Important Business News 26 December, 2017

Important Business News

26December, 2017

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1.      

Income tax provisions relating to OECD: Banks showing ambivalence or prudence?

The Federal Board of Revenue (FBR) has informed the Senate Standing Committee on Finance that banks have not challenged the income tax provisions relating to the Organization for Economic Cooperation and Development (OECD) for furnishing of information by financial institutions, including banks, for automatic exchange of information, including banking information, with OECD member countries. 

http://epaper.brecorder.com/2017/12/26/1-page/689949-news.html

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Business Recorder’[‘

2.      

Pak, China & Afghanistan: Asif reaches Beijnig

Foreign Minister Khawaja Asif reached Beijing on Monday for the first trilateral consultations among Pakistan, China and Afghanistan for strengthening relations and cooperation. 

http://epaper.brecorder.com/2017/12/26/1-page/689948-news.html

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Business Recorder

3.      

TCP won’t procure sugar from defaulting mills

The Trading Corporation of Pakistan (TCP) has formulated a policy to procure and export 0.3 million tons of sugar from mills on the instructions of the Economic Coordination Committee (ECC) of the Cabinet, according to which procurement will not be made from the defaulting mills, sources close to chairman TCP told Business Recorder. 

http://epaper.brecorder.com/2017/12/26/1-page/689945-news.html

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Business Recorder

4.      

Nation celebrates Quaid’s birth anniversary with national zeal

The 141st birth anniversary of Father of the Nation, Quaid-i-Azam Mohammad Ali Jinnah was celebrated with national zeal and enthusiasm.
It was a public holiday Monday and national flag was hoisted atop all public and private buildings. 

http://epaper.brecorder.com/2017/12/26/3-page/689973-news.html

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Business Recorder

5.      

Shahbaz inaugurates Rs20 billion first phase of PKLI

Punjab Chief Minister Shehbaz Sharif Monday said that objective of making Pakistan a great state cannot be achieved through sit-in, lockdown, allegations, leg-pulling and obstructing the development projects. 

http://epaper.brecorder.com/2017/12/26/3-page/689969-news.html

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Business Recorder

6.      

Prosperity, development not possible without education: Ahsan

 Federal Minister for Interior Ahsan Iqbal has said the prosperity and development without education was impossible and great responsibilities rest on universities to impart quality education to students besides focusing on their character building. 

http://epaper.brecorder.com/2017/12/26/5-page/689978-news.html

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Business Recorder

7.      

SBP to setup Credit Guarantee Co for SMEs

State Bank of Pakistan (SBP) has decided to establish credit guarantee company for SMEs and the Centre of Excellence for SME banking & finance for promotion of SMEs finance in the country.
SBP, in its Policy for Promotion of SME Finance, has also urged for simplification of taxation regime for SMEs. 

http://epaper.brecorder.com/2017/12/26/16-page/690082-news.html

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Business Recorder

8.      

Gas supplies jump as critical project finally starts

Officials at the Prime Minister Office (PMO) had another reason to celebrate on Monday as a critical project for the import of natural gas finally began operations after a long period of delays and technical difficulties.

https://epaper.dawn.com/DetailImage.php?StoryImage=26_12_2017_010_004

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Dawn

 

International Business News

 

 

9.      

Pak-Turkish-Iranian entrepreneurship nexus proposed at Mashad

Firdosi University Mashad Iran hosted Entrepreneurship 2017 with Science Tech+, Code, Khorasan Science and Technology Park and other organizations as organizers. The soft spoken Mayor of Mashad, Head of Khorasan Science and Technology Park and senior academicians from Iran and abroad shared their wisdom openly with the participants. Prof Dr Mohammad Subhan Qureshi, Chief Patron, Dairy Science Park (DSP) represented his own organization. 

http://epaper.brecorder.com/2017/12/26/5-page/689980-news.html

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Business Recorder

10.   

China likely to set M2 growth target at record low next year

China is likely to set its 2018 money growth target at an all-time low of around 9 percent to curb debt risks and contain asset bubbles, the official China Daily reported on Monday, citing economists involved in high-level policy discussions. 

http://epaper.brecorder.com/2017/12/26/11-page/690043-news.html

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Business Recorder

 

Editorial/Reports

 

 

11.   

Textile exports: value addition leads growth- Analysis

Textile exports for the 5MFY18 have shown a moderate increase of 8 percent on a year-on-year basis to clock in at $5.51 billion. According to the Pakistan Bureau of Statistics (PBS) numbers released last week, textile exports for Nov-17 increased by 7 percent as compared to the corresponding period last year. 

http://epaper.brecorder.com/2017/12/26/2-page/689961-news.html

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Business Recorder

12.   

Fragile balance of payment- Article

There is a growing perception today that we face an incipient financial crisis in our external transactions. It is due to growing structural weaknesses of the economy. The underlying structural problems include falling exports and stagnant remittances, build-up of external debt and repayments thereof because of rapidly growing commercial and short-term external debt and on-going speculative and hedging activity with respect to the rupee. 

http://epaper.brecorder.com/2017/12/26/14-page/690070-news.html

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Business Recorder

13.   

Worsening C/A deficit- Editorial

It is unfortunate that current account (C/A) balance of the country is deteriorating almost consistently. According to the latest data released by the State Bank on 20th December, 2017, current account deficit has surged by 91 percent or dollar 3.059 billion to reach dollar 6.43 billion during July-November, 2017 as compared to dollar 3.371 billion in the same period of last year.

http://epaper.brecorder.com/2017/12/26/14-page/690068-news.html

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Business Recorder

14.   

Economic round-up: Jul-Nov FY18- Article

Economic performance during Jul-Nov is a good basis to assess how the economy would fair during the fiscal year. We give a round-up of this performance across the key sub-sectors of the economy. [All comparisons are for Jul-Nov FY18 versus Jul-Nov FY17, unless otherwise indicated]. 

http://epaper.brecorder.com/2017/12/26/15-page/690079-news.html

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Business Recorder

15.   

Currency exchange rates

 

Countries

 

U.S.A

 U.K

EURO

CANADA

SAUDIA ARABIA

Selling TT & OD 110.00

147.19

130.34

 86.33

    29.33

Buying TT Clean

109.80

146.92

130.10

 86.17

29.28

Buying OD/T.CHQ

109.57

146.62

129.83

 85.95

 29.20

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Business Recorder

 

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