Important Business News 29 December , 2017

Important Business News

29 December , 2017


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Tax issues will be addressed, textile sector told

The Federal Textile Board (FTB) has assured textile sector that major taxation-related issues would be addressed. The issues include stuck-up sales tax refunds and customs duty drawback, mechanism for zero-rating policy for coal and furnace oil, withdrawal of import duty on raw material under chapter 55 of Pakistan Customs Tariff (PCT), tariff protection to intermediary materials and abolition of customs duty and sales tax on cotton imports.

1 Business Recorder
2.       Shipyard at Gawadar port: Work to begin soon

Chief of the Naval staff, Admiral Zafar MahmoodAbbasi on Thursday said that global scenario in general and regional geo-political situation in particular warrant concrete and long-term policy decisions for achieving self-reliance. While announcing the establishment of a shipyard in Gwadar, the Admiral said the project will commence anytime soon and will be completed in 3 to 5 years. He was speaking at the 2nd “PN Industrial Seminar” at Pakistan Navy Engineering College, Karachi organised by Pakistan Navy.

1 Business Recorder
3.       Managing external side to be a major challenge: Afzal

Minister for State for Finance Rana Muhammad Afzal Khan Thursday stated that managing external side will be a major challenge for the government in the remaining six months of the current fiscal year. During his first interaction with mediapersons after taking the charge of State Minister of Finance, Rana Afzal stated that $6 billion foreign repayment are due before June 2018 and the plan to manage the repayments and foreign exchange reserves is being discussed and will be finalized in the next couple of meetings with the Prime Minister.

1 Business Recorder
4.       Forex reserves decline by $194m

The country’s total liquid foreign reserves fell $194.4 million during the last week due to external debt servicing. According to State Bank of Pakistan’s (SBP), weekly foreign exchange reserve report issued on Thursday, with current decline, the country’s totaled foreign reserves were stood at $20.189 billion as on December 22, 2017 compared to $20.383 billion as on December 15, 2017.

21 Business Recorder
5.       Neelum-Jehlum project in final stages of completion

The 969MW-Neelum Jhelum Hydropower project–a hydel power generating scheme of strategic importance–is in final stage of completion, as most of the major milestones which were required to be completed prior to commissioning of the project, have successfully been achieved.

21 Business Recorder
6.       Nepra grills CPPA: Consumer to get Rs3.11 per unit refund

While approving Rs 3.11 per unit refund for the consumers of Distribution Companies for November 2017 under monthly fuel price adjustment, National Electric Power Regulatory Authority (Nepra) on Thursday grilled Central Power Purchasing Agency (CPPA) for blatantly violating economic merit order.

21 Business Recorder
7.       Additional 2pc duty drawback on exports to Russia allowed

The government has allowed the textile and non-textile sectors to get an additional two percent duty drawback on exports to Russia under the revised Prime Minister’s Export Incentives Package. The government revised the Prime Minister’s Export Incentives Package on October 20, 2017 and again on December 12, 2017, where an additional two percent duty drawback was allowed for exports to non-traditional markets ie Africa, Latin America, non-EU European countries, Commonwealth of Independent States and Oceania, but Russia was not included in any of the list.

22 Business Recorder
8.       Inter-provincial body to tailor draft electricity policy

The Ministry of Energy (Power Division) has constituted a 10-member high-level inter-provincial technical committee to tailor the draft national electricity policy and first five-year electricity plan in the light of the decision of the Council of Common Interests (CCI).

5 Business Recorder
9.       Reap delegation may visit Japan

Rice Exporters Association of Pakistan (REAP) is planning to send a trade delegation to Japan to explore new opportunities for Pakistani rice exports.
RafiqueSuleman Senior Vice Chairman REAP along with Altaf Hussain Shaikh, Secretary REAP had a meeting with Toshikazu Isomura Consul General of Japan at his office.

8 Business Recorder
10.    FPCCI annual election today

Federation of Pakistan Chambers of Commerce and Industry (FPCCI) an apex body of chambers has made all the arrangement to hold its annual election on December 29 for the year 2018.

8 Business Recorder
11.    Cigarettes manufactured in AJK: LHC spells out applicability of Excise Act

Lahore High Court (LHC) has declared that cigarettes manufactured in Azad Jammu & Kashmir (non-tariff area) and brought to Pakistan (tariff area) for sales/consumption are excluded from applicability of Federal Excise Act, 2005, but it does not absolve the AJK-based companies from payment of duties/taxes on production in the AJ&K.

9 Business Recorder
12.    Revenue department recovers Rs3.567bn from defaulters

District Revenue Department has recovered Rs 3.567 billion of government’s dues in different heads by taking action against the defaulters during the last year while 1151 acres, 5 kanals and 13 marlas state land of worth 9.00 billion has been retrieved from the illegal possession during this period.

12 Business Recorder
13.    Telecom imports bill surges by 14pc

Pakistan’s telecom imports bill for July-November 2017 surged to $563.687 million, with a 14 percent increase, official figures say.
The bill grew by $69.29 million during the same period in 2016, according to figures released by the Pakistan Bureau of Statistics.

12 Business Recorder
14.    LCCI rejects possible hike in POL prices

The government should not even think about making increase in the petroleum prices at this critical stage when all the economic indicators are not in favour of economy. The Lahore Chamber of Commerce and Industry (LCCI) office bearers President Malik Tahir Javaid, Senior Vice President Khawaja Khawar Rashid and Vice President Zeshan Khalil in a joint statement on Thursday, said that any increase in POL prices will badly disturb the industrial, trade, economic and social activities.

13 Business Recorder
15.    Cotton prices attain peak levels

Not since the year 2010/2011 when domestic cotton prices reached Rs 14,000 per maund (37.38 Kgs) have the cotton prices touched Rs 7,700 per maund which is the highest level since the past seven years or so. Rise in global lint prices in America are said to have exceeded 79 cents per pound this week while Indian cotton prices have also shot up following disastrous pink boll attack in Maharashtra. Shorter Pakistani crop (2017/2018) than earlier expected has also increased domestic prices to high levels.

18 Business Recorder
16.    Afzal hints at further borrowing, auction of bonds

Newly appointed Minister of State for Finance Rana Mohammad Afzal said on Thursday the country has $6 billion of external liabilities to meet before the end of the current fiscal year.
In a wide-ranging conservation with journalists, Mr Afzal mentioned that the new economic team is working on many strategies to meet burgeoning expenses through possible borrowing, floating of bonds or reduction in expenditure and provincial surpluses.

10 Dawn
17.    Abbasi orders power sector overhaul to tackle circular debt

Prime Minister ShahidKhaqanAbbasi on Thursday directed an overhaul of the power transmission, distribution and recovery processes of distribution companies (Discos) for cutting down inefficiencies, reducing administrative losses and to find a permanent solution to circular debt.

10 Dawn
  International Business News    
18.    China’s foreign debt rises

China’s outstanding foreign debt rose 7.5 percent in the third quarter to $1.68 trillion, the foreign exchange regulator said on Thursday, slowing from 8.7 percent rise in the second quarter. The rise in foreign debt was mainly driven by debt securities, as more foreign institutions entered China’s debt market, and also by trade credit and pre-payments.

22 Business Recorder
19.    Rice Export Shipment: Iranian CG urged to reduce visa processing time

Rice exporters have urged the Iranian Consulate General at Lahore to take steps for reducing the time required for processing of visa applications and attestation of documents to curtail the time for rice export shipment to Iran.
Exporters said that Iran is one of the emerging markets for Pakistani Basmati rice and lengthy procedures are causing a dent to the efforts of enhancing bilateral trade between the two neighboring countries.

13 Business Recorder
20.    Businessmen  urged to explore trade opportunities in Chengdu

Consul General of Pakistan in Chengdu, MudassirTipu has urged the Pakistani businessmen to explore business opportunities in Chengdu-capital of Sichuan province of China.
The Consul General stated this at a meeting with President, Pak-China Joint Chamber of Commerce and Industry (PCJCCI) S. M. Naveed here Thursday. The chamber’s executive committee members were also present on the occasion.

21.    Revival of chemical sector- Analysis

Though trade deficit has climbed 29 percent in 5MFY19 year-on-year numbers with imports nearly five times the increase in exports (Read BR Research’s “Imports continue to bite,” published December 26, 2017), there does seem to be a smidgeon of improvement on the export side of chemicals. Chemicals and plastics exports grew by $79 million on a year-on-year basis, a 32 percent increase.

2 Business Recorder
22.    World Bank loans- Editorial

Pakistan is one of the leading borrowers of World Bank resources. The latest package approved is a dollar 825 million loan for improving the national power transmission system in the country and enhancing health and education service delivery by strengthening financial management and procurement systems. The dollar 425 million National Transmission Modernization Project-I (NTMP-I) will modernize the national transmission system to enable new power generation to reach consumers by upgrading, expanding and rehabilitating selected 500KV and 220KV sub-stations and transmission lines.

23.    Currency exchange rates









Selling TT & OD 110.50





Buying TT Clean






Buying OD/T.CHQ






7 Business Recorder


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