Important Business News 7th November, 2017

Important Business News

7th November, 2017

S.# Description Pg # Source
1.        FBR kicks off WHT audit of cellular firms

The Federal Board of Revenue (FBR) has kicked off withholding income tax audit of cellular mobile companies in a bid to professionally examine, analyze and verify the veracity of income tax, revealed senior officials.

1 Business Recorder
2.        Paradise Papers: FBR to issue notices

The Federal Board of Revenue (FBR) will examine the Paradise Papers to seek information from Pakistani nationals about ownership of offshore companies and details about their tax matters, etc.

1 Business Recorder
3.        Us for actions against ‘all terror groups’

Foreign Minister Khawaja Asif on Monday said Pakistan denies the US allegation of presence of terrorist ‘safe havens’ in the country, but the two sides are trying to bring convergence in the divergent perceptions over restoration of peace in Afghanistan, while the US envoy called for actions against “all terror groups, including the Haqqani network in Pakistan, which threaten the region’s stability.”

1 Business Recorder
4.        Pakistan-Iran for expanding defense ties

Chief of Army Staff (COAS), General QamarJavedBajwa on Monday metIranian military and civilian leadership and discussed issues related to geo-strategic environment, defence and security and economic cooperation at bilateral as well as at the regional level.

1 Business Recorder
5.        BRIndex100 edges down

Pakistan Stock Exchange witnessed a mixed trend with low volumes due to investors’ cautious stance.
BRIndex100 lost 4.3 points or 0.1 percent to close at 4,398.64 points Monday. BRIndex100 touched intraday high of 4,423.59 points and intraday low of 4,384.51 points. Total volumes stood at 67.742 million shares.

1 Business Recorder
6.        Industry wants Urea export deadline extended to Dec31

Fertilizer industry is reportedly putting pressure on the government to extend urea export deadline up to December 31, 2017, well informed sources told Business Recorder.

21 Business Recorder
7.        Banks told to preserve video recording for two months

The State Bank of Pakistan (SBP) has asked banks to preserve the video recording of authentication and sorting activities of currency notes at Cash Processing Centers (CPCs) and ATMs feedings for two months.

22 Business Recorder
8.        PIA was incurring Rs1 billion annual losses NY route

Pakistan International Airlines (PIA) has temporarily suspended its flight operations to New York due to Rs1 billion annual losses on this route.

22 Business Recorder
9.        PSM incurs Rs509m monthly losses, NA told

Pakistan Steel Mill (PSM) has been incurring monthly loss of Rs509 million despite injection of billions of rupees by the government for clearance of its critical liabilities, restructuring and tax incentives on import of raw material.

5 Business Recorder
10.     Biometric verification mandatory for Umrah

The Saudi government has announced to implement the mandatory condition of biometric fingerprint verification for Umrah visa from December 2, 2017.

8 Business Recorder
11.     PIA flights schedule hit by weather condition

Fog and smog with variable intensity is likely to prevail across country, some PIA flights have been cancelled or revised for Tuesday and Wednesday.

8 Business Recorder
12.     SECP: In some cases companies can withhold dividends

The Securities and Exchange Commission of Pakistan (SECP) has allowed companies to withhold payment of dividend to shareholders in certain circumstances.

9 Business Recorder
13.     Aizaz urges businessmen for increased interaction with US counterparts

Pakistan Ambassador to the United States Aizaz Chaudhry urged a high-level business delegation from Pakistan to increase interaction with their American counterparts to explore the untapped business potential that existed between the two countries for a wider economic cooperation.

9 Business Recorder
14.     Chinese team arrives to explore JV opportunities

An eight-member Chinese delegation from Sichuan province’s Hebei Chamber of Commerce has arrived in Pakistan to explore joint venture opportunities in different sectors including automobiles innovative accessories, town planning and vertical buildings infrastructure.

13 Business Recorder
15.     Furniture market may reach $5.4bn by 2020: PFC chief predicts

South Asian furniture market has vast scope for expansion and if tangible steps are taken by the SAARC member countries to promote furniture industry on modern line, furniture luxury market would reach colossal figure of $5.4 billion by 2020.

13 Business Recorder
16.     Govt proposes power tariff hike to clear Punjab, KPK hydel profit dues

Amid protests by Khyber Pakhtunl(hwa and Punjab over the non-payment of their net hydel profit (NHP), the government has decided to increase electricity tariff by an average Rs1.50 per unit for the consumers of all ex-Wapda distribution companies (Discos) to generate more than Rs115 billion duringthecurrenthscalyear.

10 Dawn
17.     Mobile firms start sharing customer data with FBR, Senate body told

Though mobile phone service providing companies had been reluctant to share data about their customers with the Federal Board of Revenue (FBR), the matter has been resolved after involving the Pakistan Telecommunication Authority (PTA).

4 Dawn
  International Business News    
18.     Chabahar Port: India wants to ‘broaden cargo flows’

India is in talks with Iran to begin interim operations at a port in southeast Iran, officials say, proceeding cautiously on developing the facility at a time when the Trump administration has laid an aggressive new approach toward Tehran.

1 Business Recorder
19.     Apple’s $120m patent award from Samsung upheld by top US court

The US Supreme Court on Monday upheld a $120 million patent award Samsung was ordered to pay Apple in the latest ruling in a series of legal skirmishes between the top two smartphone makers.

1 Business Recorder
20.     Rich nations far behind on $100bn climate pledge: Study

Wealthy countries are falling well short of their pledge to provide $100 billion a year to developing countries by 2020 as part of the Paris climate accord, a report published Monday said.

22 Business Recorder
21.     Us, Turkey resume limited mutual visa services

The US and Turkey said on Monday they resumed limited mutual visa services following an almost month-long suspension in a diplomatic row between the two NATO allies ahead of the Turkish premier’s visit to Washington. The US decision to stop handing out visas took effect from October 8 and was followed by a tit-for-tat move by Turkey to stop giving Turkish visas to Americans.

22 Business Recorder
22.     Currency exchange rates









Selling TT&OD






Buying TT Clean






Buying OD/T.CHQ






7 Business Recorder


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