Important Business News 2nd November, 2019

 Important Business News

2nd November, 2019

 

S.# Description Pg # Source
1.

IMF for uniform tax rates, single administration

The International Monetary Fund (IMF) has asked the federal government and provinces for uniform tax rates and a single tax administration, instead of two or three tax authorities in every province, under harmonization of tax system between the center and provinces.

https://epaper.brecorder.com/2019/11/02/1-page/808385-news.html

01 Business Recorder
2.

Low-cost housing scheme

Cabinet members concerned at absence of foreclosure law

The Federal Cabinet members are said to have raised concerns on the recovery of loans from those who would be allotted low cost houses without foreclosure law, sources close to Minister for Housing & Works told Business Recorder.

https://www.brecorder.com/2019/11/02/540461/low-cost-housing-scheme-cabinet-members-concerned-at-absence-of-foreclosure-law/

01 Business Recorder
3.

North-South gas line project

Russia revising structure after US sanctions on TMK

Russia is revising its structure to implement the North-South Gas Pipeline Project, worth $ 2 billion, following the US sanctions imposed on TMK firm.

https://epaper.brecorder.com/2019/11/02/1-page/808390-news.html

01 Business Recorder
4.

IT exports increase by 70pc in last three years, claims minister

Provincial Minister for Industries and Trade Mian Aslam Iqbal has said that IT exports increased by 70 percent during the last three years in Pakistan.

https://epaper.brecorder.com/2019/11/02/5-page/808416-news.html

05 Business Recorder
5.

Mega projects under CPEC

JCC to take up financing terms and conditions on 9th

Federal Minister for Planning, Development and Reform Khusro Bakhtyar Friday said that financing terms and conditions of mega projects relating to railway, oil and gas, industrial zones and energy under the China-Pakistan Economic Corridor (CPEC) would be discussed in the upcoming 9th Joint Cooperation Committee (JCC) meeting scheduled in Islamabad on November 6.

https://epaper.brecorder.com/2019/11/02/18-page/808540-news.html

18 Business Recorder
6.

WB approves funding for Karachi water and mobility projects

The World Bank on Friday gave approval to $1.93 billion new projects of the Sindh government, including rehabilitation of Guddu and Sukkur barrages, and revamping of the Karachi Water and Sewerage Board.

https://www.dawn.com/news/1514311/wb-approves-funding-for-karachi-water-and-mobility-projects

02 dAWN
7.

Fitch lauds improvements in business climate

Pakistan is one of the 10 economies where the business climate has improved the most over the past year, said Fitch Ratings in a report issued on Friday.

https://www.dawn.com/news/1514376

10 Dawn
8.

SBP unveils strategy for digital payments

State Bank of Pakistan Governor Reza Baqir launched the National Payment Systems Strategy (NPSS) on Friday.

https://www.dawn.com/news/1514377/sbp-unveils-strategy-for-digital-payments

10 Dawn
9.

Cotton rises to Rs10,000

Rising price trend continued on the cotton market on Friday as demand for quality lint intensified. Brisk activity pushed cotton prices to a record Rs10,000 per maund.

https://www.dawn.com/news/1514371/cotton-rises-to-rs10000

11 Dawn
INTERNATIONAL NEWS
10.

Anti-dumping tiff

WTO authorises Chinese tariffs on $3.6bn in US goods

A World Trade Organization arbitrator on Friday authorised China to slap tariffs on US imports worth up to $3.58 billion annually in a years-long dispute over US anti-dumping practices, a trade official said.

https://epaper.brecorder.com/2019/11/02/1-page/808381-news.html

01 Business Recorder
11.

Alibaba’s revenue growth eases in second quarter

Chinese e-commerce giant Alibaba said second quarter revenue growth slowed to 40 percent on-year Friday, although net profits more than tripled thanks in part to a one-time payment from a fintech affiliate.

https://epaper.brecorder.com/2019/11/02/11-page/808460-news.html

11 Business Recorder
12.

China plans to let foreign-funded firms raise more funds to boost foreign investment

China plans to let foreign-funded firms raise money via stock and bond issuance both in China and overseas, and let them freely repatriate profits, a ministry website showed on Friday, as it moves to encourage foreign investment in the country.

https://epaper.brecorder.com/2019/11/02/11-page/808463-news.html

11 Business Recorder
13.

FTSE rebounds as oil and mining stocks shine

Oil heavyweights and miners led the charge on London’s FTSE 100 on Friday as Chinese factory data and a stronger than expected US employment report helped the index to bounce back from its worst session in a month.

https://epaper.brecorder.com/2019/11/02/12-page/808464-news.html

12 Business Recorder
14.

Most SE Asian stocks fall; Vietnam gains

 Most Southeast Asian stock markets retreated on Friday, as investors fled risky assets after China expressed doubts over signing a comprehensive trade deal with the United States, while Vietnam surged buoyed by gains in real estate shares.

https://www.brecorder.com/2019/11/02/540568/most-se-asian-stocks-fall-vietnam-gains/

12 Business Recorder
15.

Cotton eases; set for weekly decline on lower demand, trade ambiguity

ICE cotton fell on Friday, extending losses from the previous session en route to a second weekly decline, pressured by lower demand for the natural fiber and uncertainty over the US-China trade negotiations.

https://epaper.brecorder.com/2019/11/02/15-page/808510-news.html

15 Business Recorder
16. Currency exchange rates

Countries

U.S.

U.K

EURO

CHINA

SAUDIA ARABIA

Symbol

$

£

¥

﷼, SR

Rates

155.50

200.60

172.80

22.00

41.30

07 Business Recorder

 

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