Important Business News 7th March, 2018

 Important Business News

7th March, 2018

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Structural reforms: IMF appreciates criticality of broader political consensus 
The International Monetary Fund (IMF) considers broader political consensus vital for successful and sustainable implementation of structural reforms in key areas of Pakistan’s economy to overcome the challenges.
Background interaction with officials also revealed that there is a change of IMF Resident Representative for Pakistan with Teresa Daban replacing TokhirMirzoeve in Islamabad. Overall perception in the IMF is the sooner a broader political consensus on economy is achieved, better it will be for the country; otherwise it does not matter how many bailout packages Pakistan get, the structural reforms in energy, tax compliance and privatization will not be sustainable.

1 Business Recorder

PC directed to move ahead with PSM restructuring/ sell-off

Federal Minister for PrivatisationDaniyal Aziz chaired a high- level meeting on Tuesday with the officials of Sui Southern Gas Company, National Bank of Pakistan, Ministry of Finance, Pakistan-China Investment Company Limited, and Pakistan Steel Mills Limited and discussed the long outstanding issue of PSM major liabilities, prior to proceeding with the proposed lease model of PSMC.

1 Business Recorder

Transfer of PCCC control back to food ministry approved by Cabinet

The federal cabinet on Tuesday approved the transfer of administrative control of Pakistan Central Cotton Committee (PCCC) and cotton related matters back to Ministry of National Food Security and Research (MNFS&R).
Secretary for Textile Division, Hassan Iqbal confirmed this while talking to Business Recorder. The secretary said that cotton has been transferred to the MNFS&R, with the approval of federal cabinet which met with Prime Minister ShahidKhaqanAbbasi here on Tuesday.

1 Business Recorder
4.       PBC holds seminar on ’Documentation of Economy’

Pakistan Business Council (PBC) in collaboration with the Institute of Chartered Accountants of Pakistan (ICAP) organised a seminar on the “Documentation of the economy” focusing on remittances under Section 111 (4) of the Income Tax Ordinance and the regulations governing foreign currency accounts.
In his introductory remarks, Ehsan Malik, CEO PBC highlighted the need to create a level-playing field between the formal and the informal sector to generate jobs, promote value-added exports and encourage import substitution.

12 Business Recorder
5.       PIAF urges govt to ensure payment of Rs250bn refunds to exporters

The Pakistan Industrial and Traders Associations Front (PIAF) have urged the government to ensure early payment of stuck-up refund claims of the export-oriented sector worth Rs250 billion which had already been promised many times by the concerned government officials.

13 Business Recorder

Punjab PA adopts resolution for building water reservoirs

The Punjab Assembly on Tuesday passed a resolution for building water reservoirs according to the feasibility reports of Water and Power Development Authority. The House also passed a resolution of giving ownership rights to KachiAbadis declared by the Lahore Development Authority according to the policy.

13 Business Recorder

Textile Innovation Exhibition: FCCI chief lauds DICE’s efforts
Third All Pakistan “DICE” Textile-2018 Innovation event will give positive results and strengthen national economy by reactivating most dynamic textile sector, said Shabbir Hussain Chawla President Faisalabad Chamber of Commerce & Industry (FCCI).

13 Business Recorder

Cotton market: Prices firm as spinners indulge in fresh buying
Spinners fresh buying interest helped the rates to sustain present levels on the cotton market on Tuesday in the process of business activity, dealers said.
The official spot rate was unchanged at 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.

18 Business Recorder
9.       Pakistan lagging behind rivals in textile competitiveness

Pakistan`s production and earning capacity is far lower as it earns $1 billion through the products of one million cotton bales while Bangladesh and Vietnam earn $6bn and $8bn, respectively, said Asma Khalid, senior economist at State Bank.

10 Dawn
  International Business News    
10.    China opposes use of finance as ‘political tool’ against Pakistan

China on Tuesday said it opposed the use of finance as a political measure to put pressure on Pakistan and asked the international community to objectively and justly treat the Pakistani anti-terrorist efforts, instead of simply blaming it.
Pakistani government and people had made tremendous efforts and made great sacrifices for the international anti-terrorism cause.

  Business Recorder
11.    Oil sector needs $20tr investments

The global oil and gas industry needs to invest more than $20 trillion over the next 25 years to meet expected growth in demand and compensate for the natural decline in developed fields, Saudi Aramco Chief Executive Officer Amin Nasser said on Tuesday.

10 Dawn
12.    The Chinese debt – An Analysis
There is no surprise in the fact that China is the biggest lender to Pakistan, including both public and private debt. The real story is the amount of debt Pakistan owes China. There is no clear data set that explicitly states Chinese loans to Pakistan. An estimate is that around $19-20 billion out of $90 billion total debt and liabilities of Pakistan is Chinese i.e. over one fifth of the overall debt.
2 Business Recorder

PIA-PSM sell-off plan- Editorial

Imran Khan, Chairman Pakistan Tehreek-e-Insaf (PTI) while addressing Pakistan International Airlines (PIA) employees at Quaid-e-Azam International Airport in Karachi recently categorically stated that the federal government does not have the mandate to privatise the national airline. Earlier, the PPP too voiced its firm opposition to such a move and the Sindh Assembly passed a resolution opposing sell-off plans of PIA and PSM. Business Recorder fully supports the PTI and PPP contention that with three months remaining for the incumbent administration’s tenure to end, there is simply not enough time to privatise such a large organisation which, as per government ministers, envisages first splitting the core from the non-core business and selling-off the latter.

20 Business Recorder
14.    Currency exchange rates










Selling TT & OD 110.50






Buying TT Clean







Buying OD/T.CHQ







 11 Business Recorder


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