Important Business News 9th July, 2018

Important Business News

         9th July, 2018

 

S.# Description Pg # Source
1. IMF bailout on the cards

Pakistan’s next government, to be chosen in a July 25 election, faces growing fears of a balance of payments crisis with speculation it will have to seek its second IMF bailoutin five years, analysts say.
The central bank is running down its foreign reserves and devaluing the currency in a bid to bridge a yawning trade deficit, and the winners of the July 25 election will have “limited time” to act, Fitch ratings agency said on July 2.
Together, the economic challenges are “horrendous”, said Ashfaque Hasan Khan, an analyst and former financial advisor to the government.
https://epaper.brecorder.com/2018/07/09/1-page/726679-news.html

1 Business Recorder
2. EU has ‘card to play’ in trade war: IMF

The European Union has “a card to play” if it offers a united front in its response to the trade war pitting the United States against China, International Monetary Fund director Christine Lagarde said Saturday.
“In the show of force we see coming to bear… between the United States on the one hand and China on the other, who represent two totally different forms of capitalist impetus, Europe can play a very particular card,” Lagarde told an economic forum in the southern French city of Aix-en-Provence.
“Europe is strategic for the one as for the other (the United States and China)” when it comes to trade, said Lagarde a week ahead of a bilateral EU-China summit which the latter will host July 16 and 17 in Beijing.

https://epaper.brecorder.com/2018/07/09/1-page/726676-news.html

1 Business Recorder
3. SC orders heads of three banks be placed on ECL

The Supreme Court on Sunday summoned Hussain Lawai, Chairman Pakistan Stock Exchange (PSX), and others involved in money-laundering through fake accounts.
The court directed the Federal Investigation Agency (FIA) to produce the Chief Executive Officers (CEO)/President of three banks – Summit Bank, Sindh Bank and United Bank Limited before the court on July 12.
Ministry of Interior is ordered to place their names on Exit Control List (ECL) so that they could not leave the country. The court stated Rs7 billion equity amount that Summit Bank deposited in State Bank of Pakistan can’t be withdrawn without the permission of apex court.

https://epaper.brecorder.com/2018/07/09/3-page/726690-news.html

 

3 Business Recorder
4. France says Europe united against US tariffs as Germany eyes negotiation

The French government insisted on Sunday that Washington should expect united retaliation from Europe to further tariff increases after Germany signalled it was prepared to negotiate.
With Germany’s powerful car industry facing the threat of higher US duties, Chancellor Angela Merkel said last Thursday she would back a lowering of European Union levies on imports of US cars.
“If tomorrow there is an increase in tariffs, like in the car industry, our reaction should be united and strong to show that Europe is a united and sovereign power,” French Finance Minister Bruno Le Maire said.

https://epaper.brecorder.com/2018/07/09/8-page/726742-news.html

8 Business Recorder
5. Air pollution may account for 3.2m new cases of diabetes every year globally

Air pollution could be responsible for 3.2 million new cases of type 2 diabetes every year globally, suggests a new analysis.
“We estimate that about 14 percent of diabetes in the world occurs because of higher levels of air pollution, that’s one in seven cases,” said senior study author Dr. Ziyad Al-Aly of Washington University and the VA Saint Louis Health Care System in Missouri.
“Risks exist at levels that are below what’s now currently considered safe by the Environmental Protection Agency (EPA) in the United States and also by the World Health Organization,” he told Reuters Health in a phone interview.

https://epaper.brecorder.com/2018/07/09/9-page/726746-news.html

9 Business Recorder
                                                EDITORIAL

5.

Elevated fiscal Imbalance

 

https://epaper.brecorder.com/2018/07/09/16-page/726785-news.html

16

Business Recorder

7.

Currency exchange rates

 

Countries

 

CANADA

CHINA

EURO

U.K

SAUDIARABIA U.S.A

 

Buying

 

92.44

18.25

142.07

160.61

32.38

121.45

 

Selling

 

92.58

18.28

142.28

160.85

32.43

121.64

 

State Bank of Pakistan

 

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