Important Business News 7th November, 2019

 

S.# Description Pg # Source
1.

Import of used vehicles

Procedure revised by ECC
The Economic Coordination Committee (ECC) of the Cabinet has revised procedure for the import of used vehicles under personal baggage, transfer of residence and gift schemes to clear a total of 1,017 vehicles stuck at Karachi port.

https://epaper.brecorder.com/2019/11/07/1-page/809135-news.html

 

1 Business Recorder
2.

Oct CPI inflation up 11.04pc YoY

The Consumer Price Index (CPI) based general inflation from October 2018 to October 2019 rose by 11.04 percent on year-on-year (YoY) basis, while on month-on-month (MoM) basis, the CPI in October 2019 against September 2019 increased by 1.8 percent.

https://epaper.brecorder.com/2019/11/07/1-page/809136-news.html

 

1 Business Recorder
 

3.

EU, China agree to protect 100 of each other’s regional foods

The European Union and China have agreed to protect 100 European regional food designations, known as geographical indications (GI), in China and 100 Chinese geographical indications in the EU, the EU Commission said on Wednesday.

https://epaper.brecorder.com/2019/11/07/1-page/809133-news.html

 

1 Business Recorder
4.

More Japanese firms to start business in Pakistan: CG

“Two to three more Japanese companies will also arrive in Pakistan to start their business units,” said Consul General of Japan, Toshikazu Isomura.
He said it was his desire to strengthen and further improve trade and investment relations with Pakistan and they were trying their best in this regard.

https://epaper.brecorder.com/2019/11/07/2-page/809146-news.html

 

2 Business Recorder
5.

No consensus yet

CEC’s retirement only a month away from now

The Election Commission of Pakistan (ECP) would become dysfunctional from 8 December as the Chief Election Commissioner (CEC) is retiring on 7 December unless there is a consensus on his replacement between Prime Minister Imran Khan and Leader of the Opposition in National Assembly Shahbaz Sharif.

https://epaper.brecorder.com/2019/11/07/3-page/809147-news.html

 

3 Business Recorder
6.

Dr Ishrat highlights problems hindering economic growth

Poverty, income inequality, regional disparity and illiteracy are four key problems, hindering Pakistan’s economic growth and Islamic Banking can play a key role to address these challenges, said Dr Ishrat Hussain, Advisor to PM on Institutional Reforms and Austerity.

https://epaper.brecorder.com/2019/11/07/5-page/809157-news.html

 

5 Business Recorder
7.  

New units of measurements

Customs revise valuation rulings for 970 imported items

Pakistan Customs has revised valuation rulings for 970 imported items as per new units of measurements.
This was informed by Mukarram Jah Ansari, Director General Customs Valuation (DGCV) at a seminar on “Rationalization of Units of Measurements and Valuation thereon” held at the Directorate General of Training & Research (Customs), here Wednesday.

https://epaper.brecorder.com/2019/11/07/5-page/809163-news.html

 

5 Business Recorder
8.

RTO Benami zone seeks defaulters details

The Benami zone of the Regional Tax Office (RTO) has sought details of bank defaulters involved in purchase of Benami properties from loans.

https://epaper.brecorder.com/2019/11/07/5-page/809162-news.html

 

5 Business Recorder
9.

Cotton yield target likely to be revised down

The government is likely to revise down country’s cotton production target of 10.2 million bales for the current season 2019-20 owing to increased moisture level in the produce following recent rains which will further deteriorate cotton lint quality.

https://epaper.brecorder.com/2019/11/07/7-page/809175-news.html

 

7 Business Recorder
10. Lawmakers as IMF to ease pace of adjustments; oppose centralization of tax on services

The parliamentarians on Wednesday opposed government’s proposed move to centralise sales tax on services on the grounds of it being against the constitution and asked the International Monetary Fund (IMF) to relax economic targets set under the $6 billion extended fund facility that was adversely affecting the country’s businesses and the people.

https://www.dawn.com/news/1515409/lawmakers-ask-imf-to-ease-pace-of-adjustments-oppose-centralisation-of-tax-on-services

 

10 Dawn
11. Letters of support issued for 11 wind power projects

In a dramatic move, the Alternate Energy Development Board (AEDB) on Wednesday approved issuance of letters of support (LoS) to 11 wind power projects having a total generation capacity of 550 megawatts.

https://www.dawn.com/news/1515408

 

10 Dawn
12. ‘Islamic banking can help address poverty

Islamic banking can play a key role to address the four major challenges of poverty, income equality, regional disparity and illiteracy facing the country, said Austerity and Reforms Adviser Dr Ishrat Husain.

https://www.dawn.com/news/1515407/islamic-banking-can-help-address-poverty

10 Dawn
13. World bank eyes increase in tax ratio to 17pc by FY24

The World Bank-funded $400 million project is aimed at creating a sustainable increase in the country’s tax revenue, raising the tax-to-GDP ratio to 17 per cent and widening the tax net to 3.5m active taxpayers by 2023-24.

https://www.dawn.com/news/1515405/world-bank-eyes-increase-in-tax-ratio-to-17pc-by-fy24

 

10 Dawn
14. Govt raises Rs823bn through T-bills

The government raised Rs822.8 billion through T-bills as against the target of Rs600bn — representing an excess borrowing of Rs208.8bn, reported the State Bank of Pakistan (SBP) on Wednesday.

https://www.dawn.com/news/1515404/govt-raises-rs823bn-through-t-bills

 

10 Dawn
15. FBR raids three unregistered units

The Directorate of Intelligence and Investigation Inland Revenue has raided three business units in Gujranwala involved in tax evasion.

The Federal Board of Revenue issued a statement here on Wednesday saying three unregistered units were involved in manufacture and supply of taxable goods — sanitary ware, detergents and household gas appliances. During the search, available record was resumed which is being scrutinised and further investigation to this regard is underway.

https://www.dawn.com/news/1515406/fbr-raids-three-unregistered-units

 

10  
 

International

   
16.

‘Wise men’ German economists urge budget flexibility

A board of expert economists known as the “Wise Men” advised the German government Wednesday to loosen the country’s tough no-new-debt policy “in case of a broad, deep recession”.

https://epaper.brecorder.com/2019/11/07/13-page/809216-news.html

 

13 Business

Recorder

17.  

Currency exchange rates

Countries

U.S.

U.K

EURO

CHINA

SAUDIA ARABIA

Symbol

$

£

¥

﷼, SR

Rates

156.00

201.01

172.83

22.37

41.65

 

 

9 Business

Recorder

 

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes:

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>