Important Business News 26th November, 2019


S.# Description Pg # Source

Draft authority law seeks repeal of FBR law

The draft Federal Revenue Authority Act 2020 has proposed to reconstitute Federal Board of Revenue (FBR) into Federal Revenue Authority (FRA) to make it a service-oriented organization, with job protection to existing employees, and greater autonomy and powers for implementing tax reforms, combating corruption and accountability of tax officials.


1 Business Recorder

Hafeez describes job creation as major challenge

Advisor to Prime Minister on Finance Abdul Hafeez Shaikh said on Monday that the country had not performed well historically in attracting foreign direct investment (FDI), export growth and infrastructure development; however, platform has now been created after efforts of 16 months to mend some of the deficiencies of the economic legacies.


1 Business Recorder


Dasu hydropower project

Wapda inks Rs52.5bn contract with Chinese firm
Water and Power Development Authority (Wapda) Monday signed a contract worth Rs52.5 billion as a joint venture of GE Hydro China and Power China Zhongnan Engineering Corporation for electro-mechanical works of Dasu Hydropower Project (stage-I).


1 Business Recorder


Pakistan has sovereign right to decide its future: US envoy
The US ambassador to Pakistan Monday said the remarks on CPEC by US Assistant Secretary of State for South Asia were meant to generate debate however it was Pakistan’s sovereign right to decide its future.
“We do not expect everyone to agree with us or agree with every aspect of her speech,” Ambassador of the United States of America Paul W Jones said while talking to the media after visiting Wazir Khan Mosque to review the ongoing restoration work of some historic houses under the ‘US Ambassador’s Fund for Cultural Preservation’ (AFCP).


1 Business Recorder

Mega money laundering case

Supplementary reference filed against Zardari, Faryal
The National Accountability Bureau (NAB) Monday filed a supplementary reference against former president Asif Ali Zardari, his sister Faryal Talpur and other accused in connection with the mega money laundering case.


1 Business Recorder

Telenor Pakistan condemns Norway incident

Telenor Pakistan has strongly condemned the desecration of Holy Quran and expresses deepest concern over the unfortunate incident that took place in Norway. The company remains committed to the country and is proud to serve millions of Pakistanis.


3 Business Recorder

SC seeks details of collection, utilization of GIDC

The Supreme Court has directed the federal government to submit details of collection and utilization of Gas Infrastructure Development Cess under the GIDC Act 2011 and the GIDC Act 2015.
A three-member special bench, headed by Justice Mushir Alam, on Monday heard 107 petitions/appeals of various textile mills, cotton mills, sugar mills, ceramics companies, chemicals, CNG filing stations, match factories, cement companies and aluminum industries regarding the GIDC levy.


3 Business Recorder

Remittances to grow more, says PM

Prime Minister Imran Khan Monday said that significant growth in the home remittances was witnessed during the fiscal year 2019, which was expected to grow further in the coming years.
The prime minister was talking to a delegation of MoneyGram, headed by William Alexander Holmes, CEO and Chairman, that called on him at PM Office. Adviser on Finance Dr. Abdul Hafeez Sheikh and Adviser on Commerce Abdul


3 Business Recorder

Provision of gas, jobs to local people

Federal, Sindh govts asked to explain CCI decisions
Sindh High Court (SHC) on Monday issued notices to Federal and Sindh Governments to explain about the decisions of Council of Common Interests (CCI) viz-a-viz provision of gas to the localities, falling in the radius of five kilometers of gas fields in the province.


5 Business Recorder

Seafood export surges by 18.11pc to $129.655m

Pakistan’s seafood export surged by 18.11 percent to $129.655 million in July-Oct 2019, according to official figures.
Increase in seafood export now stands at $19.879 million in July-Oct 2019 from $109.776 million in July-Oct 2018, Pakistan Bureau of Statistics shows. In term of volume, seafood export grew by 22 percent or 9664 metric tons to 54,177 metric tons in July-Oct 2019 from 44,513 metric tons in July-Oct 2018. The country exported $50.106 million of seafood in Oct 2019, which is higher by 18 percent or $7.624 million from $42.482 million in Oct 2018.


5 Business Recorder

NIFT signs agreement with Bank Alfalah on digital financial services

In an effort to promote Digital Financial Services (DFS) in Pakistan, National Institutional Facilitation Technologies (NIFT), an existing Payment System Operator/Provider (PSO/PSP) offering nation-wide cheque clearing services, has signed an agreement with Bank Alfalah, one of Pakistan’s leading and progressive banks, to facilitate settlement services for mobile/electronic commerce payments (Digital Commerce Payments) through NIFT’s DFS platform under the brand name “NIFT ePay” using bank accounts.


5 Business Recorder

Second phase of CPFTA

Country has secured enhanced, deeper concessions
Second phase of China-Pakistan Free Trade Agreement (CPFTA) will come into force later this week that is to eliminate tariffs on 313 most priority tariff lines of Pakistan’s export.
The agreement is in line with the treatment China has given earlier to ASEAN’s countries.


7 Business



SECP initiates crackdown on cos involved in illegal/ unauthorised activities

The Securities and Exchange Commission of Pakistan (SECP), to safeguard interests of common public has initiated winding up proceedings against 6 companies, allegedly involved in illegal and unauthorized business activities.


7 Business



Brazil’s soya planting loses steam, again lagging 5-year average

Soyabean plantings for the new Brazilian crop (2019-20) have reached 77.3% of the expected area to be planted with the oilseed at the end of this week, a slower pace than seen last year and also lagging the five-year average for the period.
According to a report from consultancy ARC Mercosul released on Friday, farmers advanced 6 percentage points in the last week. They had planted 89.6% of the area at this time last season. The five-average for this time is 80.5%.


15 Business



Algeria buys about 500,000 tonnes of wheat

Algeria’s state grains agency OAIC purchased about 500,000 tonnes of milling wheat in an international tender that closed on Wednesday, European traders said on Thursday.
OAIC was thought to have paid about $223-$224 a tonne, cost and freight (c&f), with the sales made by four trading houses, the traders said.


15 Business



Mobile phones

Recommendations for import tabled before cabinet, Senate body told
Chairman Federal Board of Revenue (FBR) Shabbar Zaidi Monday said that recommendation for allowing duty free import of mobile phones under Baggage Rules would be tabled before the federal cabinet.
Briefing the Senate Standing Committee on Information Technology and Telecommunication, the FBR chairman said that Baggage Rules was misused in the past, compelling the government to withdraw the facility, adding duty/taxes are applicable on import of every mobile handset.


20 Business



Deadline for filing ST, FED returns extended to 29th

The Federal Board of Revenue (FBR) has extended date of submission of sales tax and Federal Excise return up to November 29, 2019 for the tax period of October, 2019.


20 Business



Foreign inflows in T-bills cross $1bn

Foreign inflows into Pakistani debt instruments crossed the $1 billion mark this fiscal year, latest data released by the State Bank shows.

Debt auctions have been attracting foreign inflows since July when interest rates hit a peak of 13.25 per cent, with the pace accelerating every month. Almost all the foreign inflows in government debt were in short-term Treasury bills, with tenors of up to one year maximum.


10 Dawn

CPEC crucial for Pakistan’s development, says Hafeez

Defending the China-Pakistan Economic Corridor (CPEC), Finance Adviser Dr Abdul Hafeez Shaikh on Monday called for global awareness campaign about the multi-billion dollar programme for its real success.

He was talking to journalists after attending a seminar when asked to comment on recent statements from US Assistant Secretary Alice Wells warning Pakistan about the deepening debt problems due to CPEC.


10 Dawn




Currency exchange rates














﷼, SR










9 Business



Leave a Reply