The EU has proposed a tariff on $20 billion worth of US goods in response to the inability of the US government to remove subsidies on Boeing (a US plane manafacturer). This move is the latest in a long dispute between the two parties regarding subsidies on both the European Airbus (a European plane manufacturer) and Boeing.
Inflation measured through consumer price index (CPI) has surged to 9.4pc in March 2019, the highest in the last five years. The period coincides with the rise in global oil prices, while tightening of the monetary policy by the State Bank of Pakistan (SBP) and depreciating the rupee have all contributed to the inflation. Prices of food items have posted persistent increase in major cities.
The UK, in case of a no deal Brexit, has planned a new tax regime. Under this new regime, 80% of imports into the UK will be tariff-free. This will protect a few industries, such as the car manufacturing industry in Britain. At the moment while Britain is still within the EU there are no tariffs on imports.
The World Bank Country Director Patchamuthu Illangovan said on Monday while talking about the Pakistan @100- Sharing the Future 2047 that “With sustained reforms, Pakistan could be a $2 trillion economy when it will turn 100 in the next 28 years." This means Pakistan will become a middle income country with a per capita income of $5702 but it will need to halve its population.
Punjab Finance Minister Hashim Jawan Bakht has said that introducing new structural and financial reforms will end the country’s reliance on World Bank and International Monetary Fund (IMF). He said so at the annual Tax day on Wednesday. He further said that the new tax reforms, albeit unwelcome and unpopular, are necessary.
Succumbing to the pressure of car manufacturers, the government is withdrawing its decision to impose 10% federal excise duty on 1700cc and above cars. The Senate's Standing Committee on Industries and Production was informed of the withdrawal of the 10% duty on Wednesday by the Prime Minister on Commerce Abdul Razaq Dawood.
The Federal Investigation Agency's (FIA) Islamabad Circle raided two offices operated by unlicensed currency exchange companies in Islamabad. The offices were in Islamabad's F-10 Markaz and Blue Area. The operation was part of a wider crackdown against dollar hoarding and money laundering. Records, foreign currency and millions of rupees in cash were seized from the offices.
Despite being at the center of global controversy, Huawei is the only smartphone manufacturer to experience any growth in China's declining market. The US and some other countries have declared the brand to be a threat to global security however this did not impact the brand's sales as they have gone up by 50% in the first quarter.
According to an insider source, Kia, a vehicle manufacturer, is looking to shut down its No.1 plant in China in an effort to enhance competitiveness. Kia made an official statement this Sunday that said that they are looking at various plans to improve their standing in the Chinese market by increasing sales and competitiveness.
The Central Power Purchasing Agency demanded an additional revenue adjustment of Rs202 billion, involving about Rs2.50 per unit increase in uniform electricity tariff for all distribution companies (Discos) during this fiscal year. NEPRA indicated that it would like to settle the matter very soon so as to provide an opportunity to the government to decide how it wants to extended subsidy with allocation in the upcoming federal budget.