Important Business News 7th February, 2020

 

S.# Description Pg # Source
1.

Exports decline 3.4pc YoY

The country’s exports declined by 3.4 per cent in January 2020 as compared to same month of 2019, due to a number of factors, well-informed sources told Business Recorder.

https://epaper.brecorder.com/2020/02/07/16-page/823688-news.html

1 Business Recorder
2.

Forex reserves move up by $282m

The country’s liquid foreign exchange reserves increased by $282 million during last week.

https://epaper.brecorder.com/2020/02/07/16-page/823690-news.html

1 Business Recorder
3.

Moody’s eyes ‘stable outlook’ for banking system

Moody’s Investors Service said the robust funding and liquidity and close links with the sovereign underpin stable outlook for the Pakistan banking system over the next 12-18 months.

https://epaper.brecorder.com/2020/02/07/16-page/823686-news.html

1 Business Recorder
4.

Uniform power tariff

Hafeez mulls over various proposals
Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh has deliberated on different proposals as to how monthly, quarterly and yearly adjustments should be treated to give a uniform tariff to consumers for a period of 12 to 18 months with the objective to protect them from inflationary pressures.

https://epaper.brecorder.com/2020/02/07/16-page/823681-news.html

1 Business Recorder
5.

GIDC reduction

Fertilizer industry quizzed for not passing on full impact
Prime Minister’s Advisor on Commerce, Industries and Production, Abdul Razak Dawood Thursday quizzed fertilizer industry for not passing on the full impact of reduced GIDC rate of Rs 400 per bag of urea despite commitment, well-informed sources told Business Recorder.

https://epaper.brecorder.com/2020/02/07/16-page/823687-news.html

1 Business Recorder
6.

PSX remains lacklustre

BRIndex100 edges down
Pakistan Stock Exchange Thursday opened on a positive note, however remained volatile throughout the day due to investors’ lack of interest.

https://epaper.brecorder.com/2020/02/07/16-page/823692-news.html

1 Business Recorder
7.

SECP issues draft of Companies (Amendment) Ordinance, 2020

The Securities and Exchange Commission of Pakistan (SECP) Thursday issued draft of the Companies (Amendment) Ordinance, 2020, containing new measures for greater ease of doing business for corporate sector.

https://epaper.brecorder.com/2020/02/07/16-page/823682-news.html

1 Business Recorder
8.

IPR enforcement: US embassy lauds collaboration between IPO-Pakistan, LEAs

The US Embassy has appreciated the collaboration between Intellectual Property Organisation (IPO-Pakistan) and Law Enforcement Agencies (LEAs) in the field of IPR enforcement and expressed the confidence that this association would be fruitful for overcoming issues of counterfeiting and piracy in an effective manner.

https://www.brecorder.com/2020/02/07/568650/ipr-enforcement-us-embassy-lauds-collaboration-between-ipo-pakistan-leas/

5 Business Recorder
9.

Cement’s growth continued to rise in January

Cement sector continued to post growth in the month of January as its total despatches increased to 4.074 million tons, an increase of 11.26 percent from 3.662 million tons during the same month last year.

https://www.brecorder.com/2020/02/07/568654/cements-growth-continued-to-rise-in-january/

5 Business Recorder
10.

CPEC phase II to generate huge job opportunities: Asim Bajwa

Chairman CPEC Authority General (Retd) Asim Saleem Bajwa has said that the second phase of China Pakistan Economic Corridor (CPEC) encompassed multi-sector projects that would generate mass level employment opportunities in the country.

https://epaper.brecorder.com/2020/02/07/5-page/823589-news.html

7 Business Recorder
11.

NA body asks SECP to consult on NBR with policy board, brokers

Finance Standing Committee of National Assembly on Thursday asked the Securities Exchange Commission of Pakistan (SECP) to consult on its new brokers’ regime with its Policy Board, brokers and other stakeholders including public within two weeks and report to the committee.

https://epaper.brecorder.com/2020/02/07/5-page/823592-news.html

7 Business Recorder
12.

Selective buying seen on cotton market

Official spot rate, after maintaining a stable condition for a long time, went up on the cotton market on Thursday amid selective buying, dealers said.

https://epaper.brecorder.com/2020/02/07/6-page/823596-news.html

8 Business Recorder
13.

RLNG plants’ sell-off

Legal matters will be resolved promptly, Soomro assured
Federal Minister for Privatization, Mohammedmian Soomro and Punjab Law Minister Raja Basharat Thursday discussed legal matters relating to the privatization of power plants – Haveli Bahadarsh and Balloki – in Lahore. Additional Chief Secretary Punjab, Secretary Municipal Authority, Secretary Irrigation and DG LDA also attended the meeting.

https://epaper.brecorder.com/2020/02/07/19-page/823701-news.html

20 Business Recorder
14.

Govt intends to borrow Rs1.9tr by July, NA told

With around40 percentincrease in Pakistan`s public debt and liabilities in 15 months, the government on Thursday disclosed that it intended to borrow another Rs1.9 trillion for financing of its fiscal deficit from January to July 2020.

https://epaper.dawn.com/DetailImage.php?StoryImage=07_02_2020_001_006

1 Dawn
15. No new taxes, FBR tells IMF as govt tries to dispel talk of a `mini-budget`

At the conclusion of its performance review with the visiting International Monetary Fund (IMF) delegation, top officials of the Federal Board of Revenue (FBR) have denied all talk of a `mini-budget` to bridge the shortfall in revenue collection posted in the first two quarters of this fiscal year.

https://epaper.dawn.com/DetailImage.php?StoryImage=07_02_2020_010_002

10 Dawn
16.

Foreign investors see growth potential in Pakistan: survey

Showing concern over poor progress on documentation of economy, high interest rates and devaluation, the foreign investors operating in the country have expressed cautious optimism of the future growth potential.

https://epaper.dawn.com/DetailImage.php?StoryImage=07_02_2020_010_003

10 Dawn
17. Vestas to set up wind turbine unit

Vestas, the energy industry`s global partner on sustainable energy solutions, has expressed keen interest in establishing a wind turbine manuf acturing unit in Pakistan.

https://epaper.dawn.com/DetailImage.php?StoryImage=07_02_2020_010_005

10 Dawn
18. Punjab seeks $180m for financial reforms

 

The Punjab government is seeking a loan of $180 million from the World Bank to implement its ambitious roadmap for public financial management (PFM) reforms that aims to strengthen the resource mobilisation in the province.

https://epaper.dawn.com/DetailImage.php?StoryImage=07_02_2020_011_001

11 Dawn
  International News    
19.

China to halve tariffs on $75bn of US imports

BEIJING: China on Thursday said it would halve tariffs on $75 billion-worth of US imports as part of its trade truce with Washington and as officials look to calm markets unnerved by the deadly virus outbreak.

 

1 Business Recorder
20.

Without reforms, Gulf oil wealth could vanish by 2034: IMF

DUBAI: Energy-addicted Gulf states must undertake much deeper reforms or risk seeing their wealth drain away in 15 years as global demand for oil slides, the IMF warned Thursday.

https://epaper.brecorder.com/2020/02/07/19-page/823698-news.html

20 Business Recorder
21. Currency exchange rates

 

Countries

 

U.S.

U.K

EURO

CHINA

SAUDIA ARABIA

Symbol

 

$

£

¥

﷼, SR

Rates

 

154.35

200.42

169.75

22.18

41.10

9 Business

Recorder

 

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