BUSINESS Monday, 7 October, 2013
Us says shutdown hurting business and data gathering NUSA DUA: The impacts of the US government shutdown are cascading into the business sector and into vital collection of economic data, Commerce Secretary Penny Pritzker warned Sunday. The first shutdown in 17 years has directly affected hundreds of thousands of government employees, but Pritzker said companies were also starting to hurt. “The shutdown is not good for business. It’s not good for the economy,” Pritzker told reporters at the Asia-Pacific Economic Cooperation (APEC) forum on the Indonesian island of Bali, which President Barack Obama has been forced to skip. “And we need to move in with the business of doing business in the United States. So, I am hopeful this gets resolved soon. It’s obviously having an mpact.” Pritzker said one big problem was businesses could no longer access vital data about the economy that is normally posted on the commerce department’s website. APP
shipping activity at Port Qasim KARACHI: Three ships arrived at the Port to load/ off load containers at QICT, fertiliser at FAP, cement at MW on October 5, port sources said here Sunday. Berth occupancy was maintained at 85% at the Port on Saturday where a total of twelve ships namely M.V Kps-I Alican Bey - Powership, M.V Dong Hai Jun 7001 - (Dredger), M.T Gulf Oasis, M.V Ionic Spirit, M.V Luzern, M.V Alamanis, M.V Msc Clementina, M.T Bahrain Vision, M.T Argent Hibiscus, M.V South, M.V Capital, M.V Lady Amna are currently occupying berths to load/ offload, containers, cement, steel coils, palm oil, fertiliser, chemical, wheat. Cargo handling operations were carried out smoothly at the port where a cargo volume 66279 tonnes comprising 31008 tonnes import, 35271 tonnes export and (2125) Teus was handled at the port during the last 24 hours. M.T Bahrain Vision, M.V South sailed on Saturday afternoon. M.T Kasugta at EVTL, M.T Al Soor-II at FOTCO, M.T Semua Perdana at LCT, M.V Maersk Hart Ford at QICT arrived on October 6, 2013 as per arrival schedule, the Port sources said. APP
iMf supported policies to wipe out the middle-class: fPCCi ISLAMABAD INP
HE Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Sunday said government has been following IMF-supported policy of contraction of the economy which will result in negative growth making life difficult for the poor while wiping out the distressed middle-class. The shrinking middle-class of Pakistan will collapse under the painful austerity measures and unmatched fall of the rupee as prescribed by the IMF while it is difficult to measure the miseries of the poor, already living in hell, said Zubair Ahmed Malik, President FPCCI. The unfortunate middle-class having
worthy values is facing reduced disposable income will try to make lifestyle adjustments compromising quality of food, standard of education and health which will trigger many crises in the years to come, he added. The FPCCI Chief said that as the rupee heads towards 110 to the dollar again, almost 10 per cent cheaper than it was a few months ago, the industries depending on the disposable income of the mediocre would experience defaults and foreclosures. He said that prices of consumer goods which are imported or use imported raw materials are rising steadily hitting the salaried class that will soon find it difficult to survive without other sources of income which seems to be a far cry for the majority. People will be paying more for everything because of the mismanagement of
the economy that has led us to high budget and trade deficits and inflation, Zubair Ahmed Malik observed. He said that the rural economy which has remained largely cushioned over the years due to the rural agenda of all major political parties will also face problems despite the fact that countryside poor do not travel frequently or spend on non-essentials. Reducing expenditure cosmetically and stress on enhanced revenue generation in the absence of any serious initiative to broaden the tax net or push rural nobility to pay taxes will leave urban taxpayers at the mercy of collectors while its overall impact will be economic contraction, said Malik. High inflation will not only slow the growth but spur layoffs and delay creation of new jobs hitting vulnerable including
Business community urged to back education sector
Wheat target set for all divisions FAISALABAD APP
The government has fixed targets for cultivation of wheat in all divisions of Punjab. A spokesman for the agriculture department told APP here on Sunday that wheat would be cultivated on 16.504 million acres of land in the province which would help get more than 19 million metric ton wheat this year. He said the wheat cultivation target for Faisalabad division had been fixed at 2.004 million acres whereas the wheat
production target was fixed at 2.493123 million metric ton this year. Wheat in Sargodha division would be cultivated on 1.628 million acres with 1.609 million metric ton production. In Rawalpindi division, wheat would be cultivated on 1.135 million acres and 0.649 million metric ton production would be obtained. In Gujranwala division, wheat would be cultivated on 2.669 million acres and 3.037 million metric ton production would be achieved. In Sahiwal division, wheat would be cultivated on 1.266 million acres with 1.79 million
metric ton production. In Multan division, wheat would be sown on 2.11 million acres with 2.567 million metric ton production. In Dera Ghazi Khan division, wheat would be cultivated on 2.037 million acres with 2.208 million metric tons production. In Bahawalpur division, wheat would be sown on 2.226 million acres and 2.813 million metric ton production would be obtained. In Lahore division, wheat will be sown on 1.475 million acres while production would be 1.834 million metric ton, the spokesman added.
Pakistan suﬀers 40pc post-harvest losses LAHORE APP
Pakistan is one of leading producers and exporters of horticultural commodities but facing around 40 percent postharvest losses which can be minimised gradually by using the gamma irradiation process. This was stated by Deputy Chief Scientists of Nuclear Institute for Food and Agriculture (NIFA) Fazal Mehmood told APP here on Sunday. Application of gamma radiation technology to horticultural commodities destined for export will ensure the compliance of WTO regulations and quarantine measures regarding international trade,he said.
After increased sanitary and phytosanitary concerns of the importing countries, Pakistani exporters are facing quarantine related problems in their overseas trade. Exporters are in
need of an effective alternate to methyl bromide (an ozone depleting fumigant) to meet the quarantine requirement of importing countries with additional bonus of increasing the shelf life of treated commodities. Food irradiation is the process of exposing the horticultural produce to ionizing radiation which eliminate the microbes and pests etc. harbouring on the treated materials without harming the macronutrients. Thus
poor, lower middle to middle income earners.The recent deal with the IMF which is against the manifesto and the claims of the ruling party, will never improve the current state of the economy rather deteriorate it; he noted adding that the solution lies in expansionary policy. One of the reasons behind resistance to the recent measures is little credibility the authorities enjoy. Similarly, the IMF has failed to address the crisis in flexible and innovative way which can lift troubled economies without serious human and economic costs, the business leader said. Masses and business community will never subscribe to the idea of taking a suicide pill under the guise of a bitter pill based on the ill will of the IMF as nobody win in the current set of policies except the lender.
increasing the overall safety of the horticultural produce for human health and to overcome the international trade barriers,irradiated process is necessary, he added. He said that bulk packaging of onions, potatoes and garlic etc. could be treated with irradiation to inhibit the sprouting in these commodities and thus enabling the shipment of them to long distances as well as prolong storage in the importing markets without quality deterioration. Food irradiation is a safe, cool and physical process and (unlike the chemical treatments) leaves no residues in the treated foods. Food irradiation is internationally acknowledged as a safe and viable sanitary and phyto-sanitary treatment by World health Organization (WHO), Food and Agricultural Organization (FAO), American Dietetic Association (ADA), International Atomic Energy Agency (IAEA) Food and Drug Administration (FDA), Codex Alimentarious Commission and others,he claimed.
The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Sunday urged business community to come forward for providing quality education to youth and help to resolve the problems of the nation. “Eradication of terror and other social evils could be tamed by providing quality education to the young generation,” said Zubair Ahmed Malik, President FPCCI. Talking to the business community including VP FPCCI Muhammad Ali and Jahangir Akhtar, a noted social and political worker, he said that government has limited resources to provide education to everyone, therefore business community should come forward and contribute towards the noble cause of nation building. The business community must play its due role to safeguard their own interests and that of future generations as government alone cannot overpower multiple problems, he stressed. Zubair Ahmed Malik supported the proposal of Jahangir Akhtar asking business community to pay for the promotion of education. He noted that a reason behind increasing anarchy is population explosion which is adding two million youths to the job market annually with no opportunities. On the occasion, Jahangir Akhtar said that youth are falling prey to crimes and terrorism due to lack of opportunities and skills while government lack resources to provide jobs to tens of millions of unemployed. He added that situation can take a positive turn if business community agree to contribute for the purpose of education. Such a move will help establish quality educational institutions across the country providing good schooling as well as technical skills to youth who would be able to earn a respectable living. Moreover, the veteran social worker said, Pakistan would be able to export surplus manpower to boost its forex reserves through remittances.
BUSINESS B Monday, 7 October, 2013
ABBOTTABAD: A Man walking with his sacrificial goats as the preparations for Eid-ul-Azha are in full swing in the country. online
Pakistani exhibitors participating in ANUGA-2013
integrated PoliCy on reneWaBle energy deManded LAHORE APP
HE government should formulate an integrated and comprehensive policy on renewable and alternate energy as well as announce solar energy tariff and introduce net metering system as a short-term solution to overcome shortage of electricity in the country. Talking to APP here Sunday, the Renewable and Alternate Energy Association (RAEA) Chairman (Punjab Chapter), Engineer Faiz Muhammad Bhutta spelt out the Association’s suggestions on alternate energy resource to the government. The RAEA Chairman said the renewable and alternate energy policy should have separate features for the urban and rural consumers, besides the government should also formulate laws, which make the installation of solar system mandatory feature in the design of all buildings of housing societies, commercial plazas and residential infrastructures etc. There is a dire need to work on wind energy projects through one-window operation in Sindh and Balochistan, and installation of modern plants with “low carbon technology” for coalfired electricity generation so as to maintain the international environmental standards, he maintained.
To a question, Engineer Faiz Muhammad Bhutta said that local and foreign investors faced with numerous problems due to absence of a proper parameters/mechanism for fixing the solar energy tariff, citing that it would also create mayhem as every investor would get approved solar tariff of his choice from the NEPRA (National Electric Power Regulatory Authority) and each of them would have a different technology and different tariff. Therefore, he added, the government should fix solar tariffs for 250MW, 500MW and of above capacity plants and it would not only prove to be very helpful for the investors but also beneficial for the Solar Energy Park being established in Cholistan area of Punjab province. Another issue, he said, was that whosoever would install the solar system, he would automatically become power producer therefore “net metre” installation would be inevitable to differentiate the electricity ratio consumed by him as well as the surplus for sale. He claimed the solar energy growth was impossible until the government announce the solar power tariff and allow the installation of net metres, asserting that these steps would give an instant end to load-shedding. The RAEA Chairman termed Punjab the land of solar energy and said
that WAPDA should play its effective role in motivating the consumers towards the use of solar energy. For this purpose, he suggested that measures be put in order for provision of soft-term bank loans to the power consumers for setting up solar systems. To another query, Faiz Muhammad mentioned that solar growth in the world had become possible through a proper legislation and Pakistan could optimize the solar energy generation by following the international trends. “If Bangladesh can generate 5,000MW electricity through solar resource, then why not Pakistan,” he maintained. The RAEA Chairman suggested that government should make the solar system mandatory in the designs of housing societies, commercial plaza and all under-construction infrastructures. To a question, he said, though wind energy is cost effective and economic means of energy, it falls in the category of long-term projects, elaborating that federal government issues license to investors for wind energy project, while, the site/land (of the project) is owned by the provincial government and it normally takes four to five years to complete the documental process and develop the project infrastructure. To another query, he said that Sindh and Balochistan were most excellent provinces for wind energy projects.
A total of 30 exhibitors from Pakistan are participating in the world’s leading trade fair for the retail trade, food products, services and catering market, ANUGA2013 in Cologne, Germany. Major product groups exhibited by Pakistani companies are rice, flour, spices and spice mixes, sauces and condiments, herbal products, nuts and kernel, dried fruits, juices, baked goods, salt, frozen breads and snacks. Companies are displaying both their national
govt spends rs 850m on mines, ores exploration LAHORE: The Punjab government is spending Rs 850 million on exploration of mineral and ores mines inthe province. Official sources told APP on Sunday that the country hadhuge mines and ores but lack of modern technology it could not explore hidden potential areas. During the current fiscal year, they said, the government intended to establish mining estates in Dera Ghazi Khan, Khushab, Chakwal and Mianwali while a feasibility study of iron mines in Chiniot and Dera Ghazi Khan was on cards. According to experts, iron is existing in these areas in an abundance. The government is carrying out a study to assess coal reserves in Potohar region. APP
and international brands, said a message received here from Berlin, Germany, on Sunday. Pakistan’s Ambassador to Germany Abdul Basit attended the opening ceremony of ANUGA and visited the TDAP’s country pavilion and individual participants to meet the exhibitors and get a first hand assessment of the fair. The ambassador urged the Pakistani exhibitors to be competitive, innovative and maintain quality control for enhancing their share of business in the international market. The exhibitors expressed
their satisfaction over the arrangements made by TDAP through the Commercial Division at the Pakistan Consulate General, Frankfurt, regarding the establishment of stalls and hoped for a great business week at ANUGA Cologne. ANUGA Trade Fair is the world’s leading food fair for the retail trade and the food service and catering market and takes place every other year. A total of 6,777 exhibitors from 98 countries are participating in the current year and presenting the entire global product range of food and beverages.
Petronas to build $35bn LNG plant in Canada KUALA LUMPUR APP
Petronas will embark on a $35 billion liquid natural gas (LNG) project in Canada following the reversal of Ottawa’s decision to block the Malaysian national oil company’s purchase of Canadian gas producer Progress Energy Resources. At a joint press conference Sunday with his Canadian counterpart, Malaysian Prime Minister Najib Razak said this followed from the “approval principally” given for the state energy firm’s $5.5 billion purchase. Najib announced that Petronas will spend CAD$36
billion to build “all the facilities upstream including investment in a pipeline” which he said was the “largest foreign direct investment in Canada by any country”. “We believe this project will be mutually beneficial because it will open up Canadian energy to new markets, principally East Asia,” he added of the “gargantuan investment”. Petronas’ bid for Progress was initially blocked in October last year, raising questions over Canada’s openness to foreign investment, before Canadian Prime Minister Stephen Harper reversed the decision in December.