Important Business News 27th November, 2019

 

S.# Description Pg # Source
1.

New refund payment system

PM asks FBR to remove bottlenecks
Prime Minister Imran Khan Tuesday directed Federal Board of Revenue (FBR) to clear pending refunds of exporters and subsequently remove bottlenecks from the new refund payment system of the FBR.

https://epaper.brecorder.com/2019/11/27/1-page/812364-news.html

 

1 Business Recorder
2.

FBR lists factors behind revenue shortfall during 2018-19

The Federal Board of Revenue (FBR) has described slowdown in the construction-allied sectors including cement and steel, and import compression as major factors behind revenue shortfall during 2018-19. According to the FBR’s biannual review (July-December 2018-19) issued on Tuesday, the main reasons for revenue shortfall during 2018-19 included a sharp reduction in the general sales tax (GST) rate on petroleum products.

https://epaper.brecorder.com/2019/11/27/1-page/812365-news.html

 

1 Business Recorder
 

3.

Govt to declare erstwhile zero-rated sectors as export-oriented sectors

The government has decided to declare erstwhile five zero-rated sectors as export-oriented sectors which are eligible for incentives, well-informed sources in Commerce Division told Business Recorder.
This proposal will be tabled before the Economic Coordination Committee (ECC) of the Cabinet on Wednesday (today).

https://epaper.brecorder.com/2019/11/27/1-page/812367-news.html

 

1 Business Recorder
4.

Renewable power plants

Sindh cabinet approves allotment of land to NTDC, 10 other cos
The Sindh Cabinet meeting held under the chairmanship of Sindh Chief Minister Syed Murad Ali Shah approved the allotment of 5,801 acres of land to National Transmission and Dispatch Company (NTDC) and 10 private firms on 30-year lease to install renewable power plants and National Grid Station under the guidance of the Supreme Court of Pakistan.

https://epaper.brecorder.com/2019/11/27/5-page/812199-news.html

 

5 Business Recorder
5.

Slash emissions now or face climate disaster, UN warns

The world will miss its chance to avert climate disaster without an immediate and all-but-impossible fall in fossil fuel emissions, the UN said Tuesday in its annual assessment on greenhouse gases.

https://epaper.brecorder.com/2019/11/27/6-page/812201-news.html

 

6 Business Recorder
6.

APTMA seeks Razak’s help in resolution of issues

The country’s textile sector is still crying for resolution of its longstanding issues despite getting assurance at the highest level after meeting with the Army Chief, General Qamar Javed Bajwa.
A delegation of All Pakistan Textile Mills Association (APTMA) met with Prime Minister’s Advisor on Commerce, Textile, Industries and Production and Investment, Abdul Razak Dawood and sought his help in this regard.

https://epaper.brecorder.com/2019/11/27/7-page/812354-news.html

 

7 Business Recorder
7.

FBR chief explains what discourages SMEs to come into tax net

Chairman Federal Board of Revenue (FBR) Shabbar Zaidi stated on Tuesday that difficult tax system and trust deficit discourage small and medium enterprises (SMEs) to come into the tax net and consequently they are unable to have access to formal finances.

https://epaper.brecorder.com/2019/11/27/15-page/812268-news.html

 

15 Business Recorder
8.

New SMEs policy in the offing, says Hammad

Minister for Economic Affairs Hammad Azhar said on Tuesday that new Small and Medium Enterprises (SMEs) policy is being developed as promotion of SMEs is essential for economic growth.

https://epaper.brecorder.com/2019/11/27/15-page/812269-news.html

 

15 Business Recorder
9.

Speakers for registration of SMEs with regulatory bodies

Speakers at a seminar Tuesday stressed the need for registration of Small and Medium Enterprises (SMEs) with regulatory bodies so that essential liquidity can be provided to them for sustainable growth.
Speaking at a seminar “Pakistan Innovative Finance Forum (PIFF)”, organized by the Asian Development Bank (ADB) and others, speakers said that SMEs have huge potential to address issues like unemployment.

https://epaper.brecorder.com/2019/11/27/15-page/812270-news.html

 

15 Business Recorder
10.

July-Oct pulses import down by 23.33pc

Pakistan’s import of pulses slumped to $155.061 million in July-Oct 2019, down by 23.33 percent, official figures say.
Fall in pulses import now stands at $47.183 million in July-Oct 2019 from $202.244 million in July-Oct 2018, Pakistan Bureau of Statistics shows.

https://epaper.brecorder.com/2019/11/27/15-page/812274-news.html

 

15 Business Recorder
11.

Govt gets $784.97m loan from foreign banks

The government procured $784.97 million from foreign commercial banks (around 30 percent) out of total external loans of $2.525 billion in the first four months (July-October) of 2019-20 and around 50 percent more than the comparable period of last year ($1.584 billion).
This was revealed by the Economic Affairs Division (EAD) data released here on Tuesday.

https://epaper.brecorder.com/2019/11/27/15-page/812271-news.html

 

15 Business Recorder
12.

Karandaaz, ADB Institute organise Pakistan Innovative Finance Forum

Karandaaz Pakistan, in partnership with The ADB Institute (ADBI) and the Resident Mission of Asian Development Bank (ADB), has organized the Pakistan Innovative Finance Forum in Islamabad.
The two-day event aims to share knowledge and pool innovative ideas for promoting private sector-driven infrastructure financing in Pakistan, and identify ways to enhance financing access among Pakistan’s SMEs.

https://epaper.brecorder.com/2019/11/27/16-page/812284-news.html

 

16 Business Recorder
13.

PTBA for extending return filing date till Dec 31

The Pakistan Tax Bar Association has urged Chairman Federal Board of Revenue (FBR) to extend date of filing of income tax return of individuals, salaried individual & AOPs for the year 2019 be up to 31st December, 2019, in order to facilitate the genuine taxpayers of the country who are regularly contributing in the national exchequer as their moral and legal obligation.

https://epaper.brecorder.com/2019/11/27/16-page/812280-news.html

 

16 Business Recorder
14.

Cotton up for the third straight session; US-China trade talks in focus

ICE cotton futures rose for the third straight session on Tuesday as demand picked up after a sharp decline in prices last week, while investors seek further clarity on the long-awaited trade agreement between the United States and China.

https://epaper.brecorder.com/2019/11/27/17-page/812336-news.html

 

17 Business Recorder
15.

FBR chief clarifies situation

Chairman Federal Board of Revenue (FBR) Shabbar Zaidi said Tuesday a draft being circulated as Federal Revenue Authority (FRA) Act, 2019 has nothing to do with the government.

https://epaper.brecorder.com/2019/11/27/19-page/812352-news.html

 

19 Business Recorder
16. One million apply for Kamyab Jawan Programme: special assistant

Special Assistant to the Prime Minister on Youth Affairs Usman Dar on Tuesday said under the Kamyab Jawan Programme, one million applications have been received in just 15 days.

“The number of female applicants is 190,000. Under the youth entrepreneurship scheme, a transparent and fair procedure has been adopted to distribute loans under the scheme,” he said while speaking at a ceremony held to mark the 5th Global Entrepreneurship Week at the Rawalpindi Chamber of Commerce and Industry (RCCI) on Tuesday.

https://www.dawn.com/news/1519006/one-million-apply-for-kamyab-jawan-programme-special-assistant

 

4 Dawn
17. China raises $6bn in its biggest-ever global bond sale

China raised $6 billion in its biggest ever international sovereign bond sale on Tuesday, as it pounced on the year’s sharp dive in borrowing costs.

The finance ministry sold the bonds in four tranches. A three-year issue priced 35 basis points above benchmark US Treasuries, a source at one of the managing banks said.

https://www.dawn.com/news/1519060/china-raises-6bn-in-its-biggest-ever-global-bond-sale

 

10 Dawn
18. Power firms allowed to recover additional Rs 15bn

The National Electric Power Regulatory Authority (Nepra) on Tuesday allowed ex-Wapda Discos to transfer the burden of Rs14.780 billion (14.56 paisa per unit) to the power consumers on account of power purchase price (PPP) adjustment for the first quarter of 2019-20.

The hike in electricity prices continued unabated as Nepra has notified an increase of 14.56 paisa in the power tariff for the power consumers on account of power purchase price (PPP) adjustment for the first quarter of current fiscal year.

https://www.dawn.com/news/1519059/power-firms-allowed-to-recover-additional-rs15bn

 

10 Dawn
19. Brisk trading on cotton market

Buying interest picked up in the cotton market on Tuesday as many spinners took advantage of lower prices and replenished their stocks.

The sudden optimism witnessed in most of the world leading markets following reports that US-China trade talks were moving in right direction induced sentiment, brokers said.

https://www.dawn.com/news/1519056/brisk-trading-on-cotton-market

 

11 Dawn
20.  

Currency exchange rates

 

Countries

 

U.S.

U.K

EURO

CHINA

SAUDIA ARABIA

Symbol

 

$

£

¥

﷼, SR

Rates

 

155.20

199.13

170.95

22.11

41.33

 

 

9 Business

Recorder

 

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