Important Business News 3 February, 2018

Important Business News

3 February, 2018

S.# Description Pg # Source

1H domestic debt, other liabilities soar to Rs15.88trn

The federal government’s domestic debt and other liabilities continued to move up reaching Rs 15.88 trillion at the end of first half (July-Dec) of this fiscal year (FY18).
Analysts said the government has taken several steps, in the last budget, to increase the tax revenue aimed at reducing fiscal deficit. However, higher borrowing from domestic banking system reflected that fiscal measures taken by the federal government are not fruitful and the government is still dependent on domestic banking system to meet its financial obligations.

1 Business Recorder
2.        Draft Benami rules: PM authorizes submission of summary for approval

Prime Minister Shahid Khaqan Abbasi has authorized submission of a summary to the Cabinet for approval of the draft of Benami Transaction (Prohibition) Rules, 2018.
A meeting of the Senate Standing Committee on Finance has been informed by the Federal Board of Revenue (FBR) Member (Inland Revenue Policy) Dr Muhammad Iqbal that the Prime Minister being minister in-charge of Ministry of Finance, Revenue and Economic Affairs has seen and authorized the submission of the summary for approval of the draft rules.

1 Business Recorder
3.        Govt seeks to revise PIU for amendment to agri credit rules

The Cabinet has constituted an inter-ministerial committee headed by Minister for Privatisation, Daniyal Aziz to prepare recommendations for revision in Produce Index Unit (PIU) for amendment to the Loans for Agriculture, Commercial and Industrial Rules, 1973, official sources told Business Recorder.

1 Business Recorder
4.        Customs claims seizing 16.7 MT of Acetic Anhydride

Model Customs Collectorate (MCC), Port Qasim claimed to have seized huge quantity of Acetic Anhydride weighing 16.7 metric tons on the other day.
According to details, the consignment was shipped from Poland under description of “Summer Fluid” which was used in manufacturing of Shampoos. This description was used to hoodwink the custom authorities to get the consignment cleared from port. The estimated value of the consignment was US$ 1.5 million.

2 Business Recorder
5.        Businessmen concerned at hike in prices of POL products

The industrialists/traders have strongly criticized government’s decision to increase price of petroleum products saying that repeated hike in the prices of oil and gas in recent past has badly eroded Pakistan’s competitiveness due to which the country is losing exports and attraction for investment while this situation would further destabilize the economy.

2 Business Recorder

$305m worth agreements signed

Agreements worth US$305.0 million were signed with the World Bank (WB) here on Friday to support projects in agriculture sector in Punjab and to improve the nutrition status of children as well as women in Khyber Pakhtunkhwa.

5 Business Recorder

LPG association rejects Ogra prices

LPG Association has rejected the notified prices of Oil and Gas Regulatory Authority (OGRA) on the pretext that it would further increase the prices of gas.
The government notified the LPG price at Rs. 1332.48 per 11.8 kg cylinder for the consumers on Thursday.

7 Business Recorder

Private pension funds: SECP releases report on comparative performance

The total net assets of the voluntary pension fund industry are currently over Rs23 billion contributed by more than 19,000 participants. The fund managers, depending on the asset class, charge the pension funds fees ranging from 0.5% to 1.5% per annum.

7 Business Recorder

Construction of buildings: PM for ensuring int’l standards of quality

Prime Minister Shahid Khaqan Abbasi said on Friday that construction of all buildings must meet the international standards of quality and safety.
While addressing the inaugural ceremony of ‘Building Materials and Products Exhibition’ organised by the Institute of Architects Pakistan (IAP) here at the International Expo Centre, the premier said that builders should maintain quality of construction for projects of roads, highways, public buildings, parks as well as motorways in the country.

8 Business Recorder

Cotton market: Prices stabilise amid subdued business

Prices stabilised on the cotton market on Friday in the process of slow trading activity, dealers said.
The official spot rate was unmoved at Rs 7,300, they added. In ready session, around 5,000 bales of cotton changed hands between Rs 6500-7400, they said.


16 Business Recorder

Issuance of export certificates: Action taken by minister helps avert crisis at seaport

Timely action taken by commerce minister averted a serious crisis. The minister allowed the quarantine department to work beyond office timings for issuance of export certificates.

20 Business Recorder

Sartaj-led body asks govt to raise cotton research expenditures to Rs1bn

Deputy Chairman Planning Commission, Sartaj Aziz-led committee has recommended to the government to double expenditures on cotton research to Rs1 billion, fix production target of 25 million bales and provide a level playing field to all commodities. It also suggested the government to free some land from sugarcane for cotton cultivation for increasing production and making it a profitable crop for farmers once again.

20 Business Recorder
  International Business News    

US contemplating no military action inside Pakistan: Pentagon

The United States is not contemplating military action inside Pakistan, the Pentagon has said, refuting such reports appearing in Pakistani newspapers.
Instead, the US seeks Pakistan’s cooperation and assistance in various operations under its new South Asia strategy, Lt-Gen Kenneth F McKenzie told reporters at a news conference on Thursday.

3 Business Recorder

China in talks over military base in remote Afghanistan

Worried about militants sneaking into a restive Chinese region from war-torn Afghanistan, Beijing is in talks with Kabul over the construction of a military base, Afghan officials say, as it seeks to shore up its fragile neighbour.

1 Business Recorder

Pakistan calls for reforms in UNSC structure

Pakistan has called for reforms in the United Nations Security Council structure based on the principles of democracy, a press release said.
Speaking in the first meeting of the Intergovernmental Negotiations (IGN) on SC reform, Pakistan’s Ambassador to the UN Maleeha Lodhi said that the prolonged stalemate in the reform process was due to a handful of countries who wanted to reinforce the Security Council as a preserve of the privileged and powerful.

19 Business Recorder
16.    Kathmandu to host 6th Saare business moot in March

South Asian Association for Regional Cooperation (Saarc) Chamber of Commerce and Industry (CCI) is set to host its sixth Business Leaders Conclave (BLC) in Kathmandu, Nepal from March 16-18.
The event will be organised in collaboration with Federation of Nepalese Chambers of Commerce and Industry,FriedrichNaumann Foundation and the Government of Nepal.

10 Dawn


17.    India’s budget: What lessons can we draw?- Editorial

That India is now a $2.5 trillion economy is a reality. Not only is Pakistan’s economy ($300 billion) much smaller than India’s, its growth rate is lower than its neighbour’s. Moreover, the fiscal deficit and balance of payment woes are more pronounced in Islamabad than in New Delhi. The question, therefore, is whether or not there can be a fair comparison between the economies of the two nuclear-armed rivals who understandably have different needs and different histories.

18 Business Recorder

Power losses- Article

The recently published report titled “Performance evaluation report of public sector GENCOs FY14-16” by the power regulator Nepra presents a dismal performance of Gencos. Facts and figures speak for themselves and so do the figures presented by Nepra.

18 Business Recorder
19.    Currency exchange rates










Selling TT & OD 110.50






Buying TT Clean







Buying OD/T.CHQ







9 Business Recorder


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