Important Business News 6th July, 2018

Important Business News

6th July, 2018

 

S.# Description Pg # Source
1. Govt given two days to reconsider POL price revision

The Supreme Court Thursday granted two days time to the federal government to reconsider rationalization of petrol prices and also provide three months breakup of petroleum prices.
A three-member bench comprising Chief Justice Mian Saqib Nisar, Justice Umar Ata Bandial and Justice Ijazul Ahsan was hearing a suo motu case pertaining to continuous surge in the prices of petroleum products.
During the hearing, the Chief Justice made it clear that tax on mobile cards was not suspended for 15 days, adding the order was for the an indefinite period on mobile cards.

https://epaper.brecorder.com/2018/07/06/1-page/726118-news.html

1 Business Recorder
2. Nepra increases KE tariff by 5 paisa/unit

National Electric Power Regulatory Authority (Nepra ) has increased K-Electric’s average multi-year (seven year) tariff by 5 paisa per unit to Rs 12.8172 per unit from Rs 12.77 per unit on the basis of two accounts i.e. dollar indexation on transmission and real CPI.
This increase has been allowed on a tariff reconsideration petition filed by the federal government on the request of K-Electric.
https://epaper.brecorder.com/2018/07/06/1-page/726119-news.html

1 Business Recorder
3. Power distribution companies

Financial gap widens to Rs 324bn in July-April
The financial gap of power distribution companies has widened during July-April 2017-18 to Rs324 billion due to shortfall in recovery of billed amount.
Sources in the finance ministry stated that a summary of Central Power Purchasing Agency (CPPA) revealed increasing financial gap of Discos in July-April 2017-18 as opposed to previous fiscal year. The total billing of distribution companies was Rs 976.339 billion in July-April 2017-18 while total receipts (including subsidy and excluding late payment surcharge and DSS remained Rs652.158 billion.
A shortfall of Rs42.209 billion in recovery of total billing of Lahore Electric Supply Company Limited (LEsco) was noted in July-April 2017-18. The total recovery against billing of Rs205.102 billion was Rs162.894 billion.

https://epaper.brecorder.com/2018/07/06/1-page/726120-news.html

1 Business Recorder
4. China warns US opening fire’ in world with tariff threats 

The United States is “opening fire” on the world with its threatened tariffs, China warned on Thursday, saying no one wants a trade war but it will respond the instant US measures go into effect, as Beijing ramped up the rhetoric in the heated dispute.
The Trump administration’s tariffs on $34 billion of Chinese imports are due to go into effect at 0401 GMT on Friday, which is just after midday in Beijing.
U.S. President Donald Trump has threatened to escalate the trade conflict with tariffs on as much as $450 billion worth of Chinese goods if China retaliates, with the row roiling financial markets including stocks, currencies and the global trade of commodities from soybeans to coal.

https://epaper.brecorder.com/2018/07/06/1-page/726121-news.html

1 Business Recorder
5. Financial info reporting time limit extended

Amnesty scheme: focal tax official notified

While notifying 23 focal tax officials under amnesty scheme, the Federal Board of Revenue (FBR)Thursday extended time limit for reporting of financial information by financial institutions till July 15, 2018 for automatic exchange of financial accounts information under the Common Reporting Standard (CRS) rules.
The FBR here on Thursday also nominated 23 regional focal persons to liaison with Central Amnesty Cell to facilitate taxpayers in speedy submissions of declarations under amnesty scheme.

https://epaper.brecorder.com/2018/07/06/1-page/726125-news.html

1 Business Recorder
6. PML-N manifesto unveiled

Shahbaz pledges to raise growth rate to over 7pc

Pakistan Muslim League-Nawaz (PML-N) on Thursday unveiled the party manifesto for general elections 2018 with a pledge to aspire for economic transformation by raising the GDP growth rate to over 7 percent, expanding scope of investments, minimising losses in state-owned enterprises, eliminating poverty by 2030 through welfare programmes and enabling enterprise to create employment.
With the slogan of giving honour to vote and vote for service (Vote Ko Izzat Do, Khidmat Ko Vote Do), PML-N President Muhammad Shahbaz Sharif at a news conference unfolded the manifesto while recounting achievements made by the PML-N government including generation of 11,000 MW of electricity, restoring law and order in the country from Khyber to Karachi and building infrastructure through CPEC and other mega projects in health, education, agriculture and social sectors.

https://epaper.brecorder.com/2018/07/06/13-page/726228-news.html

13 Business Recorder
7. SBP’s forex reserves plunge by $6bn in FY 18

The State Bank of Pakistan’s foreign exchange reserves fell drastically by over six billion dollars during the last fiscal year (FY18), mainly due to external debt servicing and higher current account deficit.
Bankers said the start of the last fiscal year was not pleasant as the SBP reserves declined sharply by over one billion dollars just in first three weeks of July 2017.
Foreign exchange reserves have been decreased sharply because of scheduled debt obligations, rising current account deficit and other official payments. Several expected foreign inflows could not materialize during the last fiscal year, following which, the SBP financed the external account deficit and other payments from its own reserves,” they added.

https://epaper.brecorder.com/2018/07/06/22-page/726303-news.html

22 Business Recorder
                                                EDITORIAL

8.

Uptick in inflation

https://epaper.brecorder.com/2018/07/06/20-page/726284-news.html

20

Business Recorder

9.

Currency exchange rates

 

Countries

 

CANADA

CHINA

EURO

U.K

SAUDIARABIA U.S.A

 

Buying

 

92.37

17.15

141.80

160.64

32.38

121.46

 

Selling

 

92.51

18.18

142.02

160.89

32.43

121.65

 

State Bank of Pakistan

 

 

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