Important Business News 30th November, 2019

 

S.# Description Pg # Source
1.

Shortfall of 7m cotton bales feared

The government has stated that there would be a shortfall of 7 million bales of cotton as total production is now estimated at 8 million bales against the requirement of 15 million bales, which may have a negative impact on textile exports.

https://epaper.brecorder.com/2019/11/30/1-page/812725-news.html

1 Business Recorder
2.

SPO for OGDCL, PPL expected to fetch Rs88bn

The federal government is anticipating generating Rs 88 billion from secondary public offering (SPO) of two stated-owned listed oil and gas companies, including Oil and Gas Development Company Limited (OGDCL) and Pakistan Petroleum Limited (PPL) by the end of current fiscal year 2019-20 https://www.brecorder.com/2019/11/30/549117/spo-for-ogdcl-ppl-expected-to-fetch-rs88bn/

1 Business Recorder
 

3.

Info about account holders

FBR chief says banks agree to withdraw litigation

Chairman Federal Board of Revenue (FBR) Shabbar Zaidi said Friday that Pakistan Banks’ Association and Presidents of all banks have agreed to withdraw pending litigation on the matter of furnishing of certain information of accountholders to the FBR https://epaper.brecorder.com/2019/11/30/1-page/812720-news.html

1 Business Recorder
4.

Chinese willing to invest $2bn in PSX

Chinese investors have shown interest in investing some $ 2 billion in Pakistan Stock Exchange (PSX). https://epaper.brecorder.com/2019/11/30/1-page/812728-news.html

1 Business Recorder
5.

Revival of PIA top priority: PM

Prime Minister Imran Khan on Friday expressed satisfaction over ongoing reforms in Pakistan International Airline (PIA) and said that revival of national flag carrier and making it a profitable entity was among the topmost priorities of the government.

https://epaper.brecorder.com/2019/11/30/1-page/812722-news.html

1 Business Recorder
6.

New regime

Stockbrokers urge SECP to discuss concept note on NBR

A delegation of Pakistan Stock Exchange (PSX) Stockbrokers Association (PSA) met with officials of Securities and Exchange Commission of Pakistan to discuss Concept Note (CN) on New Brokers Regime (NBR).

https://epaper.brecorder.com/2019/11/30/3-page/812741-news.html

3 Business Recorder
7.

APTPMA chief voices concern over stuck up ST refunds

A huge amount of sales tax refunds of textile industry have been stuck due to complicated refund system, the Chairman All Pakistan Textile Processing Mills Association (APTPMA), Muhammad Pervez Lala said.

https://epaper.brecorder.com/2019/11/30/5-page/812753-news.html

5 Business Recorder
8.

Punjab govt increases wheat, sugarcane’s support price

The Punjab Government deciding to increase the support price of wheat and sugarcane in the larger interest of farmers, has fixed it at Rs 1365 per maund for wheat while sugarcane’s new support price will be Rs 190 per maund.

https://epaper.brecorder.com/2019/11/30/5-page/812755-news.html

5 Business Recorder
9.

Prices of petroleum products may decrease in Dec

Prices of all petroleum products are likely to decrease in December 2019 in line with fluctuations in global crude oil prices.

https://epaper.brecorder.com/2019/11/30/13-page/812815-news.html

13 Business Recorder
10.

Palm oil touches over 2-year high

Malaysian palm oil futures reversed earlier losses and reached a more than two-year high on Friday, supported by stronger rival oils and Indonesia’s decision to cut its fossil fuel consumption.

https://epaper.brecorder.com/2019/11/30/15-page/812848-news.html

15 Business Recorder
11.

Cos must follow IFRS 14 for preparation of statements: SECP

The Securities and Exchange Commission of Pakistan (SECP) has announced that International Financial Reporting Standard (IFRS) 14 – “Regulatory Deferral Accounts” – shall be followed by the companies for the preparation of financial statements for the annual reporting periods from July 1, 2019 onwards.

https://epaper.brecorder.com/2019/11/30/17-page/812873-news.html

17 Business Recorder
12.

PSDP 2019-20

Centre releases Rs297.28bn for various ongoing, new uplift projects

The federal government has released Rs 297.28 billion (42.4 percent) including Rs 61.75 billion foreign aid (48.13 percent) for various ongoing and new development projects under Public Sector Development Programme (PSDP) 2019-20 against the total budgeted allocation of Rs 701 billion.

https://epaper.brecorder.com/2019/11/30/17-page/812876-news.html

17 Business Recorder
13.

Ministry directed to take up issue of power station in CCI moot

A parliamentary panel Friday directed the Ministry of Water Resources to take up the issue of power station, proposed to be constructed at Chashma Jhelum Link Canal, in the upcoming meeting of Council of Common Interests (CCI).

https://epaper.brecorder.com/2019/11/30/17-page/812871-news.html

17 Business Recorder
14.

Corporate Sector

SECP withdraws major documentary measure

Securities and Exchange Commission of Pakistan (SECP) Friday withdrew a major documentary measure from corporate sector by taking away condition of mandatory submission of compliance certificate regarding its status of compliance with the requirements of return filing under the Income Tax Ordinance, 2001..

https://epaper.brecorder.com/2019/11/30/18-page/812869-news.html

18 Business Recorder
15.

German envoy praises govt’s ‘endeavours’ in energy sector

The federal government is offering to potential investors around $60 billion market of its renewable energy generation, transmission and distribution system along with petroleum sub-sector offering huge oil and gas exploration opportunities of around 40 new sites for which auction will be conducted next month.

https://epaper.brecorder.com/2019/11/30/18-page/812870-news.html

18 Business Recorder
16.

APTMA wants electricity at flat 7.5 cents/kWh rate

All Pakistan Textile Mills Association (APTMA) leadership Friday demanded reconnection of mills and electricity supply at the committed tariff of 7.5 cents per kWh to the export-oriented industry.

https://epaper.brecorder.com/2019/11/30/18-page/812866-news.html

18 Business Recorder
17. Provisional Figure

Rs218.4bn shortfall in collection

Federal Board of Revenue (FBR) has provisionally collected Rs 1,610 billion during July-November (2019-20) against target of Rs 1,828.4 billion, reflecting a shortfall of Rs 218.4 billion.

https://epaper.brecorder.com/2019/11/30/18-page/812863-news.html

18 Business Recorder
18.

Furious China threatens retaliation over US law on Hong Kong

China threatened retaliation against Washington on Thursday after US President Donald Trump signed legislation supporting Hong Kong pro-democracy protesters, just as the world’s top two economies edge towards a trade truce.

https://epaper.brecorder.com/2019/11/29/6-page/812574-news.html

6 Business Recorder
19.

FBR chief allays traders concerns over possible raids

Chairman of the Federal Board of Revenue (FBR) Shabbar Zaidi has assured the business community that raids would not be car-ried out on places of registered taxpayers for collection of income tax or sales tax.

https://epaper.dawn.com/DetailImage.php?StoryImage=30_11_2019_001_005

1 Dawn
20.

Divestment of OGDCL shares to begin soon

The process to divest up to seven per cent shares of the Oil and Gas Development Company Ltd (OGDCL) to foreign and domestic institutional investors, high net-worth individuals and general public at the Pakistan Stock Exchange has begun.

https://epaper.dawn.com/DetailImage.php?StoryImage=30_11_2019_010_008

10 Dawn
21.

Gas transmission and distribution network to be separated

The government has decided to separate gas transmission pipelines from the distribution network under its Ease of Doing Business (EoDB) policy aimed at creating an environment of competition among public and private sector companies.

https://epaper.dawn.com/DetailImage.php?StoryImage=30_11_2019_010_007

10 Dawn
EDITORIAL
22. Power tariff increase

T might sound like a nominal hike, but the recent approval given by the Economic Coordination Committee for a 26-paisa increase in the power tariff increasingly cements the impression that the government will continue passing on the costs of its own inefficiency and inability to make adequate recoveries to paying consumers.

https://epaper.dawn.com/DetailImage.php?StoryImage=30_11_2019_008_002

8 Dawn
23. Currency exchange rates

 

Countries

 

U.S.

U.K

EURO

CHINA

SAUDIA ARABIA

Symbol

 

$

£

¥

﷼, SR

Rates

 

155.40

200.10

170.40

22.00

41.35

7 Business

Recorder

 

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