Latest News

Welcome to our Community
Wanting to join the rest of our members? Feel free to sign up today.
Sign up

BPositive

Administrator
Apr 7, 2017
175
0
15
#1
Forex reserves fall by $245 million

The country's total liquid foreign exchange reserves declined by $245 million to $21.550 billion during the week ended March 31, 2017. During the week, forex reserves held by the State Bank of Pakistan (SBP) decreased by $264 million to $16.466 billion. The decrease has been mainly attributed to external debt servicing and other official payments. The net foreign exchange reserves held by commercial banks, however increased by $19 million to $5.084 billion during the week.

http://fp.brecorder.com/2017/04/20170407164831/

ADB projects 5.2 percent GDP growth

Asian Development Bank (ADB) has projected GDP growth for Pakistan at 5.2 percent in fiscal year 2017, a rate that has been downgraded by Finance Minister Ishaq Dar to five percent, and 5.5 percent in 2018 against six percent projected in the budget, but maintained that regulation remains burdensome, requiring more reform to provide an enabling environment that facilitates business and fosters investment. In its latest Asian Development Outlook (ADO) 2017, ADB forecasts higher growth, with inflation and current account deficit edging up on higher oil prices and substantial imports for a major investment project. Continued economic reform is essential to reach a high growth trajectory.

http://fp.brecorder.com/2017/04/20170407164815/

Preserve economic stability gains, IMF tells government

The International Monetary Fund has urged Pakistan to strengthen its export and manufacturing industries and to fix its electricity supply or face putting hard-won economic gains at risk. The IMF said recent reforms, including cutting costly subsidies, privatising some loss-making state companies and building up foreign reserves, had strengthened Pakistan''s economy and set it on a path to higher growth. Pakistan''s economic position has improved sharply since it came close to default in 2013, but the IMF warned "a number of challenges in the fiscal, external, and energy sectors could affect hard-won stability gains in the period ahead". Boosted by a $6.7 billion bailout package, it has completed an IMF reform programme and set in motion $57 billion worth of infrastructure projects connected to the Beijing-funded China-Pakistan Economic Corridor (CPEC) project.

http://fp.brecorder.com/2017/04/20170407164809/

LSM figures clouded by doubts


Large Scale Manufacturing (LSM) growth, a contributor to the Gross Domestic Product growth rate of the Country, is collected from different Associations or Chambers who reportedly are not providing accurate figures, a perception shared by officials and independent economists. According to Pakistan Bureau of Statistics (PBS), the overall output of LSM increased by 3.48 percent for July-January-2016-17 compared to the same period of 2015-16.

http://fp.brecorder.com/2017/04/20170407164788/

Cement sales climb to 30.3m tones

Cement despatches soared to record 30.304 million tonnes during the first nine months of the current fiscal year. The All Pakistan Cement Manufacturers Association (APCMA) on Thursday reported a seven per cent increase in overall sales during July-March period of 2016-17 over the corresponding period of last year with domestic consumption rising 11pc, but exports declined by 15pc.

https://www.dawn.com/news/1325407/cement-sales-climb-to-303m-tonnes

Registered Hepatitis C drugs available at lowest prices in the world: DRAP

The Drug Regulatory Authority of Pakistan (DRAP), in a statement issued in the backdrop of a recent press conference organised by the Pakistan Young Pharmacists Association and Pakistan Drug Lawyers Forum, has asserted that Hepatitis C medicines of 19 pharmaceutical companies were registered and the said drugs are freely available in the market.

https://www.thenews.com.pk/print/19...-available-at-lowest-prices-in-the-world-DRAP

SSGC plans Rs64.9bln pipeline project to transport 1.2bcfd gas

Sui Southern Gas Company (SSGC) has approved Rs64.9 billion worth of project to develop a 1.2 billion cubic feet/day (bcfd) capacity pipeline for the transportation of re-gasified liquefied natural gas to Lahore, it emerged on Thursday. The SSGC’s board of directors approved the 370-kilometre long and 42-inch diameter pipeline project with an expected completion in October 2018, an official document said. The government wants to import more liquefied natural gas for the upcoming terminals in the country. Keeping in view the diminishing indigenous gas resources, there is an immediate need to develop addition pipeline capacity from Karachi to Lahore.

https://www.thenews.com.pk/print/196942-SSGC-plans-Rs649bln-pipeline-project-to-transport-12bcfd-gas

Dar asks German companies to benefit from SEZs in Pakistan

Finance Minister Ishaq Dar on Thursday suggested the German companies to explore the possibility of benefitting from the opportunities available in the special economic zones (SEZs) being established in Pakistan. Ishaq Dar held a meeting with the visiting German Federal Minister for Economic Cooperation and Development Dr Gerd Muller on Thursday at the PM House in Islamabad. Matters of mutual interest with particular focus on bilateral development, cooperation between Pakistan and Germany were discussed during the meeting.

https://www.thenews.com.pk/print/197021-Dar-asks-German-companies-to-benefit-from-SEZs-in-Pakistan
 

xResearch

Active Member
Apr 9, 2017
1,537
1
38
#2
Dar to represent Pakistan at IMF-WB spring meetings: Finance Minister Ishaq Dar would lead Pakistan delegation to the IMF – World Bank spring meetings in Washington from 21-23 April. The minister will also participate in the 50th Annual Meeting of the ADB Board of Governors, which will be held in Yokohama, Japan from 4 to 7 May 2017. A meeting, chaired by the finance minister here on Sunday, reviewed preparations for a meaningful participation of Pakistani delegations in both the events.
Source: http://nation.com.pk/business/10-Apr-2017/dar-to-represent-pakistan-at-imf-wb-spring-meetings

Govt’s plan of privatising PSEs moving at snail’s pace: The government’s plan of privatising public sector entities (PSEs) is moving at snail’s pace, as it had not privatised any entity since August 2015. The PML-N government after coming into power in June 2013 had announced to privatise 69 PSEs, which included loss-making Pakistan International Airlines, Pakistan Steel Mills, and power generation companies. However, the government had so far privatised profit-making entities, including Habib Bank Limited (HBL), United Bank Limited (UBL), Allied Bank Limited (ABL), Pakistan Petroleum Limited (PPL) and National Power Construction Company.
Source: http://nation.com.pk/business/08-Apr-2017/govt-s-plan-of-privatising-pses-moving-at-snail-s-pace

To repay Eurobond debt, Pakistan likely to borrow $750m from China: Pakistan may borrow another $750 million as a short-term foreign commercial loan from China, ironically to pay back the Eurobond debt incurred during the rule of Gen (retd) Pervez Musharraf, also underscoring that the country is no more able to retire its debt from own resources.
Source: https://tribune.com.pk/story/1377579/repay-eurobond-debt-pakistan-likely-borrow-750m-china/

Rs 546b released under PSDP in 9 months: The government has released over Rs546 billion for various development projects across the country under the Public Sector Development Programme (PSDP). According to statistics provided by Ministry of Planning and Development, the aforementioned amount was released till 31st of the last month of the current financial year.
Source: http://nation.com.pk/business/10-Apr-2017/rs-546b-released-under-psdp-in-9-months

Panama case verdict may be announced this week: The much-awaited verdict on the Panama case is expected to be announced this week which may have implications only on the political future of a sitting parliamentarian, legal experts told Business Recorder.
Source: http://fp.brecorder.com/2017/04/20170410166908/

SBP borrowing dollars to arrest fall in reserves: Currency dealers said on Saturday the State Bank of Pakistan (SBP) has been buying dollars from local banks and borrowing from overseas commercial banks to maintain foreign exchange reserves at the current level of $21.5 billion. The government is trying to arrest the fall in foreign exchange reserves that have been declining since October last year.
Source: https://www.dawn.com/news/1325842/sbp-borrowing-dollars-to-arrest-fall-in-reserves

Upgraded infrastructure to boost investment, says ADB report: The upgrade of Pakistan’s infrastructure is expected to attract direct investment from abroad, including mature industries in China which seek lower-cost locations, the Asian Development Bank says in a new report. The China-Pakistan Economic Corridor will significantly address Pakistan’s infrastructure deficit caused by annual spending on infrastructure at only 2-3 per cent of GDP over the past four decades.
Source: https://www.dawn.com/news/1326032/upgraded-infrastructure-to-boost-investment-says-adb-report

Chinese co likely to install oil refinery in Sindh: Mingyuan Holdings Group Co limited - a Chinese company has offered to install an oil refinery in Sindh with the investment of $2 billion. The refinery estimated to refine over 10 million tonnes of oil annually to set the commodity in the local and international markets. The delegation of the Chinese company led by its chairman Ji Hong Shui presented this offer during meeting with Sindh Board of Investment (SBI) Chairperson Naheed Memon here on Friday.
Source: http://nation.com.pk/business/08-Apr-2017/chinese-co-likely-to-install-oil-refinery-in-sindh

Govt likely to bound energy investors to lay transmission lines: Government is mulling a proposal to pass on a responsibility of laying power transmission line to the energy investor in order to share the cost as well as accelerate pace of a project’s execution, sources said on Saturday. The sources said the new mechanism will bound new power producers to lay transmission line from their own resources to connect their projects with the nearest grid network.
Source: https://www.thenews.com.pk/print/19...nd-energy-investors-to-lay-transmission-lines

Foreign interest transforming auto landscape: The Board of Investment (BoI) has received two formal applications from prospective investors to set up auto assembly plants in Pakistan in the greenfield category of the Automotive Development Policy 2016-21, a senior official told Dawn. The BoI has received a comprehensive business plan from Lucky Cement for setting up an auto plant in partnership with South Korean carmaker Kia Motor. It involves a total investment of Rs28.45 billion.
Source: https://www.dawn.com/news/1325837/foreign-interest-transforming-auto-landscape

Policy demanded to avoid repeat of cotton crop failure: The government has been urged to formulate a new cotton policy to avoid losses suffered due to crop failure over the last two consecutive years. Analysts say the key crop failure should be taken seriously also because it did not occur in any of the cotton-growing countries except Pakistan. Pakistan’s cotton production stood at 15 million bales in the 2013-14, which dropped to around 10m bales during the last two seasons.
Source: https://www.dawn.com/news/1325841/policy-demanded-to-avoid-repeat-of-cotton-crop-failure

BCL pulls out of Dewan deal: Bestway Ce¬m¬¬e¬nt Ltd (BCL) has said it is pulling out of a deal to acquire Dewan Cement Ltd’s (DCL) north plant due to delay and uncertainty arising out of the recent legal proceedings initiated in the Sindh High Court (SHC).
Source: https://www.dawn.com/news/1325580/bcl-pulls-out-of-dewan-deal

SMEs want cut in sales tax rates: The Small and Medium Enterprises Alliance (SAMEA) has urged the government to reduce sales tax rates and also relax collateral condition on bank loans. In its budget proposals for 2017-18, the organisation pointed out that sales tax rates in Pakistan were high despite low per-capita income. SAMEA President Zafar Iqbal said that in developed countries like the United States where per-capita income was much higher the general sales tax (GST) rate was between four to eight per cent compared to 17pc in Pakistan.
Source: https://www.dawn.com/news/1325578/smes-want-cut-in-sales-tax-rates

Pakistan improves ranking on tourism competitiveness index: With less than a million foreign tourists visiting the country on an average, Pakistan has been able to improve its ranking by one point in 2017 – currently at 124 out of 136 countries – covered in the Travel and Tourism Competitiveness Index 2017 released by the World Economic Forum. Earlier, the country was ranked 125 out of 141 countries in 2015.
Source: https://www.dawn.com/news/1325829/pakistan-improves-ranking-on-tourism-competitiveness-index

‘Consumers to face power outages in Ramazan’: Speaking in a meeting of the National Assembly Standing Committee on Water and Power, chaired by Arshad Khan Leghari, on Friday, Additional Secretary Ministry of Water and Power Omer Rasul revealed that at present the gap between power supply and demand stood at 5,000MW and it would be a success if the shortfall was maintained in the summer season this year.
Source: https://tribune.com.pk/story/1377568/consumers-face-power-outages-ramazan/

Pakistan Railways will not be privatised, says minister: Federal Minister for Railways Khawaja Saad Rafique strongly rebuffed rumours about the privatisation of Pakistan Railways, saying that the state-owned corporation is successfully elevating its revenue streams and did not need to be sold off.
Source: https://tribune.com.pk/story/1378291/pakistan-railways-will-not-privatised-says-minister/

State of emergency in Egypt after IS church bombings kill 44: Egyptian President Abdel Fattah al-Sisi announced a three-month state of emergency following twin church bombings by the Islamic State group that killed dozens on Palm Sunday, the deadliest attacks on the minority in recent memory.
Source: http://www.brecorder.com/2017/04/10...cy-in-egypt-after-is-church-bombings-kill-44/

Exporters fear loss as duty drawback payment delayed: The value-added textile exporters are exposed to heavy financial losses as they have passed on the benefit of cut in cost to the international buyers immediate after the announcement of PM incentive package to the export-oriented industry but not a single penny has been released so far in this regard.
Source: http://nation.com.pk/business/09-Apr-2017/exporters-fear-loss-as-duty-drawback-payment-delayed
 

xResearch

Active Member
Apr 9, 2017
1,537
1
38
#3
News Pulse (April 10, 2017)

World Bank plans parley to resolve Pakistan-India water disputes
The World Bank’s officials are in contact with the Pakistani and Indian authorities to work out an agenda of a meeting, possibly starting this month in US, to resolve the perennial water disputes between India and Pakistan under the Bank’s meditation, a senior official said on Friday. The official said the World Bank’s management is finalising the modalities, in consultation with both the countries, of the proposed meeting under a dispute resolution mechanism of the Indus Waters Treaty.
https://www.thenews.com.pk/print/19...rley-to-resolve-Pakistan-India-water-disputes

Pakistan can become world’s 20th biggest economy
Pakistan has an immense potential to become the world’s 20th largest economy by 2030, a UK lawmaker said on Saturday, terming the country as a land of opportunities. “Pakistan has a huge potential as there is a plenty of business opportunities in the country, particularly in Karachi, which is why UK parliamentarians are keen to strengthen and deepen relations with Pakistan,” British Parliamentarian Rehman Chishti said during a visit to the Karachi Expo Centre on the second day of ‘My Karachi Exhibition’.
https://www.thenews.com.pk/print/197418-Pakistan-can-become-worlds-20th-biggest-economy

CPEC generating interest from developed economies
There is great potential for developed economies like the United Kingdom (UK) to join the China-Pakistan Economic Corridor (CPEC) and other projects in China’s One Belt, One Road (OBOR) initiative. “The UK is poised to be a key partner of CPEC” and will host a conference in Islamabad in May, Chinese newspaper “Global Times” quoting a UK government’s website reported on Friday. The news offers a positive signal that the CPEC has received an increasing amount of attention from developed economies. China is likely to welcome enterprises from the UK and other developed nations to participate in the construction of CPEC which has long been seen as a flagship project in the OBOR initiative.
http://nation.com.pk/business/08-Apr-2017/cpec-generating-interest-from-developed-economies

Pak-Iran to sign FTA after resumption of banking channels
Pakistan-Iran Free Trade Agreement (FTA) will be signed between the two countries after State Bank of Pakistan and Central Bank of Iran resume banking channels, a senior official of ministry of commerce told the media on Sunday. "Joint ministerial level meeting between Pakistan and Iran to be held in Tehran on April 18, for negotiation on bilateral trade and FTA between the two countries," said the official. "We are very much looking forward to the progress on bilateral trade and enhance export to Iran," the official said.
http://nation.com.pk/business/09-Apr-2017/pak-iran-to-sign-fta-after-resumption-of-banking-channels

Bestway shelves plan to acquire Dewan Cement
Bestway Cement Limited on Friday announced it has shelved its plan to acquire north plant of Dewan Cement Limited, citing some legal hiccups and clearly leaving a room for other local players or a Chinese entrant to join forces with a key cement maker. “As a result of delay and uncertainty resulting from recent legal proceedings initiated in the Sindh High Court, Bestway Cement Limited has decided not to proceed with the acquisition of the north plant of Dewan Cement Limited located at Kamilpur, near Haripur, Khyber Pakhtunkhwa,” the company said in a notice issued to the Pakistan Stock Exchange.
https://www.thenews.com.pk/print/197165-Bestway-shelves-plan-to-acquire-Dewan-Cement

Govt releases over Rs546b for development projects
The government has released over five hundred and forty-six billion rupees for various development projects across the country, reported Radio Pakistan on Sunday. According to statistics provided by the ministry of planning and development, the amount has been released upto 31st of last month for the current financial year. National Highway Authority (NHA) has been provided over one hundred and sixty-six billion rupees while over twenty-four billion rupees were given to Railways Division. Similarly, over one hundred and thirty billion rupees were released to WAPDA and Pakistan Atomic Energy Commission got over seventeen billion rupees.
http://nation.com.pk/business/09-Apr-2017/govt-releases-over-rs546b-for-development-projects

SECP seeks public support for Islamic micro financing
The Securities and Exchange Commission of Pakistan (SECP) on Friday sought the support from public as well as policymakers to promote shariah-compliant micro-financing sector in the country. “In order to increase financial inclusion in Pakistan, the SECP is providing enabling regulations for the non-banking microfinance institution segment,” Zafar Abdullah, commissioner at Specialised Companies Division said in a statement.
https://www.thenews.com.pk/print/197170-SECP-seeks-public-support-for-Islamic-micro-financing

SECP registers 819 companies in March
The Securities and Exchange Commission of Pakistan (SECP) registered 819 new companies during the month of March, witnessing an increase of 34 percent as compared to same month of preceding year, numbers released by the commission showed on Saturday. According to the stats in the statement, the commission registered 5,858 new companies during the first nine months of current fiscal year, representing a growth of 33 percent compared to the corresponding period last year.
https://www.thenews.com.pk/print/197415-SECP-registers-819-companies-in-March

PTCL inks deal with Malaysia’s Iflix
Pakistan Telecommunication Company Limited (PTCL) customers can now enjoy free access to the content of Iflix, a Malaysian subscription video-on-demand service, a statement said on Saturday. “The PTCL and Iflix have entered an agreement, which allows our customers to watch a wide range of Iflix content for a full year,” Adnan Shahid, PTCL’s chief commercial officer told a press conference.
https://www.thenews.com.pk/print/197441-PTCL-inks-deal-with-Malaysias-Iflix

China plans to finance $8 bn for Pakistan Railways’ Mainline
China has shown its interest to fully finance over $8 billion for upgrading Pakistan Railways’ Mainline (ML-1) by enhancing amount of China Pakistan Economic Corridor (CPEC) up to $54 billion from earlier committed amount of $51.5 billion. Beijing had already jacked up CPEC funding from $46 billion to $51.5 billion after indicating $5.5 billion for upgrading Pakistan Railways (PR) and now they are considering increasing it up to around $54 billion. “China wants to complete rail project on priority basis without involvement of any other multilateral or bilateral donors in order to accomplish the task in next three to four years period,” said the official sources.
https://www.thenews.com.pk/print/197374-China-plans-to-finance-8-bn-for-Pakistan-Railways-Mainline

Aptma demands immediate payment of refunds
All Pakistan Textile Mills Association (APTMA) Chairman Aamir Fayyaz has condemned the Federal Board of Revenue (FBR) for rolling back all sales tax refund payment orders (RPOs) issued to the export-oriented sectors. The APTMA chief urged Prime Minister Nawaz Sharif and Finance Minister Ishaq Dar to intervene and direct the FBR to make payments without any further delay. He said that only the immediate payment of all outstanding refunds of sales tax to claimants against the already issued RPOs could save the industry, which is facing severe liquidity crunch.
http://nation.com.pk/business/08-Apr-2017/aptma-demands-immediate-payment-of-refunds

PC-1 for Gilgit-Ghizer Expressway ready
Gilgit-Baltistan (G-B) Chief Minister Hafeezur Rehman has disclosed that a PC-I has been prepared for the construction of the Gilgit-Ghizer Expressway at an estimated cost of Rs1.35 billion. Presiding over a meeting on Friday, he said that development projects had been launched in all districts. In this regard, he directed Works Department secretary to start work on G-B’s highways under Phase-II while ensuring quality and standard in construction. Officials of the Works Department were further directed to ensure timely and transparent completion of all projects.
http://nation.com.pk/national/08-Apr-2017/pc-1-for-gilgit-ghizer-expressway-ready

Exporters fear loss as duty drawback payment delayed
The value-added textile exporters are exposed to heavy financial losses as they have passed on the benefit of cut in cost to the international buyers immediate after the announcement of PM incentive package to the export-oriented industry but not a single penny has been released so far in this regard. This was stated by Pakistan Hosiery Manufacturers Association (PHMA) Chairman Adil Butt while expressing his concern on undue delay in refunds payment to the exporters.
http://nation.com.pk/business/09-Apr-2017/exporters-fear-loss-as-duty-drawback-payment-delayed
 

xResearch

Active Member
Apr 9, 2017
1,537
1
38
#4
BOI achieves foreign investment target of $1.3 billion

ISLAMABAD, Apr 9 (APP):The Board of Investment (BOI) has achieved $ 1.3 billion foreign investment target set for first three quarters of current fiscal year.

The Board of Investment(BOI) has set total $2.7 billion target for foreign investment for the year 2016-17,Spokesman of Board of Investment (BOI) told APP here.
He said that seven Special Economic Zone (SEZ) cells had been approved for facilitating the investors through one window operation to provide them facility at one place.
The spokesman said that SEZs investors would get the facility for plant and machinery import without customs duty and also 10 years tax holiday for investment by June 30, 2020.

The investors who would invest in SEZs after June 30, 2020 would get tax holidays for five years.
Replying to a question, he said that 9 more industrial zone have been approved for high tech industry to enhance the export and employment opportunities in the country.

He said the Cell has been furnished on the contemporary corporate style and will be equipped with state-of-art facilities.
The spokesman said that Joint Working Group (JWG) also formed under Chairman BOI, Dr.Miftah Ismail for industrial collaboration.
Coca-Cola, he said is presently contemplating a further US$ 200 million of green field investment, and expand Coca-Cola’s production and distribution capacity in Pakistan in Faisalabad and Islamabad regions.

The company has already invested US$ 500 million during this year on the up-gradation of the existing plants in the country.
He further said that Coca-Cola intends preferably to establish their units at Special Economic Zones (SEZ) in Pakistan.
The spokesman said that Pakistan has one of the most liberal foreign investment regimes in South Asia.
The Board of Investment (BOI) is fully committed to reviving the confidence of foreign businessmen to ultimately boost foreign investment in the country.
He said that foreign investors were keen to invest in various sectors of Pakistan.
 

xResearch

Active Member
Apr 9, 2017
1,537
1
38
#5
Head of visiting UK delegation terms Pakistan a land of opportunity

KARACHI, April 8 (APP): The head of the visiting seven-member British Parliamentary delegation, Rehman Chishti MP, while terming Pakistan as ‘land of opportunities’, said that the country has huge potential as there are plenty of business opportunities in Pakistan, particularly in Karachi, that was the basic reason UK parliamentarians are keen to strengthen and deepen relations with Pakistan.

We are here in Pakistan and Karachi as we believe that Pakistan’s economy is going to become the 20th largest economy of the world by 2030 because of good governance and infrastructure
he added while visiting on the second day of 14th My Karachi-Oasis of Harmony Exhibition at Expo Center on Saturday, says a statement of the Karachi
Chamber of Commerce and Industry (KCCI).

President KCCI Shamim Ahmed Firpo, Senior Vice President KCCI Asif Nisar, Vice President KCCI Muhammad Younus Soomro, Chairman Special Committee for My Karachi Exhibition, Muhammad Idrees and KCCI Managing Committee members accompanied the British Parliamentarians during their tour to different stalls at the Expo Center.

Rehman Chishti, who is also the Chairman of British Parliamentary Committee on Pakistan, said that the reality about Pakistan was totally different as compared to its perception.

Karachi is safe and the people of Karachi are great
he added.

He informed that the British Prime Minister will be visiting Pakistan within the next few months whereas the British Trade Minister will also be visiting this country within the next couple of weeks.

‘British Foreign Minister and Home Minister have already visited Pakistan and our Prime Minister will also be arriving here as it is our desire to further deepen the existing relations between both the countries, he said, adding that UK wants to improve and maximize its trade and investment with Pakistan.

Rehman Chishti noted that around 1.1 million British Pakistanis are inhabiting in UK who are contributing at every level.

‘It is our willingness to engage these British Pakistanis in promoting trade and investment between the two countries’, he added.
To a query regarding UK’s interest in China-Pakistan Economic Corridor (CPEC), he said, ‘We are reviewing all the aspects of CPEC and it seems that all aspects have potential for British investment.

CPEC offers great investment opportunities for United Kingdom across all sectors.

Referring to British Parliamentarians delegation’s meetings with Chief Ministers of Sindh and Punjab, he said that they were willing to make sure that the investment opportunities reaching Pakistan from UK are equally distributed amongst provinces.

He informed that both countries enjoy strong trade ties and UK was looking forward for investment opportunities in Services, Goods, Banking and Security, Tourism sectors.
Meanwhile, bustling activities resumed in full swing at the Karachi Expo Center as massive number of visitors continued to pour into the Expo Center on second day of My Karachi Exhibition, which was also toured by Director General Pakistan Rangers Sindh Maj. Gen. Muhammad Saeed, Mayor Karachi Waseem Akhter, Consul General of Russia Oleg N. Avdeev, Consul General of Sri Lanka H.M.B. Herath, Consul General of Indonesia Dempo Awang Yuddie, Consul General of Thailand Suwat Kaewsook and other dignitaries, who highly admired KCCI’s efforts to promote the positive and soft image of Karachi.

DG Rangers Sindh, Maj. General Mohammad Saeed, who was accompanied by Chairman Businessmen Group and Former President KCCI Siraj Kassam Teli and other prominent businessmen and industrialists during his tour to My Karachi Exhibition, highly appreciated BMG Leadership and KCCI Management for effectively highlighting Karachi and its citizens as peace-loving.

President KCCI, Shamim Ahmed Firpo, while commenting on the progress of My Karachi Exhibition, stated that they have received overwhelming response from people belonging to all walks of life who highly appreciated KCCI’s efforts towards organizing this lovely event which has provided Karachiites an opportunity to spend some good time with their families and carry out shopping in a secure atmosphere.
 

xResearch

Active Member
Apr 9, 2017
1,537
1
38
#6
CPEC generating interest from developed economies

BEIJING : There is great potential for developed economies like the United Kingdom (UK) to join the China-Pakistan Economic Corridor (CPEC) and other projects in China’s One Belt, One Road (OBOR) initiative.

Britain’s desire to join CPEC

The UK is poised to be a key partner of CPEC
and will host a conference in Islamabad in May, Chinese newspaper “Global Times” quoting a UK government’s website reported on Friday.

The news offers a positive signal that the CPEC has received an increasing amount of attention from developed economies. China is likely to welcome enterprises from the UK and other developed nations to participate in the construction of CPEC which has long been seen as a flagship project in the OBOR initiative.

The initiative not only provides a platform for China and countries along the routes to enhance cooperation, but also adheres to the principle of openness and inclusiveness in global economic development. Currently, China is encouraging wider participation from developed economies in the initiative.

In March, New Zealand signed a cooperation agreement with China on the OBOR initiative, a first for western developed countries. An OBOR initiative summit, to be held in Beijing in May, will also provide an opportunity to enhance cooperation between China and developed countries.

It can be expected that the CPEC and some other projects in the initiative will get more attention from western leaders in the coming months. The steady development of CPEC has made Pakistan more attractive to foreign investment.

Some developed countries, as the traditional foreign trade partners of many emerging economies along the OBOR initiative, have a clear intent to increase trade with those countries, Pakistan included.

Minister for Planning, Development and Reform Ahsan Iqbal has stated that Pakistan welcomes the desire of Britain to join the multi-billion dollar CPEC project.

Malaysia wants to utilise Gwadar port

He added that several other countries in the European Union (EU) and the Central Asian Republic are also evincing keen interest in the mega project. This proves that the project is not only restricted to Pakistan and China, but has a greater regional impact.

The minister said that CPEC, which has changed the image of the country, would make Pakistan a hub of manufacturing and commerce.

Source: APP
 

xResearch

Active Member
Apr 9, 2017
1,537
1
38
#7
CPEC to accelerate economic growth of all countries in region: Pakistani diplomat

CHICAGO, April 9 (APP): The China Pakistan Economic Corridor (CPEC) would help boost economy of all countries in the region and even benefit the U.S. which is selling turbines for energy projects in Pakistan, a senior Pakistani diplomat has said.

Speaking at a seminar marking the 70th anniversary of Pakistan, Consul General Faisal Niaz Tirmizi said the United Kingdom, Germany and South Korea had also expressed interest to invest in Pakistan’s infrastructure and energy projects.

The event was organized by the Pakistan Student Association of Illinois Institute of Technology (IIT), Chicago.

The President of Pakistani Student Association, Faizan Urfi, introduced Consul General Tirmizi to the audience that included a number of students from Pakistan, U.S., Bangladesh, India and Europe.

Emphasizing that students were future leaders, the consul general said that the skills of Pakistani foreign qualified engineers, IT professionals and doctors would take the country to the heights of economic and technological development.

Tirmizi urged the students to organize similar events at all educational institutions to highlight the rich cultural heritage of Pakistan. The premises of Pakistan Consulate in Chicago have been turned into a platform for Pakistani-American community’s activities.

The event was rounded off with a 45-minute question-answer session during which many students asked about Pakistan’s internal situation, Islamabad-Washington relations and the country’s bilateral relations with regional countries, especially Afghanistan, India and Iran.

Some students from India and Bangladesh expressed their desire to visit Pakistan along with their Pakistani classmates to get a better understanding of the country. Consul General Tirmizi welcomed the idea.

Pakistan, he said, was progressing politically, economically and socially, despite serious challenges emanating from deteriorating regional challenges.
 

xResearch

Active Member
Apr 9, 2017
1,537
1
38
#8
Economy News

Tatarstan to work with Pakistan for promoting halal food Halal| Positive

The Republic of Tatarstan is ready to work with Pakistan for promoting halal food. During the event, halal food experts and officials representing various countries including Malaysia, Indonesia, Russia, Tatarstan, the United Kingdom, Turkey and some Middle Eastern nations presented their research papers. Click here for more

Probe against petroleum ministry officials in Rs86bn scam Oil| Negative

FIA has launched a probe into the role of some senior officials of the petroleum and natural resources ministry in the alleged embezzlement of billions of rupees by some national and international oil and gas companies.The investigation relates to the embezzlement of Rs86 billion allegedly committed by 40 companies. According to the audit reports, “nine companies sold oil worth billions of rupees in connivance with officers/officials of the petroleum ministry after misappropriating the same from 34 oil wells in the name of ‘test production’ over the past six years. Click here for more

SECP to amend sukuk regulations Sukuk | Neutral to Positive

SECP) is amending the 2015 Issue of Sukuk Regulations to facilitate issuers, reducing the cost of issue and easing the regulatory burden. The proposed amendments include waiving mandatory underwriting where the purpose of the issue is to repay its existing debts, reducing the minimum number of underwriters from two to one. Click here for more

Remittances decrease 2.3pc to $14bn Economy| Negative

Pakistan received $14 billion remittances in the first nine months of the current fiscal year, down 2.3 per cent year-on-year. Click here for more

Gas moratorium goes for all categories of consumers SNGP | SSGC| Positive

Prime Minister Nawaz Sharif on Monday approved ending a moratorium on fresh bulk gas connections to domestic, commercial and industrial consumers and ordered settlement of growing circular debt for smooth running of the energy sector. Click here for more

KP govt to provide cheaper electricity to industry Economy| Positive

Khyber Pakhtunkhwa Chief Minister Pervez Khattak on Monday presided over a meeting of the board of directors of the Energy and Power Development Fund, which approved transfer of Rs15 billion to the fund. It was also decided that 76 megawatts of electricity to be produced by Daral Khwar and Machai hydropower projects by June-July would be provided for industrial consumption at cheaper rates to accelerate industrial growth. Click here for more

International News

Saudi finance minister says no income taxes for Saudi citizens

Saudi Arabia's finance minister said on Sunday that citizens would not pay taxes on income and Saudi companies would not see their profits taxed under sweeping economic reforms being introduced in the oil-rich kingdom. Click here for more

Copper Stockpiles Fall From Three-Year High

Combined stockpiles in warehouses tracked by exchanges in Shanghai, London and New York have fallen 9.6 percent from a three-year high in mid-March, while money managers boosted their bullish bets on copper traded on the London Metal Exchange for a fourth straight week. Click here for more

Aba Ali Habib Securities
 

xResearch

Active Member
Apr 9, 2017
1,537
1
38
#9
Remittances decrease 2.3pc to $14bn: Pakistan received $14 billion remittances in the first nine months of the current fiscal year, down 2.3 per cent year-on-year. According to data released by the State Bank of Pakistan (SBP) on Monday, inflows from most major sources of remittances did not improve in July-March. Remittances from countries of the European Union grew, but their share in total remittances was small. With a rising current account deficit that jumped to $5.5bn in July-Feb against $2.5bn a year ago, Pakistan has been struggling to maintain its foreign exchange reserves.
Source: https://www.dawn.com/news/1326167/remittances-decrease-23pc-to-14bn

Growth rate to fall short of target: think tank: The GDP growth rate for 2016-17 will fall short of the target of 5.7 per cent, according to the half-yearly economic review issued on Monday by the Institute for Policy Reforms (IPR), an independent think tank. The report said the GDP growth rate for the year will remain above 5pc. A sudden rise in the current account deficit is serious, it said. “At 2.6pc of GDP, it has breached already the year’s target of 1.5pc of GDP.” Pakistan’s exports as a ratio of GDP are at a historic low, it said, adding that this ratio was in double digits in 2000-10. It is now about 5pc.
Source: https://www.dawn.com/news/1326168/growth-rate-to-fall-short-of-target-think-tank

AIDC set to discuss business plans of two auto companies: The Auto Industry Development Committee (AIDC) is all set to discuss business plans of M/s Daehan Dewan Motor Company and Al-Haj Faw Motors (Pvt) Ltd on April 13, 2017. However, business plan of M/s Pak Suzuki is not being treated at par with those of the other two companies. Source: http://fp.brecorder.com/2017/04/20170411167106/

SECP amends reporting and disclosure rules: The Securities and Exchange Commission of Pakistan (SECP) has directed listed companies that the directors, executive officer and substantial shareholder of a listed company may apply to the Commission to obtain certified copy of their returns and forms filed with the Commission. Source: http://fp.brecorder.com/2017/04/20170411167111/

July-March: Rs 168 billion revenue shortfall: The government has suffered a shortfall of around Rs 168 billion during July-March (2016-17) due to 7 percent lower collection than the budgeted target for the period, informed sources revealed to Business Recorder. Total revenue collection for the first nine months was Rs 2258 billion against a budgetary target of Rs 2426 billion, reflecting a 7 percent shortfall or in total terms Rs 168 billion.
Source: http://fp.brecorder.com/2017/04/20170411167089/

SECP to amend sukuk regulations: In order to develop the Islamic capital market, the SECP is amending the 2015 Issue of Sukuk Regulations to facilitate issuers, reducing the cost of issue and easing the regulatory burden. The proposed amendments include waiving mandatory underwriting where the purpose of the issue is to repay its existing debts, reducing the minimum number of underwriters from two to one.
Source: https://www.dawn.com/news/1326166/secp-to-amend-sukuk-regulations

FBR estimates Rs70bln in revenue losses to exemptions in FY17: Tax authorities have factored in a revenue loss of around Rs70bn for the current fiscal year of 2016/17 owing to the exemptions awarded to China-Pakistan Economic Corridor (CPEC) projects as well as under exports package, officials said. The Federal Board of Revenue (FBR) has estimated the cost of tax exemption at around Rs30 billion due to incentives given under the exports package.
Source: https://www.thenews.com.pk/print/19...70bln-in-revenue-losses-to-exemptions-in-FY17

FBR criticised for rolling back RPOs: Exporters have criticised Federal Board of Revenue’s (FBR) decision to roll back all electronically created refund payment orders belonging to five export-oriented sectors. In a joint meeting on Monday, the exporters of more than a dozen value-added textile associations expressed concern over the FBR’s move which they said would hurt Pakistan’s already falling exports.
Source: https://www.dawn.com/news/1326164/fbr-criticised-for-rolling-back-rpos

OICCI asks Sindh govt to tax actual agri income: The Over¬seas Investors Chamber of Commerce and Industry (OICCI) has asked the Sindh government to tax actual agriculture income, and also reduce sales tax rate from 13 to 10 per cent over the next three years for registered entities. The OICCI, a representative body of foreign investors, in its taxation propo¬sals for the Sindh budget 2017-18 also urged the provincial government to cut sales tax on telephone usage and bring it on a par with GST rate on services.
Source: https://www.dawn.com/news/1326162/oicci-asks-sindh-govt-to-tax-actual-agri-income

CDWP to discuss approval of over 25 projects today: The Central Development Working Party (CDWP) will discuss today (Tuesday) approval of more than 25 development projects at an estimated cost of Rs 86.02 billion.
Source: http://fp.brecorder.com/2017/04/20170411167173/

FBR unearths massive tax evasion by sugar mill: The FBR has found a sugar mills allegedly involved in massive evasion of federal excise duty by suppressing its actual production and causing losses of multi-million rupees to national exchequer. Keeping in view the volume of business and hiring of high profile professionals including lawyers, there are only few cases in the pocket of FBR and its Intelligence agencies that were made against large manufacturing concerns especially sugar mills.
Source: https://www.thenews.com.pk/print/197877-FBR-unearths-massive-tax-evasion-by-sugar-mill

Gas moratorium goes for all categories of consumers: Prime Minister Nawaz Sharif on Monday approved ending a moratorium on fresh bulk gas connections to domestic, commercial and industrial consumers and ordered settlement of growing circular debt for smooth running of the energy sector. Informed sources said the secretaries for water and power and petroleum gave separate presentations to the committee, the first focusing on loadshedding plan and electricity shortfalls and the second one on receivables of oil and gas companies exceeding Rs350 billion and the need for opening up gas connections to bulk and large consumers like industries and housing colonies with expected inflows from abroad.
Source: https://www.dawn.com/news/1326169/gas-moratorium-goes-for-all-categories-of-consumers

Wapda to add 10,000MW,store 10.6MAF water: While re-strategising its priorities for optimal utilisation of water and hydropower resources in the country, the Water and Power Development Authority (Wapda) is implementing as many as eight mega projects on fast track basis with cumulative power generation capacity of more than 10,000 megawatt (MW) and gross water storage capacity of 10.6 million acre feet (MAF).
Source: https://www.thenews.com.pk/print/197748-Wapda-to-add-10000MWstore-106MAF-water

Census to be completed at all cost, says Bajwa: Undeter¬red by a recent terrorist attack carried out by the banned TTP on soldiers performing census duty, Chief of the Army Staff Gen Qamar Javed Bajwa declared that the sixth population and housing census would be completed at all cost.
Source: https://www.dawn.com/news/1326154/census-to-be-completed-at-all-cost-says-bajwa

IMF, WTO, OECD vow to defend free trade against protectionism: The chiefs of the IMF, WTO and OECD vowed on Monday in a joint statement to defend free trade against creeping protectionist trends, amid growing global alarm over US President Donald Trump’s “America First” call. The World Trade Organisation has forecasted that global trade would likely grow only within a range of 1.8pc to 3.1pc this year.
Source: https://www.dawn.com/news/1326163/imf-wto-oecd-vow-to-defend-free-trade-against-protectionism
 

xResearch

Active Member
Apr 9, 2017
1,537
1
38
#10
July-March workers’ remittances down 2.3 percent

Inflows of workers' remittances sent by overseas Pakistanis fell slightly by 2.3 percent during the first nine months of this fiscal year (FY17), mainly due to a slowdown from all major corridors. According to State Bank of Pakistan (SBP), overseas Pakistani workers remitted $ 14.058 billion in first nine months (July to March) of FY17, compared with $ 14.388 billion during the same period in the preceding year (FY16), depicting a decline of $ 330 million.
http://fp.brecorder.com/2017/04/20170411167103/

FBR estimates Rs70bln in revenue losses to exemptions in FY17

Tax authorities have factored in a revenue loss of around Rs70 billion for the current fiscal year of 2016/17 owing to the exemptions awarded to China-Pakistan Economic Corridor (CPEC) projects as well as under exports package, officials said on Monday. The Federal Board of Revenue (FBR) has estimated the cost of tax exemption at around Rs30 billion due to incentives given under the exports package.
https://www.thenews.com.pk/print/197728-FBR-estimates-Rs70bln-in-revenue-losses-to-exemptions-in-FY17

Nightmare of falling exports continues to haunt experts

Exports need special attention that currently account for only 7.4 percent of Pakistan's GDP, exactly the half of Bangladesh's exports that are equivalent to 14.8 percent of its GDP. Pakistan is heading towards an unmanageable situation, as despite its improving GDP growth, its exports are declining creating a big trade deficit that even the remittances have not been able to plug. With a GDP of $271.1 billion (2015 estimates), Pakistan’s exports in 2016 were $20.96 billion. Pakistan’s external debt as on December 2016 was estimated at $604.04 billion.
https://www.thenews.com.pk/print/197735-Nightmare-of-falling-exports-continues-to-haunt-experts

PM warns against delay in power projects

Prime Minister Muhammad Nawaz Sharif on Monday warned officials and departments against laxity in the completion of ongoing power projects on time, as the government was not only focused on the prevailing energy shortfalls but was also resolute to provide for growing future energy requirements. He emphasized that it was the highest priority of the government to completely eliminate loadshedding in the shortest-possible time.
https://www.thenews.com.pk/print/197908-PM-warns-against-delay-in-power-projects

AIDC set to discuss business plans of two auto companies

The Auto Industry Development Committee (AIDC) is all set to discuss business plans of M/s Daehan Dewan Motor Company and Al-Haj Faw Motors (Pvt) Ltd on April 13, 2017. However, business plan of M/s Pak Suzuki is not being treated at par with those of the other two companies. According to official documents, the AIDC will discuss implementation of ADP 2016-21 regarding reimbursement /adjustment @ Kibor plus 2 per cent on delivery beyond 60 days and recommend a legislation. Automotive Development Policy 2016-21 was approved by the ECC of the Cabinet on March 18, 2016 which became effective from 1 July 2016. Under the policy certain consumer welfare measures were taken by Government of Pakistan to facilitate end consumers.
http://fp.brecorder.com/2017/04/20170411167106/

CDWP to discuss approval of over 25 projects today

The Central Development Working Party (CDWP) will discuss today (Tuesday) approval of more than 25 development projects at an estimated cost of Rs 86.02 billion. According to the CDWP meeting agenda available with Business Recorder, the projects of Sindh government are as follows: Flood Emergency Reconstruction Project Phase-II at an estimated cost of Rs 11.5 billion and Rehabilitation of Sukkur Barrage Improvement Project Phase-II for Concept Clearance Committee would also be discussed in the meeting. The CDWP would discuss as many as three energy projects at cost of Rs 20.3 billion including (i) Construction of new 132KW Grid Station and Transmission Lines (SEPCO) at cost of Rs 9.27 billion, (ii) Distribution Rehabilitation (Energy Loss Reduction) (SEPCO) at a cost of 9.2 billion and (iii) Distribution Expansion (DOP) (SEPCO) at cost of Rs 1.83 billion.
http://fp.brecorder.com/2017/04/20170411167173/

FBR unearths massive tax evasion by sugar mill

The FBR has found a sugar mills allegedly involved in massive evasion of federal excise duty by suppressing its actual production and causing losses of multi-million rupees to national exchequer. Keeping in view the volume of business and hiring of high profile professionals including lawyers, there are only few cases in the pocket of FBR and its Intelligence agencies that were made against large manufacturing concerns especially sugar mills.
https://www.thenews.com.pk/print/197877-FBR-unearths-massive-tax-evasion-by-sugar-mill

Thousands of megawatt electricity will be added to national grid by year end

Chief Minister Shahbaz Sharif has said the PML-N government is honouring its promise of steering the country out of quagmire of problems and putting it on the road to progress. All-out resources are being utilised for removing darkness from the country, he added. He said that under the leadership of Prime Minister Nawaz Sharif, unprecedented work is being carried out for the elimination of energy crisis. He said the PML-N government has introduced a culture of working day and night and power plants are being completed expeditiously throughout the country for overcoming shortage of energy. By the end of 2017, thousands of megawatt electricity will be added to national grid with the completion of energy projects, he added.
https://www.thenews.com.pk/print/197885-Thousands-of-megawatt-electricity-will-be-added-to-national-grid-by-year-end

Power sector’s circular debt swells to Rs385bln

Power sector’s circular debt swelled to Rs385 billion as of March 31, a brokerage said on Monday, calling for a government’s immediate action to settle receivables of energy chain in order to avert electricity crisis during the sweltering summer. Analyst Kumail Chevelwalla at Taurus Securities Limited said this amount doesn’t include payments owed to gas companies. Total payables to independent power producers (IPPs) stood at Rs107 billion, while payment to Pakistan State Oil amounted to Rs56 billion.
https://www.thenews.com.pk/print/197733-Power-sectors-circular-debt-swells-to-Rs385bln