Important Business News 6 February, 2018

Important Business News

6 February, 2018

S.# Description Pg # Source
1.      

Electricity consumers: MoF seeks data to broaden tax base

Ministry of Finance has sought electricity consumers’ data from Distribution Companies (Discos) aimed at identifying individuals with taxable income who are still outside tax net, sources close to Prime Minister Advisor on Finance, Revenue and Economic Affairs told Business Recorder.

http://epaper.brecorder.com/2018/02/06/1-page/698175-news.html

1 Business Recorder
2.      

PM vows full support to Kashmir cause

Prime Minister Shahid Khaqan Abbasi Monday reiterated full support of the government and people of Pakistan to the just and legitimate right of the Kashmiri people for the peaceful resolution of the issue in line with their aspirations.

http://epaper.brecorder.com/2018/02/06/1-page/698165-news.html

1 Business Recorder
3.      

SBP unveils updated ‘Exchange Companies Manual’

The State Bank of Pakistan (SBP) has issued updated Exchange Companies Manual containing regulations made up to December 31, 2017.
According to SBP, Exchange Companies and Exchange Companies of “B” category are required to bring related regulations to the notice of their customers and to ensure compliance in their day-to-day operations. They should also report to the State Bank every case of evasion or attempt, direct or indirect, at evasion of the provisions of the Act and/or any rules, orders or directions issued thereunder, immediately as it comes to their notice.

http://epaper.brecorder.com/2018/02/06/1-page/698170-news.html

1 Business Recorder
4.      

Sugar production could decline: Almoiz

Country’s emergence as a major sugar exporter could prove short-lived, with farmers appetite for the crop diminished by low domestic prices and local consumption increasing significantly, a leading industry official said on Monday.

http://epaper.brecorder.com/2018/02/06/1-page/698176-news.html

1 Business Recorder
5.      

Non-importable Indian fabric finds its way in market

Indian fabric, which is a non-importable item as per import policy order, is being brought into the country in bulk under the very nose of preventive and customs intelligence officers; it is learntMonday.
According to sources, textile sector, considered as the country’s major revenue generation sector, is badly being affected by the imports of Indian fabric, forcing power and silk looms operators to shut their businesses.

http://epaper.brecorder.com/2018/02/06/3-page/698187-news.html

3 Business Recorder
6.      

Business of solar energy appliances gains momentum

More and more shops of solar energy appliances are being opened in the city due to increasing demand to solar energy triggered by announced and undeclared load-shedding and frequent power supply failure.
The sale of solar energy appliances, generators and UPS batteries increased in city as people are going for alternate modes of electricity to offset massive power load-shedding.

http://epaper.brecorder.com/2018/02/06/3-page/698193-news.html

5 Business Recorder
7.      

Water flows in three rivers drop to the lowest in 10 years

As the drought like conditions have been prevailing in the country for past many months, the water inflows in three rivers Jhelum, Chenab and Kabul have dropped to the lowest at their rim stations in ten years.
Water inflow of river Indus at Tarbela dam is also 1,600 cusecs less than the last year’s flow of 18,800 cusecs, forcing IRSA to ask Sindh government to ensure water share of Balochistan immediately otherwise it could create serious law and order situation.

http://epaper.brecorder.com/2018/02/06/5-page/698197-news.html

5 Business Recorder
8.      

Govt urged to stop livestock export & smuggling

All Pakistan Meat Exporters and Processors Association (APMEPA) Chairman Nasib Ahmad Saifi has urged the government to take notice of rampant smuggling and export of livestock, which is pushing prices of meat higher in the domestic market and also hitting hard the meat processing and export industry due to non-availability of animals in required quantity and competitive prices.

http://epaper.brecorder.com/2018/02/06/5-page/698198-news.html

5 Business Recorder
9.      

FPCCI urged to help resolve RD issue

Pakistan FMCG Importers Association (PIFA) has urged the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) to play its due role to convince the government for resolving the issue of imposition of regulatory duty on hundreds of items being imported in the country causing hike in their prices as well as encouraging smuggling and other wrong doings.

http://epaper.brecorder.com/2018/02/06/5-page/698203-news.html

5 Business Recorder
10.    Non-textile exports jump 19pc

Pakistan`s exports of non-textile products posted a robust growth of nearly 19 per cent to $4.4 billion in the first six months of this fiscal year.
The exports of these products, which were faced with a steady decline, rebounded in 2017-18 owing to the government`s support, suggested data compiled by the Pakistan Bureau of Statistics (PBS).

https://epaper.dawn.com/DetailImage.php?StoryImage=06_02_2018_010_007

10 Business Recorder
  International Business News    
11.   

Banks in Britain and US ban Bitcoin buying with credit cards

Banks in Britain and the United States have banned the use of credit cards to buy Bitcoin and other “cryptocurrencies”, fearing a plunge in their value will leave customers unable to repay their debts.
Lloyds Banking Group Plc, which issues just over a quarter of all credit cards in Britain, and Virgin Money said they would ban credit card customers from buying cryptocurrencies, following the lead of US banking giants JP Morgan Chase & Co and Citigroup.

http://epaper.brecorder.com/2018/02/06/1-page/698172-news.html

1 Business Recorder
12.    Pakistan the hottest market for South African coal

A decade ago South Africa sent the bulk of its coal exports to Europe, a market now disappearing right before its eyes.
But far from being worried, South Africa`s coal exporters are conEdent that they canincrease shipments in coming years by becoming the supplier of choice to new marl(ets in Asia, particularly Pakistan and India.

https://epaper.dawn.com/DetailImage.php?StoryImage=06_02_2018_010_006

10 Dawn
13.    Regional trade grows in first half

In the first half of the current fiscal year, a shift is visible in the trade pattern as Pakistan managed to increase its exports to most countries to its east, except for China the country`s largest exporter.
The latest State Bank of Pakistan data shows a rise in exports to Eastern Asia, South Central Asia, South Eastern Asia and Western Asia. During July-December FY18, the exports to China increased to $787 million compared to $771m in FY17.

https://epaper.dawn.com/DetailImage.php?StoryImage=06_02_2018_010_005

10 Dawn
14.    EU negotiator warns Britain over Brexit customs plans

EU chief negotiator Michel Barnier warned on Monday that Britain faced `unavoidable` trade barriers after Brexit if it also quit the bloc`s single market and customs union as planned, after talks with Prime Minister Theresa May in London.

https://epaper.dawn.com/DetailImage.php?StoryImage=06_02_2018_010_002

10 Dawn
Editorial/Reports

 

   
15.   

Gwadar: look and feel- Analysis

The first expo in Gwadar may have missed the point. But make no mistake; Gwadar is happening. The timely construction of expo centre and the business centres in Gwadar Port’s Free Zone as well as the setting up of five new cranes at the port is a testimony that the Chinese are committed to the cause.

http://epaper.brecorder.com/2018/02/06/2-page/698182-news.html

2 Business Recorder
16.   

Budget date brought forward- Editorial

It is extremely unfortunate that the Abbasi administration is insisting on presenting the budget for the forthcoming fiscal year 2018-19 even though the party’s mandate would expire on 6th June, three weeks prior to the end of the fiscal year, a period when a budget is usually presented.

http://epaper.brecorder.com/2018/02/06/14-page/698294-news.html

14 Business Recorder
17.    Currency exchange rates

 

Countries

 

U.S.A

U.K

EURO

CANADA

CHINA

SAUDIA ARABIA

Selling TT & OD 110.50

157.68

138.12

90.03

18.00

29.47

Buying TT Clean

110.30

157.40

137.87

89.86

17.97

29.41

Buying OD/T.CHQ

110.07

157.07

137.59

89.63

17.92

29.34

9 Business Recorder

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