Important Business News 26th June, 2019

Important Business News

26th June, 2019

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1.

Pakistan, EU ink new strategic engagement plan

Pakistan and the European Union (EU) on Tuesday signed the new Strategic Engagement Plan for cooperation in areas, including trade, peace and security and anti-money laundering.

Foreign Minister Shah Mehmood Qureshi and the EU’s High Representative for Foreign Affairs and Security Policy Federica Mogherini inked the agreement at a ceremony held in Brussels, Belgium. The EU Strategic Engagement Plan is a long-term comprehensive framework between Pakistan and the EU countries to seek cooperation in the fields of security, trade and investment, migration, sustainable growth, energy, education and culture.

https://epaper.brecorder.com/2019/06/26/1-page/788226-news.html

 

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2.

May exports down 1.72pc YoY

The country’s exports in May 2019 witnessed a decline of 1.72 percent against the exports of May 2018. Exports reduced from $2.14 billion to $2.10 billion, Pakistan Bureau of Statistics (PBS) said.

According to provisional trade figures released by PBS Tuesday, over the same period the country’s imports also registered a negative growth of 12.8 percent from $5.7 billion to $5.04 billion.

https://epaper.brecorder.com/2019/06/26/1-page/788233-news.html

 

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3.

New gas prices to be approved today

Urea prices are likely to increase by Rs 200 per bag with a hike of 62 percent feed gas price and 31 per cent fertilizer fuel, to be effective from July 1, 2019, well informed sources told Business Recorder.

The Economic Coordination Committee is expected to approve new gas prices on Wednesday (today). Presently, urea prices are hovering around Rs 1850 and 1900 per bag in far flung areas.

https://epaper.brecorder.com/2019/06/26/1-page/788234-news.html

 

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4.

Banks asked to withdraw Rs40,000 prize bond

The State Bank of Pakistan (SBP) has directed banks to withdraw Rs 40,000 denomination national prize bonds from circulation, with immediate effect.

The SBP has issued instructions to presidents/chief executive officers of all banks regarding handling of Rs 40,000 denomination national prize bonds for information, guidance and meticulous compliance.

https://epaper.brecorder.com/2019/06/26/1-page/788228-news.html

 

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5.

KSE-100 Index falls below 34,000

Despite foreign buying, Pakistan Stock Exchange witnessed a bearish trend on second consecutive day Tuesday due to selling in various sectors, mainly by local investors.

BRIndex100 lost another 27.71 points or 0.77 percent to close at 3,584.34 points. BRIndex100 touched intraday high of 3,607.07 and intraday low of 3,558.94 points. Volumes stood at 132.218 million shares.

https://epaper.brecorder.com/2019/06/26/1-page/788237-news.html

 

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6.

FY20 tax proposals

Khusro Bakhtiar, Minister for Planning, Development and Reform, pledged that the PTI government would raise tax to Gross Domestic Product (GDP) ratio to 12.6 percent – 1.6 percent higher than the rate for the outgoing fiscal year as no economy can function without sufficient revenue collection. There can be no disagreement on this; however, two elements need to be highlighted. https://epaper.brecorder.com/2019/06/26/18-page/788384-news.html

 

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7.

ISE REIT for separate regulatory body to monitor real estate sector

Chairman and Board of Directors of ISE Towers REIT Management Company Limited (ISE REIT) strongly proposed establishment of a separate regulatory authority to monitor real estate sector, simplification of SECP laws, policy reforms and balanced tax approach to attract new investment in REITs.

Addressing the press conference here on Tuesday, Chairman and Board of Directors of ISE REIT highlighted the issues faced by the real estate investment trust (REITS) sector and proposed supportive framework for its development.

https://epaper.brecorder.com/2019/06/26/19-page/788395-news.html

 

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8.

Tariff-related issues being decided ‘carefully’ by Nepra owing to NAB probes

Secretary Power Division, Irfan Ali said Tuesday that the National Electric Power Regulatory Authority (Nepra), the power sector regulator, is very careful in deciding tariff-related matters due to different investigations being conducted by the National Accountability Bureau (NAB).

He made these remarks at a meeting of Senate Standing Committee on Power headed by Senator Fida Muhammad Khan during discussions on 300 MW power plant in Gwadar (Balochistan). The NAB recently arrested one of Nepra’s consultants (former Director General) Syed Insaf Ahmed, considered an honest senior official.

https://epaper.brecorder.com/2019/06/26/5-page/788257-news.html

 

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9.

Number of 3G, 4G users crosses 68.07m mark by end-May: PTA

The number of 3G and 4G users in Pakistan reached 68.07 million by end-May 2019, said Pakistan Telecommunication Authority (PTA).

Number of mobile phone users in Pakistan reached 161.183 million by end-May compared to 161.01 million by end-April, which registered an increase of 0.173 million during the period under review.

https://epaper.brecorder.com/2019/06/26/5-page/788259-news.html

 

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10.

FPCCI for impleting accord of sending 0.1m workers to Qatar

President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Engr Daroo Khan Achakzai has urged the government to materialise the agreement signed earlier this year for sending 100,000 Pakistani workers to Qatar for blue collar jobs.

He also said that the recent visit of Emir of the State of Qatar Sheikh Tamim bin Hamad Al Thani will go a long way in promotion of bilateral trade and economic relations between Pakistan and Qatar. He said the visit would open new opportunities for enhancing bilateral trade and economic cooperation.

https://epaper.brecorder.com/2019/06/26/7-page/788279-news.html

 

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11.

FBR anomaly body finalises list of 146 grievances

The anomaly committee of the Federal Board of Revenue (FBR) Tuesday finalised a list of 146 grievances, which were raised by business community, associations, chambers, trade bodies, individual companies and investors, pertaining to the income tax, sales tax, excise duty and customs duty related issues in the Finance Bill 2019.

As a result of negotiations between the business community and FBR on Tuesday, the government may amend the biggest Sales Tax documentation measure of seeking CNIC number of unregistered buyers. The CNIC number may be asked on transactions of over Rs 50,000.

https://epaper.brecorder.com/2019/06/26/15-page/788357-news.html

 

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12.

Punjab PA passes 41 demands for grants worth Rs1.824trn 

The Punjab Assembly on Tuesday passed with a thumping majority 41 demands for grants worth over Rs1.824 trillion for the financial year 2019-20.

Of the total 41 demands for grants, the House had already approved demands for grants of Rs 141,771,661,000 for the health services tabled in the House on Monday and was passed by majority followed by a demand for grant of Rs 66,373,607,000 for education.

https://epaper.brecorder.com/2019/06/26/16-page/788361-news.html

 

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13.

Proposed ST on inter-city AC buses

Punjab Cabinet, which met here Tuesday with Chief Minister Sardar Usman Buzdar in the chair unanimously, accorded approval to withdraw proposed sales tax on inter-city AC buses.

The CM directed to make an amendment in the Punjab Finance Bill for this purpose. “This would extend real relief to the people and the Punjab government will take many more steps for proving relief to the people in the future as well,” he said, adding: “I am grateful to the cabinet for extending support during a difficult economic situation.”

https://epaper.brecorder.com/2019/06/26/16-page/788367-news.html

 

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14.

Legal framework to be finalised for boosting Pak-UAE economic ties: envoy

Legal frame work will be finalised to strengthen economic relations between Pakistan and the United Arab Emirates (UAE) during next Joint Ministerial Commission (JMC)of Pakistan and the UAE scheduled to be held in Abu Dhabi, disclosed ambassador of the UAE Hamad Obaid Ibrahim Salim Al-Zaabi.

Addressing the business community in Faisalabad Chamber of Commerce and Industry (FCCI), he said that both brotherly Islamic countries share common perceptions on global and regional issues.

https://epaper.brecorder.com/2019/06/26/16-page/788368-news.html

 

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