Important Business News 8th February, 2020

 

S.# Description Pg # Source
1.

IMF team briefed about rising food inflation, flour crisis

The Ministry of National Food Security and Research (MNFS&R) Friday briefed the International Monetary Fund (IMF) visiting team about food inflation, wheat and flour crises in the country.

https://epaper.brecorder.com/2020/02/08/1-page/823717-news.html

1 Business Recorder
2.

Combined income groups

SPI inflation up 0.21pc WoW
Sensitive Price Indicator (SPI) based weekly inflation for the combined income groups during the week ended February 6 increased by 0.21 percent against the week ended January 30, 2020. The SPI on an annual basis went up by 17.58 percent, said SPI data released by Pakistan Bureau of Statistic.

https://epaper.brecorder.com/2020/02/08/1-page/823718-news.html

1 Business Recorder
3.

Wheat, flour crisis

Inaccurate data, non-procurement described as key factors
The inaccurate data by the provincial governments with respect to damage caused to wheat crop 2018-19 and non-procurement of wheat by Sindh government are the main reasons behind the wheat and flour crises in the country.

https://epaper.brecorder.com/2020/02/08/1-page/823719-news.html

1 Business Recorder
4.

PSDP funds

IMF for maximum utilisation: Umar
Planning and Development Minister Asad Umar Friday said the International Monetary Fund (IMF) has emphasized maximum utilization of development funds and the government is targeting to utilize Rs701 billion allocated under Public Sector Development Programme (PSDP) for 2019-20.

https://epaper.brecorder.com/2020/02/08/1-page/823720-news.html

1 Business Recorder
5.

Textile sector

Govt clears Rs16.48bn sales tax refund up to Jan 15
The government has maintained that it cleared Rs 16.480 billion sales tax refund of textile sector up to January 15, 2020 under faster refund system out of total claimed amount of Rs 24.281 billion.

https://epaper.brecorder.com/2020/02/08/1-page/823721-news.html

1 Business Recorder
6.

Exports: Dawood describes FY20 as ‘promising’

Commerce Minister Abdul Razzak Dawood has termed the current fiscal year ‘promising’ in terms of improvement in Pakistan’s exports, which, according to him, have increased to $ 11.53 billion showing an increase of 3.15 per cent compared to corresponding period in the previous fiscal year.

https://epaper.brecorder.com/2020/02/08/1-page/823724-news.html

1 Business Recorder
7.

Valuation of properties

SECP proposes to abolish procedure for appointment of valuators
The Securities and Exchange Commission of Pakistan (SECP) had proposed to abolish procedure for appointment of valuators for valuation of properties by registered valuators. The SECP has proposed amendments in the Companies Act 2017 in this regard.

https://epaper.brecorder.com/2020/02/08/1-page/823714-news.html

1 Business Recorder
8.

Zero-rated industrial sectors

KE tariff relief dependent on certification by FBR’s IR
Karachi Electric (KE) is to extend relief in electricity tariff to only those zero-rated industrial consumers who will be verified and certified by the Federal Board of Revenue’s (FBR’s) Inland Revenue (IR), well-informed sources told Business Recorder.

https://epaper.brecorder.com/2020/02/08/1-page/823722-news.html

1 Business Recorder
9.

KSE-100 Index plunges

BRIndex100 stays bearish
A bearish trend continued on Pakistan Stock Exchange Friday due to selling in almost all sectors by local and foreign investors.

https://epaper.brecorder.com/2020/02/08/1-page/823716-news.html

1 Business Recorder
10.

Malaysia approves two Pakistani meat processors

The Malaysian government has approved two Pakistani meat processing establishments for exporting meat and its allied products to its market.

https://epaper.brecorder.com/2020/02/08/3-page/823741-news.html

3 Business Recorder
11.

Internet services wholly exempted from FED: SC

The Supreme Court held Friday that internet services/facilities are wholly exempted from Federal Excise Duty (FED) and nothing extraneous can be read into the relevant entry of Federal Excise Act, 2005 to qualify or restrict such exemption.

https://epaper.brecorder.com/2020/02/08/17-page/823851-news.html

17 Business Recorder
12.

Can Pak economy survive without IMF?

Macroeconomic fundamentals deteriorated because of tight monetary, fiscal and regulatory adjustments which have squeezed national output, increased cost pressures and slowed down the GDP growth from 5.53% to 3.29%.

https://epaper.brecorder.com/2020/02/08/18-page/823862-news.html

18 Business Recorder
13. Last two months see decline in exports

Pakistan`s exportofmerchandisehasposted negative growth over the past two consecutive months despite payment of cash subsidies and multiple currency depreciation while the government is yet to take corrective measures.

https://epaper.dawn.com/DetailImage.php?StoryImage=08_02_2020_001_006

1 Dawn
14. National wheat board may be formed to avert future crisis

The Senate Standing Committee on National Food Security and Research concluded on Friday its three-day discussion on the wheat shortage in the country, and a consensus emerged on the setting up of a wheat board at the national level to handle the issue as a whole.

https://epaper.dawn.com/DetailImage.php?StoryImage=08_02_2020_003_003

3 Dawn
15. Open skies policy caused Rs107bn loss in single year, Senate told

  The Senate was informed on Friday that the open skies policy cost the national exchequer Rs107 billion in a single year.

https://epaper.dawn.com/DetailImage.php?StoryImage=08_02_2020_003_005

3 Dawn
16. High interest rates hurting consumer financing

Higher interest rates have badly damaged consumer financing during the first half of this fiscal year as its key driver car purchasing remained dormant.

https://epaper.dawn.com/DetailImage.php?StoryImage=08_02_2020_010_006

10 Dawn
  Editorial News    
17.

Worrisome jump in debt liabilities

It is a matter of great concern that Pakistan’s Total Debt and Liabilities (TDL) continue to increase consistently and at a very rapid pace.

https://epaper.brecorder.com/2020/02/08/16-page/823842-news.html

16 Business Recorder
18.

Unrealistic IMF targets

Pakistan has once again requested the visiting International Monetary Fund (IMF) team to further reduce tax collection target.

https://epaper.brecorder.com/2020/02/08/16-page/823844-news.html

16 Business Recorder
19. Currency exchange rates

 

Countries

 

U.S.

U.K

EURO

CHINA

SAUDIA ARABIA

Symbol

 

$

£

¥

﷼, SR

Rates

 

154.50

199.97

169.69

22.17

41.13

7 Business

Recorder

 

 

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