Important Business News 3rd December, 2019


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Country held to expensive electricity ‘ransom’: Nepra chief

National Electric Power Regulatory Authority (Nepra) Chairman Tauseef H Siddiqui Monday said that Pakistan has been ‘ransomed’ to expensive electricity due to which demand is lower.
He was aggressively responding to Senator Nauman Wazir Khattak at a meeting of the Senate panel presided by Leader of the House in Senate, Senator Shibli Faraz.


1 Business Recorder

Sales tax refunds

PM for making payment system ‘further’ easier
Prime Minister Imran Khan has directed chairman Federal Board of Revenue (FBR) to make the system introduced by the present government for payment of sales tax refunds to exporters “further” easier.
The Prime Minister issued these directions while chairing a meeting of his economic team on Monday.


1 Business Recorder


Country manages to pay back $1bn against Sukuk

Pakistan Monday paid back some $1 billion on maturity of five-year international Sukuk.
Pakistan launched $-denominated Islamic bond worth $1 billion of five-year tenor in the international bond market in November 2014, during the tenure of PML-N government. The sovereign bonds were issued at 6.75 percent.


1 Business Recorder

July-Oct 2019

Import of textile machinery nosedives to $153.028m
Pakistan’s import of textile machinery nosedived to $153.028 million in July-Oct 2019, down by 1.15 percent, official figures say. Fall in textile machinery now comes to the tune of $1.773 million in July-Oct 2019 from $154.801 million in July-Oct 2018, Pakistan Bureau of Statistics shows.


5 Business Recorder

US re-imposes steel, aluminum tariffs on Brazil, Argentina

President Donald Trump struck back Monday at what he called unfair policies by Brazil and Argentina, saying he is reinstating tariffs on steel and aluminum from those countries.
“Brazil and Argentina have been presiding over a massive devaluation of their currencies,” which is hurting American farmers, he said on Twitter.


13 Business Recorder

Turkish economy returns to growth

Turkey’s economy grew 0.9% year-on-year in the third quarter, breaking three consecutive quarters of contraction as it shook off a recession which followed last year’s currency crisis.
Turkey has a track record of 5% growth, but a 30% slide in the lira last year pushed up inflation and interest rates, while domestic demand tumbled. The central bank has since slashed rates to revive activity.


13 Business Recorder

20 new oil & gas exploration blocks

Petroleum Division planning to hold open bidding by year-end
The Petroleum Division of Energy Ministry is planning to hold open bidding for 20 more new oil and gas exploration blocks by the year-end, aimed at making the country self-sufficient in energy.


19 Business Recorder

New policy on fisheries prepared: minister

Federal Minister for Maritime Affairs, Ali Haider Zaidi has said a new fisheries policy has been prepared to meet the challenges in this sector.
Talking to media on Monday, he said steps are also being taken to train fishermen properly.


19 Business Recorder

Chairman of Ora Developers meets PM

Naguib Sawiris, Chairman of Ora Developers, during his two-day visit to Pakistan met with Prime Minister Imran Khan. The meeting was attended by Minister for Overseas Pakistanis Zulfiqar Bukari and the top management of Eighteen, says a press release issued here on Monday.


19 Business Recorder

Senate body told

Finance Division deducting interest on NHA CDLs
Finance Division has been deducting interest on $10 billion cash development loans (CDLs) of National Highway Authority (NHA) from allocations made through the Public Sector Development Program (PSDP) and consequently it causes delays and escalates projects cost.


20 Business Recorder

Putin, Xi launch ‘historic’ Russian gas pipeline to China

Russia and China on Monday launched a giant gas pipeline linking the countries for the first time, one of three major projects aimed at cementing Moscow’s role as the world’s top gas exporter.
Presiding by video link-up over an elaborate televised ceremony, Russian leader Vladimir Putin and Chinese counterpart Xi Jinping hailed the “Power of Siberia” pipeline as a symbol of cooperation.


20 Business Recorder

Insurance business

SECP delegates certain powers to Commissioner Insurance
The Securities and Exchange Commission of Pakistan (SECP) has delegated certain powers and functions of the Commission to its Commissioner (Insurance) and the officers of the Insurance Division, to deal with the insurance companies, insurance brokers, insurance surveyors and third party administrators only.


20 Business Recorder

China slaps sanctions on US over Hong Kong unrest

China suspended US warship visits and sanctioned American NGOs on Monday in retaliation for the passage of a bill backing pro-democracy protesters in Hong Kong. The financial hub has been rocked by nearly six months of increasingly violent unrest demanding greater autonomy, which Beijing has frequently blamed on foreign influence. Last week US President Donald Trump signed the Hong Kong Human Rights and Democracy Act, which requires the president to annually review the city’s favorable trade status and threatens to revoke it if the semi-autonomous territory’s freedoms are quashed.


20 Business Recorder

Fake refund scam

Two FBR officials awarded RI, fine
An accountability court has awarded rigorous imprisonment of 5 years and fine to two FBR inland officers over release of fake sales tax refund amounting to Rs. 111.47 million.
Accused Shahid Shamim s/o Fazal Hussain Shamim, FBR Inland Revenue (IR) officer awarded 5-year RI and fine worth Rs.1.714 million while accused Shamim Akhtar s/o Naushad Ali Khan, FBR IR officer has been awarded rigorous imprisonment of 05 years and pay fine worth Rs.1.114 million.


20 Business Recorder
15. Moody`s upgrades Pakistan`s economic outlook

New York-based credit rating agency Moody`s on Monday raised Pakistan`s economic outlook from negative to stable on the back of the country`s reforms supported by an IMF programme, but kept its credit rating unchanged at B3.
`The change in outlook to stable is driven by Moody`s expectations that the balance of payments dynamics will continue to improve, supported by policy adjustments and currency flexibility,` Moody`s Investor Service said, adding that such developments reduce external vulnerability risks, although foreign exchange reserve buffers remain low and will take time to rebuild.


1 Dawn
16. Trade deficit contracts further in November

The trade deficit continued to shrinkin November, with the pace of the declines accelerating, according to data tweeted by Commerce Adviser Abdul Razak Dawood on Sunday.
The country`s trade deficit during the July-November period fell to $9.496 billion from $14.47bn in the same period last fiscal year.
The widening trade gap has been at the heart of the deterioration of economy`s external stability and falling foreign exchange reserves. It`s decline takes pressure off the external account.


10 Dawn
17. Currency dealers slam SBP remittance initiative

The State Bank of Pakistan (SBP) on Thrusday urged currency dealers to discuss measures to further improve remittances.
The dealers, however, said the grey market has already taken more than 50 per cent of their business.
`We have been invited by the SBP for improvement and incentives being offered by the government for remittances but the exchange companies especially larger ones with big network are facing losses,` said Zafar Paracha, former general secretary of Exchange companies Association of Pakistan.


10 Dawn
18. S. Korean firm optimistic about auto sector

Officials of a South Korean car maker expect the present gloom in the automotive market to lift by start of the next financial year.
Speaking on the sidelines of the launch of its first 2.6cc light commercial vehicle on Monday, Hyundai-Nishat Motors General Manager (sales and marketing) Ibad Jamal said the car sales had dropped by 24 per cent in the first 10 months of 2019.


10 Dawn
19. Slow trading on cotton market

Cotton prices remained under pressure on Monday as demand from textile spinners slowed down owing to shortage of liquidity and poor availability of quality lint.
Falling world cotton prices also impacted domestic prices which had been higher owing to short crop. As a result of the facial spot rate was also lowered by Rs100 to Rs8,900 per maund in line with falling ready counter rates.
The demand for quality lint is there but short supply has buyers left buyers disappointed, brokers said.


11 Dawn
20. No govt functionary can ask IT officer to hand over taxpayer`s records, SC told

The senior counsel representing Justice Qazi Faez Isa argued before the Supreme Court on Monday that even the prime minister cannot ask any income tax officer to hand over tax records of an individual since such a request does not fall within the purview of the income tax laws.


14 Dawn
21. Al-Arabia Sugar Mills Plea against freezing of assets dismissed

The Lahore High Court on Monday dismissed a petition by Al-Arabia Sugar Mills, said to be owned by sons of PML-N President Shahbaz Sharif, against freezing of its assets by the National Accountability Bureau (NAB).
The NAB-Lahore froze the mills following in assets beyond means inquiry against Suleman Shahbaz and Hamza Shahbaz.
A lawyer appearing on behalf of the mills argued that the NAB chairman had been delegated semi-judicial powers and no other officer in the bureau could assume such powers.


16 Dawn



Promotion of SMEs

Authorities in Pakistan have usually been striving to promote small and medium enterprises (SMEs) with a view to accelerating the pace of development and creating new employment opportunities in the country. However, the results of their efforts have not been up to expectations. Speaking at the “Pakistan Innovative Finance Forum” organised by the Asian Development Bank and Karandaaz in Islamabad, the Chairman FBR, Syed Shabbar Zaidi, described a difficult tax system and a trust deficit as two principal reasons behind the under-development of SMEs.


18 Business



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9 Business



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