Important Business News 29th June , 2019

Important Business News

29th June , 2019

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Budget sails through

ISLAMABAD: The government along with its coalition partners on Friday managed to sail the Finance Bill 2019 through the National Assembly with 176 votes against 146, comfortably defeating the combined opposition’s plan to block the passage of the federal budget.

The Amendment in Anti-dumping Duty Act, 2015 and Enactment of Public Finance Management Act, 2019 were also made part of the Finance Bill, 2019 and approved from the House.




Business Recorder



FBR issues notices to 40,000 non-filer companies

ISLAMABAD: The Federal Board of Revenue (FBR) has issued notices to around 40,000 companies, which are registered with the Securities and Exchange Commission of Pakistan (SECP) but are not filing income tax returns with the FBR.

Sources told Business Recorder that the issue of non-filer companies was discussed during last meeting of Tax Reform Commission. Tax authorities discussed about companies which are on the SECP roll but are not filers and are dormant.




Business Recorder



COAS points to ‘fiscal mismanagement’ for economic woes

ISLAMABAD: Chief of Army Staff (COAS) General Qamar Javed Bajwa has said that Pakistan is going through a difficult economic situation due to fiscal mismanagement and emphasized that all need to fulfill their responsibilities so that difficult initiatives taken by the government may succeed.

“We are going through difficult economic situation due to fiscal mismanagement. We have been shying away from taking difficult decisions.




Business Recorder



Major amendments made in finance bill

ISLAMABAD: The government has introduced some major amendments in the Finance Bill 2019 including changes in Assets Declaration Act 2019, applicability of condition of CNIC from un-registered buyers from August 1, 2019, enactment of the Public Finance Management Act 2019, and change in procedure for penalising illegal transfer of funds from Pakistan through mis- declarations.


According to some of the key amendments made in the Finance Bill 2019, the declaration under the Assets Declaration Act 2019.




Business Recorder



WB approves 4 projects for Karachi, KP

ISLAMABAD: The World Bank’s Board of Executive Directors has approved four projects and committed $722 million to strengthen institutions, municipal services and infrastructure in Karachi as well as for Khyber Pakhtunkhwa tourism plans.

According to the bank statement, the World Bank is committing $652 million through three projects to strengthen institutions, municipal services and infrastructure in Karachi.




Business Recorder



OPEC faces output balancing act over US-Iran crisis

LONDON: OPEC is on red alert over escalating US-Iran tensions that have fuelled strong oil-price gains — but the cartel and other crude-producing nations are unlikely to end output cuts at a meeting Tuesday, traders say.

The Organization of the Petroleum Exporting Countries, a cartel of 14 countries pumping one third of the world’s oil, is acutely aware that a faltering global economy is sapping growth in crude demand, helping to offset fears of potential supply disruptions in the Middle East.




Business Recorder

7. KSE-100 Index up 127.15 points

BRIndex100 retreats

KARACHI: Pakistan Stock Exchange Friday closed the week on a positive note on the back of fresh buying at attractive low levels.

BRIndex100 gained 14.0 points or 0.4 percent to close at 3,543.64 points. BRIndex100 touched intraday high of 3,551.24 and intraday low of 3,484.23 points. Volumes stood at 203.454 million shares.

BRIndex30 inched up by 27.14 points or 0.15 percent to close at 18,017.08 points with ac turnover of 117.378 million shares.

1 Business Recorder
8. No one will be allowed to use plastic bags in Islamabad after Aug 14: Zartaj

ISLAMABAD: The government has decided to ban use of plastic bags in the federal capital and those violating the ban after August 14 will face a penalty of Rs 0.5 million.

This was stated by State Minister for Climate Change Zartaj Gul while briefing the Sub-Committee of the Senate on Climate Change, which met here under the chairmanship of Senator Mushahid Hussain Sayed.

2 Business Recorder
9. Discos told to simplify procedure of net-metering

ISLAMABAAD: The Power Division has issued special instructions to all Distribution Companies (Discos) for promoting and further easing installation of net-metering in order to provide opportunity to all electricity consumers to curtail their monthly electricity bills besides optimal utilization of solar potential of the country.

The instructions were issued on Friday during one-point agenda on net-metering meeting of Central Power Purchasing Agency (CPPA).

2 Business Recorder
10. SECP holds awareness sessions on terrorist financing risk assessment

KARACHI: The SECP has organized three awareness sessions for the securities and commodities brokers, insurance / takaful companies and non-banking finance companies in Karachi. The sessions gave awareness about terrorist financing framework and how it differed from money laundering.

The objective of the sessions was to raise awareness among financial institutions on the TF – national risk Assessment and its addendum in terms of TF threats and vulnerability leading to the overall TF risk associated with terrorist financing in Pakistan

2 Business Recorder
11. Increase in prices of HSD, LDO recommended

ISLAMABAD: Oil and Gas Regulatory Authority (Ogra) has recommended per litre increase in the prices of high speed diesel (HSD) and light diesel oil (LDO) in line with the global prices for the month of July.

The regulator of oil and gas sector determined an increase of Rs 2.30 per litre in the prices of HSD, a deregulated petroleum product, and Rs 0.26 per litre in the price of LDO for the month of July.

18 Business Recorder
12. FPCCI for promoting durable trade ties with Afghanistan

LAHORE: Federation of Pakistan Chamber of Commerce and Industry (FPCCI) and SAARC Chamber of Commerce and Industry (CCI) Friday unanimously called for promotion of durable bilateral cooperation between two Muslims neighbouring countries Afghanistan and Pakistan to further cement brotherly bonds besides strengthening of mutual trade relations resulting prosperity and long lasting peace in the region.

5 Business Recorder
13. PTI manages to get budget passed with 176 NA votes

ISLAMABAD: The Pakistan Tehreek-i-Insaf (PTI) coalition government on Friday managed to get its first full-fledged federal budget passed in the National Assembly with a majority vote.

While the lower house approved the finance bill 2019-20, all government proposals were approved and all of the opposition’s proposed amendments were rejected.

1 Dawn
14. IMF opposes extension of amnesty scheme deadline

ISLAMABAD: The Internatio­nal Monetary Fund (IMF) has voiced opposition to the idea of extending the deadline for the amnesty scheme, saying doing so could hurt the country’s case at the Board meeting that is scheduled to take up Pakistan request for a $6 billion bailout package on July 3.

“The IMF is not in favour of tax amnesties,” IMF’s country representative to Pakistan Teresa Daban Sanchez told Dawn on Frida

1 Dawn
15. Rupee gains 3pc against dollar in interbank market

KARACHI: The rupee, after shedding 3.8 per cent on Wednesday, managed to reverse some of its losses on Friday after gaining Rs5 in the interbank to close at Rs159 against Rs164 in the previous session.

“The banks are mainly responsible for the fall in dollar prices since Friday was the closing day for them and they review their foreign currency holdings with US dollar that impacts their profits,” explained a banker.

5 Dawn
16. Ogra proposes nominal cut in petrol, kerosene rates

ISLAMABAD: After many months, the prices of petroleum products in the country would show some signs of stability with mixed trend as the regulator seeks minor cut in petrol rates and increase in diesel rates for July.

The Oil and Gas Regulatory Authority (Ogra) has recommended about 77 paisa per litre reduction in the price of petrol (motor spirit) and Rs2.94 per litre cut in kerosene price.

10 Dawn

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