Important Business News 5 December, 2017

Important Business News

5 December, 2017

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1.      

FBR asked to remove tariff anomalies

Pakistan Business Council (PBC) has proposed to the Federal Board of Revenue (FBR) to remove customs tariff anomalies and abolish full and final tax structure on the commercial importers to make local manufacturers more competitive, as final tax liability of such importers has placed local manufacturing sector at a disadvantage position. 

http://epaper.brecorder.com/2017/12/05/1-page/685757-news.html

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Business Recorder

2.      

Pak-Iran FTA draft finalized

Pakistan and Iran have finalized initial draft of much-awaited Free Trade Agreement (FTA) and expeditious resolution of banking channel issues, official sources told Business Recorder. 

http://epaper.brecorder.com/2017/12/05/1-page/685755-news.html

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Business Recorder

3.      

Afghan transit: Extension in pact with US extended

The federal cabinet has reportedly approved extension in pact with the US till January 31, 2018 for transit of cargoes to and from Afghanistan, well-informed sources told Business Recorder. The approval has been granted on a summary of Ministry of Defence submitted to all the federal cabinet members through circulation which implies that ministers gave their approval individually without discussion. 

http://epaper.brecorder.com/2017/12/05/1-page/685753-news.html

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Business Recorder

4.      

China welcomes third party participation in CPEC

China welcomes third-party participation in CPEC on the principle of equality and voluntarism, said a spokesperson for the Chinese Foreign Ministry Geng Shuang, here on Monday

http://epaper.brecorder.com/2017/12/05/3-page/685773-news.html

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Business Recorder

5.      

Agro-Chemical industry: Globally competitive cluster with Chinese aid to be created

Federal Minister for Interior, Planning, Development and Reforms Ahsan Iqbal said on Monday that the ruling government would create a globally competitive cluster of agro-chemical industry in Pakistan with the assistance of Chinese government. “Our Chinese friends had said it very clearly that they want to help Pakistan to become an industrial economy,” Ahsan Iqbal said this while speaking to the third CAC Pakistan Summit and Exhibition held at the Expo Centre Lahore late on Monday with an aim to promote agriculture sector of Pakistan. 

http://epaper.brecorder.com/2017/12/05/4-page/685947-news.html

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Business Recorder

6.      

Baloki and Haveli Bahadur Shah: 1200MW LNG-based power plants to be functional till Feb

The National Assembly Standing Committee on Planning, Development and Reform was informed that 1200-MW LNG-based Baloki and Haveli Bahadur Shah power plants would be functional till February 2018. 

http://epaper.brecorder.com/2017/12/05/21-page/685934-news.html

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Business Recorder

7.      

Export of surplus sugar: Sindh cabinet decides to grant Rs9.3 addl subsidy

The Sindh Cabinet has decided to grant an additional subsidy of Rs9.3 per kilogram for export of surplus sugar in order to resolve issues between the growers and the millers for starting the sugarcane crushing in the province, immediately. 

http://epaper.brecorder.com/2017/12/05/5-page/685783-news.html

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Business Recorder

8.      

Export target of Kinnows cut due to quality, cost factors: PFVA

All Pakistan Fruit & Vegetable Exporters, Importers & Merchant Association (PFVA) has set export target of 250,000 metric tons Kinnow for this year. 

http://epaper.brecorder.com/2017/12/05/8-page/685808-news.html

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Business Recorder

9.      

Exporters tax matters to be resolved on priority basis: FBR member

All the legitimate matters of exporters in the hands of the FBR shall be resolved on priority basis.
This was stated by Khawaja Tanveer Ahmad, Member Inland Revenue (Operations), Federal Board of Revenue Monday during his visit to Pakistan Hosiery Manufacturers & Exporters Association, Karachi accompanied by Seema Shakeel, Chief Commissioner LTU Karachi; Dr. Fazal Muhammad Abrejo, Chief Commissioner Corporate RTO, Karachi and Nazir Ahmed Shoro Chief Commissioner RTO III Karachi. 

http://epaper.brecorder.com/2017/12/05/8-page/685815-news.html

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Business Recorder

10.   

2018 to 2020: New ADB pipeline includes about $2 billion per year assistance for Pakistan

Asian Development Bank’s (ADB) new pipeline for 2018 to 2020 includes about $2 billion per year assistance for Pakistan, expanding its support to urban development, water resources management, health and education. 

http://epaper.brecorder.com/2017/12/05/9-page/685817-news.html

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Business Recorder

11.   

NA panel recommends abolition of taxes on hybrid cars

The National Assembly Standing Committee on Climate Change asked the federal government on Monday to abolish taxes at hybrid cars so that rising air pollution in the country could be checked. 

http://epaper.brecorder.com/2017/12/05/12-page/685857-news.html

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Business Recorder

12.   

Ex-chief of Wapda lauds present govt’s energy initiatives

Former chairman WAPDA Shams-ul-Mulk has said that the government has undertaken steps to mitigate the ongoing energy crisis completing many power generation projects on fast-track. The Power Policy of 2013 promulgated by the present government is the first ever effort and lays down the foundation for today’s healthy power sector, he added. 

http://epaper.brecorder.com/2017/12/05/13-page/685864-news.html

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Business Recorder

13.   

SAARC CCI’s head Suraj Vadiya arriving today

SAARC Chamber of Commerce and Industry’s President Suraj Vaidya is arriving in Pakistan on Tuesday (today) on a five-day visit.
During the visit he would meet local business tycoons and government officials to accelerate the efforts of the SAARC Chamber for promotion of economic, trade and investment linkages across the region. 

http://epaper.brecorder.com/2017/12/05/13-page/685865-news.html

 

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Business Recorder

14.   

3.62pc increase in seed cotton reaching ginners

Arrival of seed cotton (Phutti) at the ginning factories across Pakistan was recorded at 10.13 million or 10,132,074 bales till Dec 1, 2017, showing a percentage increase of 3.62 per cent compared to corresponding period of last year. 

http://epaper.brecorder.com/2017/12/05/13-page/685866-news.html

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Business Recorder

15.   

Cotton prices firm on short supply of fine quality

Rates stabilized on the cotton market on Monday amid issuance of the Pakistan Cotton Ginners Association (PCGA) fortnightly data, dealers said. 

http://epaper.brecorder.com/2017/12/05/18-page/685895-news.html

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Business Recorder

16.   

Three CPEC projects hit snags as China mulls new financing rules

China has temporarily stopped funding of some projects particularly those related to the road network under the China-Pakistan Economic Corridor (CPEC) till further decision regarding ‘new guidelines’ to be issued from Beijing, a senior government official told Dawn on Monday.

https://epaper.dawn.com/DetailImage.php?StoryImage=05_12_2017_010_005

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Dawn

17.   

Govt keen to resolve industry issues

The government is willing to work with the business sector to strengthen the manufacturing sector through a realistic and consensus-based plan of action based on viable proposals by the business community, said Special Assistant to Prime Minister on Revenue Haroon Akhtar Khan on Monday.

https://epaper.dawn.com/DetailImage.php?StoryImage=05_12_2017_011_001

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Dawn

18.   

ADB allocates $5bn for CAREC 2030

Asian Development Bank has allocated $5 billion for the implementation of Strategy 2030 under the Central Asia Regional Economic Cooperation (CAREC).
The CAREC is an 11-member regional platform that aims to connect people, policies and projects for shared and sustainable development.

https://epaper.dawn.com/DetailImage.php?StoryImage=05_12_2017_012_001

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Dawn

19.   

Currency exchange rates

 

Countries

 

U.S.A

 U.K

EURO

CANADA

SAUDIA ARABIA

Selling TT & OD 105.60

142.25

125.34

83.05

    28.16

Buying TT Clean

105.40

141.98

125.10

82.89

26.11

Buying OD/T.CHQ

105.18

141.69

124.85

82.67

28.03

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Business Recorder

 

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