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  • Total number of registered companies increases to 99,291: SECP

    Total number of registered companies increases to 99,291: SECP

    ISLAMABAD: The total number of registered companies has increased to 99,291 by end of April 2019, Securities and Exchange Commission of Pakistan (SECP) said on Friday.

    The SECP said that it registered 1,460 new companies in April 2019 and the majority of them were registered within four hours.

    As compared to the corresponding month of last financial year, the growth in incorporation of companies is noticed as 29 percent, raising the number of registered companies to 99,291.

    The massive increase in the new incorporations is the result of the SECP’s reforms in the ease of doing business, i.e. introduction of simplified combined process for name reservation and incorporation, one window facility for company incorporation and NTN generation, reduction in fee and enhanced assistance of investors by facilitation wings established by the SECP.

    The SECP has upgraded browser’s compatibility and now in addition to Internet Explorer, other browsers such as Google Chrome, Mozilla Firefox and Microsoft Edge can be used for name reservation and company incorporation processes. Consequently, 95 percent companies were registered online.

    During the month 73 percent companies were registered as private limited companies, while 24 percent were registered as single-member companies.

    Three percent were registered as public unlisted companies, not for profit associations, foreign companies and limited liability partnerships (LLP).

    The trading sector took the lead with the incorporation of 260 companies, services with 174, I.T. with 163, construction with 154, tourism with 81, real estate development with 67, food and beverages with 61, marketing and advertisement with 42, education with 41, corporate agricultural farming with 38, textile with 33.

    Thirty companies belong to engineering, 26 to transport, 25 to healthcare, 21 each to pharmaceuticals, and fuel and energy, 20 to mining and quarrying, 19 to communication, 17 to cosmetics and toiletries, 16 each to auto and allied, and logging, 15 to chemicals, 14 each to broadcasting, and paper and board, 13 to cable and electric goods. Seventy-nine companies were registered in other sectors.

    Foreign investment has been reported in 66 new companies. These companies have foreign investors from Canada, China, Denmark, Germany, Jordan, Korea South, the Netherlands, Nigeria, Norway, Oman, Saudi Arabia, Singapore, Turkey, UAE, UK, Ukraine and the US.

    The highest numbers of companies, i.e. 503 were registered in Islamabad, followed by 406 and 311 in Lahore and Karachi respectively.

    The CROs in Peshawar, Multan, Gilgit-Baltistan, Faisalabad, Quetta, and Sukkur registered, 79, 58, 38, 38, 21 and 6 companies respectively.

  • IMF, Planning Commission discuss CPEC, PSDP

    IMF, Planning Commission discuss CPEC, PSDP

    ISLAMABAD: Ernesto Rigo IMF Mission Chief called on Secretary Planning, Development and Reform Zafar Hasan to discuss Public Sector Development Program (PSDP), China Pakistan Economic Corridor (CPEC) and other aspects of planning including macro-economic policies, a statement said on Friday.

    Project Director Hassan Daud, Chief Macroeconomic Zafar-ul-Hassan and senior officials of the Ministry were also present in the meeting.

    The two sides exchanged program on the growth targets as well as policy adjustments to keep the growth momentum.

    Secretary planning gave a comprehensive overview of the planning process and on CPEC program.

    The two sides shared measures to create growth through both external and internal balance.

    The role of Pakistan Bureau of statistics was also discussed in the meeting.

  • forex reserves deplete by $251 million to $15.743 billion

    forex reserves deplete by $251 million to $15.743 billion

    KARACHI: The total liquid foreign exchange reserves of the country have depleted by $251 million to $15.743 billion by week ended April 26, 2019 as against $15.994 billion in the previous week, State Bank of Pakistan (SBP) said on Thursday.

    The official reserves of the central bank fell by $219 million to $8,805 billion for the week under review as against $9.024 billion by week ended April 19, 2019. The central bank said that the official reserves were declined due to external debt servicing and other official payments.

    The foreign exchange reserves with the commercial banks also declined by $33 million to $6.937 billion for the week ended April 26, 2019 as compared with $6.97 billion a week ago.

  • Headline inflation increases by 8.8 percent in April 2019

    Headline inflation increases by 8.8 percent in April 2019

    ISLAMABAD: The headline inflation has surged by 8.8 percent on year on year (YoY) in April 2019 as compared to an increase of 9.4 percent in previous month and 3.7 percent in April 2018, said Pakistan Bureau of Statistics (PBS) on Thursday.

    The Consumer Price Index (CPI) based inflation on month-on-month basis, it increased by 1.3 percent in April 2019 as compared to an increase of 1.4 percent in the previous month and an increase of 1.8 percent in corresponding month i.e. April 2018.

    Core inflation measured by non-food non-energy CPI (Core NFNE) increased by 7.0 percent on (YoY) basis in April 2019 as compared to an increase of 8.5 percent in the previous month and 7.0 percent in April 2018. On (MoM) basis, it increased by 1.0 percent in April 2019 as compared to an increase of 0.5 percent in previous month, and an increase of 2.5 percent in corresponding month of last year i.e. April 2018.

    Core inflation, measured by 20 percent weighted trimmed mean CPI (Core Trimmed) increased by 7.2 percent on (YoY) basis in April 2019 as compared to 7.9 percent in the previous month and by 5.0 percent in April 2018. On (MoM) basis, it increased by 0.9 percent in April 2019 as compared to an increase of 0.4 percent in the previous month and an increase of 1.6 percent in corresponding month of last year i.e. April 2018.

    The Sensitive Price Indicator (SPI) inflation on YoY basis increased by 9.3 percent in April 2019 as compared to an increase of 8.8 percent a month earlier and a decrease of 0.5 percent in April 2018.

    On MoM basis, it increased by 0.9 percent as compared to an increase of 1.6 percent in the previous month and an increase of 0.4 percent in corresponding month of last year i.e. April 2018.

    Wholesale Price Index (WPI) inflation on YoY basis increased by 13.8 percent in April 2019 as compared to an increase of 12.6 percent a month earlier and an increase of 4.0 percent in April 2018.

    WPI inflation on MoM basis increased by 2.3 percent in April 2019 as compared to an increase of 1.7 percent a month earlier and an increase of 1.3 percent in corresponding month of last year i.e. April 2018.

  • DISCOs publish list of defaulters above Rs1 million

    DISCOs publish list of defaulters above Rs1 million

    ISLAMABAD: Power Distribution Companies (DISCOs) have published the list of defaulters above Rs 1 million on their website, said a statement on Tuesday.

    It said that on directions of Power Division, the lists of electricity dues defaulters above Rs1 million have been published on the websites of concerned DISCOs.

    An operation against these defaulters is also in full swing. Electricity connections of the running and dead/disconnected defaulters against whom more than Rs 1 million are outstanding in lieu of electricity charges their connections are being disconnected.

    All lists of these defaulters are also published on the website of Power Information Technology Company (PITC) and can be accessed at pitc.com.pk/index.php/defaulters-list.

  • Sindh receives Rs441.8 billion in nine months: finance ministry

    Sindh receives Rs441.8 billion in nine months: finance ministry

    ISLAMABAD: The ministry of finance on Monday said that Sindh has received Rs441.8 billion during the first nine months of current fiscal year.

    While clarifying media reports that the federal government had delayed or reduced transfers of funds to provinces, said that the government of Sindh has received Rs441.8 billion, as federal transfers, during the first three quarters (July – March 2018–19) of the current fiscal year compared to Rs418.1 billion during the corresponding period of the last fiscal year entailing a 5.7 percent increase i.e. Rs23.7 billion higher than the last year.

    Similarly, Punjab and Khyber Pakhtunkhwa have received Rs 866.6 billion and Rs. 290.4 billion, respectively, compared to Rs 801.7 billion and Rs 269.3 billion received during the corresponding period last year that has resulted in 8.1 percent and 7.9 percent increase in their Federal transfers.

    Balochistan also saw a12.8 percent increase in its Federal Transfers by receiving Rs. 180.3 billion compared to Rs. 159.9 billion during the same corresponding period.

    The ministry said that all the provinces have been receiving their share in the Federal Transfers in accordance with the NFC Award.

    The Federal Government makes these transfers, fortnightly, on the same day of reporting of the collections by the collecting agencies (i.e. Federal Board of Revenue and Petroleum Division).

    Any shortfall in revenue collections results in a uniform change in the share of the Federation and the provinces in the Federal Transfers.

  • Pakistan, China agree on duty free access to 313 tariff lines

    Pakistan, China agree on duty free access to 313 tariff lines

    ISLAMABAD: Pakistan and China have signed second phase of Free Trade Agreement (FTA) under which both the countries have agreed allowing duty free access to 313 tariff lines.

    Prime Minister Imran Khan and Chinese Premier Li Keqiang witnessed the signing ceremony at a meeting on the conclusion of the 2nd Belt and Road Forum (BRF) in Beijing, a statement said on Sunday.

    Officials at the ministry of commerce said that China had agreed to grant Pakistan duty free access same as give to ASEAN countries. They said that Pakistan and China had agreed on giving duty free access to around 75 percent tariff lines.

    The officials said that Pakistan would get duty free access to 313 tariff lines. This relaxation would help Pakistan to improve exports to China by $6.5 billion during next five years.

    They said that Pakistan would able to export duty free goods including textile, leather, agriculture, chemical, engineering, plastic, furniture etc.

    According to the commerce ministry protection to local industry was given priority in signing the free trade agreement. It is also agreed to put 1,700 tariff lines from China on sensitive list.

    The officials said that China imports around $40 billion annually those items from various countries, which Pakistan export to China. The agreement would help 90 percent Pakistani products accessing Chinese markets.

    Abdul Razak Dawood, Adviser to Prime Minister on Commerce, who is also in China, said that around 400 Chinese investors attended Pak-China Business Forum and they had shown interest to enter Pakistani market.

    He said that Pakistan and China had signed free trade agreement. Besides this agreement both the countries also signed 16 Memorandum of Understandings (MoUs) including agriculture, Information Technology, Chemical etc.

    He said that the free trade agreement would attract investors into Pakistan. Further Pakistan will get same benefits under free trade agreement what ASEAN countries are availing.

  • Second phase of Pak-China FTA signed; two premiers witness signing ceremony

    Second phase of Pak-China FTA signed; two premiers witness signing ceremony

    ISLAMABAD: The second phase of Pakistan China Free Trade Agreement (FTA) signed on Sunday, which was witnessed by the premiers of both the countries.

    Prime Minister Imran Khan and Chinese Premier Li Keqiang witnessed the signing ceremony at a meeting on the conclusion of the 2nd Belt and Road Forum (BRF) in Beijing, a statement said.

    The list of MoUs/Agreements signed/exchanged on the occasion is as follows:

    i. Second Phase of China Pakistan Free Trade Agreement

    ii. Declaration for Completion of Preliminary Design of Phase-I for Up-gradation of ML-1 and Establishment of Havelian Dry Port under CPEC

    iii. MoU on Cooperation in the field of Marine Sciences between the China Geological Survey (CGS), Ministry of Natural Resources of China, the Institute of Oceanography, Ministry of Science and Technology.

    iv. MoU between CIDCA and Ministry of Planning, Development and Reform on Implementation of the Projects under JWG of CPEC on Socio-Economic Development.

    v. China-Pakistan Economic and Technical Cooperation Agreement

    vi. Rashakai SEZ Joint Venture and License Agreement between KPEZMDC and CRBC.

    The two prime ministers were accompanied by ministers and senior officials.

    Both leaders reaffirmed the time-tested and strong friendship between Pakistan and China and exchanged views on the myriad facets of bilateral engagement.

    The prime minister extended felicitations to the Chinese leadership on the successful holding of the 2nd Belt and Road Forum (BRF).

    Noting the depth and breadth of the Belt and Road Initiative (BRI), the Prime Minister said it was of immense significance for the world in terms of connectivity and shared prosperity.

    The two sides exchanged views on bilateral collaboration in the context of CPEC and prospects of further deepening economic linkages.

    Prime Minister Imran Khan underscored the importance of CPEC for Pakistan’s economy and noted with satisfaction its expansion into new areas of development – including industrial development; livelihood projects; social uplift; and agriculture in line with the priorities of government.

    He hoped that Chinese investment in Specialized Economic Zones (SEZs) would expand Pakistan’s industrial base and assist in diversifying its export basket.

    Underlining the steady growth of bilateral cooperation since the Prime Minister’s last visit to China in November 2018, Premier Li Keqiang expressed satisfaction at the positive momentum of CPEC projects.

    He hoped that the conclusion of the Second Phase of China-Pakistan Free Trade Agreement (FTA), would give further boost to trade and economic relations between the two countries.

    The two sides agreed to further deepen the political, security, economic, education, science & technology, cultural, and people-to-people relations.

    It was agreed to maintain the existing momentum of high level exchanges between the two countries.

    The two leaders also exchanged views on regional issues including peace efforts in Afghanistan and peace and stability in South Asia.

    They also agreed to closely coordinate in their endeavors.

  • Inflation increases by 17.15pc for higher income group

    Inflation increases by 17.15pc for higher income group

    KARACHI: The prices of essential items has increased by 17.15 percent for higher income group above Rs35,000, according to weekly Sensitive Price Indicator (SPI) issued by Pakistan Bureau of Statistics (PBS).

    The PBS said that the inflation of the income group above Rs35,000 was increased by 17.15 percent by week ended April 25, 2019 as compared with same week a year ago.

    The PBS computes the weekly SPI with base 2007-08=100 covering 17 urban centres and 53 essential items for all income groups/quintiles and combined.

    The PBS calculates SPI for income groups included Rs8,000; between Rs8,001 – Rs12,000; Rs12,001-Rs18,000; Rs18,001-Rs35,000; and above Rs35,000. The average inflation for all income group increased by 12.91 percent by week ended April 25, 2018 as compared with corresponding week last year. However, the average inflation increased by 0.37 percent over the previous week ended Aril 18, 2019.

    During the week under review as compared with previous week, around 20 items registered increase in their prices. Some of these items are included: tomatoes, onions, potatoes, egg hen, bananas, pulse moong, sugar, pulse mash, garlic, pulse gram, tea prepared, mutton etc.

    However, 10 items registered decline in their prices during the week, which included: chicken farm, LPG cylinder 11-kg, wheat, wheat flour, firewood, red chillie, cooking oil, vegetable ghee etc.

    Average prices of 22 items remained unchanged during the week under review.

    According to PBS the SPI was increasing for the last four consecutive weeks. The SPI is major component for headline inflation i.e. Consumer Price Index (CPI). The movement of SPI sets the monthly CPI.

  • Imran Khan discusses IMF program with Christine Lagarde

    Imran Khan discusses IMF program with Christine Lagarde

    ISLAMABAD: Prime Minister lmran Khan met Ms. Christine Lagarde, Managing Director of International Monetary fund (IMF) on the sidelines of the belt and Road Forum, a statement received here on Friday from Beijing, China.

    The prime minister was assisted by Foreign Minister Makhdoom Shah Mahmood Qureshi, Adviser on Finance Dr. Abdul Hafeez Shaikh and Adviser on Commerce Abdul Razzaq Dawood.

    The meeting reviewed the relationship between Pakistan and the IMF.

    The prime minister identified the areas of reform and initiatives being undertaken by the government to stabilize the economy, control inflation and achieve fiscal balance.

    The two leaders agreed on the importance of the Fund programme and to work towards an agreement for which an IMF delegation is coming to Islamabad.

    The two sides also agreed on the need for a social safety net for the vulnerable groups of the society.