Important Business News 27 December, 2017

Important Business News

27 December, 2017

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CPEC could be extended to Afghanistan

China and Pakistan will look at extending their $57 billion China-Pakistan Economic Corridor to Afghanistan, Chinese Foreign Minister Wang Yi said on Tuesday, part of China’s ambitious Belt and Road plan linking China with Asia, Europe and beyond.


1 Business Recorder
2.        Afzal assumes office

Minister of State for Finance, Rana Muhammad Afzal Khan, has assumed the charge of his office following the issuance of a notification in this regard by the Cabinet Division Tuesday.


1 Business Recorder
3.        Miftah Ismail appointed advisor to PM

The government has reportedly appointed Miftah Ismail as Advisor to Prime Minister on Finance with the status of federal minister on Tuesday.


1 Business Recorder
4.        Remittance scheme: Govt to bear 50pc cost of airtime incentive

The federal government will bear 50 percent cost of airtime incentive announced on m-wallet home remittance scheme.
For the first time, the State Bank of Pakistan (SBP) in collaboration with the federal government and financial industry has launched an m-wallet home remittance scheme to channelize remittances through branchless banking channels.


3 Business Recorder
5.        Cabinet approved policy: Hajj expenditures will not be increased

The federal cabinet has approved Hajj Policy and Plan, 2018 in principle, with certain amendments and decided not to increase the Hajj expenditure. A meeting of the federal cabinet presided over by Prime Minister Shahid Khaqan Abbasi decided not to increase Hajj dues this year under the Government Hajj Scheme. The meeting was given a detailed briefing by the minister for religious affairs on Hajj Policy 2018. The meeting decided that the minister for religious affairs would hold a press briefing to highlight salient features of the Hajj Policy 2018.


4 Business Recorder
6.        Nepra approves Rs5.9084 per unit tariff for 1,263MW RLNG-fired power plant

National Electric Power Regulatory Authority (Nepra) has approved tariff of Rs5.9084 per unit for combined cycle 1263MW RLNG-fired power plant for 30 years, to be established in Jhang by the Punjab government.

5 Business Recorder
7.        Foreign debts make nation’s sovereignty vulnerable: Rabbani

Chairman Senate Mian Raza Rabbani on Tuesday said that heavy reliance on foreign borrowings is tantamount to compromise the sovereignty of the country.
Addressing the ’41st Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Export Awards,’ at a hotel, Rabbani said as long as the country is dependent upon foreign borrowing and aid, it would not be able to devise policies to run its affairs, independently.


12 Business Recorder
8.        New blood being included in Punjab Police: Shahbaz

Punjab Chief Minister Muhammad Shahbaz Sharif has said the police force is rendering yeoman service for the protection of life and property of the people, maintenance of discipline and law and order, curbing of crimes as well as the terrorism.


13 Business Recorder
9.        UBG candidate elected FPCCI VP unopposed

All the chambers in Punjab have reposed full confidence in the policies of the United Business Group (UBG) by electing one of its candidates Ch Arfan Yousaf for the slot of Vice President of Federation of Pakistan Chamber of Commerce and Industry (FPCCI) unopposed from Punjab whereas other chambers across the country have also assured to support UBG candidates.


10.     Selective buying seen on cotton market

Selective buying was witnessed on the cotton market on Tuesday in the process of trading, dealers said.
The official spot rate was unchanged at Rs 7000, they said. In ready session, around 18,000 bales of cotton changed hands between Rs 6650-7500, they said. In Sindh and Punjab, seed cotton prices were at Rs 2800-3500, as per 40 kg, they said.


  International Business News    
11.     India to become fifth largest economy in 2018

India is set to overtake the United Kingdom and France to become the world’s fifth largest economy next year, a report said Tuesday.
Currently ranked seventh, India will move up to fifth place in 2018 and vault to third spot by 2032, the Centre for Economics and Business Research, a London-based consultancy, said in its annual rankings.


22 Business Recorder
12.     LSM gathering steam

The LSM is back in action. After seeming to lose steam in September 2017, when the benchmark Large Scale Manufacturing index grew only 2.5 percent as against the 2MFY18 year-on-year growth of 11 percent, the LSM growth stood at a whopping 8.7 percent in October year-on-year. That is the highest growth October has witnessed in many years.

2 Business Recorder
13.     Currency exchange rates









Selling TT & OD 110.30





Buying TT Clean






Buying OD/T.CHQ






7 Business Recorder


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