Important Business News 4th December, 2019


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Govt, IPPs reach agreement

The Government of Pakistan (GoP) and Independent Power Producers (IPPs) have reportedly reached an agreement to resolve prolonged outstanding issues and litigation at different domestic and international fora, sources close to CEO CPPA-G told Business Recorder.


1 Business Recorder

Hafeez enumerates achievements

Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh has said that economic indicators have shown significant improvement in last five months and are being acknowledged by international financial institutions.


1 Business Recorder


UK’s crime agency reaches £190m settlement with real estate tycoon

The United Kingdom’s National Crime Agency (NCA) has reached a settlement of £190 million with property tycoon, NCA announced on Tuesday.
According to a statement issued by NCA, the settlement includes a UK property valued at approximately £50 million. The NCA has agreed to a settlement figure with a family that owns large property developments in Pakistan and elsewhere. The £190 million settlement is the result of an investigation by the NCA into real estate tycoon’s businesses, who is one of the biggest private sector employers in Pakistan.


1 Business Recorder

NAB files reference against Khaqan, Miftah

The National Accountability Bureau (NAB) on Tuesday filed a reference against former prime minister Shahid Khaqan Abbasi, former finance minister Miftah Ismail and seven other accused in connection with the liquefied natural gas (LNG) case.


1 Business Recorder

Umar for using technology to tackle economic challenges

Minister for Planning, Development and Reform Asad Umar has described the revenue generation and documentation of economy as massive challenges for the country, saying there is a need to use technology to achieve the ends instead of muscles and might of the Federal Board of Revenue (FBR) officials.


3 Business Recorder

LTU Islamabad shows 45pc growth in 5 months

Large Taxpayers Unit (LTU), Islamabad, has shown remarkable growth of 45 percent in revenue collection during first five months of current financial year as compared to the collection made during last corresponding period.


15 Business Recorder

FBR directed to simplify H-Form within a week

Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh Tuesday directed Federal Board of Revenue (FBR) to take input and suggestions from the textile exporters and simplify the H-Form (stock statement) within a week to expedite the processing and payment of Sales Tax refunds, and issue nearly Rs 10 billion worth of customs duty drawback to the exporters.


20 Business Recorder
8. Govt blames price hike on trade ban with India, weather

Attributing the prevailing price hike to suspension of trade with India, failure of provinces in keeping administrative control over the middleman and seasonal factors, the government`s economic team has forecast easing out the inflationary pressure in the next two months.


1 Dawn
9. Tax laws being amended to cut non-filers` utility connections

Amid low compliance in filing of tax returns from industrial and commercial consumers, the Federal Board of Revenue (FBR) has decided in principle to amend tax laws for disconnecting electricity and gas supplies to non-compliant clients from next month, a senior tax of facial told Dawn.


10 Dawn
10. Tough steps earn Moody`s outlook lift: SBP

Moody`s up gradation of Pakistan`s outlook from negative to stable is the recognition of tough decisions taken by the policymakers including the steep devaluation of exchange rate, said Governor Reza Baqir in a press release issued by the State Bank on Tuesday.
Moody`s international credit rating agency raised the outlook on Pakistan`s credit rating from negative to stable on Monday. The ratings firm said improvements in the balance of payments is a primary driver of the rating action, but added that foreign exchange buffers will still take time to rebuild.


10 Dawn
11. Petroleum sales rebound after 18 months

After a gap of morethan18months,petroleum, oil and lubricant (POL) sales increased by seven per cent year-on-year in November as petrol, high-speed diesel (HSD) and furnace oil (FO) sales rose by 7pc, 4pc and 8pc respectively.
On the other hand, cumulative POL sales during the 5MFY20 period fell by 8pc YoY to 7.563 million tonnes on an industry-wide basis as HSD sales declined by 11pc followed by 24pc fall in FO sales to 1.1m tonnes, while petrol sales grew by 4pc to 3.226m tonnes.


10 Dawn
12. Cotton output plunges

The falling cotton production is expected to further burden foreign exchange reserves as the country will have to import around six million bales at an estimated $1.5 billion to plug the shortfall.
The data released by the ginners` body on Tuesday gave gloomy picture of the cotton economy as production continued to shrink for the last five years with current season shortfall touching a new peak at 1.919m bales up to Dec 1.


10 Dawn
13. Hafeez directs payment of Rs10bn to exporters

Finance Adviser Dr Abdul Hafeez Shaikh has ordered the Federal Board of Revenue (FBR) to expedite the payment of nearly Rs10 billion worth of customs duty drawback to exporters.
The direction came from the adviser in a meeting with office-bearers and members of All Pakistan Textile Mills Association (Aptma) on Tuesday.

10 Dawn
14. District admin to seal smog-causing units

The district administration will seal the units burning plastic, old cloths and tyres in the boilers of sizing and other industries.
Issuing directions to the environment protection department (EPD), Deputy Commissioner Muhammad Ali said he had taken a serious notice of air pollution and directed the respective departments to take stern legal action against the extensive smog-causing industries and brick kilns.


17 Dawn



Q1 indicators

The release of the summary of the consolidated federal and provincial budgetary operations 2019-20 for the first quarter (July-September) of the current year by the Finance Division has generated considerable concern amongst independent economists as well as the general public for two reasons.


18 Business



Moody`s upgrade

It is certainly welcome news that the global credit rating agency Moody`s Investors Service has upgraded the outlook on Pakistan`s debt from negative to stable as an acknowledgement of the signs of strength returning to the external sector and the fiscal balance. Soon the government will venture into the global markets to float a bond, and a stable outlook on its B3-rated debt will help. It is also a sign that the economy is stabilising and the narrowing of its two critical deficits is being acknowledged by foreign creditors and investors. In time, other rating agencies are expected to follow suit.


08 Dawn

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9 Business



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