Important Business News 6th August, 2019

Important Business News

6th August, 2019


S.# Description Pg #     Source


New Murder of ‘democracy’

Special status for occupied Kashmir scrapped by India • Bill to bifurcate occupied J&K cleared by Rajya Sabha • New Delhi’s sinister move met by massive protest from opposition • Pakistan to ‘exercise all possible options’ to counter it

NEW DELHI/OCCUPIED SRINAGAR: India on Monday revoked the special status of occupied Kashmir, moving to grasp its only Muslim-majority region more tightly.




Business Recorder



No additional duty to be levied on imports by E&P cos

The Federal Board of Revenue (FBR) has decided not to impose additional customs duty on the import of machinery/equipment, helicopters, aircraft, drilling bits, drilling and seismic vessels, drilling rigs, specialised vehicles by petroleum and exploration companies, their contractors and service companies for offshore projects with effect from August 18, 2018.
The FBR has allowed this retrospective exemption on the imports made by petroleum and exploration companies through an SRO 905(I)/2019 issued here on Monday.




Business Recorder



PM for increasing forest cover to avert climate change disaster

Prime Minister Imran Khan on Monday said increasing Pakistan’s forest cover was essential to save it from the imminent disaster of climate change.

“Plantation is not an option, but a necessity to save the country for future generations,” he said at the launch of monsoon plantation campaign 2019 under Ten-Billion Tsunami Tree project, here at Shakarparian.




Business Recorder



Cut in discount rate by Fed

The US Federal Reserve and President Donald Trump have been at loggerheads for a long time over the need to keep the interest rates stable or revise them downwards for the overall interest of the economy. The Fed seems to have finally yielded on the issue when it reduced the discount rate on 31st July, 2019 for the first time since 2008, citing concerns about the global economy and muted US inflation. The US central bank’s benchmark overnight lending rate was not only lowered to a target range of 2 percent to 2.25 percent but the Fed also signalled a readiness to cut borrowing costs further, if needed.




Business Recorder



IOJ&K: Article 370 scrapped

The fear that flooding of additional troops to Occupied Kashmir, and escalation of violence across the Line of Control (LoC) and the Working Boundary were a prelude to something ominous was confirmed on Monday when the India’s Home Minister Amit Shah announced in the upper house New Delhi’s decision to abolish Article 370 of the Indian constitution which guarantees the special status of the embattled state.




Business Recorder



35pc increase YoY

The Federal Board of Revenue (FBR) has so far received more than 2.34 million income tax returns for Tax Year 2018, depicting over 35 percent growth in number of filers as compared to 1.7 million returns received last fiscal year.

According to sources, the board has so far received 2,339,386 income tax returns for TY 2018, which is over 35 percent higher than 1.7 million IT returns filed in preceding fiscal year.




Business Recorder



SC sets 31st Jan 2020 deadline for completion of OLMT project

The Supreme Court on Monday allowed time until 31st January 2020 for completion of the Orange Line Metro Train (OLMT) project.

A three-judge bench headed by Justice Sheikh Azmat Saeed heard the OLMT project case. The secretary transport appeared before the bench.








Relaxation for clearance without MRP

President of Karachi Chamber of Commerce and Industry (KCCI) Junaid Esmail Makda has sought another 90-day extension in the relaxation given for clearance of imported third schedule items without printing of retail price or affixing stickers

In his letter to FBR chairman, he said the import orders were booked in advance for around 3 to 6 months while the packaging of the ordered products was already designed and printed at the initial stage.








Final decision today

The government is likely to make a final decision with respect to announcement of indicative price of cotton at Rs 4,000 per 40kg today (Tuesday) with an aim to control speedily declining cotton cultivation area in the country.

“A committee headed by Adviser to the Prime Minister on Finance, Dr Abdul Hafeez Sheikh will take up the summary moved by the Ministry of National Food Security and Research (MNFS&R) regarding fixing indicative price of cotton at Rs 4,000 per 40kg, which was deferred during the previous meeting of the Economic Coordination Committee (ECC) on the request of Adviser to Prime Minister on Industries and Commerce Razak Dawood,” Secretary MNFS&R Dr Muhammad Hashim Popalzai said.








Kashmir Solidarity Day observed in Faisalabad

Kashmir Solidarity Day was observed here against the Indian cruelties in occupied Kashmir. The various govt and non-govt institutions, social, and business organisations arranged special programmes across the Faisalabad division to show solidarity with the Kashmiri brethren and condemning the Indian Army atrocities.

The district administration had also arranged central rally to condemn the Indian army atrocities and to express the solidarity with the Kashmiris.







Pakistan shared details of CPEC loans with IMF: official

The International Monetary Fund (IMF) said on Monday that it had full access to borrowing and maturity terms of the China-Pakistan Economic Corridor (CPEC) projects and its loans were manageable.

Addressing Senior Journalists’ Forum at the National Press Club, IMF resident representative in Islamabad Teresa Daban Sanchez counted issues relating to the Financial Action Task Force (FATF), provincial spending behaviours and insufficient parliamentary strength of the government as key risks to its $6 billion 39-month bailout programme.






Sufficient water in dams after July rainfall: Irsa

The Indus River System Autho­rity (Irsa) on Monday blamed climate change for the acute shortage of water in the country that persisted till June. However, it said that the situation had improved after July and there was sufficient water for the provinces.

“Though dams also get rainwater, they are mostly filled by snow melting. Unfortunately, this year the mercury could not touch the highest degrees due to which there was less water in the rivers till June 15.






Govt working on alternatives to plastic bags, Senate body told

The number of shopping bags produced in Pakistan has increased from 10 million in 199 to 55 billion in 2018, the Senate Standing Committee on Climate Change was told on Monday.

Adviser to the Prime Minister on Climate Change Malik Amin Aslam also told senators that the use of plastic bags is a serious concern for the country because they pollute rivers and negatively impact human health.






Markets brace for volatility surge as currencies enter trade war

China’s decision to let its yuan plunge through a previously sacrosanct level means a tit-for-tat trade conflict could morph into a currency war, injecting volatility into long-dormant foreign exchanges and piling pressure on world markets.

Beijing on Monday allowed the yuan to breach the 7 per dollar level for the first time in 11 years, a move seen as a direct response to US President Donald Trump’s escalation of their trade conflict through more tariffs.





Leave a Reply