers Association (PCMA) has complained that billions of rupees of chemical manufacturers are stuck up in sales tax refunds, which are pending till date despite government promises for speedy payment.

13 Business Recorder

All sectors Efforts on to provide uninterrupted gas supply: SNGPL

The Sui Northern Gas Pipe Lines Limited (SNGPL) is trying its best to provide uninterrupted gas supply to all sectors. According to the spokesperson of the company due to the current cold wave & foggy conditions across the country there is a sharp increase in gas consumption by the domestic sector due to use of gas for water and space heating.

13 Business Recorder

LCCI slams POL price hike

The Lahore Chamber of Commerce & Industry has strongly rejected the massive hike in petroleum prices and demanded of the government to withdraw this decision.
LCCI President Malik Tahir Javaid said that consecutive increases in POL prices are adding to the distress of the business community. He said that huge hike in POL price would affect every sector whether it is trade or export-oriented industry.

13 Business Recorder

Correction in prices pulls down cotton market 
 A major decline in cotton prices, both globally and in the domestic market, has resulted in pulling down the cotton markets signifying an overdue correction at most origins. Traders said in Karachi on Thursday that domestic lint prices have conceded Rs.700 to Rs.800 per maund (37.32 Kgs) within the past fortnight. With in the past one week or so, cotton prices have gone down by Rs.300 to Rs.400 per maund.

18 Business Recorder

SBP says it has got nothing to do with rescheduling of bank loans

While briefing the Senate Standing Committee on Finance presided over by Senator SaleemMandviwalla on discriminatory treatment being meted out to some private companies namely Omni Group, Pale, etc, regarding rescheduling of loans, Deputy Governor SBP Jameel Ahmed stated that the decision regarding restructuring or rescheduling of bank loans is taken by the banks themselves as per their credit policies and applicable rules and regulations, etc.

22 Business Recorder

Muhammad Aurangzeb appointed as President & CEO of HBL

Habib Bank Limited (HBL), the largest bank in Pakistan, is pleased to announce that its Board has approved the appointment of Muhammad Aurangzeb as the President and CEO of HBL subject to approval of the Fit and Proper Test (FPT) by the State Bank of Pakistan.

22 Business Recorder
13.    Reserves fall $299m

The country`s total liquid foreign exchange reserves amounted to $19.354 billion on Jan 26, down $285.9 million or 1.45 per cent from a week ago, the State Bank of Pakistan (SBP) said on Thursday.
Reserves of the SBP decreased $298m to $13.234bn. The decrease in reserves is due to payments on account of external debt servicing and other official outflows.
Net foreign exchange reserves held by commercial banks amounted to over $6.120bn on Jan 26, up $12.9m from the preceding week.

10 Dawn
14.    Inflation jumps to 4.4pc

Pakistan’s annual inflation climbed to 4.4 per cent in January from 3.7pc in the same month last year mainly due to hike in petroleum prices.
However, it ease d from 4.6pc in December 2017 owing to a decline in the prices of some perishable products.

10 Dawn
  International Business News    

CPEC is long-term people-to-people contact: Chinese envoy

Chinese Ambassador to Pakistan Yao Jing on Thursday urged the University of Peshawar administration to take on benefits of one belt; one road and CPEC projects.
The Chinese diplomat during a day-long visit to the university said that CPEC is not building highways as most people misunderstood it that way but essentially long term people to people contact.

12 Business Recorder

China to encourage Pakistani exporters: envoy

China will provide lucrative incentives to its importers in order to encourage exports from Pakistan on permanent and sustainable basis, said Yao Ching, Ambassador of the People’s Republic of China.
He was talking to a delegation of Faisalabad Chamber of Commerce & Industry (FCCI) headed by its President Shabbir Hussain Chawla. During the meeting Senior Vice President Sheikh Farooq Yusuf, Former President Engineer Rizwan Ashraf and Sajjad Anwar were also present.

13 Business Recorder



Petrol prices reach a three-year high- Editorial

The government endorsed Oil and Gas Regulatory Authority’s (Ogra) proposal to raise the price of petrol significantly – from 81.53 rupees per litre to 84.51 rupee per litre. All other products’ recommendations were not approved – high speed diesel would cost 95.83 rupees per litre instead of Ogra recommended 100.16 rupees per litre in contrast to the existing 89.91 rupees per litre, kerosene would cost 70.26 rupees per litre instead of the Ogra recommended 77.06 rupees per litre against January’s price of 64.32 rupees per litre and LDO price would be 64.30 per litre against Ogra’s recommended 70.09 rupees per litre as opposed to January’s price of 58.37 rupees per litre.



Business Recorder

Truth behind revenue growth- Article

The real story behind annual growth of 20% in revenue collection of Federal Board of Revenue (FBR) from 2013 to 2016 remains untold. It is a sordid story of cheat and deceit. The available facts reveal that behind the “extraordinary” (claimed and acclaimed) revenue growth lies not only blocking of refunds of billions of rupees and advances taken from big corporate taxpayers but also a substantial increase in the number of withholding tax provisions and their rates, and exorbitant sales tax on petroleum products. The mighty ex-Finance Minister (still minister-on-leave?), Ishaq Dar, presently facing trial before the Accountability Court, not only hiding these facts, but has been brazenly and blatantly hoodwinking members of the Parliament, international lenders/donors and the public at large.

20 Business Recorder
19.    Currency exchange rates










Selling TT & OD 110.50






Buying TT Clean







Buying OD/T.CHQ







11 Business Recorder


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