Important Business News 6thMarch, 2018

Important Business News

6th March, 2018

S.# Description Pg # Source
1.      

Rice exporters’ body says Indian cos fraudulently using Pakistani brands

Indian origin companies are trying to export Pakistani rice to Indonesia with their label.
Rice Exporters Association of Pakistan (REAP) has expressed serious concern on export of Pakistani rice with Indian label/address and accordingly informed the ministry of commerce for appropriate action. REAP has also asked its members to be aware of such companies and refrain to such unlawful activities.

http://epaper.brecorder.com/2018/03/06/5-page/703315-news.html

5 Business Recorder
2.      

PBIF chief for discovering new potential markets for towel exports

President Pakistan Businessmen and Intellectuals Forum (PBIF), MianZahid Hussain has emphasized the need for searching new potential markets for towel exports.
He said that the government should also focus on up-gradation of machinery and equipment of this sector so that the productivity and exports can be further developed, hence increasing the Pakistan’s share in international market of towel and other relevant products.

http://epaper.brecorder.com/2018/03/06/5-page/703314-news.html

5 Business Recorder
3.      

Size of borrowing bigger than total budget outlay: PPP Senator

Pakistan Peoples Party (PPP) Senator Sherry Rehman on Monday left the government red-faced in the Senate after she claimed that domestic borrowing of the country has touched the alarming mark of over Rs16 trillion – a figure much bigger than the total annual budget of the country.
Speaking on a motion in the Senate, the PPP senator said that it is quite alarming that domestic borrowing has exceeded the total size of a country’s annual budget, which shows that the domestic debt has increased 71 percent in a short span of one year.

http://epaper.brecorder.com/2018/03/06/12-page/703364-news.html

12 Business Recorder
4.      

Transformational change possible through practical steps: Shahbaz

Punjab Chief Minister Muhammad Shahbaz Sharif Monday said that defeat has become the fate of those who have remained involved in sit-ins and politics of agitation because change is ensured through practical steps instead of hollow slogans.
After Senate elections, success of a candidate backed by PML-N in the by-election of Sargodha is the manifest of public trust over our policies and a triumph of politics based on the principles of public service, trust and transparency, he said

http://epaper.brecorder.com/2018/03/06/13-page/703373-news.html

13 Business Recorder
5.      

Cotton prices fall on thin trade

Instead of gaining ground, prices fell on the cotton market on Monday in the process of thin trade activity, dealers said.
The official spot rate was lower by Rs 100 to Rs 7100, they added. In Sindh, seed cotton prices were at Rs 2400-3000 and in the Punjab, rates were at Rs 2600-3100, they said.

http://epaper.brecorder.com/2018/03/06/18-page/703396-news.html

18 Business Recorder
6.      

Mobile phones: RD valid, lawful even on imports from Beijing: SC 
The Supreme Court Monday declared that the imposition of regulatory duty on mobile phones is valid and lawful even in the cases of import from Beijing under the agreement between Pakistan and China.
A three-member bench, headed by Justice Ejaz Afzal, heard the review petition of M/s Advance Telecom against the august court’s judgment dated September 22, 2017 and dismissed it.

http://epaper.brecorder.com/2018/03/06/22-page/703436-news.html

22 Business Recorder
7.       Govt seeks to reduce supplies as demand for LNG fades

Amid delays in the commercial operations of three mega projects of about 3,600 megawatts in Punjab, the government on Monday directed scaling down supplies of Liquefied Natural Gas (LNG) from both specialised import terminals as fuel demand faded.

https://epaper.dawn.com/DetailImage.php?StoryImage=06_03_2018_010_004

10 Dawn
  International Business News    
8.      

Russian co eyeing up PSM deal

As US influence in Islamabad wanes, Pakistan’s former adversary Russia is building military, diplomatic and economic ties that could upend historic alliances in the region and open up a fast-growing gas market for Moscow’s energy companies.
Russia’s embrace of Pakistan comes at a time when relations between the United States and its historical ally are unravelling over the war in Afghanistan, a remarkable turnaround from the 1980s, when Pakistan helped funnel weapons and U.S. spies across the border to aid Afghan fighters battling Soviet troops.

http://epaper.brecorder.com/2018/03/06/1-page/703283-news.html

1 Business Recorder
9.      

Pakistan, Nepal agree to boost economic, defence ties

Prime Minister ShahidKhaqanAbbasi and Nepal’s Prime Minister Khadga Prasad Sharma Oli met here on Monday and agreed to enhance cooperation in areas of economy, defence and culture.
Prime Minister Abbasi, who arrived in the Himalayan city to felicitate his Nepalese counterpart on assuming the office of the prime minister, said Pakistan welcomed completion of democratic process in Nepal and hoped that it would usher in an era of durable peace.

http://epaper.brecorder.com/2018/03/06/22-page/703435-news.html

22 Business Recorder
  Editorial/Reports    
10.   

Rising deficit in services- Editorial

The country’s services sector posted a trade deficit of 2.95 billion dollars during the first seven months of the current fiscal year (July-January) – higher than 2.685 billion dollars during the comparable period of the year before. In 2008, the services sector deficit was 6.5 billion dollars with the major contributor being sea transport (freight) to the tune of a negative 2.49 billion dollars, personal travel a negative 1.3 billion dollars (with education accounting for negative 1.3 billion dollars) and financial services negative 141.4 million dollars.

http://epaper.brecorder.com/2018/03/06/20-page/703422-news.html

20 Business Recorder
11.   

Growth in tax revenues- Article

Tax revenues have shown buoyancy in the first half of 2017-18. The overall growth rate in these revenues of the federal and provincial governments combined is 16 percent. During the corresponding period of 2016-17, the growth rate was substantially lower at only 6 percent. If this buoyancy continues then there will be a significant increase in the tax-to-GDP ratio this year.

http://epaper.brecorder.com/2018/03/06/20-page/703424-news.html

20 Business Recorder
12.    Currency exchange rates

 

Countries

 

U.S.A

U.K

EURO

CANADA

CHINA

SAUDIA ARABIA

Selling TT & OD 110.50

152.36

135.16

85.67

17.87

29.46

Buying TT Clean

110.30

152.09

135.91

85.51

17.84

29.41

Buying OD/T.CHQ

110.07

151.77

135.63

85.29

17.79

29.33

 11 Business Recorder

 

Services Sector’s Trade Analysis:

  • The country’s services trade posted some $3 billion deficit during the first seven months of this fiscal year (FY18) , swelled by 9 percent as compared to the corresponding period of FY17.
  • Pakistan’s services sector exports moved up by $134 million to $2.995 billion in Jul-Jan of FY18 compared to $2.860 billion in the corresponding period of last fiscal year, posted an increase of 5 percent.
  • Net software services exports reached $ 612 million in the period, boosted net exports of the overall telecom, computer and information group by 15 percent.
  • The country earned $543 million on account of transportation services up from $516 million, $217 million from travel, $40 million on account of construction, $63 million through financial services, $19 million from insurance sector and some $759 million on account of government services.
  • Services sector imports stood at $5.952 billion in Jul-Jan of FY18 against $5.545 billion in Jul-Jan of FY17, showing an increase of $407 million, rose by 7 percent.
  • Transportation payments (imports) stood at $2.218 billion, travel $1.216 billion, telecommunication $281 million, financial sector $101 million, insurance $137 million, charges for use of intellectual propriety were $139 million and an amount of $329 million was paid as government services.

Source: State Bank of Pakistan

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