Important Business News 6th November, 2019

 

S.# Description Pg # Source
1.

Country’s economy

Govt paints a happy picture
Minister for Economic Affairs Hammad Azhar has said that better economic policies of Pakistan Tehreek-e-Insaf (PTI) government have started bearing fruit with decrease in current account and fiscal deficits and increase in foreign direct investment, revenue collection and tax base.

https://epaper.brecorder.com/2019/11/06/1-page/808969-news.html\

 

1 Business Recorder
2.

PM gives roadmap

Prime Minister Imran Khan on Tuesday said that all indicators of the economy are on positive trajectory despite protests of opposition parties, and also assigned targets to various ministries for the next three months. Briefing media persons on cabinet meeting here on Tuesday, Special Assistant to Prime Minister on Information and Broadcasting Dr Firdous Ashiq Awan said the Prime Minister gave a roadmap to various departments and ministries of their targets for the next three months. He gave directions to all ministries to take maximum efforts to complete public sector development programs of their ministry for next quarter, she added

https://epaper.brecorder.com/2019/11/06/1-page/808971-news.html

 

1 Business Recorder
 

3.

Govt -IMF talks to focus on 3 key areas

The policy level discussion, which began on Tuesday between Pakistan and the visiting International Monetary Fund (IMF) Mission, would focus on revenue collection, circular debt and privatization process.

https://epaper.brecorder.com/2019/11/06/1-page/808970-news.html

 

1 Business Recorder
4.

Doing business in Pakistan

Taxation causes general discontent
Due to the current regulatory environment, it is not easy for entrepreneurs to do business in Pakistan, but there is general discontent when it comes to taxation.
This has been stated in a joint report of World Bank (WB) and invest2Innovate “Pakistan Startup Ecosystem Report 2019.

https://epaper.brecorder.com/2019/11/06/1-page/808972-news.html

 

1 Business Recorder
5.

Nepra approves Rs1.82/unit hike in power tariff

The National Electric Power Regulatory Authority (Nepra) on Tuesday approved Rs 1.82 per unit hike in power tariff for the month of September under monthly fuel adjustment formula.

https://epaper.brecorder.com/2019/11/06/1-page/808968-news.html

 

 

1 Business Recorder
6.

Customs value of children garments revised

Directorate General Customs Valuation (DGCV) has revised the customs values of children garments under sub-section (7) of section 25 of the Customs Act, 1969.

https://epaper.brecorder.com/2019/11/06/5-page/808999-news.html

 

5 Business Recorder
7.

GIDC, levy, collection & recovery rules, 2019 await cabinet’s nod

The federal government has framed Gas Infrastructure Development Cess (GIDC), levy, collection and recovery rules, 2019, to be implemented, after the approval from the federal cabinet, well informed sources told Business Recorder.

https://epaper.brecorder.com/2019/11/06/7-page/809018-news.html

 

7 Business Recorder
8.

CBOT soybean futures higher on US-China trade hopes

Chicago Board of Trade (CBOT) soyabean futures edged higher on Monday on renewed hopes of progress in US-China trade talks and spillover support from rising soyaoil prices, which rallied along with the crude oil market, traders said.

https://epaper.brecorder.com/2019/11/06/8-page/809020-news.html

 

8 Business Recorder
9.

Firm trend seen for rising demand of best quality cotton

Steady trend was seen on the cotton market on Tuesday in the process of improved trading activity, dealers said.
The official spot rate was unchanged at Rs 9400, they added. In ready session, nearly 20,000 bales of cotton changed hands between Rs 8500-9700, they said.

https://epaper.brecorder.com/2019/11/06/8-page/809021-news.html

 

8 Business Recorder
10.

Value-added textile sector demands restoration of zero-rated regime

Value-added textile sector on Tuesday urged Prime Minister Imran Khan to immediately restore zero-rating of sales tax (0%) No Payment No Refund System to save the very export industry.

https://epaper.brecorder.com/2019/11/06/15-page/809083-news.html

 

15 Business Recorder
11.

Rapid Compute first cloud service provider to be GDPR compliant

Rapid Compute, a Pakistani leading cloud service provider, has become Pakistan’s first cloud service provider to be General Data Protection Regulation (GDPR) compliant.

https://epaper.brecorder.com/2019/11/06/16-page/809086-news.html

 

16 Business Recorder
12.

Diamer Bhasha, Mohmand dams’ construction to start soon: Wapda chief

The Pakistan Water and Power Development Authority (Wapda) Chairman Lt-Gen Muzammil Hussain (retd) said that Wapda is committed to constructing Mohmand and Diamer Basha dams as early as possible. Expressing satisfaction over the pace of development on Mohmand Dam, he said that construction activities on the project have gained momentum in the wake of its ground-breaking by the prime minister in May this year.

https://epaper.brecorder.com/2019/11/06/16-page/809093-news.html

 

16 Business

Recorder

13.

FBR restructuring after taking stakeholders’ nod: Shabbar

Chairman Federal Board of Revenue (FBR) Shabbar Zaidi said on Tuesday that restructuring/transformation of FBR will be undertaken after taking into account feedback of all the stakeholders, including Inland Revenue Service and Pakistan Customs Service.

https://epaper.brecorder.com/2019/11/06/20-page/809126-news.html

 

20 Business

Recorder

14.

Cotton output may fall by 6m bales

The country’s cotton crop production is estimated to decrease by 6 million bales or 32 percent against the target, causing a loss of more than 2 percent of the GDP to the economy for 2019-20.

https://epaper.brecorder.com/2019/11/06/20-page/809125-news.html

 

20 Business

Recorder

15. FBR officers revolt against reform plan

In a rare move, almost 23 chief commissioners of Inland Revenue in a meeting with Chairman Federal Board of Revenue (FBR) Shabbar Zaidi demanded that the government withdraw the proposed reform measures for the tax authority within two days. But they were not clear on their course of action after two days should the government fail to comply with their ultimatum.

https://www.dawn.com/news/1515211

 

10 Dawn
16. Another price shock as flour crisis deepens

Flour millers continue to play havoc with the prices as they raised rates of different varieties on Tuesday by up to Rs2 per kg. The price hike came after the start of releasing wheat stocks by the Sindh government following fixation of higher issue price of Rs3,450 per 100 kg as compared to Rs3,250 last year. Few days back, the Economic Coordination Committee (ECC) had also announced despatch of wheat stocks to various provinces including Sindh from Pakistan Agricultural Storage and Supplies Corporation.

https://www.dawn.com/news/1515206/another-price-shock-as-flour-crisis-deepens

 

10 Dawn
17. SECP launches startup portal

The Securities and Exchange Commission of Pakistan (SECP) has launched an exclusive startup portal to encourage technology innovation in Pakistan.

Speaking at the “Startup Grind Pakistan” conference in Islamabad on Tuesday, SECP Commissioner for Information System and Technology Shauzeb Ali inaugurated the portal.

https://www.dawn.com/news/1515207/secp-launches-startup-portal

 

10 Dawn
18. Pakistan seeks $9bn Chinese loan for ML-1 commits to border fencing

Committing complete fencing of Afghan and Iran borders on priority to ensure peace and security, Pakistan on Tuesday asked China to finance $9 billion Main Railway Line (ML-1) and other road and infrastructure projects to expand the China-Pakistan Economic Corridor (CPEC).

https://www.dawn.com/news/1515210

10 Dawn
19. Rs10  billion projects approved

In its maiden meeting, the Public-Private Partnership Policy and Monitoring Board (P-PPP&MB) on Tuesday approved projects worth Rs10.60 billion, hoping to give a fresh impetus to development paradigm in the province.

https://www.dawn.com/news/1515192/rs10-billion-projects-approved

 

16 Dawn
 

International

   
20.

SE Asian stocks end higher on tariff relief hopes

Southeast Asian stock markets closed higher on Tuesday, with Philippines rising the most, as risk appetite was boosted by a report that the United States was planning to drop some tariffs on Chinese goods.

https://epaper.brecorder.com/2019/11/06/14-page/809065-news.html

 

14 Business

Recorder

21. Currency exchange rates

Countries

U.S.

U.K

EURO

CHINA

SAUDIA ARABIA

Symbol

$

£

¥

﷼, SR

Rates

155.50

200.32

172.23

22.21

41.42

  Business

Recorder

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