Important Business News 3rd July 2019

Important Business News

3rd July 2019

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1.

Rs309bn agri development plan unveiled

The government has announced over Rs 309 billion Prime Minister’s National Agriculture Emer-gency Programme for the development of agriculture sector, saying that previous governments are responsible for dismal state of agriculture sector due to steep decline in spending in post-devolution period.

https://epaper.brecorder.com/2019/07/03/1-page/789412-news.html

 

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2.

Over 95,000 avail amnesty scheme so far: Shabbar

More than 95,000 people have registered their undeclared assets so far with the Federal Board of Revenue (FBR) by availing the Asset Declaration Scheme, the deadline of which is ending on Wednesday July 3, Chairman Federal Board of Revenue (FBR) Syed Shabbar Zaidi told APP Tuesday.

https://epaper.brecorder.com/2019/07/03/1-page/789404-news.html

 

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3.

Individuals, AoPs may file revised returns by Aug 2: FBR

The Federal Board of Revenue (FBR) Tuesday announced that individuals, Association of Persons (AoPs) and companies who/which intend to revise their income tax returns for the Tax Year 2018 may file revised income tax returns/statements till August 2, 2019.

https://epaper.brecorder.com/2019/07/03/1-page/789405-news.html

 

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4.

US designates Baloch militants as terrorists

The Uni-ted States on Tuesday designated Baloch militants as terrorists after they carried out deadly attacks targeting Chinese interests. The State Department said it was classifying the Balochistan Liberation Army as a global terrorist group, making it a crime for anyone in the United States to assist the militants and freezing any US assets they may have.

https://epaper.brecorder.com/2019/07/03/1-page/789403-news.html

 

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5.

Cabinet against PSM sell-off

Besides scrapping the privatisation plan of Pakistan Steel Mills (PSM), the federal cabinet on Tuesday approved withdrawal of Rs 40,000 denomination prize bonds in the country.

Special Assistant to Prime Minister on Information & Broadcasting Dr Firdous Ashiq Awan said this while addressing a press conference.

https://epaper.brecorder.com/2019/07/03/1-page/789406-news.html

 

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6.

Hajj Policy approved

The federal cabinet formally approved the Hajj Policy 2019 on Tuesday in a meeting chaired by the Prime Minister Imran Khan.

Special Assistant to the Prime Minister on Information and Broadcasting, Dr Firdous Ashiq Awan flanked by Minister for Religious Affairs and Interfaith Harmony Dr Noor-ul-Haq Qadri, announced this during a media briefing.

https://epaper.brecorder.com/2019/07/03/1-page/789409-news.html

 

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7.

OPEC inks new charter with Russia and other allies

The OPEC bloc of oil producers on Tuesday formally signed a new charter of cooperation with major allies including Russia, one day after thrashing out the document at a marathon meeting.

The new agreement between OPEC and its so-called OPEC+ partners is being seen as a sign of the cartel’s efforts to stay relevant in a market which has been transformed by booming US shale oil output.

https://epaper.brecorder.com/2019/07/03/1-page/789408-news.html

 

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8.

KSE-100 Index up 310.78 points

Pakistan Stock Exchange Tuesday witnessed a bullish trend on the back of healthy buying at available low levels.

BRIndex100 gained 40.32 points or 1.13 percent to close at 3,595.23 points. BRIndex100 touched intraday high of 3,596.18 and intraday low of 3,543.60 points. Volumes stood at 87.087 million shares.

https://epaper.brecorder.com/2019/07/03/1-page/789411-news.html

 

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9.

Cotton sowing witnesses 14pc increase

Cotton cultivation during the current sowing season had witnessed 14% growth as compared to the corresponding period of last  year and  the crop had been cultivated over 2.65 million hectares of land across the cotton  growing areas of the country.

The cotton sowing targets for the crop season 2019-20 had been fixed at 12.72 million bales for fulfilling the domestic requirements as well as for exporting the commodity.

https://www.brecorder.com/2019/07/02/506906/cotton-sowing-witnesses-14pc-increase/

 

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10.

Pakistan, Iran to discuss trade proposals today

A high level Iranian delegation headed by Iranian Commerce Minister Raza Rehmani is reaching Islamabad on a two day visit to attend Pak-Iran Joint Trade Committee (JTC) scheduled on Wednesday (today).

Both countries are expected to discuss three proposals for trade with Iran which include seeking waiver on sanctions from the US, like Switzerland, barter trade and setting up a special bank on the pattern of India.

https://epaper.brecorder.com/2019/07/03/3-page/789424-news.html

 

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11.

Either restore zero-rating regime or suspend operation: LCCI

The Lahore Chamber of Commerce and Industry (LCCI)has urged the government to either immediately restore zero-rating regime for five export industries or suspend the operation of the decision till an effective and efficient mechanism for refund of export tax claims is put in place.

While talking to a group of leading exporters, LCCI President Almas Hyder said the withdrawal of the zero-rating regime will badly hit the country’s exports, bring massive pressure on exporters, especially small and medium businesses, and widen the trade deficit at the cost of ballooning current account gap.

https://epaper.brecorder.com/2019/07/03/3-page/789430-news.html

 

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12.

NA body voices concern over hike in gas prices

National Assembly’s Standing Committee on Energy Tuesday expressed serious concerns over increase in recent hike in gas prices.

The committee was chaired by MNA Imran Khattak which was held at the Parliament House. Member Committee Shazia Marri said that the committee should take up the matter of 200 percent increase in the prices of gas.

https://epaper.brecorder.com/2019/07/03/3-page/789428-news.html

 

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13.

Industrial support package

Advisor to the Prime Minister on Finance Dr Hafeez Sheikh while chairing the Economic Coordination Committee meeting on 26 June approved the discontinuation of one component of the industrial support package notably subsidised electricity to industry for 24 hours and limited it to four peak hours during one day.

https://epaper.brecorder.com/2019/07/03/18-page/789544-news.html

 

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14.

Plea to upgrade textile sector

Upgrade of textile sector is imperative to maintain the inherent edge of Faisalabad in national economy and textile exports, said Faisalabad Chamber of Commerce & Industry (FCCI) SVP Mian Tanveer Ahmed.

He headed a delegation of FCCI which participated in ITMA (International Textile Machinery Association) Fair held in Barcelona, Spain from 20 to 26 June.

https://epaper.brecorder.com/2019/07/03/19-page/789554-news.html

 

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15.

Ghee and oil prices may shoot up by Rs18-20 per kg/litre: PVMA 

The Pakistan Vanaspati Manufacturers Association (PVMA) drawing the attention of the government towards increase in duty/taxes suggested in Finance Act 2019-20 has claimed that it may increase the prices of ghee and cooking oil by minimum Rs 18-20 per kilogram/liter.

PVMA Chairman Tariq Ullah Sufi in a letter to Minister for State for Revenue Muhammad Hammad Azhar said that different government representatives had announced (even on the floor of House) that no additional duty/tax will be imposed in the Finance Act 2019-20 on edible oils.

https://epaper.brecorder.com/2019/07/03/19-page/789557-news.html

 

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16.

Pakistan, India to discuss draft agreement for modalities on 14th 

Pakistan on Tuesday conveyed to India that the second meeting to discuss the draft agreement for finalising the modalities of Kartarpur Corridor and related technical issues will be held at Wagah on the 14th of this month.

The Indian side has been requested to convey the composition of its delegation, according to a statement issued by Pakistan’s Ministry of Foreign Affairs (MOFA).

https://epaper.brecorder.com/2019/07/03/20-page/789561-news.html

 

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17.

June CPI inflation up 8.9pc YoY

Monthly inflation measured through Consumer Price Index (CPI) has witnessed an increase of 0.4 percent in June as compared with May and on an annual basis it witnessed an increase of 8.9 percent in June 2019 against June 2018.

According to Pakistan Bureau of Statistic monthly price indicator issued here on Tuesday, in June 2019 CPI inflation on monthly basis was recorded at 246.82 points against 245.94 points in May 2019 while it was recorded at 226.67 points in June 2018. The data said that CPI inflation in June 2018 was recorded at 5.2 percent which now has jumped to 8.9 percent.

https://epaper.brecorder.com/2019/07/03/20-page/789566-news.html

 

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18.

POL products’ sales down by 27pc on YoY

The overall petroleum products sales declined by 27 percent on year-on-year basis during the fiscal year 2019 due to economic slowdown and significant increase in petroleum prices after rupee devaluation.

Excluding Furnace Oil (FO) sales, volumes declined by 13 percent on year-on-year basis, highest attrition in more than a decade.

https://epaper.brecorder.com/2019/07/03/7-page/789453-news.html

 

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19.

Textile processing mills’ operations remain suspended

Operation of textile processing mills remained suspended on the second day as their clients are not placing orders at new higher rates, after the imposition of 17 to 20 percent sales tax in the federal budget.

A meeting of All Pakistan Textile Processing Mills Association (APTPMA) was held at the SITE office Tuesday wherein it was decided to convene a joint meeting of all the stakeholders to discuss the sales tax registration and payment issue.

https://epaper.brecorder.com/2019/07/03/7-page/789450-news.html

 

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20.

Rs638.91bn released for uplift projects under PSDP

The PTI government has released Rs 638.91 billion (94.65 percent) including Rs 207.75 billion foreign aid for different development projects under the Public Sector Development Programme (PSDP) 2018-19, which is 5.35 percent less than the total budgeted allocation of Rs 675 billion.

https://epaper.brecorder.com/2019/07/03/16-page/789527-news.html

 

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21.

US labels BLA as terrorist group

The US State Department on Tues­day designated the Balo­chistan Liberation Army (BLA) as a global terrorist group, making it a crime for anyone in the US to assist the militants. The action paves the way for similar actions by the United Nations and other states.

In a separate statement, the US Department of Treasury has also frozen all BLA assets in the United States and forbidden American citizens across the globe from having any financial dealings with the entity or the people associated with it.

https://www.dawn.com/news/1491717

 

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22.

Traders protest against budget

Traders associations in Sindh and Punjab on Tuesday strongly protested against the ‘harsh’ budgetary measures including increase in taxes and documentation of business activities.

The Karachi Traders Action Committee (KATC) held a rally from Regal Chowk, one of the business hubs in the city, to the Karachi Press Club.

https://www.dawn.com/news/1491757

 

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23.

Private sector borrowing dips in FY19

Credit off take in the outgoing fiscal year as of June 21 fell by 1.7 per cent to Rs607.5 billion compared to Rs618.2bn during the same period last year.

The off take during the fiscal year fell on the back of high policy rates. The State Bank of Pakistan (SBP) has raised key policy rates from 6.5pc in June, 2018 to 12.55pc in June.

https://www.dawn.com/news/1491752/private-sector-borrowing-dips-in-fy19

 

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Dawn

 

24.

US-China trade talks ‘back on track’

US-China trade negotiations are now headed in a positive direction following this weekend’s meeting between President Donald Trump and his Chinese counterpart Xi Jinping, a top White House aide said on Tuesday.

But trade advisor Peter Navarro said Chinese telecoms giant Huawei remains blocked from participating in the development of 5G wireless networks in the United States even though Washington has softened its stance toward the company.

https://www.dawn.com/news/1491749/us-china-trade-talks-back-on-track

 

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