Important Business News 8th January, 2020

 

S.# Description Pg # Source
1.

Decline in exports

Ministry in state of shock
Commerce Ministry is reportedly in a state of shock over decline in exports in December 2019 as compared to November 2019 and December 2018, sources close to the advisor to the PM on commerce & industries, and production told Business Recorder.

https://epaper.brecorder.com/2020/01/08/1-page/818845-news.html

1 Business Recorder
2.

Political instability, disasters hinder agri output: ADB

Pakistan’s agricultural productivity is relatively low compared with global competitors as various environmental, political and economic shocks hinder agriculture production, says the Asian Development Bank (ADB).

https://epaper.brecorder.com/2020/01/08/1-page/818844-news.html

1 Business Recorder
3.

$200m commercial loans

FD asked to issue sovereign guarantee
Prime Minister Imran Khan has directed Finance Division to issue sovereign guarantee for $ 200 million commercial loans to be arranged by the Water and Power Development Authority (Wapda), sources close to secretary water told Business Recorder.

https://epaper.brecorder.com/2020/01/08/1-page/818839-news.html

1 Business Recorder
4.

PM approves Rs7bn grant for USC: Firdous

Special Assistant to the Prime Minister on Information and Broadcasting, Dr Firdous Ashiq Awan on Tuesday said that Prime Minister Imran Khan has approved a grant of Rs 7 billion for the Utility Stores Corporation. Addressing a press conference along with Chairman USC Zulqarnain Ali Khan and Managing Director Umer Lodhi, Dr Firdous said the government has given a package of Rs 7 billion to Utility Stores Corporation of Pakistan to ensure provision of items of daily use to people at reasonable rates.

https://epaper.brecorder.com/2020/01/08/1-page/818840-news.html

1 Business Recorder
 

5.

TAPI gas price

ECC to approve formation of body
The Economic Coordination Committee (ECC) of the Cabinet, which is scheduled to meet on Wednesday (today) in the chair of Advisor to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh, will approve constitution of a committee to renegotiate gas price of much talked-about Turkmenistan-Afghanistan-Pakistan-India (TAPI) pipeline with M/s Turkmengaz, well-informed sources told Business Recorder.

https://epaper.brecorder.com/2020/01/08/1-page/818842-news.html

1 Business Recorder
6.

Transporters strike

Cargo movement comes to a halt at ports
The inward and outward movement of cargos at ports came to a standstill during last two days as no government authority has so far approached the goods transporters to call off strike.

https://epaper.brecorder.com/2020/01/08/5-page/818862-news.html

5 Business Recorder
7.

Facilitation of startups

SECP to introduce major amendments to Companies Act
The Securities and Exchange Commission of Pakistan (SECP) will introduce major amendments to the Companies Act to provide an enabling regulatory framework to facilitate startups in Pakistan.

https://epaper.brecorder.com/2020/01/08/7-page/818879-news.html

7 Business Recorder
8.

BoD and general meetings

SBP asks FIs to ensure accurate recording of minutes
The State Bank of Pakistan (SBP) has asked financial institutions to ensure accurate recording of minutes of Board of Directors (BoD) and general meetings reflecting the key deliberations, rationale for each decision made, and any significant concerns or dissenting views.

20 Business Recorder
9.

Merchants’ digital on-boarding

— revises regulations
The State Bank of Pakistan (SBP) has revised the regulations for Digital On-Boarding of Merchants.

https://epaper.brecorder.com/2020/01/08/20-page/819005-news.html

20 Business Recorder
10.

CRM guidelines extends timeline
The State Bank of Pakistan (SBP) has extended the timeline for implementation of certain requirements of the guidelines on Compliance Risk Management (CRM).

20 Business Recorder
11.

SECP approves cut in NCCPL fees for investors

The Securities and Exchange Policy Board approved substantial reduction in National Clearing Company of Pakistan Limited (NCCPL) fees for investors and changes in the Companies (further issue of shares) Regulations, 2018 to facilitate capital formation, and advised Ministry of Commerce and SECP to convince the provincial revenue authorities to abolish sales tax from life, health and reinsurance services.

https://epaper.brecorder.com/2020/01/08/20-page/819010-news.html

20 Business Recorder
 

Another 500 `non-compliant` NGOs in Karachi dissolved to meet FATF condition

The Sindh government has dissolved another 500 non-governmental organisations for not following the rules and forbeing dormant for years, bringing the total number of such entities to close to 6,000, it emerged on Tuesday.

https://epaper.dawn.com/DetailImage.php?StoryImage=08_01_2020_115_005

2 Dawn
12.

Exports fall 4pc in December

Pakistan`s exports of goods declined 3.96 per cent year-on-year in December 2019 despite cash support and multiple currency depreciation.

https://epaper.dawn.com/DetailImage.php?StoryImage=08_01_2020_010_005

10 Dawn
13.

Pak Suzuki to shut down production for four days

Pak Suzuki Motor Company (PSMC) on Tuesday announced that it will observe three non-production days every Monday during the month of January owing to depressed demand.

https://epaper.dawn.com/DetailImage.php?StoryImage=08_01_2020_010_003.

10 Dawn
 

14.

 

NAB asked to revert SECP officials

The SECP Policy Board on Tuesday reiterated that the officials of the Securities and Exchange Commission of Pakistan (SECP) currently working on an attachment basis with law enforcement agencies should be reverted to the commission.

https://epaper.dawn.com/DetailImage.php?StoryImage=08_01_2020_010_007

10 Dawn
15.

Talk of shake-up swirls at FBR

Ms Nausheen Javaid Amjad on Tuesday took over as acting chairman of the Federal Board of Revenue after Shabbar Zaidi applied for a 15-day leave citing health reasons.

https://epaper.dawn.com/DetailImage.php?StoryImage=08_01_2020_010_006

10 Dawn
16.

Banks to submit forex cases thru SBP portal

In a move to digitalise the banking and business environment, the banks will have to submit foreign exchange related cases through SBP Online Portal.

https://epaper.dawn.com/DetailImage.php?StoryImage=08_01_2020_010_008

10 Dawn
17.

C O M M O D I T I E S Dullness prevails on cotton market

Trading remained slow and restricted on the cotton market on Tuesday as buyers and sellers adopted the wait and see approach. The price line was firm and the Karachi Cotton Association also kept its spot rate unchanged at Rs8,900.

https://epaper.dawn.com/DetailImage.php?StoryImage=08_01_2020_011_004

11 Dawn
18.

231 Pakistani exhibitors at Heimtextil

 Pakistani exporters hope to get a large number of orders at Heimtextil the biggest international trade fair for home and contract textiles which opened on Tuesday in Frankfurt, Germany.

https://epaper.dawn.com/DetailImage.php?StoryImage=08_01_2020_011_007

11 Dawn
19.

Sugar mills must restart crushing by 10th: Buzdar

All sugar mills, which stopped crushing or otherwise, must restart by Jan 10 and agriculture as well as food departments should keep an eye on the situation, directed Chief Minister Usman Buzdar while presiding over the 23rd cabinet meeting at his office here on Tuesday.

https://epaper.dawn.com/DetailImage.php?StoryImage=08_01_2020_176_008

15 Dawn Metro
 

Editorial News

   
20

Incentivizing foreign investment in govt debt

The government of Pakistan seems to be striving to attract foreign exchange through a variety of means.

https://epaper.brecorder.com/2020/01/08/18-page/818989-news.html

 

18 Business Recorder
21

Revisiting macro-economic policy

The State Bank of Pakistan (SBP), in its recent First Quarterly Report 2019-20, has stated that the policy mix adopted so far, “appears adequate to address the macroeconomic imbalances and push the economy towards stability.”

https://epaper.brecorder.com/2020/01/08/18-page/818992-news.html

 

18 Business Recorder
22 Currency exchange rates

 

Countries

 

U.S.

U.K

EURO

CHINA

SAUDIA ARABIA

Symbol

 

$

£

¥

﷼, SR

Rates

 

154.85

204.55

173.63

22.26

41.23

9 Business

Recorder

 

 

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