Important Business News 9th October, 2019

Important Business News

9th October, 2019


S.# Description Pg # Source
1 Microcredit: SECP expresses grave apprehension

The Securities and Exchange Commission of Pakistan (SECP) has apprehended that proscribed persons involved in terrorist financing activities may be involved in obtaining microcredit or micro-loan from microfinance companies and using it for such illegal activities.


1 Business Recorder
2. FBR takes major step towards Benami bank accounts

To deal with Benami bank accounts, the Federal Board of Revenue (FBR) Tuesday asked the banks that there should be a positive statement in all KYC/CDD prescription about beneficial owner of bank account and amendment should be made part of the KYC/CDD requirements.


1 Business Recorder
3. APTMA rejects bonds meant to clear outstanding claims of industry

All Pakistan Textile Mills Association (APTMA) has rejected the prevalent form of bonds meant to clear outstanding claims of industry as no local bank is ready to discount these bonds.


1 Business Recorder
4. All set to unveil new winter power policy next month.

Imran Khan government is all set to unveil new winter power policy next month, according to which electricity will be supplied to all categories of consumers at a “flat rate” in winter months aimed at consuming maximum volume of available capacity.


1 Business Recorder
5. Profit-taking drags PSX down

BR Index100 snap winning streak

After witnessing a bullish trend for last many sessions, investors Tuesday opted to book profit that forced the Pakistan Stock Exchange to close on a negative note.



1 Business Recorder
6. PM urged to help resolve issues of leather industry

Pakistan Tanners Association chairman Sheikh Afzal Hussain has urged prime minister for immediate redressal of leather industry issues on war footing basis for amelioration with level playing in comparison with neighbour competing countries.


5 Business


7. Senate body approves National Counter Terrorism Authority (Amend) Bill.

Senate Standing Committee on Interior has approved ‘The National Counter Terrorism Authority (Amendment) Bill, 2019′ to make an effective coordination and contribution by all major stakeholders and recommended the Interior Ministry to prepare a draft of legislation to give a forensic report the status of primary evidence in the courts.


7 Business


8. Azerbaijan evinces interest in energy sector.

Azerbaijan has shown keen interest in exploring business and investment opportunities in Pakistan’s energy sector. Businessmen of Azerbaijan expressed keen interest in oil and gas exploration activities as well as opportunities in the LNG infrastructure in Pakistan and offered LNG supplies on a long-term basis.


7 Business


9. Govt urged to evolve mechanism for issuing POCs to expats

A special Senate panel Tuesday called upon the government to set up a mechanism for issuing Pakistan Origin Cards (POCs) for Pakistanis abroad who have relinquished their Pakistani nationality on any ground and acquired the nationality of the country of their residence.


7 Business


10. Cotton Market

Steady trend seen on strong buying by mills

Mills indulged in panic buying of cotton on the local market on Tuesday in the process of hectic trading, dealers said.

The official spot rate was unchanged at Rs 8700, they added. In ready session, about 21,000 bales of cotton changed hands between Rs 8150-8900, they said.



8 Business


11. US blacklists 28 Chinese entities

The US is to blacklist 28 Chinese entities that it says are implicated in rights violations and abuses targeting Uighurs and other mostly Muslim minorities in the Xinjiang region, the commerce department announced.


13 Business


12. Corruption won’t be tolerated in housing societies: Minister.

Sindh Minister for Industries and Commerce & Cooperative Department Jam Ikramullah Dharejo has said corruption in co-operative housing societies will not be tolerated and the rights holder should get it.


19 Business


13. CPEC projects in Gwadar

Work at fast pace: Zaidi

Minister for Maritime Affairs Ali Zaidi has said that work on various China-Pakistan Economic Corridor (CPEC) projects in Gwadar continues at a fast pace to develop the port city.


20 Business


14. APTMA seeks withdrawal of duty, taxes on cotton import

All Pakistan Textile Mills Association (APTMA), showing serious concern on lower cotton output, has urged the federal government to remove duty and taxes on the import of raw cotton to support the domestic textile industry.


20 Business


15. Chinese firm investing in Gwadar gets 23-year tax exemption.

Federal Minister for Maritime Affairs Ali Haider Zaidi has announced that the government has granted tax exemption to the China Overseas Ports Holding Company (COPHC) for 23 years to facilitate establishment of its industrial units at Gwadar Port.


1 Dawn
16. Chinese firm starts coal mine work in Thar Block-I to produce 1,320MW, CM told.

A Chinese power company has started mining in Thar Block-1 to develop mine and installation of a coal-fired power plant to generate 1,320 megawatts of electricity.



2 Dawn
17. Govt finalizes draft policy for locally assembled mobile phones.

The En­ginee­­­r­ing Development Board (EDB) on Tuesday finalized a draft of the Mobile Device Manufactur­ing Policy which centres on replacing imported mobile phone sets with locally assembled and manufactured ones.


3 Dawn
18. Australia uninterested in FTA with Pakistan.

Australia has refused to offer preferential market access to Pakistan on the grounds that the country has a very limited basket of tradable goods and services.


10 Dawn
19. Currency exchange rates














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