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BUSINESS RECORDER

Corporate Restructuring Companies Act 2016: Bill to facilitate revival of distressed assets, cos

ISLAMABAD: The National Assembly has passed major amendments in the “The Corporate Restructuring Companies Act 2016 to enable Corporate Restructuring Companies (CRCs) operate efficiently and extend financing facilities for carrying out the purposes of the CRC Act. The Corporate Restructuring Companies (Amendment) Bill 2021 was approved in NA’s session on June 10, including other 20 legislations.

brecorder.com ,  6h 0
Corporate Restructuring Companies Act 2016: Bill to facilitate revival of distressed assets, cos

PECO sell-off plan shelved

ISLAMABAD: Privatisation Commission (PC) has reportedly decided to shelve privatisation of Pakistan Engineering Company (PECO) plan until the entity is free from inherent issues and encumbrances, well-informed sources told Business Recorder. The decision was taken by the PC Board in its meeting held on June 4, 2021, presided over by Minister for Privatisation, Mohammedmian Soomro.

brecorder.com ,  1d 0
PECO sell-off plan shelved

What some of the budget measures mean

When all is said and done, not every budget measure impacts everyone directly. But almost all of them have a trickle-down effect on every Pakistani. Here are Business Recorder’s picks of the salient features of Budget 2020-21. - Federal excise duty proposed on internet data usage at Rs5 per GB.

brecorder.com ,  2d 0
What some of the budget measures mean

Export promotion scheme: FBR for allowing 30pc local sales

ISLAMABAD: The Federal Board of Revenue (FBR) has proposed to allow local sales of 30 percent of the finished products required to be exported after procuring duties and taxes free inputs under the unified export promotion scheme. Small and medium exporters told Business Recorder that the FBR’s move to allow sales of such goods in the local market is a serious distortion in the whole scheme of the duties and taxes free imports of raw materials/inputs solely with the purpose of finished products export.

brecorder.com ,  7d 0
Export promotion scheme: FBR for allowing 30pc local sales

Circular debt may hit Rs2.7trn mark

ISLAMABAD: The energy sector's circular debt is likely to touch Rs 2.7 trillion in fiscal year 2021-22 in case the government fails to earmark adequate resources for subsidy, improve recovery and bring improvement in distribution and transmission system of Discos. Well-informed sources told Business Recorder that the Power Division has sought subsidy of Rs 501 billion for power sector in FY 2021-22 but it has informally been conveyed that allocation for subsidy will not be more than Rs 330 billion, which implies that the remaining unallocated amount of about Rs 170 billion will be added to the circular debt.

brecorder.com ,  9d 1
Circular debt may hit Rs2.7trn mark

NGMS spectrum auction: Cabinet may approve policy directive

ISLAMABAD: The federal cabinet is likely to approve the policy directive for auction of next generation mobile services (NGMS) spectrum in Pakistan for improvement of mobile broadband services of which the government has estimated to generate over one billion of revenue. Prime Minister Imran Khan will preside over the cabinet meeting to consider “Policy Directive for the auction of NGMS spectrum in the country”, drafted by the Ministry of Information Technology and Telecommunication.

brecorder.com ,  14d 0
NGMS spectrum auction: Cabinet may approve policy directive

Ministry may pay first instalment to 35 IPPs by weekend

ISLAMABAD: Ministry of Finance is likely to pay the first instalment of Rs90 billion to 35 Independent Power Producers (IPPs) including Hubco and Kapco, at the end of the current week, well informed sources told Business Recorder. According to the proposal approved by the ECC on May 6, 2021 and ratified by the Federal Cabinet in its meeting held on May 18, 2021, the government has to pay 40 percent of the agreed amount as a first instalment to 35 IPPs.

brecorder.com ,  14d 1
Ministry may pay first instalment to 35 IPPs by weekend

Chicken price drops due to rumours of coronavirus

ISLAMABAD: Chicken price has witnessed a decline following all time high level of Rs 11,500 per 40kg to Rs 8,400 per 40kg following rumors of coronavirus and reduced demand, revealed a survey conducted by Business Recorder, here on Saturday. Traders told this correspondent that last week chicken prices have touched all time high level as a result consumers reduced purchasing chicken and shifted towards beef, moreover on social media rumors of coronavirus in chicken also surfaced which has reduced the commodity price by Rs 2,900 per 40kg.

brecorder.com ,  15d 0
Chicken price drops due to rumours of coronavirus

Outstanding claims of oil cos: PD seeks Rs14.6bn TSG and $64.4m to make payment

ISLAMABAD: The Ministry of Energy (Petroleum Division) has sought Technical Supplementary Grant (TSG) of Rs 14.6 billion and $ 64.4 million to pay outstanding claims of oil companies for payment in current fiscal year 2020-21, well informed sources told Business Recorder. Petroleum Division had submitted outstanding guaranteed/obligatory payment claims of oil sector for budgetary allocation in the Federal Budget 2020-21.

brecorder.com ,  17d 0
Outstanding claims of oil cos: PD seeks Rs14.6bn TSG and $64.4m to make payment

Govt agrees to key PBC budgetary proposal

ISLAMABAD: The government has agreed, in principle, to a key budget proposal of the Pakistan Business Council (PBC) to restore the exemption of inter-corporate dividends to promote the formation of groups in the country. Sources told Business Recorder, here on Tuesday that the issue was discussed during the last meeting of the PBC with the finance minister on the federal budget (2021-22).

brecorder.com ,  19d 0
Govt agrees to key PBC budgetary proposal

Activation of value-added services: CMOs asked to send mandatory confirmation messages to consumers

ISLAMABAD: The Pakistan Telecommunication Authority (PTA) has directed the Cellular Mobile Operators (CMOs) to send mandatory confirmation messages to their consumers to get explicit consent for opting in or activation of value-added services. The CMOs have further been directed to submit compliance report within three weeks from issuance of the order.

brecorder.com ,  20d 0
Activation of value-added services: CMOs asked to send mandatory confirmation messages to consumers

Ogra asked to cancel 36 OMCs’ provisional licence

ISLAMABAD: Ministry of Energy has directed Oil and Gas Regulatory Authority (Ogra) to cancel provisional licence of 36 Oil Marketing Companies (OMCs) for failing to meet the prescribed conditions, well-informed sources told Business Recorder. Presently, a total 66 OMCs are operating under licence, with top 8 OMCs holding 92% of the market share.

brecorder.com ,  20d 0
Ogra asked to cancel 36 OMCs’ provisional licence

ToRs of Arbitration Agreement: ECC disapproves ‘equity and fairness’ clause

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has reportedly disapproved the clause "equity and fairness" proposed by KE in the Terms of Reference (ToRs) of Arbitration Agreement on the written advice of Attorney General for Pakistan, well informed sources told Business Recorder.

brecorder.com ,  21d 0
ToRs of Arbitration Agreement: ECC disapproves ‘equity and fairness’ clause

Valuation of mills: PC, PSM board not on the same page

ISLAMABAD: Privatisation Commission (PC) and Pakistan Steel Mills (PSM) Board of Directors (BoD) are reportedly not on the same page insofar as the valuation of the Mills' assets is concern which may further delay the privatisation process, well-informed sources told Business Recorder.

brecorder.com ,  23d 0
Valuation of mills: PC, PSM board not on the same page

‘Cartelisation’ found behind rise in poultry prices

ISLAMABAD: Amid an unprecedented increase in poultry prices in Pakistan, the Competition Commission of Pakistan’s (CCP’s) enquiry has found “cartelisation” among the poultry feed companies, exposing the “nexus” between the collusive practices by feed mills, and the chicken and egg price rise.

brecorder.com ,  1m 0
‘Cartelisation’ found behind rise in poultry prices

PD allowed to absorb surplus Gencos’ employees in Discos

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has allowed Power Division to absorb surplus employees of Generation Companies (Gencos) in Distribution Companies (Discos) but is unwilling to approve financial resources for their pensionary benefits, well-informed sources told Business Recorder.Sharing details, sources said Cabinet Committee on Energy (CCoE) during its meeting held on September 10, 2020 decided immediate closure of certain power plants/units of Generation Companies (Gencos) having aggregate capacity of 1798MW.

brecorder.com ,  1m 0
PD allowed to absorb surplus Gencos’ employees in Discos

Ministry to submit wheat import plan to ECC after Eid

ISLAMABAD: The Ministry of National Food Security and Research (MNFS&R) is to submit plan to import 0.4 million tons of wheat to the Economic Coordination Committee (ECC) of the Cabinet soon after Eid holidays, well-informed sources told Business Recorder.This was revealed by Secretary, NFS&R, Ghufran Memon at a meeting of National Price Monitoring Committee (NPMC) held on May 10, 2021 under the chairmanship of Finance Minister, Shaukat Tarin, convened to discuss prices and supply position of essential food items.

brecorder.com ,  1m 0
Ministry to submit wheat import plan to ECC after Eid

Sec 72 of Cos Act: Cos to have their shares in book-entry form only: SECP

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) is planning to make it obligatory for all public listed, public unlisted, public interest, and private limited companies to have their shares in book-entry form in compliance with Section 72 of the Companies Act, 2017.

brecorder.com ,  1m 0
Sec 72 of Cos Act: Cos to have their shares in book-entry form only: SECP

PIA restructuring plan blocked

ISLAMABAD: Secretary Cabinet, Sardar Ahmad Nawaz Sukhera has reportedly blocked PIA's restructuring plan prepared by the Prime Minister’s Advisor on Institutional Reforms and Austerity (IR&A), Dr Ishrat Hussain, arguing that it would not be in accordance with Rules of Business, 1973 to take any decision, especially when it entails large sums of public money on a presentation.

brecorder.com ,  1m 0
PIA restructuring plan blocked

Access to tally record during recounting of votes: Reluctant ECP taints credibility of by-poll in NA-249

ISLAMABAD: Election Commission of Pakistan’s (ECP’s) reluctance to allow political parties access to tally the record while recounting votes in National Assembly’s constituency NA-249 has further comprised the credibility of by-poll held on April 29.As per electoral practices, returning officer is empowered to allow poll contestants during recounting of votes in any constituency to tally the related record, a retired top ECP official told Business Recorder.

brecorder.com ,  1m 0
Access to tally record during recounting of votes: Reluctant ECP taints credibility of by-poll in NA-249