Important Business News 25th November, 2019

 

S.# Description Pg # Source
1.

PM identifies major economic challenges

While acknowledging unemployment and inflation as major challenges, Prime Minister Imran Khan has sought a comprehensive and effective strategy in coordination with the provincial governments to lessen their impacts.

https://epaper.brecorder.com/2019/11/25/14-page/811976-news.html

 

1 Business Recorder
2.

Johnson promises ‘sensible’ tax cuts

(England): British Prime Minister Boris Johnson promised on Sunday “to get Brexit done”, with his Conservative Party making an election pledge to bring his deal to leave the European Union back to parliament before Christmas.
With Britain heading to the polls on Dec. 12, the governing Conservatives rolled out an election manifesto that promised more public sector spending and no further extensions to the protracted departure from the EU.

https://epaper.brecorder.com/2019/11/25/14-page/811978-news.html

 

1 Business Recorder
 

3.

Proposed regulatory regime for stock brokers

SECP extends consultation period till 27th
The Securities and Exchange Commission of Pakistan (SECP) has extended the consultation period till November 27 on recently proposed regulatory regime for stock brokers that aims at revitalizing the capital market and expansion of investor base.

https://epaper.brecorder.com/2019/11/25/14-page/811971-news.html

 

1 Business Recorder
4.

Modaraba sector

SECP to introduce new regulatory framework
In order to monitor investment/transactions in the Modaraba sector, the Securities and Exchange Commission of Pakistan (SECP) has decided to introduce new regulatory framework by imposing minimum conditions on Modaraba for providing finance to their customers, limits in capital market, financial indicators of the borrowers and requirements for carrying out certain types of transactions.
The SECP has issued draft Modaraba Regulations, 2019 to strictly regulate and monitor the Modaraba sector in Pakistan.

https://epaper.brecorder.com/2019/11/25/14-page/811970-news.html

 

1 Business Recorder
5.

TAPI pipeline

Govt likely to renegotiate gas price
Pakistan is likely to renegotiate gas price of much talked- about Turkmenistan- Afghanistan- Pakistan-India (TAPI) pipeline with M/s Turkmengaz, well informed sources told Business Recorder.
For this purpose, an inter-ministerial committee is to be constituted so that the price of gas can be brought down.

https://epaper.brecorder.com/2019/11/25/14-page/811974-news.html

 

1 Business Recorder
6.

Commerce Div decides to participate in Abu Dhabi Expo

Taking a u-turn, Commerce Division has decided to participate in Expo 2020 Abu Dhabi on turnkey basis subsequent to the commitment of funds from donors’ and fearing that withdrawal from Expo will have negative effects on bilateral relations between the two countries.

https://epaper.brecorder.com/2019/11/25/14-page/811975-news.html

 

1 Business Recorder
7.

Ready-made garments’ export rises by 12pc in current FY’s four months

The exports of ready-made garments during first four months of current fiscal year grew by 12 percent as compared to the exports of the corresponding period of last year.
During the period from July-October 2019, about 19.54 million dozens of ready made garments worth $906.663 million exported as compared to the exports of 15.119 million dozens valuing $809.520 million of same period of last year.

https://epaper.brecorder.com/2019/11/25/2-page/811855-news.html

16 Business Recorder
8.

Dollar to stay mighty for another six months at least

The dollar’s persistent and confounding strength will continue well into next year, and even if a partial US-China trade deal is signed it will at most knock the currency by 1-2% in the immediate aftermath, a Reuters poll found.

https://epaper.brecorder.com/2019/11/25/4-page/811877-news.html

7 Business Recorder
9.

Pakistan to harvest over 40,000 tons of olive this year

The country will harvest about 40,000 tons of olive (fruit) during current season to produce about 3,500 tons of extra-virgin olive oil that would help in tackling with the domestic edible oil requirements.
The domestic production of olive oil would also help in fetching the handsome amount of foreign exchange by exporting it, besides saving the precious foreign exchange reserves being spent on the import of the commodity.

https://epaper.brecorder.com/2019/11/25/8-page/811914-news.html

 

11 Business Recorder
10.

‘Higher’ urea prices

Another ‘match’ likely between Razak, fertilizer industry tomorrow
Another ‘match’ is expected between Prime Minister’s Adviser on Commerce, Industries and Production and Investment Abdul Razak Dawood and the powerful domestic fertilizer industry on “higher” urea prices at a meeting of Fertilizer Review Committee (FRC) on Tuesday (tomorrow).

https://epaper.brecorder.com/2019/11/25/9-page/811924-news.html

 

9 Business Recorder
11.

Top business executives caught up in Spain spy tapes scandal

Top Spanish executives have come under scrutiny following a string of leaked recordings as a scandal triggered by a “blackmailer” policeman that has shaken the country’s elite seeped into the business world.

https://epaper.brecorder.com/2019/11/25/10-page/811933-news.html

13 Business Recorder
12.

US meat producers want a slice of vegan market

November 25, 2019

NEW YORK: The growing craze for vegetarian versions of juicy burgers and sausages has created such a buzz that even traditional meat producers are trying to get in on the action.
The big players are trying to capitalize on the success of products from companies like Beyond Meat and Impossible Burger.

https://epaper.brecorder.com/2019/11/25/10-page/811935-news.html

13 Business Recorder
13.

Good or bad news on state of economy

Prime Minister Imran Khan has repeatedly appreciated the efforts of his economic team, led by Dr Hafeez Sheikh his Advisor on Finance and Dr Reza Baqir, Governor State Bank of Pakistan (SBP); more recently he gloated about the current account surplus, to the tune of 99 million dollars in October, with the trade deficit for July-October narrowing by 33.52 percent to 7.7 billion dollars.

https://epaper.brecorder.com/2019/11/25/11-page/811945-news.html

14 Business Recorder
14.

Razak for increasing exports, decreasing imports

Advisor to Prime Minister for Commerce and Textile Abdul Razak Dawood has said that the government is making effective policies to increase export and decrease import for the economic stability of the country through offering lucrative incentives to industrialists and businessmen.

https://epaper.brecorder.com/2019/11/25/16-page/811986-news.html

10 Business Recorder
15.

Informal economy to be regulated for meeting FATF concern

The government has decided to bring all unregulated sectors of the national economy under an interim regulatory framework to address at the earliest outstanding reservations on money laundering and terror financing (ML and TF) of the international financial watchdog — Financial Action Task Force (FATF).

The decision was taken by the National FATF Coordination Committee (NFCC) at its recent meeting. Prime Minister Imran Khan had set up the high-powered 12-member NFCC in the first week of October to ensure execution of all FATF-related tasks till Dec 1.

https://www.dawn.com/news/1518686

 

1 Dawn
16.

Sindh best with low cotton output

WITH a share of 0.8 per cent in GDP and a contribution of 4.5pc in agriculture value-addition, cotton has been a lifeline to Pakistan’s economy.

However, the country has failed to achieve the cotton production target of around 15 million bales (with each bale weighing at least 155kg) for several years.

https://www.dawn.com/news/1518576/sindh-beset-with-low-cotton-output

 

2 Dawn
17.

Investing money parked abroad to take Pakistani domicile

THE country’s financial team may take satisfaction in the fact that its decision to allow foreign investment in government papers has fetched $713 million at a time when foreign exchange inflows were falling short of expectations.

Along with a huge drop in imports and a nominal increase in export earnings, foreign investment in government securities has helped improve the external position. After four years of deficits, the current account recorded a surplus of $99m in October.

https://www.dawn.com/news/1518574/incentivising-money-parked-abroad-to-take-pakistani-domicile

2 Dawn
 

Editorial

   
18.

A prudent approach

As anticipated by this newspaper, the Monetary Policy Committee (MPC) of the State Bank in its meeting held on 22nd November, 2019 again opted to keep the policy rate unchanged at 13.25 percent per annum for the next two months. It has justified its decision mainly on the ground that recent inflation outturns have been on the higher side but the causes behind these outturns have primarily been increases in food prices which are expected to be temporary.

https://epaper.brecorder.com/2019/11/25/11-page/811943-news.html

 

14 Business

Recorder

19.  

Currency exchange rates

 

Countries

 

U.S.

U.K

EURO

CHINA

SAUDIA ARABIA

Symbol

 

$

£

¥

﷼, SR

Rates

 

155.30

199.50

171.15

22.10

41.41

 

 

9 Business

Recorder

 

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