Important Business News 5th November, 2019

 

S.# Description Pg # Source
1.

FY20 Rs5.5trn target: revenue shortfall to grow to Rs600bn

The growth in revenue collection of the Federal Board or Revenue (FBR) is unlikely to go beyond 26 percent given the current trend against 44 percent required to achieve Rs 5.5 trillion tax target for the current fiscal year.

https://epaper.brecorder.com/2019/11/05/1-page/808799-news.html

 

1 Business Recorder
2.

Cabinet to consider ‘half-baked’ NEV policy today

The federal cabinet which is scheduled to meet on Tuesday (today) will consider “half baked” National Electric Vehicle (NEV) Policy prepared by the Ministry of Climate Change (MoCC), which according to Cabinet Division does not fall in the domain of the Ministry, well informed sources told Business Recorder. https://epaper.brecorder.com/2019/11/05/1-page/808800-news.html

 

1 Business Recorder
 

3.

Rental power

Erdogan helps resolve dispute: PM
Prime Minister, Imran Khan, in a tweet, has claimed that PTI government with the help of President Recep Tayyip Erdogan has amicably resolved the M/s Karkey dispute and saved $ 1.2 billion penalty imposed by ICSID.

https://epaper.brecorder.com/2019/11/05/1-page/808807-news.html

 

1 Business Recorder
4.

‘NAB fear’ discourages good professionals from joining SOEs?

Prime Minister’s Advisor on Commerce, Textile, Industries and Production and Investment, Abdul Razak Dawood has reportedly held National Accountability Bureau (NAB) responsible for not getting good quality private professionals for public sector entities, well-informed sources told Business Recorder.

https://epaper.brecorder.com/2019/11/05/1-page/808808-news.html

 

1 Business Recorder
5.

Restructuring of FBR, idea of creating PRA discussed

The Chief Commissioners Conference Monday discussed restructuring of Federal Board of Revenue (FBR) and idea of creating a single revenue collection authority i.e. Pakistan Revenue Authority (PRA) across Pakistan for single tax administration under reforms.

https://epaper.brecorder.com/2019/11/05/4-page/808832-news.html

 

4 Business Recorder
6.

300MW coal-fired power plant inaugurated in Gwadar

Federal Minister for Planning, Development & Reform Makhdum Khusro Bakhtyar and Vice Chairman National Development & Reform Commission (NDRC) Ning Jizhe inaugurated the 300MW coal power plant during their visit to Gwadar on Monday.

https://epaper.brecorder.com/2019/11/05/4-page/808836-news.html

 

4 Business Recorder
7.

SECP amends ‘Central Depositories (Licensing and Operations) Regulations 2016’

Securities and Exchange Commission of Pakistan (SECP) has allowed the central depository to have an arrangement with the securities exchange for outsourcing its compliance function relating to Trading Rights Entitlement (TRE) certificate holders.

https://epaper.brecorder.com/2019/11/05/7-page/808857-news.html

 

7 Business Recorder
8.

Malaysian investors invited to invest in different sectors

Foreign Minister Shah Mahmood Qureshi has invited the Malaysian investors to invest in different sectors of Pakistan including information technology, energy, Halal food, oil and gas, and construction of inexpensive houses, Foreign Office said.

https://epaper.brecorder.com/2019/11/05/7-page/808861-news.html

 

7 Business Recorder
9.

NA body passes ‘The Pakistan Psychological Council (Amendment) Bill 2019’

The National Assembly (NA) Standing Committee on National Health Service, Regulations and Coordination on Monday unanimously passed the reconsidered “The Pakistan Psychological Council (Amendment) Bill 2019.”

https://epaper.brecorder.com/2019/11/05/7-page/808860-news.html

 

7 Business Recorder
10.

Plastic International Expo opens

Punjab Minister for Trade & Industries, Mian Aslam Iqbal on Monday inaugurated the three-day 6th Plastic International Expo being organized by All Pakistan Plastic Manufacturers Association (PPMA) here at the Expo Centre.

https://www.brecorder.com/2019/11/05/541553/plastice-international-expo-opens/

 

7 Business Recorder
11.

Spanish businessmen to visit Pakistan next week: envoy

By RECORDER REPORT on November 5, 2019

“Spanish businessmen are regularly visiting Pakistan despite of travel advisory while another delegation from Spain will visit Pakistan next week. A delegation will also visit Faisalabad in addition to having meetings in Lahore and Karachi,” said Manuel Duran, Ambassador of Spain.

https://www.brecorder.com/2019/11/05/541532/spanish-businessmen-to-visit-pakistan-next-week-envoy/

 

8 Business Recorder
12.

Cotton crop damaged by virus attack

Cotton crop damaged by virus attack in Thar and other parts of the country may cause further increase in rates of fine rates, dealers said on the cotton market on Monday.
The official spot rate was unchanged at Rs 9400, they added. In ready session, nearly 10,000 bales of cotton changed hands between Rs 7900-9650, they said.

https://epaper.brecorder.com/2019/11/05/16-page/808930-news.html

 

16 Business

Recorder

13.

‘Tax officials raising unnecessary objections’

The Federal Tax Ombudsman (FTO) on Monday said the Federal Board of Revenue’s (FBR) unnecessary representation to the president, challenging its jurisdiction, is creating hindrances for taxpayers in getting their due rights.

https://www.dawn.com/news/1514989

 

10 Dawn
14.

Policy talks begin with IMF

Pakistan and the visiting staff mission of the International Monetary Fund (IMF) on Monday started policy level talks for disbursement of second tranche of about $453 million early next month under the $6 billion Extended Fund Facility (EFF) finalized in May this year.

https://www.dawn.com/news/1514992

 

10 Dawn
15.

Razak to attend informal WTO meeting in Shanghai

While skipping three mini-ministerial meetings in the last one year, the government has finally sent Commerce Adviser Razak Dawood to attend the informal World Trade Organisation mini-ministerial meeting in Shanghai.

https://www.dawn.com/news/1514990/razak-to-attend-informal-wto-meeting-in-shanghai

 

10 Dawn
16.

Pakistani startups rake in millions of dollars

Pakistani tech startups have raked in millions of dollars from local and foreign investors as a number of deals were announced over the weekend.

Around half a dozen startups disclosed their investment rounds at 021Disrupt, a major tech and entrepreneurship conference.

https://www.dawn.com/news/1514991

 

10 Dawn
 

International

   
17.

Euro zone factories stuck in a slump as trade war still biting

Factory activity across the euro zone contracted sharply last month as demand was again stifled by the US trade war with China and the persistent lack of clarity over Britain’s departure from the European Union, a survey showed.

https://epaper.brecorder.com/2019/11/05/13-page/808895-news.html

 

13 Business

Recorder

18.

McDonald’s CEO forced out

McDonald’s announced Sunday that its president and CEO Steve Easterbrook was forced out after showing “poor judgment” by engaging in a “consensual relationship” with an employee.

https://epaper.brecorder.com/2019/11/05/13-page/808901-news.html

 

13 Business

Recorder

19.

Trade optimism propels European shares to near two-year highs

• STOXX 600 hits highest since Jan 2018
• Ryanair touches 1-year high after strong results
Optimism over trade talks helped European shares close at their highest level in nearly two years on Monday, while a strong earnings report by Ryanair lifted Irish stocks to a more than one-year high.

https://epaper.brecorder.com/2019/11/05/14-page/808908-news.html

 

14 Business

Recorder

20. Currency exchange rates

Countries

U.S.

U.K

EURO

CHINA

SAUDIA ARABIA

Symbol

$

£

¥

﷼, SR

Rates

156.10

201.99

174.44

22.33

41.60

9 Business

Recorder

 

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