Pakistan Economy

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  • جو شخص بہانہ بنانے میں بہت اچھا ہو ، وہ کسی اور کام میں اچھا نہیں ہو سکتا
  • پیسہ بدترین آقا ہے، مگر بہترین غلام بھی ہے
  • کسی فرد یا قوم کو برباد کرنا ہے تو اس کی امید کو مار ڈالیے اور اگر اسے تعمیر کرنا ہے اس کی امید کا دیا روشن کیجئے
  • کامیابی سوچ سے ملتی ہے
  • زندگی کی دوڑ میں دوسروں سے آگے نکلنے کیلئے تیز چلنا ضروری نہیں، بلکہ ہر رکاوٹ کے باوجود چلتے رہنا اور مسلسل چلتے رہنا ضروری ہے
  • جب باتیں آمنے سامنے ہوتی ہیں تو جھوٹ اور غلط فہممی کا خاتمہ ہو جاتا ھے
  • بہت اونچے پہاڑ پر چڑھنے کے لئیے قدم آہستہ آہستہ اٹھانا پڑتے ہیں
  • تین چیزیں نیکی کی بنیاد ہیں، تواضع بے توقع, سخاوت بے منت اور خدمت بے طلبِ مکافات
  • غربت اور افلاس کی وجہ پیداوار کی کمی نہیں، بلکہ اسکی غلط تقسیم ہے
  • دولت ہونے سے آدمی اپنے آپ کو بھول جاتا ہے اور دولت نہ ہونے سے لوگ اس کو بھول جاتے ہیں
  • مصروف زندگی نماز کو مشکل بنا دیتی ہے , لیکن نماز مصروف زندگی کو بھی آسان بنا دیتی ہے
  • گناہ کو پھیلانے کا ذریعہ بھی مت بنو, کیونکہ ہوسکتا ہے آپ تو توبہ کرلو, لیکن جس کو آپ نے گناہ پر لگایا ہے وہ آپ کی آخرت کی تباہی کا سبب بن جائے
  • اپنی زندگی میں ہر کسی کو اہمیت دو, جو اچھا ہوگا وہ خوشی دے گا اور جو برا ہوگا وہ سبق دے گا
  • درخت جتنا اونچا ہو گا اس کا سایہ اتنا ہی چھوٹا ہو گا, اس لیے اونچا بننے کی بجائے بڑا بننے کی کوشش کرو
  • جو شخص کوشش اور عمل میں کوتاہی کرتا ہے, پیچھے رہنا اس کا مقدر ہے
  • جو لوگ میانہ روی اختیار کرتے ہیں, کسی کے محتاج نہیں ہوتے
  • حقیقی بڑا تو وہ ہے جو اپنے ہر چھوٹے کو پہچانتا ہوں اور اس کی ضروریات کا خیال رکھتا ہو

paknews

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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
 

paknews

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Apr 8, 2018
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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
 

paknews

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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
 

paknews

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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
 
Apr 11, 2017
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Pakistan Economy: Profitability portrays a 8.0% YoY improvement during 1QCY18


08 May 2018
Arif Habib Limited




  • KSE-100 profitability recorded a 8.0% uptick YoY in 1QCY18, driven primarily by Fertilizer (+154%) and Oil & Gas Exploration Companies (+31% YoY). While Tobacco (+234% YoY) and Insurance (+85.5% YoY) were also prominent contributors to the earnings surge.
  • After adjusting for one timers including one time pension cost for banks and capital gain on sale of Hubco’s shares by Dawood Hercules, the growth in profitability reduces to 5%/12% YoY/QoQ
  • Sectors leading the profitability chart during 1QCY18 are Synthetic & Rayon (+602% YoY), Closed End Mutual Funds (+549.3% YoY) and Tobacco (+233.8% YoY).
 
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News Pulse (September 24, 2018)



Oil industry wants govt to delay launch of high-quality Euro-V diesel

Reluctant to adopt environment-friendly diesel as transport fuel, the country’s oil industry has asked the government to delay accepting Kuwait’s demand to phase out low quality high-speed diesel — Euro-II — by Dec 2020.

https://www.dawn.com/news/1434195/oil-industry-wants-govt-to-delay-launch-of-high-quality-euro-v-diesel



Fuel import bill surges 30pc

The country’s oil import bill rose by 30.08 per cent year-on-year to $2.64 billion in the first two months of FY19 whereas machinery imports registered a 19.2pc decline to $1.6bn, showed data released by Pakistan Bureau of Statistics.

https://www.dawn.com/news/1434196/fuel-import-bill-surges-30pc



Textile and clothing exports jump 7.33pc

Pakistan’s textile and clothing products exports revived in August from a year ago, according to the data released by the Pakistan Bureau of Statistics (PBS) on Wednesday.

https://www.dawn.com/news/1434035/textile-and-clothing-exports-jump-733pc



Current account gap widens to $2.7bn

The current account deficit for 2MFY19 further widened by 10 per cent, compared to the same period of last fiscal - indicating that the deficit trend is still on the rise.

https://www.dawn.com/news/1434033/current-account-gap-widens-to-27bn



Mystery grows around Rs44bn gas subsidy for Punjab industry

A Rs44 billion subsidy on gas price for export sector announced by Finance Minister Asad Umar in his supplementary budget speech that attracted widespread jubilation particularly from Punjab’s industrial sector, has still no legal ground or back up.

https://www.dawn.com/news/1434038/mystery-grows-around-rs44bn-gas-subsidy-for-punjab-industry



Govt restores gas supply of closed fertiliser plants after a year

After suspension of over a year, natural gas supplies to closed urea plants have been restored, brightening prospects of meeting peak urea demand of upcoming Rabi season.

https://www.thenews.com.pk/print/371740-govt-restores-gas-supply-of-closed-fertiliser-plants-after-a-year



Power generation up 10pc in Aug

The electricity generation in August 2018 surged 10 percent to 14,017Gwh as compared to 12,754Gwh during the same month last year, as RLNG and coal-based plants along with higher hydropower led to the overall improvement in the generation capacity of the country.

https://www.thenews.com.pk/print/371745-power-generation-up-10pc-in-aug



Govt may withdraw waiver for non-filers

The Finance Minister, Asad Umar, says he’s ready to reconsider the budget proposal of lifting ban on the non-filers of tax returns wishing to purchase property and new cars — a move that sparked controversy, as it meant incentivising the tax-evaders and penalising the taxpayers.

https://www.thenews.com.pk/print/371997-govt-may-withdraw-waiver-for-non-filers



Petroleum prices likely to go up

The prices of petroleum products are expected to be increased by Rs 10 per litre from next month.

https://nation.com.pk/23-Sep-2018/petroleum-prices-likely-to-go-up



Govt mulls cutting power tariff for export-oriented sectors

After reducing the gas tariff, the PTI-led coalition government is mulling to reduce the electricity tariff for the export-oriented sectors to reduce the cost of doing business in the country in order to enhance the exports.

https://nation.com.pk/23-Sep-2018/govt-mulls-cutting-power-tariff-for-export-oriented-sectors



Power sector: Rs 50 billion injection to bring down debt quantum to Rs 546 billion

An amount of Rs 50 billion against power sector''s circular debt may be released on Monday (tomorrow) to reduce the debt quantum from Rs 596 billion to Rs 546 billion. Sources said that there is growing pressure from Independent Power Producers (IPPs) to suspend power supply if the payment is not released to them for purchase of fuel to ensure operation of the power plants.

https://fp.brecorder.com/2018/09/20180923409723/



Turkish firm to invest $330m in setting up plant in Pakistan

A Turkey-based fast-moving consumer goods company (FMCG) – Hayat Kimya – has planned an investment of $330 million in Pakistan for setting up a manufacturing unit for hygiene products.

https://tribune.com.pk/story/1809261/2-turkish-firm-invest-330m-setting-plant-pakistan/



Government poised to hold bidding for 20 new exploration blocks

The Pakistan Tehreek-e-Insaf (PTI) government is set to hold a bidding round for 20 new exploration blocks in a bid to boost oil and gas production in the country.

https://tribune.com.pk/story/1809269/2-government-poised-hold-bidding-20-new-exploration-blocks/



LSM posts nominal growth in July

Large scale manufacturing (LSM) sector posted a marginal 0.50 percent year-on-year growth in the first month of the current fiscal year of 2018/19, yet it decently grew 6.99 percent compared to June, official data showed.

https://www.thenews.com.pk/print/371255-lsm-posts-nominal-growth-in-july



Government finalises strategy to build 5 million houses

The incumbent government of Pakistan Tehreek-e-Insaf (PTI) has finalised strategy to build five million houses as Prime Minister (PM) Imran Khan is set to announce the details of the project in coming week. The government has decided to immediately start construction of the houses in parts of the country after which, they will be given to the homeless people on easy instalments.

https://fp.brecorder.com/2018/09/20180923409786/



Tile industry fears for survival after gas price hike

Ceramic tile makers on Wednesday pleaded with the government to withdraw a recent increase in the as price, saying it would render the domestic industry uncompetitive in local and global markets, leading to thousands of jobs losses.

https://www.thenews.com.pk/print/370904-tile-industry-fears-for-survival-after-gas-price-hike



ECC to consider allowing sugar exports

The Economic Coordination Committee (ECC) of the Cabinet in next week would consider allowing sugar exports amid sufficient stock of commodity in the country.

https://nation.com.pk/21-Sep-2018/618465



Trump urges Opec to lower prices

President Donald Trump linked American support for Middle Eastern countries to oil prices on Thursday as he again urged OPEC to lower prices.

https://nation.com.pk/21-Sep-2018/trump-urges-opec-to-lower-prices
 

paknews

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Apr 8, 2018
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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/
 

paknews

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Apr 8, 2018
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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/
 

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