Important Business News 8th October, 2019

Important Business News

 8th October, 2019

 

S.# Description Pg # Source
1. CPEC Authority, Gwadar Port

Ordinances promulgated
President Dr Arif Alvi on Monday promulgated two ordinances to set up the China-Pakistan Economic Corridor Authority and grant tax concessions to the Gwadar port and its free zone, sending a strong signal to Beijing that Islamabad is serious in implementing the multibillion dollar strategic initiative.
https://epaper.brecorder.com/2019/10/08/1-page/804464-news.html

1 Business Recorder
2. Gwadar Port, Gwadar Free Zone

Amendments to tax laws approved by Cabinet
The Federal Cabinet has approved amendments in tax laws relating to tax concessions/ exemptions with respect to Gwadar Port and Gwadar Free Zone, after Federal Board of Revenue (FBR) and Ministry of Maritime Affairs (MoMA) reached an agreement, well-informed sources told Business Recorder. https://epaper.brecorder.com/2019/10/08/1-page/804465-news.html

1 Business Recorder
3. Asia-Pacific Group Co-chair

Pakistan reiterates objections over India’s credentials
Pakistan Monday reiterated its objection over India’s credentials to be co-chair of the Asia-Pacific Joint Group that reviews Pakistan’s progress to implement the Financial Action Task Force (FATF) action plan following the Indian defense minister claimed that ‘FATF can any time blacklist Pakistan for terror financing.’

https://epaper.brecorder.com/2019/10/08/1-page/804460-news.html

1 Business Recorder
4. Debt stocks soar to Rs32.24trn in Jul-Aug

The federal government’s total debt (domestic and external) stocks rose by Rs 453.4 billion during the first two months of this fiscal year, mainly due to massive borrowing from domestic resources.
https://epaper.brecorder.com/2019/10/08/1-page/804467-news.html

1 Business Recorder
5. ADB extends COBP but slashes resource allocations

Asian Development Bank (ADB) has extended its current Country Operation Business Plan (COBP) for Pakistan to 2020-2022 but slashed resource allocation for energy sector from $2.245 billion to $1.67 billion, Public Sector Management from $1.2 billion to $300 million and education sector from $175 million to $100 million.

https://epaper.brecorder.com/2019/10/08/1-page/804468-news.html

1 Business Recorder
6. Electronic equipment

PEMA members denied rebate
Commerce Division on Monday refused to give any kind of rebate on export of refrigerators and other electric equipment due to current economic impasse.
https://epaper.brecorder.com/2019/10/08/1-page/804463-news.html

1 Business Recorder
7. KSE-100 Index rallies on FATF

BRIndex100 stays buoyant
Pakistan Stock Exchange Monday witnessed a bullish trend on the back of healthy buying, mainly by local investors in almost all sectors.
BRIndex100 gained 78.03 points or 2.24 percent to close at 3,553.91 points. BRIndex100 touched intraday high of 3,583.13 and intraday low of 3,473.29 points. Volumes stood at 360.677 million shares.

https://epaper.brecorder.com/2019/10/08/1-page/804462-news.html

1 Business Recorder
8. Tourism Malaysia to participate in PTM 2019

Tourism Malaysia will participate in the PTM 2019 being held from 8 to 10 October 2019 in Karachi Expo Center to welcome more tourists from Pakistan by highlighting VM2020 campaign.
https://epaper.brecorder.com/2019/10/08/3-page/804478-news.html

 

3

Business

Recorder

9. Traders give three-day ultimatum to FBR for fulfillment of demands

The protesting traders on Monday gave a three-day ultimatum to Federal Board of Revenue (FBR) to fulfill their demands; otherwise, they will go on a countrywide shutter-down and wheel-jam strike.
https://epaper.brecorder.com/2019/10/08/3-page/804479-news.html

3 Business

Recorder

10. UBL launches first ever mobile contactless payments

UBL will be the first bank to offer mobile contactless payments in Pakistan with Visa, Gemalto and 1LINK. UBL is the first bank in Pakistan who has partnered up with Gemalto, a Thales company, Visa and 1LINK to launch digital payment through tokenization on the UBL Digital App.

https://epaper.brecorder.com/2019/10/08/3-page/804485-news.html

3 Business

Recorder

11. RBOD-II Mega Drainage Project

Senate panel voices concern over cost escalation of project
Senate Standing Committee on Planning, Development and Reforms has expressed serious concern over increase of Rs 48 billion in cost of RBOD-II Mega Drainage Project from Rs 14 billion to Rs 61.99 billion due to delay, faulty design, mismanagement, and land acquisition issues.

https://epaper.brecorder.com/2019/10/08/5-page/804491-news.html

5 Business

Recorder

12. SECP takes measures to regulate NPOs

The Securities and Exchange Commission of Pakistan (SECP) has taken effective measures to regulate non-profit organizations (NPOs) to enhance transparency in the sector, as a large segment of the NPO sector is seen as having a significant inherent vulnerability for terrorist financing (TF).

https://epaper.brecorder.com/2019/10/08/7-page/804497-news.html

7 Business

Recorder

13. Rising food prices

Food prices have been rising rapidly in the last few months. According to the Consumer Price Index (CPI), the inflation rate in food prices was only 1.4 percent in the September 2018. A year later in September 2019 the rate of increase in food prices has spiraled up to 14.3 percent with the old CPI and to 15 percent according to the new CPI.

https://epaper.brecorder.com/2019/10/08/18-page/804583-news.html

18 Business

Recorder

14.

Everyone with a green passport should have equal rights.

Speakers at a conference titled ‘Right to Religious Freedom in Pakistan –– in Light of Constitution 1973, Article 20’ at the Shaheed Zulfikar Ali Bhutto Institute of Science and Technology on Monday stressed the need for having a tolerant society.

https://www.dawn.com/news/1509549/everyone-with-a-green-passport-should-have-equal-rights

2 Dawn
15.

NA committee asks PEMRA to streamline working of private channels

The National Assembly’s Standing Committee on Information and Broadcasting on Monday discussed various issues, including bans and censorship on the electronic media by the Pakistan Media Regulatory Authority (Pemra) and the proposed ‘media tribunals’.

https://www.dawn.com/news/1509619/na-committee-asks-pemra-to-streamline-working-of-private-channels

3 Dawn
16.

PM approves CDA’s restructuring

Prime Minister Imran Khan on Monday approved, in principle, the restructuring of Capital Development Authority (CDA) and directed that the plan be presented before the next cabinet meeting for consideration and final approval.

https://www.dawn.com/news/1509588/pm-approves-cdas-restructuring-wants-plan-placed-before-cabinet

5 Dawn
17.

4.5 new women voters registered in country.

The Election Commis­sion of Pakistan (ECP) claims to have registered 4.5 million new female voters mostly from areas where societal values have been barring womenfolk from coming to the fore.

https://www.dawn.com/news/1509623/45m-new-women-voters-registered-in-country

14 Dawn
                                      International News    
18. Dollar breaks 4-day losing streak in Europe

The dollar firmed on Monday, breaking a four-day losing streak, as fresh concerns over the trade war between the United States and China kept risk appetite subdued and trade-oriented currencies such as the Australian dollar under pressure.

https://epaper.brecorder.com/2019/10/08/9-page/804513-news.html

9 Business

Recorder

19. Currency exchange rates

 

 

Countries

 

U.S.A

U.K

EURO

CHINA

SAUDIA ARABIA

Symbol

 

$

£

¥

﷼, SR

 

Rates

 

156.58

192.46

171.87

21.96

41.74

  SBP

 

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