Important Business News 7th July, 2018

Important Business News

7th July, 2018


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1. Shahbaz rejects AC verdict, urges ECP to ensure level-playing field

Reacting to the decision of accountability court in the Avenfield corruption reference, Pakistan Muslim League-Nawaz (PML-N) President Shahbaz Sharif on Friday termed the decision unjust and “a dark chapter in history” and announced that his party would explore all legal and constitutional options to get justice.
“The Pakistani nation and the PML-N reject this decision. This is a dark chapter in the history of country. There was no solid legal evidence in the entire case. It is an unfair decision,” Shahbaz told media at a news conference at PML-N Model Town Secretariat.

1 Business Recorder
2. World powers back Iran oil exports despite US sanctions threat

Iran’s remaining partners in the 2015 nuclear deal vowed Friday to keep the energy exporter plugged into the global economy despite the US withdrawal and sanctions threat.
Tehran’s top diplomat Mohammad Javad Zarif praised them for their “will to resist” US pressure, two months after President Donald Trump walked away from the landmark accord.
Britain, France and Germany along with Russia and China met with Iran in Vienna to offer economic benefits and assurances that would lessen the blow of sweeping US sanctions announced by Trump.

1 Business Recorder
3. PSO, IPPs: Govt making efforts towards paying off liabilities

Finance Division and Power Division are reportedly in negotiations with the commercial banks to raise fresh financing facility of Rs 50 billion to pay off liabilities of Pakistan State Oil (PSO) and Independent Power Producers (IPPs), well informed sources told Business Recorder.
The Abbasi-led government had approved this proposal during its last days but the Finance Ministry could not arrange the financing as the banks were reluctant to give the amount on the plea that they have already substantial exposure in power sector. The government will impose a surcharge of 50 paisa per unit to recover this amount from consumers.

1 Business Recorder

Skilled manpower a must for stable national development: President

President Mamnoon Hussain on Friday said presence of skilled manpower was essential to provide a strong foundation for the national development and the National Commission for Human Development (NCHD) must keep up its remarkable role in this regard.
He said this in a meeting with Caretaker Minister for Federal Education and Professional Training Muhammad Yusuf Sheikh and NCHD Chairperson Rozina Alam Khan who also presented the annual report of the Commission to the president. Federal Education Secretary Arshad Mirza and other senior officials were also present on the occasion.

5 Business Recorder
5. LCCI terms rise in POL prices a ‘blow to textile industry’

The Lahore Chamber of Commerce & Industry (LCCI) has called for taking trade and industry friendly decisions to put the country’s economy on path to economic recovery.
The LCCI President Malik Tahir Javaid said, here on Friday that all the decisions that have caused blow to economy should be reviewed in the larger interest of the business community.
Citing example of repeated hikes in petroleum product prices and electricity tariff, he said that it would have been better, if caretaker government left these decisions to the upcoming government.

7 Business Recorder
6. China counterpunches against US in growing trade war

China on Friday struck back against US President Donald Trump’s trade offensive, intensifying the expanding and unpredictable dispute between the world’s two largest economies.
Late Friday, China announced it was expanding its existing complaint against the United States at the World Trade Organization, hours after the countries slapped tit-for-tat tariffs on billions of dollars of cross-border trade.
Beijing called the new stage of the confrontation — which began when Washington pulled the trigger on 25 percent duties on $34 billion annual imports of Chinese machinery, electronics and other goods — “the largest trade war in economic history.”

15 Business Recorder
7. Economic challenges

Warnings on the country’s state of economy continue to roll in. Earlier, concerns were voiced by the World Bank, IMF, ADB and supplemented by voices of warnings and concerns by leading economists of the country.
This week, a warning came from Fitch Ratings. Fitch Ratings’ announcement triggered panic in Pakistan Stock Exchange (PSX). Cumulatively, the index lost 1,653 points in the past four trading sessions. As much as Rs 232 billion was wiped off the Pakistan Stock Exchange market capitalisation. The figures published showed that mutual funds were the most aggressive sellers that dumped stocks worth $8.09 million. With a massive sum of Rs592 billion under management of which Rs 251 billion in equity funds, mutual funds could set the direction of the market. Offloading of risky assets by mutual funds was precipitated by the fear of possible redemption requests and an anxiety to save the ‘capital-protected funds’.

18 Business Recorder


Credibility of govt cheques


Business Recorder




Business Recorder


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State Bank of Pakistan


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