Important Business News 8th July,2018

Important Business News

8th July,2018

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1. Tarbela dam likely to touch dead level of 1386ft today

As snow melt is very slow due to low temperatures, Tarbela dam, the country’s key water reservoir likely to touch dead level of 1386 feet on Sunday (today), first-ever in the history in the month of July.
This was disclosed by Indus River System Authority (IRSA) spokesperson Rana Khalid on Saturday.
If a reservoir will touch deal level, it implies that releases from stored water are stopped and only whatever comes in will be released to the provinces as per their indents.

1 Business Recorder
2. Horticulture Vision 2030: Acute water shortage poses threat to agri sector: minister

Provincial Caretaker Minister for Agriculture, Khair Muhammad Junejo Saturday said the country is facing acute water shortage, which is a major threat to the agricultural sector.
Addressing the ceremony marking curtain raiser of first-ever “Pakistan Horticulture Vision 2030” at the Federation House, Junejo said that recent water shortage may affect cotton crop.

1 Business Recorder
3. China eyes eastern Europe investment

As a trade war rages between China and the US, Chinese Premier Li Keqiang is meeting leaders from central and eastern Europe in Bulgaria on Saturday to discuss investment opportunities.
Road and rail projects funded by China will be high on the agenda at the summit, which has raised concerns in Brussels and richer Western European countries about growing Chinese influence in the region.
At the seventh annual gathering of the so-called “16+1 cooperation”, Li will meet leaders and firms from 11 EU member states and five Balkan nations hoping to join the bloc.
Their talks will focus on joint ventures in industry and the high-tech sector as well as infrastructure, agriculture and tourism, the Bulgarian hosts said in a statement.

1 Business Recorder
4. POL products’ prices slashed for 24 days

The government Saturday reduced per litre prices of petroleum products up to Rs 6.35 per litre for the 24 days of July.
The ministry of energy has issued a notification regarding downward monthly revision of petroleum prices, effective July 8 till July 31, 2018.
The caretaker government reduced price of petrol by Rs 4.26 per litre to Rs 95.24. The supply of domestic gas has been suspended to CNG retail outlets various parts of country. The demand of petrol, therefore, has increased manifold.
The price of high speed diesel (HSD) has been reduced by Rs 6.37 per litre to Rs 112.94 per litre. This product is widely used in transport and agriculture sectors.

1 Business Recorder
5. Entities incorporated offshore to be treated as ‘CFCs’

There are many Pakistani residents who own properties in offshore jurisdictions, such as the United Arab Emirates (UAE), through entities incorporated in the UAE, and these will now be treated as Controlled Foreign Companies (CFCs).
Explaining the concept of Controlled Foreign Company (CFC) introduced in Pakistan through Finance Act 2018, tax expert Ashfaq Tola said that the CFC is a corporate entity that is registered and conducts business in a different jurisdiction or country other than the residency of the controlling owners. The objective of introduction of this new concept is to prevent erosion of domestic tax collections due to avoidance or deferment by home companies on income earned from overseas businesses carried out through offshore subsidiaries or affiliates.

1 Business Recorder
6. ‘FTA between Pakistan, Thailand in final stages’

Free Trade Agreement (FTA) between Pakistan and Thailand is in the final stage and efforts are being made to include maximum textile related lines in it to make this bold initiative favourable for Pakistan in general and for Faisalabad in particular.
Addressing a dinner hosted by Pakistani ambassador in Thailand Asim Iftikhar Ahmed in honour of the FCCI (Faisalabad Chamber of Commerce & Industry) Trade Delegation. He said that the widening gap between import and export is a matter of concern not only for the government but also for the business community of Pakistan. He told that Thailand is a potential market for most of Pakistani products but our exports are mainly restricted to the textile sector.

5 Business Recorder
7. Neelum Jhelum project contributes 484MW to national grid

In yet another significant development, the contribution of Neelum Jhelum Hydropower Project to the national grid has increased to 484MW, as two units of the project (Unit No. 2 and Unit No. 3) are now generating power to their maximum capacity.
After successfully completing the reliability period, the Unit No. 3 has been formally taken over by Wapda for its operation. Having being successfully tested on various load rejection, the Unit No. 2 is generating electricity on its 72-hour reliability run.

5 Business Recorder
8. Turkey swears in new parliament with pro-Erdogan majority

Lawmakers Saturday began taking their oaths in Turkey’s new parliament, with the ruling party of President Recep Tayyip Erdogan needing to rely on nationalist allies to ensure an overall majority.
Legislative polls were held simultaneously on June 24 with presidential polls, where Erdogan won a new mandate to extend his 15 year domination of Turkey under a new system that gives him greater powers.
But Erdogan’s ruling Justice and Development Party (AKP) was less dominant in the parliamentary elections, winning 295 seats and falling slightly short of an outright majority in the 600 MP chamber.

7 Business Recorder
9. Japan unveils bullish GDP growth estimates for FY2019

Japan’s government forecast on Friday the economy will grow faster than private-sector projections in fiscal 2019, with exports, domestic private consumption and capital spending expected to offset the hit from a planned sales tax hike.
The Cabinet Office’s projections, presented at the Council on Economic and Fiscal Policy – the government’s top economic panel, showed the economy was likely to grow 1.5 percent in price-adjusted real terms in the fiscal year starting in April 2019. It is expected to expand 2.8 percent in nominal terms.

10 Business Recorder
10. Iran calls for EU help as shipping giant pulls out for fear of US sanctions

One of the world’s biggest cargo shippers announced on Saturday it was pulling out of Iran for fear of becoming entangled in US sanctions, and President Hassan Rouhani demanded that European countries to do more to offset the US measures.
The announcement by France’s CMA CGM that it was quitting Iran deals a blow to Tehran’s efforts to persuade European countries to offer economic benefits to offset the new US sanctions.

11 Business Recorder
11. Cotton prices hit season’s high level

Cotton prices hit season’s high on the local market on Saturday in the process of selective business activity, dealers said.
The official spot rate managed to hold overnight level at Rs 8100, they added. Prices of seed cotton in Sindh were almost unchanged at Rs 3800-4100 in the Punjab, rates were at Rs 3500-4200, they said.
In ready session, 400 bales of cotton finalised at Rs 8250, besides, a deal of 200 bales of cotton reported, hitting season’s high level at Rs 8350, they said.
Market sources said that mills and spinners trying to lay hands over the fine quality to meet their demand despite higher rates. In the meantime, the ginners adopted cautious attitude towards deals of new crop, they said.

14 Business Recorder
12. Rice export prices fall in major producing states of Asia

Export prices for rice in major producers across Asia fell this week, with rates in India hitting their lowest level in 14 months on sluggish demand and a weaker rupee.
Rates for India’s 5 percent broken parboiled variety fell by $4 to $388-$392 per tonne.
“Due to falling rupee, export prices are also coming down,” said B V Krishna Rao, President of the Rice Exporters Association.
Indian rupee has lost 8 percent so far this year, prompting exporters to offer at lower rates.
African countries are making purchases but Bangladesh is not buying after the duty hike, Rao said.
Imports by Bangladesh have dropped after the country imposed a 28 percent tax on rice imports to support its farmers after local production revived.

14 Business Recorder
13. HCCI splits on resignation of recently elected president

The division in the elected body of Hyderabad Chamber of Commerce and Industry (HCCI) erupted here on Saturday and the police was called to prevent any violence in the HCCI’s office
Former HCCI President Seth Goharullah informed the media that Muhammad Ikram Rajput, who was elected HCCI’s President unopposed last month, had tendered resignation.
He added that Rajput did not attend the HCCI’s meeting on Saturday during which his resignation was tabled and accepted by 16 out of 24 executive members present.

17 Business Recorder


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