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    Apple iOS 11

    Apple Introducing IOS 11 (Official)
  2. News Pulse (September 26, 2018) Wellhead gas prices up to 35 percent for 23 fields from July 1 The Oil and Gas Regulatory Authority (Ogra) has increased wellhead gas prices up to 35 percent for 23 fields with effect from July 1, 2018, a notification said. On the basis of revised wellhead rates, the gas utilities including Sui Southern Gas (SSGC) and Sui Northern Gas (SNGP) would file requests for increase in consumer tariff that would come into force on December 31, 2018, the sources said. https://fp.brecorder.com/2018/09/20180926410347/ Irsa calls for building two mega dams to address growing water challenges The Indus River System Authority (Irsa) on Tuesday anticipated 35-40 per cent shortfall of irrigation water in Rabi season beginning Oct 1, and advised the government to start working on building at least two storage reservoirs to address the increasing future challenges. https://www.dawn.com/news/1435034/irsa-calls-for-building-two-mega-dams-to-address-growing-water-challenges Senate body proposes cut in tax slabs on individuals Senate Standing Committee on Finance finalised almost all of its recommendations with a notable change to slightly lower the tax rates for higher income-earning individuals here on Tuesday. https://www.dawn.com/news/1435033/senate-body-proposes-cut-in-tax-slabs-on-individuals Fertiliser makers warn of Rs128/bag urea price hike The recent hike in gas prices for fertiliser sector is estimated to jack up urea price by Rs128 per bag, not only dealing a blow to local farmers’ profitability, but also overall agriculture, industry officials said on Tuesday. https://www.thenews.com.pk/print/373094-fertiliser-makers-warn-of-rs128-bag-urea-price-hike Gas supply back to normal: Closed urea plants resume production After the restoration of gas supply, two urea plants have resumed production after one year. https://fp.brecorder.com/2018/09/20180926410350/ No impact, say most new entrants to auto sector about non-filer ban New entrants to the auto sector are divided in their views of what the restriction on non-filers of tax returns means for their industry. https://www.dawn.com/news/1435031/no-impact-say-most-new-entrants-to-auto-sector-about-non-filer-ban ECC defers planned power tariff hike The Economic Coordination Committee (ECC) of the federal cabinet yesterday deferred a decision to increase the nationwide electricity tariff until its next meeting, with Finance Minister Asad Umar instructing the Power Division and NEPRA to first work out how poorer consumers would be protected. https://www.thenews.com.pk/print/373119-ecc-defers-planned-power-tariff-hike Senate body rejects proposal to reduce custom duties on raw materials Senate Standing Committee on Finance and Revenue on Tuesday rejected reduction in custom duties on raw materials, proposed in the Finance Supplementary (Amendment) Bill 2018, giving a first blow to the new PTI-led government that introduced mini-budget to tap into revenue streams. https://www.thenews.com.pk/print/373095-senate-body-rejects-proposal-to-reduce-custom-duties-on-raw-materials Pakistan, Russia to ink $10 billion offshore pipeline deal In a major breakthrough, Pakistan and Russia are set to sign a $10-billion offshore gas pipeline deal on September 27 in Moscow, a project planned by the latter to capture the energy market of Pakistan. https://tribune.com.pk/story/1811503/2-pakistan-russia-ink-10-billion-offshore-pipeline-deal/
  3. News Pulse (September 25, 2018) Circular debt: Senators call for coordinated strategy The lawmakers belonging to both treasury and opposition benches in the Senate on Monday called for a coordinated strategy to deal with circular debt issue after the government informed the House that circular debt has reached Rs 1.2 trillion. https://fp.brecorder.com/2018/09/20180925410121/ Reserves down by $280 million to $15.79 billion The country's total liquid foreign reserves reached below $16 billion mark at end of the last week due to external debt payments. The State of Bank of Pakistan (SBP) on Monday reported that Pakistan's total liquid foreign exchange reserves were declined by $280 million to $15.79 billion as on September 14, 2018 compared to $16.07 billion as on September 7, 2018. https://fp.brecorder.com/2018/09/20180925410120/ Non-filers: government says bringing workable plan Minister of State for Revenue Hammad Azhar Monday informed the Senate Standing Committee on Finance that the government is bringing a workable plan to effectively tackle the issue of non-filers under which non-filers may be barred from seeking commercial and industrial electricity connections. https://fp.brecorder.com/2018/09/20180925410088/ Tractors’ import likely to hurt local industry Import of secondhand tractors is likely to hurt the local industry, which faces underutilisation of production capacity due to subdued demand, industry officials and analysts said on Monday. https://www.thenews.com.pk/print/372621-tractors-import-likely-to-hurt-local-industry Climax Engineering buyback approved The sponsors of Climax Engineering Ltd have accepted the revised offer for buy-back of ordinary shares of the company at Rs100 per share, according to a Pakistan Stock Exchange notice on Monday. The board of directors will hold a meeting on Oct 2. https://www.dawn.com/news/1434824/corporate-watch CCI meeting: LNG accords to be brought forth The federal government on Monday decided to bring forth all the agreements pertaining to liquefied natural gas (LNG) import by the previous government. https://www.thenews.com.pk/print/372715-cci-meeting-lng-accords-to-be-brought-forth Japanese apparel firm plans outsourcing from Pakistan A world famous apparel brand Uniqlo plans to outsource textile garments from three Pakistani companies for its more than 3,000 outlets worldwide, people familiar with the matter said on Monday. https://www.thenews.com.pk/print/372615-japanese-apparel-firm-plans-outsourcing-from-pakistan Rabi crops: Irsa to finalise estimated availability of water, Senate body told Senate Standing Committee on Water Resources was informed that Indus River System Authority (Irsa) has convened a meeting of technical committee to finalize estimated availability of water for Rabi crops. https://fp.brecorder.com/2018/09/20180925410141/ SBP sees inflation touching 6 to 7 percent in FY2019 The central bank views consumer price inflation to reach six to seven percent in the current fiscal year of 2018/19 as opposed to its earlier estimate of 5.5 to 6.5 percent, which may give it a room for another hike in the upcoming monetary policy announcement. https://www.thenews.com.pk/print/372614-sbp-sees-inflation-touching-6-to-7-percent-in-fy2019 Govt hints at partially restoring curbs on non-filers of tax returns The government on Monday hinted at partially restoring the ban on purchase of new cars and property by non-filers of tax returns as it struggled hard to convince opposition that its mini-budget would not throw Pakistan back into an era of low growth and high inflation. https://tribune.com.pk/story/1810606/2-government-hints-partially-restoring-curbs-non-filers-tax-returns/ Five stocks replaced on KSE-100 The Pakistan Stock Exchange (PSX) management has reorganised the benchmark KSE 100-share Index by replacing five stocks in the group of top-100 companies in the market, according to an announcement made on Monday. https://tribune.com.pk/story/1810623/2-five-stocks-replaced-kse-100/ Indonesia interested in investing in oil and gas in K-P The embassy of Indonesia and Sarhad Chamber of Commerce and Industry (SCCI) have agreed to boost bilateral trade volume, capitalise on investment opportunities and remove the barricades hampering commerce between the two countries. https://tribune.com.pk/story/1810589/2-indonesia-interested-investing-oil-gas-k-p/
  4. News Pulse (March 29, 2018) Devaluation of rupee: Current account deficit to swell if exports don’t go up State Bank of Pakistan’s former governor DrIshrat Husain said on Wednesday that rupee devaluation should further accelerate exports. He advised the planners to take measures to keep the cost of industrial investment low by adjusting duties and levies on industrial investment. “If exports don’t go up, the current account deficit would be enlarged.” Husain said the economy has absorbed the devaluation shocks on inflation and planners hope that recent devaluation will not be inflationary as well. https://www.thenews.com.pk/print/297944-devaluation-of-rupee-current-account-deficit-to-swell-if-exports-don-t-go-up Bank Al-Falah raises Rs7 billion through first-ever bonds Bank Al-Falah, owned by Abu Dhabi Group, raised seven billion rupees through the first-ever perpetual bonds listed on the stock exchange and that were heavily over-subscribed, the bank’s senior official said on Wednesday. “The issue has improved the bank’s cash adequacy ratio affording (it) additional capacity to lend Rs60 billion to the market,” Nauman Ansari, president at Bank Al-Falah said. https://www.thenews.com.pk/print/297851-bank-al-falah-raises-rs7-billion-through-first-ever-bonds Circular debt settlement plan hits snags Power Division's circular debt settlement plan has reportedly hit snags as the Auditor General of Pakistan (AGP) is reluctant to conduct pre-audit of IPPs invoices make payment of Rs 80 billion, well informed sources told Business Recorder. The undue delay on part of AGP may lead to shut down of power plants due to financial woes causing load shedding in summer season The economic coordination committee (ECC) had approved a circular debt settlement plan on March 7 and decided to immediately pay Rs 80 billion to power producers and fuel suppliers out of Rs 514 billion worth of dues aimed at easing their financial constraints. https://fp.brecorder.com/2018/03/20180329355516/ CJP assures elections will not be delayed even for a day Chief Justice of Pakistan (CJP) SaqibNisar has assured that the general elections will be held on time and there will be no delay of even one day, a source close to the country’s top-most judge said. Talking to The News here on Wednesday, the source quoted the CJP as saying that no delay in election will be allowed. The source said that the CJP read The News story, "CJP, COAS hinted at delay in elections", published on Wednesday, and expressed his surprise how he was wrongly quoted talking about possible delay in the general elections. https://www.thenews.com.pk/print/297938-cjp-assures-elections-will-not-be-delayed-even-for-a-day SBP expected to raise policy rate tomorrow The central bank is expected to revise interest rate upward for the next two months in the monetary policy scheduled on March 30 as rupee devaluation has set the stage for inflation spike, analysts said on Wednesday. The analysts expect 25 to 50 basis points increase in the key policy rate by the State Bank of Pakistan (SBP) as a step to tame consumer demand and avert upward pressure of weak rupee on inflation. “SBP seems to increase policy rate by another 25 basis points to 6.25 percent to prevent the economy from overheating, while sticking with a plan to gradually raise interest rates,” an analyst said. “We see very little chance of an unchanged policy rate at this week’s meeting.” https://www.thenews.com.pk/print/297850-sbp-expected-to-raise-policy-rate-tomorrow Nissan to roll out Datsun cars in Pakistan next year Ghandhara Nissan Ltd on Wednesday said it was launching production of Datsun model cars in Pakistan with an investment of Rs4.5 billion over the next four years, while sales of the first locally built vehicles were expected to begin within next fiscal year. Nissan Motor Company Ltd, a Japanese multinational carmaker headquartered in Nishi-ku, Yokohama, has struck a manufacturing and licensing agreement with Ghandhara Nissan Ltd, its automotive partner in Pakistan, for local production of Datsun models. https://www.thenews.com.pk/print/297848-nissan-to-roll-out-datsun-cars-in-pakistan-next-year Automakers” cartelization: EDB accused of failing to take action Federal Board of Revenue (FBR) and Commerce Division have reportedly accused Engineering Development Board (EDB) of not taking measures to discourage automakers'' cartelization; well-informed sources in EDB told Business Recorder. The Board which is headed by an ineligible acting CEO faced such a situation at a recent inter-ministerial meeting convened by Secretary Commerce YounusDagha. https://fp.brecorder.com/2018/03/20180329355493/ OPEC to stick to supply curbs despite oil rally to $71 OPEC and its allies look set to keep their deal on cutting oil supplies for the rest of 2018, five sources familiar with the issue said, although some producers are starting to worry that high prices may be giving too much stimulus to rival output. OPEC, Russia and several other non-OPEC producers have curbed output since January 2017 to erase a global glut of crude that had built up since 2014. They have extended the pact until the end of 2018, and meet on June 22 to review policy. The deal has boosted oil prices, which topped $71 a barrel this year for the first time since 2014. They were close to $70 on Wednesday. https://www.thenews.com.pk/print/297869-opec-to-stick-to-supply-curbs-despite-oil-rally-to-71 March cement sales expected at 4.5mln tons Cement sales are expected to increase 14 percent year on year and 20 percent month on month to 4.5 million tons in March, a brokerage report said on Wednesday. In March, local sales are expected to rise 12 percent year on year (YoY) and 20 percent month on month (MoM) to 4.2 million tons, while exports are likely to post 67 percent YoY and 17 percent MoM growth to 353,000 tons. “Double digit growth in exports may continue owing to additional export from new capacities in south region and devaluation of rupee against dollar,” NabeelKhursheed, an analyst at Topline Securities said. https://www.thenews.com.pk/print/297868-march-cement-sales-expected-at-4-5mln-tons Summit, Sindh banks merger hits snags Supreme Court of Pakistan’s suomoto intervention over certain irregularities is likely to further delay or perhaps even stay the proposed merger of Summit Bank into Sindh Bank, The News learnt on Wednesday. Taking up the case, the apex court has ordered a conclusive and comprehensive report regarding the decision of the amalgamation scheme as well as the progress made in the matter. https://www.thenews.com.pk/print/297876-summit-sindh-banks-merger-hits-snags Booking commences for DaehanShehzore Sales have commenced for the famous DaehanShehzore across the country.DaehanDewan Motor Company (DDMC), which unveiled the popular light commercial vehicle last month, has opened its doors to the customers who were anxiously waiting to own the latest model of Shehzore once again. The customers can visit 3S Daehan dealerships close to their location, mainly at Islamabad, Rawalpindi, Chakwal, Mirpur AJK, Sargodha, Faisalabad, Lahore, Multan, Hyderabad and Quetta, to have a hands-on experience of the vehicle. Additionally, the company has established its own Daehan Display and Product Support Centre at Karachi for customer service and assistance. https://nation.com.pk/29-Mar-2018/corporate-corner
  5. News Pulse (March 27, 2018) China oil futures launch may threaten primacy of US dollar: UBS China''s launch on Monday of its crude futures exchange will improve the clout of the yuan in financial markets and could threaten the international primacy of the dollar, argues a new report by Hayden Briscoe, APAC head of fixed income at UBS Asset Management. "This is the single biggest change in capital markets, maybe of all time," Briscoe said in a follow-up telephone interview. https://fp.brecorder.com/2018/03/20180327354857/ Economic stability, improved law, order boost investors” trust: PM Prime Minister Shahid Khaqan Abbasi Monday said that Pakistan has achieved significant economic stability and with the improved law and order situation it has boosted confidence of the local and foreign investors. https://fp.brecorder.com/2018/03/20180327354839/ AGP urged to carry out pre-audit of IPPs” invoices Power Division has requested Auditor General of Pakistan to carry out pre-audit of IPPs'' invoices on an urgent basis aimed at paying multi-billion rupee liabilities of IPPs as early as possible, well-informed sources told Business Recorder https://fp.brecorder.com/2018/03/20180327354827/ SC takes major step towards assets abroad: body comprises top officials, tax experts, others A 12-member committee has been constituted for tracing and retrieving assets held abroad by Pakistani citizens. A three-member bench, headed by Chief Justice Mian Saqib Nisar, on March 20 had desired to constitute a committee for preparing the recommendations for tracing and retrieving assets held by Pakistan in foreign countries. https://fp.brecorder.com/2018/03/20180327354836/ 29 projects under PSDP 2018-19: Railways seeks Rs 73 billion Pakistan Railways has proposed Rs 73 billion against 29 projects, including Rs 30.3 billion for China-Pakistan Economic Corridor (CPEC) related projects, under the Public Sector Development Program (PSDP) 2018-19 https://fp.brecorder.com/2018/03/20180327354936/ Six percent inflation favourable for economic growth: SBP’s study Pakistan will continue to have favourable economic growth if annual inflation remains around six percent, a central bank’s study said on Monday, warning, however, of negative outlook in case of uptick from the percentage point. https://www.thenews.com.pk/print/296985-six-percent-inflation-favourable-for-economic-growth-sbp-s-study Foreign firms repatriate $1.459bln profit in July-February Multinational firms profit repatriation jumped 20.77 percent to $1.459 billion in last eight months of the current fiscal year of 2017/18, the central bank data showed on Monday. https://www.thenews.com.pk/print/296987-foreign-firms-repatriate-1-459bln-profit-in-july-february Shanghai Electric withdraws offer to acquire KE China’s Shanghai Electric Power Company has yet again withdrawn its offer to acquire majority stake in K-Electric Limited (KE), a bourse filing said on Monday as government failed to announce multiyear tariffs and give other approvals. https://www.thenews.com.pk/print/296988-shanghai-electric-withdraws-offer-to-acquire-ke ‘Rupee devaluation to help ease external pressure’ Special Assistant to Prime Minister on Revenue Haroon Akhtar Khan on Monday said a recent over four present depreciation in rupee value would help in addressing balance of payment crisis. https://www.thenews.com.pk/print/296989-rupee-devaluation-to-help-ease-external-pressure Mitsubishi setting up 3rd LNG terminal as gas demand increases Japanese leading business conglomerate Mitsubishi Corporation is setting up another liquefied natural gas (LNG) terminal in Pakistan after the successful operation of two terminals that have already been commissioned as the government is exploring oil-substitute means to meet growing energy needs in the country. https://www.thenews.com.pk/print/297000-mitsubishi-setting-up-3rd-lng-terminal-as-gas-demand-increases Transportation price of RLNG to Punjab set at Rs81/mmBtu The Oil and Gas Regulatory Authority (Ogra) has determined charges for transportation of regasified liquefied natural gas (RLNG) to Punjab at Rs81 per mmBtu (million British Thermal Unit) for the current year. https://www.dawn.com/news/1397805/transportation-price-of-rlng-to-punjab-set-at-rs81mmbtu Shanghai Power committed to buy K-Electric The Shanghai Electric Power Ltd (SEPL) has sought the government’s support in accelerating the process of regulatory approvals to facilitate the completion of Sale-Purchase Agreement (SPA) of majority shares in K-Electric Ltd (KEL). https://www.dawn.com/news/1397806/shanghai-power-committed-to-buy-k-electric Tractor makers seek cut in input tax rate Pakistan Automotive Manufacturers Association (Pama) has urged the government to reduce the rate of input tax on tractors which is resulting in liquidity crunch. https://www.dawn.com/news/1397802/tractor-makers-seek-cut-in-input-tax-rate
  6. News Pulse (March 26, 2018) Edible oil sector: FBR reviewing removal of major anomaly in AIT collection Budget markers of the Federal Board of Revenue (FBR) are reviewing a budget proposal to remove a major anomaly in the edible oil sector by converting the collection of advance income tax (AIT) from ''minimum mode'' into ''final mode'' on the import of edible oil by industrial undertakings. https://fp.brecorder.com/2018/03/20180326354640/ RD on POL products: ECC tells Ogra to recover Rs 482m net claims from consumers The Economic Coordination Committee (ECC) of the Cabinet has directed the Oil and Gas Regulatory Authority (Ogra) to recover Rs 482 million net claims from consumers on behalf of OMCs within three months effective July 1, 2018, well-informed sources told Business Recorder. The Petroleum Division informed the ECC that the Federal Board of Revenue (FBR) imposed Regulatory Duty (RD) @ 2.5 percent on imported HSD (diesel) and 2 percent on MS (petrol) and petroleum crude oil through a notification of April, 30, 2015. https://fp.brecorder.com/2018/03/20180325354442/ Ex-refinery price of JP-8 to be linked with JP-1”s The federal government has decided to link ex-refinery price of JP-8 with ex-refinery price of JP-1 with effect from next fiscal year based on Import Parity Price (IPP), sources close to Secretary Petroleum told Business Recorder. The prices of petroleum products were determined by refineries and Oil Marketing Companies (OMCs) under the parameters approved by the ECC on October 15, 2010 and August 16, 2011, whereby ex-refinery prices were linked with the PSO''s actual import price, while in the absence of PSO''s import, the prices were determined as per the ECC''s approved IPP formula based on the international oil market prices quoted in Arab Gulf Market. https://fp.brecorder.com/2018/03/20180324354261/ Govt agrees to stop cotton imports during crop picking The government has agreed to put a halt to cotton imports during crop harvest in an effort to ensure farmers get an attractive price and are encouraged to plant more in the next season as cotton production has dropped sharply over the past four years. https://tribune.com.pk/story/1668667/2-govt-agrees-stop-cotton-imports-crop-picking/ US adds seven Pakistani companies to export control list The US Department of Commerce (DoC) has added seven Pakistani companies to a list of foreign entities that are subject to stringent export control measures.The Pakistani companies are among 23 additions to the Entity List of the Export Administration Regulations (EAR) which is managed by the DoC’s Bureau of Industry and Security. https://tribune.com.pk/story/1668993/1-us-adds-seven-pakistani-companies-export-control-list/ Development budget to take hit from cuts The finance ministry has proposed Rs800 billion development budget for the next fiscal year, which is one-fifth less than the Public Sector Development Programme (PSDP) for this year and would affect physical progress on almost 1,100 schemes. The finance ministry on Thursday formally informed the Ministry of Planning, Development and Reform about its intentions to allocate Rs800 billion for fiscal year 2018-19, said sources in the ministry. The amount is Rs201 billion or 20% less than the budget for the current fiscal year 2017-18 that is ending on June 30. https://tribune.com.pk/story/1667198/2-development-budget-take-hit-cuts/ Brace yourself for inflation as the rupee takes a hit Rupee’s devaluation has not just made foreign trips more expensive for Pakistanis. It has and is going to affect every citizen in a direct and indirect manner, say experts. Already, the economy has started to feel the pinch, though this is just the beginning. Products ranging from basic necessities to luxurious items have started to become expensive. This will mount inflationary pressure on the economy and convince authorities to increase the key interest rate sooner than later as a remedy. Bank borrowing will become expensive, and purchasing power will reduce. https://tribune.com.pk/story/1667886/2-brace-inflation-rupee-takes-hit/ Ministry proposes slashing customs duties by up to 72% In a bid to lower the cost of production for export-oriented industries, the commerce ministry proposed on Thursday to cut customs duty rates by up to 72% on hundreds of items in addition to completely abolishing duties on another 151 items. The ministry has forwarded a list of 515 items to the Federal Board of Revenue (FBR), requesting reduced duty rates on them in the fiscal year 2018-19 budget, which the government will present in the National Assembly on April 27. https://tribune.com.pk/story/1667105/2-ministry-proposes-slashing-customs-duties-72/ Automakers lock horn over greenfield status THE government has dismissed the perception that it is wavering on the implementation of the Automotive Development Policy 2016-21. However, it does not rule out the possibility of unintended missteps in the initial phase of policy enforcement. “The policy is paying rich dividends, so why would we vacillate? Millions of dollars have already been invested since the launch of the policy,” Engineering Development Board (EDB) CEO Mirza Nasim Baig tells Dawn over the phone from Islamabad. https://www.dawn.com/news/1397462/automakers-lock-horn-over-greenfield-status
  7. Country receives $7.608 billion foreign aid till February The country provisionally received $7.608 billion ie 94 percent of budgeted estimates of foreign assistance from multilateral and bilateral donors in the current financial year (July-February) 2017-18. The country had received $4.87 billion during the same period (July-February) of 2016-17. The Economic Affaires Division (EAD) data revealed that the government did not borrow from foreign commercial banks in February. The government has signed short-term commercial loan agreements of $1.917 billion in the current fiscal year 2017-18 so far with different foreign banks of which $1.78 billion have been received against the budgeted $1 billion for the entire current fiscal year. https://fp.brecorder.com/2018/03/20180322353637/ Fed raises rates The Federal Reserve raised interest rates on Wednesday and forecast at least two more hikes for 2018, signalling growing confidence that U.S. tax cuts and government spending will boost the economy and inflation and lead to more aggressive future tightening. In its first policy meeting under new Fed chief Jerome Powell, the U.S. central bank indicated that inflation should finally move higher after years below its 2 percent target and that the economy had recently gained momentum. https://fp.brecorder.com/2018/03/20180322353647/ Can’t control dollar, exports will go up, says minister State Minister for Finance Rana Muhammad Afzal Khan said on Wednesday dollar could not be controlled as the market forces determined its value. Addressing the inaugural ceremony of the Pakistan Leadership Conference conducted by ACCA here, he said the government could not interfere in dollar valuation, and advised all concerned to act responsibly in this regard. He was confident that exports would rise with the dollar price hike. https://www.thenews.com.pk/print/295387-can-t-control-dollar-exports-will-go-up-says-minister
  8. News Pulse (March 22, 2018) Moody’s warns Pakistan on downgrade risks amid political uncertainty Moody’s Investors Service on Wednesday warned Pakistan of downgrade risks to its credit outlook on fragile external account position, higher debt burden, weak infrastructure and political instability. “Continued material widening of the fiscal deficit, ongoing weakening of the external payments position, loss of multilateral/bilateral financial support, or significant escalation in political tensions would weigh on Pakistan’s credit profile,” US credit rating agency Moody’s said in an opinion. https://www.thenews.com.pk/print/295280-moody-s-warns-pakistan-on-downgrade-risks-amid-political-uncertainty Pakistan FDI seen surging, but some Western investors fret over Chinese influence Pakistan expects net foreign direct investment (FDI) to jump about 60 percent in 2017/2018, the chairman of Pakistan´s Board of Investment said, but some Western investors appear to be put off by China´s growing influence in the South Asian nation. https://www.thenews.com.pk/print/295281-pakistan-fdi-seen-surging-but-some-western-investors-fret-over-chinese-influence Russia evinces interest in IT sector The Russian desire to cooperate in IT sector of Pakistan will open up new avenues of bilateral relations in the field of technological interventions, which will also further strengthen and promote the interaction between the experts of two countries. Dr Umar Saif Chairman Punjab Information Technology Board (PITB) said this while addressing the visiting Russian IT delegation here on Wednesday. Dr Saif said that Russian IT solutions for our public and private sectors would be beneficial in terms of expertise and technology transfer, which was needed to be result-oriented. In order to start activity, education, health and revenue areas should be targeted by working on one Danish school, one university, one hospital and some online tax payment solutions for the Punjab Revenue Authority, he added. https://fp.brecorder.com/2018/03/20180322353720/ SNGPL to give 1m fresh connections before polls The Oil and Gas Regulatory Authority (Ogra) has allowed Sui Northern Gas Pipelines Ltd (SNGPL) to spend Rs20 billion to provide a record one million fresh connections within the remaining three months of this fiscal year. In its determination, Ogra noted that it had already allowed about Rs4.22bn for 300,000 fresh connections and the SNGPL requested increase in the target for fresh connections to one million with an addition of 700,000 connections during the same year. https://www.dawn.com/news/1396827/sngpl-to-give-1m-fresh-connections-before-polls Severe water shortage ahead, Kharif crops likely to suffer With estimates of up to 40 per cent water shortage in April, the upcoming Kharif crops face a serious challenge and may need delayed sowing. The technical committee of the Indus River System Authority (Irsa) has been called on Thursday to finalise water availability estimates for the Kharif season to enable the provinces to plan sowing of crops accordingly. https://www.dawn.com/news/1396826/severe-water-shortage-ahead-kharif-crops-likely-to-suffer PIA’s Rs324 billion liabilities in 2015 may now be touching Rs480 bn: minister The liabilities of the state-run Pakistan International Airlines (PIA) might have touched Rs480 billion-mark. The government is compiling its fresh losses and liabilities figure which were earlier at Rs324 billion by end December 2015, Federal Minister for Privatisation Daniyal Aziz said. https://www.thenews.com.pk/print/295393-pia-s-rs324-billion-liabilities-in-2015-may-now-be-touching-rs480-bn-minister Advisers being rehired for PIA sell-off The Privatisation Commission is in the process of re-engaging the services of the consortium of financial advisers on the same terms and conditions to proceed ahead with the privatisation of Pakistan International Airlines Corporation (PIAC). The service agreement of the advisers had expired early October 2017. The commission appointed the consortium of Dubai Islamic Bank, IATA Consulting, Deloitte, HaidermotaBNR, Freshfields Bruckhaus, Deringer, Abacus Consulting, APCO, and Prestige as advisers for the transaction. https://www.dawn.com/news/1396823/advisers-being-rehired-for-pia-sell-off Compliance with oil supply cuts hits record Compliance with a global deal to cut oil supply hit a new high in February, a joint OPEC and non-OPEC committee estimated, suggesting a rise in the price of crude has not weakened commitment. Producers in the pact achieved 138 percent of pledged output reductions last month, OPEC said in a statement, a record since the deal among OPEC and non-member countries aimed at clearing a glut and bolstering prices began in January 2017.The previous high was reached in January, at 133 percent. https://www.thenews.com.pk/print/295284-compliance-with-oil-supply-cuts-hits-record Duty, tax revision: five big telecom companies approach MoF Five leading telecom companies have collectively approached the Ministry of Finance for massive rationalization of duties and taxes on tele com industry at import as well as domestic stages in the coming budget (2018-19). According to the combined budget proposals of five leading telecom companies for 2018-19 submitted to the Finance Ministry, telecom sector in Pakistan is a significant source of revenue generation for the national exchequer. Telecom industry revenues stood at Rs 369 billion for the 2016-17 as per Pakistan Telecom Authority (PTA) annual report for the year 2016-17 while the industry made a significant contribution of Rs 161.4 billion to the national exchequer in terms of advance income tax, sales tax, import duties and PTA levies. Telecom investment remained US $635 million during 2016-17, embarked to total investment at US $15 billion from 2004 to 2017. https://fp.brecorder.com/2018/03/20180322353619/ Three surcharges re-imposed on power consumers In line with a commitment it made with the International Monetary Fund (IMF), the National Electric Power Regulatory Authority (Nepra) on Wednesday allowed the federal government to re-impose three surcharges on electricity consumers. The three surcharges amounting to Rs1.55 per unit would be charged to consumers paying their bills regularly to finance Rs110 billion worth of theft, system losses and non-recovery of power companies. https://www.dawn.com/news/1396791/three-surcharges-re-imposed-on-power-consumers Project to improve tax system faces delay The implementation of a World Bank-assisted project aimed at strengthening tax systems and building tax policy analysis capacity has been delayed for months. The delay is attributed to the fact that the project was initially not included in the public sector development programme (PSDP) 2017-18 at the time of budget approval in June 2017. https://www.dawn.com/news/1396818/project-to-improve-tax-system-faces-delay Sindh okays 23 development schemes The Sindh Provincial Development Working Party (PDWP) on Wednesday approved 23 schemes and uplift projects worth Rs5.487 billion. The schemes — related to work and services, health, local government, irrigation, culture, tourism, fisheries and livestock, etc — were approved in a PDWP meeting for the current fiscal year presided by Chairman Planning and Development Board Muhammad Waseem. https://www.dawn.com/news/1396816/sindh-okays-23-development-schemes Sugarcane growers likely to suffer Rs 133 billion loss Ministry of National Food Security and Research (MoNFS&R) has estimated that sugarcane growers in Sindh, Punjab and KP are expected to suffer a financial loss of upto Rs 133 billion due to less payment by mill owners, well-informed sources told Business Recorder. Secretary, MoNFS&R, Fazal Abbas Makan recently informed the Council of Common Interests (CCI) that Article 16 and 16-A of the Sugar Factories Control Act, 1950 authorizes Provincial Governments to fix indicative price and premium of sugarcane and contravention of orders made under the Act punishable with imprisonment and/or fine. https://fp.brecorder.com/2018/03/20180322353662/
  9. News Pulse (March 21, 2018) Exports of textile group soar by 7.14 percent in February Exports of textile group increased by 7.14 percent in February 2018 and reached US $1.066 billion from US $995.223 million for the same month a year ago, according to Pakistan Bureau of Statistics (PBS). Provisional trade data of selected commodities uploaded by the PBS on its website on Tuesday stated that there was growth of 28.04 percent in export of cotton yarn in February 2018, which reached $120.397 million from $94.029 million for the same month of the last fiscal year. https://fp.brecorder.com/2018/03/20180321353370/ Foreign asset declaration scheme: arrival of $5 billion likely Special Assistant to Prime Minister on Revenue/Federal Minister, Haroon Akhtar Khan said on Tuesday that proposed Foreign Asset Declaration Scheme (FADS) would be a big success even if it fetches US $4-5 billion from non-resident Pakistanis, as the scheme would have a very low tax rate and give full guarantee, confidentially and maximum immunity to persons intending to avail the scheme. https://fp.brecorder.com/2018/03/20180321353344/ Power consumers: new surcharge of 70 paisa/unit to be imposed The government is all set to impose new surcharge of 70 paisa per unit on all categories of Disco consumers aimed at servicing of Rs 80 billion debt to be taken by Power Holding (Private) Limited (PHPL) from commercial banks, well informed sources told Business Recorder. According to Power Division, the ECC last year had approved the proposal for re-financing of syndicated term finance facilities aggregating to Rs 80 billion for the purpose of rolling over existing facilities of (i) Rs 15.00 billion, (ii) Rs 40.00 billion and (iii) Rs 25.00 billion respectively. The Power Division has claimed that power sector has improved its performance during the last two years which is evident from the fact that the recoveries which remained in the range of 88%-89%, crossed 93% consecutively in 2015 and 2016, the highest in the history of the power sector. The T&D losses which were around 19% in 2014 came down to 17.8% in December 2016. https://fp.brecorder.com/2018/03/20180321353341/ July-February C/A deficit up over 50 percent YoY The country's current account deficit rose by over 50 percent in the first eight months of current fiscal year. According to the State Bank of Pakistan (SBP) data released on Tuesday, the country's current account deficit increased to $10.826 billion during the period from July 2017 to February 2018 as compared to $7.216 billion in the corresponding period in FY17. On month-on-month basis, the country''s current account deficit however reduced by 23 percent to $1.241 billion in February 2018 as compared to $1.617 billion in January 2018. https://fp.brecorder.com/2018/03/20180321353338/ IMC intends to invest more in Pakistan: CEO Indus Motor Company (IMC), manufacturers of Toyota cars in Pakistan is planning further investment in the country to expand its assembly/manufacturing facilities. This was stated by Chief Executive Officer (CEO) IMC, Ali Asghar Jamali during chitchat with Business Recorder in Muzaffarabad (AJK). Jamali, however, did not disclose actual volume of investment, the company intends to make, within the next five years, saying "IMC intends to invest much, much more for expansion as they have been investing billions of rupees in Pakistan in the past". Replying to a question, he said that for the past 27 years, IMC is involved in satisfying its customers by providing vehicles that prioritize safety and quality, adding that during this journey, IMC has been able to achieve the milestone of manufacturing 750,000 vehicles last year in November 2017. https://fp.brecorder.com/2018/03/20180321353418/ RAIL sets up auto assembly plant in Lahore Regal Automobile Industries Limited (RAIL), country's third-largest bike assembler, has set up an assembly plant in Lahore with an investment over Rs 800 million to produce light commercial vehicles and vans from April 2018. The company has signed a technical collaboration agreement with China's DFSK Group to assemble vehicles under the name Prince. This was disclosed by Tanveer Ahmed, chief executive officer of Road Prince automobile industries. The Ministry of Industries (MoI) earlier in February had awarded a manufacturing license to RAIL. https://fp.brecorder.com/2018/03/20180321353403/ Budget deficit to reach 6pc in 2017-18: IMF Pakistan’s budget deficit for the current fiscal year is likely to reach around 6 per cent of GDP — almost 2pc higher than the 3.9pc budgetary limit — based on varying projections of the government and the International Monetary Fund (IMF). https://www.dawn.com/news/1396571/budget-deficit-to-reach-6pc-in-2017-18-imf Canada withdraws 5.5pc duty on PET resin The Canadian government has withdrawn a preliminary anti-dumping duty of 5.5 per cent imposed on the import of polyethylene terephthalate (PET) from Pakistan. https://www.dawn.com/news/1396569/canada-withdraws-55pc-duty-on-pet-resin $260m ADB loan to revamp power transmission network The Asian Development Bank and the Government of Pakistan on Tuesday signed a $260 million loan agreement to improve the power transmission network in Sindh and Balochistan. The agreement is part of the second power transmission enhancement investment programme aimed to improve coverage, reliability, transparency, and quality of the power transmission service in Pakistan by expanding the 220-kilovolt transmission network in Sindh and Balochistan and upgrading the supervisory control and data acquisition (SCADA) and revenue metering systems (RMS) in the country. https://www.dawn.com/news/1396568/260m-adb-loan-to-revamp-power-transmission-network Pakistan offers zero duty on 6,000 items from China Without sharing the exact draft of proposed second phase of Pak-China Free Trade Agreement (FTA) with major stakeholders, including the FBR, Pakistan has offered zero duty on almost 6,000 tariff lines out of the total 7,000 that might jeopardise many major industries in Pakistan. The FBR has sternly opposed the revised FTA with China, arguing that Pakistan does not possess exportable surplus so Islamabad’s exports could not get a boost in a big way even if it gets reciprocal incentives from China. https://www.thenews.com.pk/print/294973-pakistan-offers-zero-duty-on-6-000-items-from-china Pakistan to export 100 tons hybrid rice seeds for first time in April Pakistan is all set to export the first ever consignment of 100 tons heat-tolerant rice seeds to the Philippines next month, a senior industry official said – a shipment that is long-awaited since the country begun experimenting hybrid technology over a decade back. https://www.thenews.com.pk/print/294944-pakistan-to-export-100-tons-hybrid-rice-seeds-for-first-time-in-april
  10. News Pulse (March 20, 2018) FPCCI demands five-year tax exemption for exports sector Federation of Pakistan Chambers of Commerce and Industry (FPCCI) advised the government to consider exempting export-oriented sectors from all the taxes in the upcoming five-year trade policy framework, industry officials said on Monday. https://www.thenews.com.pk/print/294466-fpcci-demands-five-year-tax-exemption-for-exports-sector Prgmea demands early implementation of revised PM’s package Pakistan Readymade Garments Manufacturers and Exporters Association (Prgmea) has called for speedy implementation of revised PM’s package for exporters for 2017/18 along with an aggressive marketing plan to enhance exports and get the maximum benefit of GSP Plus status. https://www.thenews.com.pk/print/294468-prgmea-demands-early-implementation-of-revised-pm-s-package Govt plans ministry’s division for Islamic finance industry Government is mulling a dedicated division at the finance ministry to deal with the affairs of fast-growing Islamic banking industry in Pakistan, Adviser to Prime Minister on Finance Miftah Ismail said on Monday. https://www.thenews.com.pk/print/294462-govt-plans-ministry-s-division-for-islamic-finance-industry Fiscal year 2019 PSDP: financial inclusion project proposed Finance Division has proposed a financial inclusion project in the next fiscal year's Public Sector Development Program (PSDP) with an allocation of Rs 4.463 billion to increase digital transaction accounts and thereby access to financing in the country. Sources said that the project will be funded through a World Bank (WB) financing facility; however, financing agreement is pending for signature between Economic Affairs Division (EAD) and the World Bank and hopefully it will be signed before the end of the current fiscal year. https://fp.brecorder.com/2018/03/20180320353039/ Faysal Bank, Honda Atlas collaborate Faysal Bank Limited (FBL), one of the leading banks in Pakistan, joins hands with Honda Atlas Cars Pakistan Ltd to offer exclusive rewards and value-added services to their customers, a statement said on Monday. Customers can now avail fast-track vehicle delivery along with complimentary vehicle maintenance and accessories, it added. Further, customers will also receive priority treatment at Faysal Bank and Honda Atlas authorised dealership premises. https://www.thenews.com.pk/print/294474-faysal-bank-honda-atlas-collaborate Karandaaz sign agreement to assist SBP on digital banks Not-for-profit financial institution Karandaaz Pakistan on Monday agreed to provide technical assistance to the central bank for formulating legal and regulatory framework for digital banks in the country. https://www.thenews.com.pk/print/294461-karandaaz-sign-agreement-to-assist-sbp-on-digital-banks Power Division seeks amendment to Wheeling Electric Regulations, 2016 Ministry of Power Division has submitted reference with National Electric Power Regulatory Authority (NEPRA) to bring amendment in Wheeling of Electric Power Regulations, 2016 aimed at removing existing hurdles in sale and purchase of at least 1 MW or more electricity in the country. According to the reference sent to the power regulator on March 16, hurdles were identified in sale and purchase of the electricity by the all stakeholders after consultation. https://www.brecorder.com/2018/03/20/406093/power-division-seeks-amendment-to-wheeling-electric-regulations-2016/ Unilever announces $120 million investment in Pakistan Unilever has announced an investment of USD 120 million (PKR 11 Billion) in Pakistan acknowledging the country''s high potential for long-term growth. The announcement was made by a delegation of Unilever Pakistan that called on Miftah Ismail, Adviser to Prime Minister on Finance. https://fp.brecorder.com/2018/03/20180320353075/ Miftah very optimistic about growth Advisor to Prime Minister on Finance, Dr Miftah Ismail Monday said the government is set to achieve a 6.0 GDP growth, the highest rate in last 10 years. He was speaking at the two-day World Islamic Finance Forum (WIFE) 2018 that began here. The forum has been organized by IBA Centre for Excellence in Islamic Finance (CIEF) in collaboration with key partners. The theme is "Expanding the Footprint of Islamic Finance: Innovation, Fintech & Regulations." The keynote speakers include local and international academia and industry leaders. https://fp.brecorder.com/2018/03/20180320353036/ 34 projects worth Rs 365 billion approved by CDWP Central Development Working Party (CDWP) approved as many as 34 projects at cost of Rs 365.5 billion out of which five projects valuing Rs 333.18 billion were referred to Executive Committee of National Economic Council (ECNEC) for final approval. https://fp.brecorder.com/2018/03/20180320353035/ Govt monitoring market to issue Eurobond Pakistan is closely monitoring international capital market before issuing Eurobond to raise at least one billion dollars to sustain its depleting foreign exchange reserves. The government would issue the Eurobond if investors show interest in investing in bond. "The total amount Pakistan will have to pay on its external debt is $3billion before June this year," a top official of the ministry of finance said. He further said that major part of the amount would be raised by tapping the international market. "We are expecting to generate at least one billion dollar. However, exact amount will be decided after a response from the international market," he added. https://nation.com.pk/20-Mar-2018/govt-monitoring-market-to-issue-eurobond Pakistan hopes to sign FTA-II with China in April Pakistan on Monday hoped to sign Free Trade Agreement (FTA) phase II with China in next month (April) during the visit of Prime Minister Shahid Khaqan Abbasi to China that would increase the bilateral trade. Secretary Commerce Mohammad Younus Dagha Monday expressed satisfaction over the progress on the FTA phase II. "I hoped that both sides can meet at an early date for the 10th rounds to finalize the remaining issues so that a formal announcement can be made during the prime minister's visit to China in April, 2018," the secretary said in a meeting with China's Ambassador to Pakistan Yao Jing. https://nation.com.pk/20-Mar-2018/pakistan-hopes-to-sign-fta-ii-with-china-in-april Govt seeks wheeling regulations restricted to dedicated feeders The Power Division has asked the National Electric Power Regulatory Authority (Nepra) to restrict wheeling (sale and purchase) of electricity into the national grid through dedicated feeders of 132 kilovolt (kV) and 11kV lines. https://www.dawn.com/news/1396370/govt-seeks-wheeling-regulations-restricted-to-dedicated-feeders Engro Foods, Greenland Zone ink MoU Engro Foods Limited has signed a memorandum of understanding (MoU) with Greenland Zone, a leading provider of farming machinery and financial assistance, for boosting its dairy business, an announcement said on Monday. https://www.thenews.com.pk/print/294472-engro-foods-greenland-zone-ink-mou LCCI urges PSQCA to stop raids The Lahore Chamber of Commerce and Industry (LCCI) has demanded the Pakistan Standard and Quality Control Authority (PSQCA) to stop crackdown against cosmetics and food sector, as government should aim at standardisation registration, but not at a cost to business commodity, a statement said on Monday. https://www.thenews.com.pk/print/294473-lcci-urges-psqca-to-stop-raids PCJCCI identifies sectors for JVs Pakistan-China Joint Chamber of Commerce and Industry (PCJCCI) has identified seven high potential sectors for joint ventures and investment between the two countries. These sectors included handicrafts, textile, leather, gemstone, sportswear, surgical instruments, technology-based agriculture along with reclamation and salinity control. PCJCCI Office-bearers presented a research paper to Teng Shaung, deputy minister China, counsel for the Promotion of International Trade Jinan, during a meeting here at the Expo Centre, according to the chamber's spokesperson on Monday. https://www.thenews.com.pk/print/294475-pcjcci-identifies-sectors-for-jvs
  11. SECP notifies regulations on selection of independent directors The Securities and Exchange Commission of Pakistan (SECP) has notified draft regulations regarding manner and selection of independent directors of companies. Independent directors play a key role in good governance and efficient functioning of the board. The Companies Act, 2017, defines qualifying criteria of an independent director and such directors be chosen from databank maintained by an institute/body authorized by the SECP . https://nation.com.pk/17-Mar-2018/secp-notifies-regulations-on-selection-of-independent-directors Automation to help Pakistani firms get better growth: Japanese experts A delegation of experts of Japan International Cooperation Agency (JICA) working for various government organizations in Pakistan visited Islamabad Chamber of Commerce & Industry to discuss reforms in key sectors of the economy. Yuko Tanaka JICA Export for Board of Investment, Mei Saito JICA Expert for Trade Development Authority of Pakistan, Shunichi Uchida JICA Expert for Engineering Development Board and Hiroko Hayashi of Asia Engineering Consultant Co Ltd were in the delegation. https://nation.com.pk/17-Mar-2018/automation-to-help-pakistani-firms-get-better-growth-japanese-experts Government to obtain $6.891 billion from development partners, NA told Pakistan will obtain $6.891 billion from various bilateral and multilateral development partners along with economic assistance/loans this year. Minister of State for Finance and Economic Affairs, Rana Muhammad Afzal Khan informed this to the National Assembly in a written response to a question during the Question Hour. As per the break-up, the country intends to obtain $1.824 billion from Asian Development Bank; $1.22 billion from World Bank; $1 billion from International Islamic Trade Financing Corporation (ITFC); $1.803 billion from Asian Infrastructure Investment Bank (AIIB); $827.98 million from EXIM Bank China; $67.6 million from Saudi Development Fund; $60.03 million from EXIM Bank Korea; $53.39 million from Islamic Development Bank; $20.71 million from Japan International Corporation Agency and $15 million from Kuwait Fund. https://fp.brecorder.com/2018/03/20180317352298/ Cement makers for reducing FED to zero The All Pakistan Cement Manufacturers Association (APCMA) has urged the government to keep its promise and gradually reduce federal excise duty (FED) to ‘zero’ to encourage cement off-take, saying it would support housing and infrastructural development of the country and create more employment. The spokesman of APCMA said that cement industry is among the highest contributors to the national exchequer over the last few years. The contribution has increased to Rs 117 billion in 2016-17 from Rs 39 billion in 2012-13. During the year 2016-17, per ton impact of duties & taxes was Rs 3,082/- i.e. Rs 154 per bag. This incidence of high taxation negatively affects domestic consumption. Presently, FED on cement is Rs 1,250 per ton i.e. Rs 62.5 per bag. https://nation.com.pk/18-Mar-2018/cement-makers-for-reducing-fed-to-zero FDI jumps 15.6 percent on massive Chinese inflows Pakistan’s foreign direct investment (FDI) surged 15.6 percent in the eight months of current fiscal year largely drawing strength from massive Chinese inflows under China-Pakistan Economic Corridor projects, data released by State Bank of Pakistan showed on Friday. The FDI in the July-February period of FY18 increased to $1.941 billion from $1.678 billion a year earlier. In February alone, the FDI inflows were recorded at $340.8 million, compared to $146.7 million in the corresponding month of last fiscal year. https://www.thenews.com.pk/print/293339-fdi-jumps-15-6-percent-on-massive-chinese-inflows Rains bring further improvement in water shares of Punjab, Sindh The Indus River System Authority (IRSA) on Saturday further increased the supplies of water to Punjab and Sindh after rains in different parts of the country. The inflows of water in rivers are continuously increasing due to rains which are reducing the shortage of water in different provinces. On Saturday, the share of Punjab was increased from 26,700 cusecs to Rs30, 300 cusecs. The Punjab’s share on Friday was increased from 20,300 cusecs to 26,700 cusecs, said spokesman of IRSA, Khalid Rana. He further said that Sindh’s share had also been enhanced to 20,000 cusecs on Saturday from 17000 cusecs of Friday. However, shares of Balochistan and Khyber Pakhtunkhwa will remain the same and Balochistan will get 3000 cusecs and KP 2400 cusecs respectively. https://nation.com.pk/18-Mar-2018/rains-bring-further-improvement-in-water-shares-of-punjab-sindh Govt plans modest hike in tax target for 2018-19 The PML-N government is set to propose nearly Rs4.5 trillion revenue collection target for its sixth and final budget with several measures to facilitate its realisation. Top tax men have been tasked to prepare the first draft of tax relief and revenue measures in the next couple of weeks. The government has already set April 27 for the announcement of the Federal Budget 2018-19 to be followed by provincial ones. An official source in the Ministry of Finance, who is privy to the budget-making process, told Dawn that the Federal Board of Revenue (FBR) is working on various proposals to support 15pc growth in revenue collection in 2018-19. These measures will also take into consideration impact of GDP growth and inflation as well. https://www.dawn.com/news/1395996/govt-plans-modest-hike-in-tax-target-for-2018-19 Textile exporters oppose further rupee depreciation Value-added textile sector on Saturday opposed a government’s plan to let rupee depreciate further, saying it will push up cost of imports rather than boost exports. “Devaluation of currency can help only one-time while foreign buyers demand discounts,” said Jawed Bilwani, chairman of Pakistan Apparel Forum, which represents Pakistan Hosiery Manufacturers and Exporters Association, Pakistan Readymade Garments Manufacturers and Exporters Association, Pakistan Knitwear and Sweater Exporters Association and Pakistan Cotton Fashion Apparel Manufacturers and Exporters Association. Bilwani said rupee depreciation increased cost of imported raw materials used in manufacturing of exportable goods, which are made of imported raw materials, including dyes and chemicals. https://www.thenews.com.pk/print/293656-textile-exporters-oppose-further-rupee-depreciation K-Electric upgrades power infrastructure Following the installation of 8 PMTs and associated power infrastructure by K-Electric in Baber Market, the area has been exempted from loadshedding. The market comprises over 1,800 shops and is considered the commercial hub of Landhi. The upgradation of power infrastructure also included installation of ‘kunda’-resistant Aerial Bundled Cables and digital meters. According to KE spokesperson, “We are committed to enhance the reliability of power supply across our network and glad to observe that exemption has increased the commercial activities in Babar Market. We will continue to extend all possible support to trade and industries, enabling them to operate to their full potential and contribute towards the socioeconomic development of the country.” https://nation.com.pk/18-Mar-2018/k-electric-upgrades-power-infrastructure IMC plans second price hike shortly Indus Motor Company (IMC) will shortly increase car prices by five per cent following devaluation of the rupee against dollar and the rising cost of production. In the last week of December 2017 the company had raised car prices by Rs50,000-Rs60,000 in 1300cc to 1,600cc segments. “Price will go up soon,” IMC CEO Ali Asghar Jamali on Friday told annual industry workshop, organised by IMC in collaboration with Pakistan Association of Automotive Parts and Accessories Manufacturers (Paapam). https://www.dawn.com/news/1395737/imc-plans-second-price-hike-shortly
  12. News Pulse (March 19, 2018) PM’s package: ministry releases Rs 5 billion to SBP against textile exporters’ claims The government has released Rs 5 billion for implementation of the Prime Minister's package of incentives for exporters, bringing the total amount to Rs 21.5 billion, it was learnt. Official sources revealed to the Business Recorder that exporters have submitted claims of about Rs 37 billion to the State Bank of Pakistan (SBP) so far. However, exporters' claims are under verification process and would be released after verification. https://fp.brecorder.com/2018/03/20180318352620/ ‘Demand for automobiles may cross 0.5 million mark by 2022’ Following progressive macroeconomic indicators, the demand for automobiles is expected to cross 500,000 mark by 2022. This was anticipated by speakers at an annual Auto Industry Workshop organized by Indus Motor Company (IMC) in collaboration with Pakistan Association of Automotive Parts & Accessories Manufacturers (PAAPAM) at a hotel in AJK's capital city Muzaffarabad. The theme was "Potential of Pakistan's Auto Industry" keeping in view the country's future economic outlook amidst all the infrastructure/capital investments being made under CPEC and improvement in law and order situation. https://fp.brecorder.com/2018/03/20180317352398/ Indus Motors' Rs4b new plant by year-end The Indus Motors Company (INDU) sales increased by 25 percent YoY during 2QFY18, where higher priced variants contributed more towards sales mix. According to the data, the company sold a total of 15,047 units during 2QFY18, up by 7 percent YoY and flat sequentially. Gross profits increased 21 percent YoY while gross margins decreased by 60bps to 17.7 percent from 18.3 percent YoY in the outgoing quarter. This was largely due to rupee deprecation against Japanese Yen and US dollar, which was not fully passed on in outgoing quarter. https://nation.com.pk/17-Mar-2018/indus-motors-rs4b-new-plant-by-year-end Govt plan of raising gas price rejected Pakistan Industrial and Traders Associations Front (PIAF) has rejected the government’s plan of increasing gas prices by 5-7 per cent. PIAF chairman Irfan Iqbal Sheikh in a joint statement along with senior vice chairman Tanveer Ahmed Sufi and vice chairman Khawaja Shazeb Akram stated that 7pc gas tariff hike will put the additional burden of around Rs18 billion on the consumers, increasing cost of production of the industry. He said that instead of covering losses and enhancing the efficiencies the two gas utilities Sui Southern Gas Company Ltd (SSGC) and Sui Northern Gas Pipeline Ltd (SNGPL) are shifting their burden to the consumers. https://nation.com.pk/17-Mar-2018/govt-plan-of-raising-gas-price-rejected LSM records 9.44pc growth in Jan Large-Scale Manufacturing (LSM) sector has recorded 9.44 percent growth in January 2018 after shrinking in two consecutive months of December and November. Industrial production in the two months was mainly led by delay in cane crushing particularly in Sindh and Khyber Pakhtunkhwa. However, the LSM has once again recorded healthy growth in January this year. The LSM , which constitutes 80 percent share within manufacturing and 10.7pc in overall GDP, recorded growth of 6.33 percent during seven months (July to January) of the current fiscal year over a year ago. https://nation.com.pk/17-Mar-2018/lsm-records-9-44pc-growth-in-jan Pakistan one of biggest markets for investors, says Swiss CG Pakistan has improved the confidence of foreign investors through actions taken for betterment of security and continuous economic growth, Philippe Crevoisier, Consul General of Switzerland in Karachi, said on Friday. “I see progress in law and order situation in Pakistan . Besides commercial and economic activities in the country are very impressive,” he said while inaugurating the 14th International Plastic, Printing and Packaging Exhibition held at Expo Center Karachi. https://nation.com.pk/17-Mar-2018/pakistan-one-of-biggest-markets-for-investors-says-swiss-cg
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