Important Business News
2nd November, 2019
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.
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.
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.
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.
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.
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.
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.
State Bank of Pakistan Governor Reza Baqir launched the National Payment Systems Strategy (NPSS) on Friday.
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.
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.
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.
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.
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.
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.
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.
|16.||Currency exchange rates