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Weekly News Roundup

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February 9, 2020 (MLN): The departed week remained satisfactory from an economic and business perspective.  Below are the highlights of some of the important business and economic events that allows you to keep updated from the latest happenings and progress in various sectors of the economy.

Pakistan Bureau of Statistics on Sunday, rebutted media Reports regarding inflation numbers by issuing a clarification statement in which PBS said that it’s non-biased towards compilation and publication of price statistics after it observed a number of news items giving the impression that inflation numbers were being understated. PBS mentioned that it followed standing operating procedures regarding time schedule for data collection and this inflation is higher because the prices were collected during the peak of the price surge in mid of the month.

Meanwhile, the World's renowned exhibition of Fruits & Vegetables – “Fruit logistica”  recently concluded in Berlin (Germany) in which Eight Pakistani companies set up their stalls and received overwhelming response from the foreign buyers.

Furthermore, to boost IT industry,  Govt decided to introduce relief package for small software houses and aimed to increase the software exports’ target to $10 billion. In this regard, govt will establish a software city in Islamabad which will comprise of 40-acre land

Besides, FrieslandCampina Engro Pakistan Ltd. (FCEPL)  signed a Memorandum of Understanding (MoU) with the Parliamentary Taskforce on Sustainable Development Goals (SDGs) to assist the SDGs .

On the upside, Chinese technology company, Timesaco, announced to invest more than $600 million in Pakistan’s ailing public transportation sector, hoping to restructure and digitize it by imitating the Chinese model.

Subsequently, World Wind Turbine leading manufacturer Denmark based company Vestas  expressed deep interest in establishing Wind Turbine factory in Pakistan and started ground work for exploring the feasibilities.

Moreover,  Moody’s Investors Service said in a new report that robust funding and liquidity and close links with the sovereign underpin its stable outlook for the Pakistan banking system over the next 12-18 months.

On the equity front,  TPL Trakker Limited, the pioneer in the GPS tracker industry in Pakistan and the Air Link Communication Limited, a leading distributor of mobile phones such as Apple, Samsung, TCL, Tecno and Huawei in Pakistan  both applied for Listing at Pakistan Stock Exchange (PSX), aiming to raise around Rs 1.4 billion and Rs 4.5 billion respectively through an initial public offering (IPO) in order to expand its operations.

On Thursday, Federal Minister Privatization Mohammedmian Soomro and Punjab Law Minister discussed legal matters relating to the privatization of power plants HaveliBahadarsh and Balloki in Lahore and ensured that all legal matters relating to Privatization of Power Plants will be solved promptly.                                                                                   

On Wednesday, in response to a news items published in some sections of press about tax revenue, Federal Board of Revenue (FBR) clarified that it had collected a record Rs2407 billion in first seven months showing an increase of 17% over last year’s collection of Rs2062 Billion.

With regards to increase in gas prices, President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) strongly criticized the move to increase gas prices and urged Prime Minister Imran Khan to immediately stop the implementation of the proposal.

In addition to this, the Economic Coordination Committee (ECC) on Tuesday, deferred the increase in gas prices for one more time. 

Furthermore,  a press release on Tuesday revealed that Power Division is in the process of finalizing Integrated Generation Expansion Plan (IGXEP) for the national Grid which will regulate future energy demand and supply with most affordable and feasible power projects.

Another important development in the previous week  was witnessed as the talks between the Federal Board of Revenue (FBR) and International Monetary Fund (IMF) commenced on Tuesday, during which FBR informed IMF about how the tax target of Rs. 5,238 billion couldn’t be achieved, and that the total collection by end of ongoing fiscal year might touch Rs. 4,800 billion.

Also, despite several requests from stockbrokers to revise the contents of the New Brokers Regime, the Securities and Exchange Commission of Pakistan (SECP)  approved the original amendments.

Lastly, to further improve the digital payment services landscape in the country and promote financial inclusion, SBP has issued instructions to the banking industry for improving the acceptance of payment cards in the country.

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Posted on: 2020-02-09T15:56:00+05:00

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