Important Business News 5th July, 2018

Important Business News

5th July, 2018

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1. Wilful default cases: FBR empowered

The government has decided to empower Federal Investigation Agency (FIA) to investigate all complaints filed by financial institutions regarding willful default cases, well informed sources in Finance Ministry told Business Recorder.
Giving the background, the sources said, financial institutions (Recovery of Finances) Ordinance, (FIRO) was promulgated in 2001, primarily to deal with the recovery process of bank loans and loan defaults. The FIRO, 2001 provided a comprehensive legal framework on foreclosure specially Section 15 which empowered the financial institutions to sell mortgaged property.

1 Business Recorder
2. Nawaz urges accountability court to postpone its verdict

Pakistan Muslim League-Nawaz (PML-N) chief Nawaz Sharif on Wednesdayrequested accountability court to postpone verdict in Avenfield reference for a few days citing Kulsoom Nawaz’s critical health. He was talking to the media outside Harley Street Clinic in London.
His wife was on life-support machines for the past 21 days and underwent a medical procedure, he added. He stressed that the decision should be deferred as it won’t undermine justice.

1 Business Recorder
3. NAB decides not to arrest any candidate till July 25

The National Accountability Bureau (NAB) Wednesday decided not to arrest any election candidate until the general election on July 25.
The decision was taken at the NAB executive board meeting (EBM) presided over by Chairman NAB former Justice Javed Iqabl. The EBM has taken a detailed look into the cases against former foreign minister Khawaja Asif, former State Minister  Rana Afzal, former provincial minister Rana Mashhood, former MNA Rai Mansab and decided to delay their cases till elections  to enable them to participate in the election, said a press release issued here.
Further investigations would be conducted after the election. EBM also decided to avoid arresting any politician participating in the election till July 25.NAB has once again clarify that it has no link with election or politics. The cases have been kept pending till July 25.—PR

1 Business Recorder
4. KCCI chief for policies to catch tax evaders

Karachi Chamber of Commerce & Industry (KCCI) president Muffasar Atta Malik has advised the government to formulate practical policies for increasing the tax net and to catch tax evaders in order to strengthen the country’s economy.
He said the loyal taxpayers are being overburdened every year to achieve the revenue targets where those outside the tax net continue enjoying all the luxuries of life without contributing a single rupee to the national exchequer, he said, adding that FBR has been claiming of having details of all such tax evaders since many years but unfortunately no action has been taken so far to strictly deal with them.

7 Business Recorder
5. Cement industry posts annual growth of 13.84pc

The cement industry ended fiscal 2017-18 on a jubilant note posting yearly growth of 13.84% with domestic consumption increasing by 15.42% and exports inching up by 1.77%; first time in nine years that exports registered growth.
According to data released by All Pakistan Cement Manufacturers Association (APCMA) during the fiscal year 2017-2018, domestic consumption stood at 41.147 million tons, an increase of 15.42% from 35.651 million tons in 2016-2017. However, exports grew by only 1.77% from 4.664 million tons in 2016-207 to 4.746 million tons during 2017-2018.

13 Business Recorder
6. Selective buying on cotton market

Selective buying was witnessed on the cotton market on Wednesday in the process of trading activity, dealers said.
The official rate maintained higher trend for the third day in a row, picking up Rs 100 to Rs 7900, they said.
In ready session, about 400 bales of cotton change hands at Rs 8150, they said.
In Sindh, seed cotton was available at Rs 3700-4000 and in the Punjab, Phutti was at Rs 3500-4000, they said.
Market sources said that mills and spinners showed less interest in fresh buying due to tight supply position. If rains stopped in cotton areas, picking operation may be eased, this factor will help improving the volume of business, cotton analyst, Naseem Usman said

18 Business Recorder
7. Duty drawback

Rates of repayments to be worked out by IOCO
The standard rates of duty drawback repayments to exporters would be worked out by the Input Output Coefficient Organization (IOCO) on the import of inputs used in the manufacturing of export goods.
According to the notification issued by the Federal Board of Revenue (FBR) here on Wednesday, in cases of standard rates of DDB, the concerned association shall apply to the director general IOCO through an application in the form as set out in Schedule of the Customs Rules.

22 Business Recorder


POL price hike

The caretaker government has revised the general sales tax (GST) on petroleum and products for the second time in less than one month – effective 12 June and 1 July – ostensibly to pass on the increase in the international price of oil to consumers. While this appears to be a plausible rationale at first glance, and has been used to provide several administrations with the excuse that they had little if anything to do with a rise in the price of oil and products, yet it ignores two extremely important components of the petroleum and products pricing formula.


Business Recorder


Currency exchange rates




























State Bank of Pakistan

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