Important Business News 9th March, 2018

Important Business News

9th March, 2018

S.# Description Pg # Source
1.      

Miftah, foreign banks’ representatives discuss state of economy

Adviser to Prime Minister on Finance Miftah Ismail held a meeting with senior representatives of various foreign banks based in Pakistan, here on Thursday.
The adviser shared his views on the current state of Pakistan’s economy and said that despite challenges, PML-N government was well on course to achieve the growth target of 6 percent, says a press release.

http://epaper.brecorder.com/2018/03/09/1-page/703811-news.html

1 Business Recorder
2.      

Senate’s chairmanship: PPP’s ‘abandoned’ Rabbani now PML-N’s candidate

Former Prime Minister and Quaid of Pakistan Muslim League Nawaz (PML-N) Nawaz Sharif Thursday said that his party has nominated Pakistan Peoples Party’s (PPP) RazaRabbani as candidate for the slot of chairman Senate to curb horse-trading.
Talking to reporters after appearing before the Accountability Court, he said someone who has 100 percent commitment to Constitution and does not have anti-democracy credentials should be the chairman of Senate.

http://epaper.brecorder.com/2018/03/09/1-page/703812-news.html

1 Business Recorder
3.      

IAs of 990MW Thar coal projects inked

The Implementation Agreements (IAs) of two Thar coal-based power generation projects totaling 990 MW were signed Thursday at Private Power and Infrastructure Board (PPIB) for materializing the financing of $1,490 million as the cumulative projects cost.

http://epaper.brecorder.com/2018/03/09/1-page/703822-news.html

1 Business Recorder
4.      

Change in economic merit order of power plants proposed

Commerce Division has floated a proposal for the Economic Coordination Committee of the Cabinet for change in economic merit order for power plants aimed at rationalization of imported fuel to contain trade deficit, well-informed sources told Business Recorder.
Commerce Division, in its summary, has stated that the country’s exports have started following a high growth trajectory of more than 11% year-on-year basis, since June 2017 and are expected to continue on the track during 2018. Commerce Division expects a 15 per cent increase in exports in February 2018 which is considered a big achievement of incumbent team.

http://epaper.brecorder.com/2018/03/09/1-page/703823-news.html

1 Business Recorder
5.      

FATF challenge: MoF-led body evolving action plan

A ministerial committee led by Ministry of Finance will meet first time at the Foreign Office next week to finalize an action plan in compliance with the decision of Financial Action Task Force (FATF) which placed Pakistan on the global terror financing watch list.

http://epaper.brecorder.com/2018/03/09/1-page/703818-news.html

1 Business Recorder
6.      

Undeclared foreign assets: NAB hints at probing persons to be reprieved under amnesty
The Director General, National Accountability Bureau, Karachi, AltafBawany, on Thursday hinted at initiating investigation against the individuals who would be reprieved under upcoming much-awaited amnesty scheme on undeclared foreign assets.

http://epaper.brecorder.com/2018/03/09/5-page/703842-news.html

5 Business Recorder
7.      

Single window operation for export rebate urged

The government needs to computerize the mechanism of export rebate/refund through single window operation as difficulties in claiming refunds by exporters have been impacting exports.
This was stated by the representatives of the industry during the concluding session of two-day conference on ‘National Single Window (NSW)’ organized by the Federal Board of Revenue (FBR) and USAID jointly. “Export rebate/refund mechanism should be computerized and NSW should also manage the claims, as claiming the refund is one of the most difficult processes to follow for exporters,” they added.

http://epaper.brecorder.com/2018/03/09/7-page/703849-news.html

7 Business Recorder
8.      

PSDP 2018-19: NHA proposes over Rs 326 billion CPEC-related road projects

National Highway Authority (NHA) has proposed over Rs 326 billion for 14 China-Pakistan Economic Corridor (CPEC) related road projects in the Public Sector Development Program (PSDP) 2018-19. According to documents available with Business Recorder, the NHA has proposed a total of Rs 823.13 billion for 103 ongoing and new projects in PSDP 2018-19 including Rs 471.62 billion local and Rs 351.5 billion foreign components.

https://fp.brecorder.com/2018/03/20180309350199

12 Business Recorder
9.      

Forex reserves down $84 million

The country’s liquid foreign exchange reserves fell by $84 million during the last week due to external debt payment. The State Bank of Pakistan (SBP) Thursday reported that the country’s total foreign exchange reserves stood at $18.329 billion as on March 2, 2018 compared to $18.413 billion a week earlier.

https://fp.brecorder.com/2018/03/20180309350139

12 Business Recorder
10.   

Businessmen urged to benefit from CPEC’s industrialization phase

Former Vice President Faisalabad Chamber of Commerce & Industry (FCCI) Engineer Ahmad Hassan has said that industrialization phase of China-Pakistan Economic Corridor (CPEC) has opened new avenues of value-addition in textile garment sector instead of sticking to the export of raw or semi-finished products and Pakistan should work under a comprehensive and planned strategy to exploit one belt one road to carter to the garment needs of the countries from Gulf up to Europe.

http://epaper.brecorder.com/2018/03/09/13-page/703907-news.html

13 Business Recorder
11.   

Drip irrigation being encouraged in Punjab

The Punjab government is encouraging the drip irrigation to overcome water scarcity in the province.
A spokesman of the provincial agriculture department said drip irrigation system is suitable for crop cultivation when irrigation water or rainwater is not enough for conventional farming.

http://epaper.brecorder.com/2018/03/09/13-page/703909-news.html

13 Business Recorder
12.   

Pakistani cos to take part in China import expo

A large number of Pakistani companies are expected to take part in the China International Import Expo being organized by the Ministry of Commerce of China in November this year.
Trade Development Authority of Pakistan (TDAP)’s Director General MianRiaz Ahmed revealed this at a meeting with the Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM)’s Secretary General Muhammad Arshad here at the TDPA office on Thursday.

http://epaper.brecorder.com/2018/03/09/13-page/703914-news.html

13 Business Recorder
13.   

Cotton prices remain steady 
Cotton prices maintained their fully steady posture on Thursday due to dwindling stocks of which there may be less than 600,000 bales left for sales with the ginners. Most of the remaining cotton stocks are said to be of lower quality, which also remain of interest for the spinners as international prices have reportedly risen again. This week the price of premium cotton, whatever is left of in, is said to have risen by Rs.300 per maund (37.32 Kgs) locally.

http://epaper.brecorder.com/2018/03/09/18-page/703928-news.html

18 Business Recorder
14.   

Neshpa Oil & Gas and LPG project inaugurated: Pakistan making tremendous progress in energy sector: PM

The Prime Minister, ShahidKhaqanAbbasi, has said that during last five years Pakistan has made tremendous progress in all the sectors especially energy, oil, gas and LPG and the country has been producing surplus electricity.
He was addressing a public gathering after inaugurating Neshpa Oil & Gas and LPG project in Karak on Thursday. The Prime Minister said that the government soon after assuming power concentrated on oil & gas and other projects of energy sector and has initiated scores of energy projects to tackle the menace of power outages in the country.

http://epaper.brecorder.com/2018/03/09/22-page/703965-news.html

22 Business Recorder
15.    Abbasi directs speedy finalisation of GI law

International brands continue selling Pakistan-origin goods due to non-finalisation of Geographical Indication (GI) Law that aims to protect commercial heritage of the country`s products including Basmati rice and Ajrak.
The law is pending for the last 17 years due to differences between large lobbies leading to failure of market place regulation.

https://epaper.dawn.com/DetailImage.php?StoryImage=09_03_2018_010_003

10 Dawn
16.    Auto assemblers shifting investments to Punjab

Investors at the Bin Qasim Industrial Park (BQIP) and Korangi Creek Industrial Park (KCIP) allege that bureaucratic hurdles of National Investment Park (NIP) are delaying the implementation of projects, thereby resulting in mountings costs and time overruns.

https://epaper.dawn.com/DetailImage.php?StoryImage=09_03_2018_010_005

10 Dawn
  International Business News    
17.   

China exports surge most in 3 years

China’s exports unexpectedly surged at the fastest pace in three years in February, suggesting both its economy and global growth remain resilient even as trade relations with the United States rapidly deteriorate.
Trade tensions have jumped to the top of the list of risks facing China this year, with planned US tariffs on steel and aluminiumsignalling more measures may be on the way, Zhou Hao, senior emerging markets economist at Commerzbank, told the Reuters Global Markets Forum this week.

http://epaper.brecorder.com/2018/03/09/9-page/703973-news.html

9 Business Recorder
  Editorial/Reports    
18.   

How does IMF appreciate our economy?

The International Monetary Fund (IMF) has expressed its grave concerns over the state of country’s economy because of “weakening macroeconomic situation, decline in foreign exchange reserves and increased risks to Pakistan’s economic and financial outlook and its medium-term debt sustainability.” This newspaper has been urging the government for the past three years to revisit flawed policies that would, in time, result in weaknesses in key macroeconomic indicators, a concern proved valid given the release of data for the past year and a half.

http://epaper.brecorder.com/2018/03/09/20-page/703955-news.html

20 Business Recorder
19.   

‘Exchange rate needs to be adjusted by a further: 5 percent in the near term’: Interview 
Ehsan Malik is the CEO of Pakistan Business Council (PBC), a research based business advocacy body representing the leading businesses in Pakistan, including 24 multinational companies from 12 countries.
Prior to joining PBC in January 2016, he was the CEO of Unilever Pakistan for nine years, a period in which the business quadrupled in size. In a 24-year career with Unilever, Malik served as CEO of Unilever Sri Lanka, led the consolidation of Unilever’s regional businesses in Egypt, Lebanon, Jordan and Syria, and spent several years in the head office in the UK.

http://epaper.brecorder.com/2018/03/09/21-page/703961-news.html

21 Business Recorder
20.    Currency exchange rates

 

Countries

 

U.S.A

U.K

EURO

CANADA

CHINA

SAUDIA ARABIA

Selling TT & OD110.50

153.64

137.07

85.78

17.89

29.46

Buying TT Clean

110.30

153.37

136.82

85.62

17.86

29.41

Buying OD/T.CHQ

110.07

153.05

136.54

85.39

17.81

29.33

 11 Business Recorder

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