Pak News Wire: Business News

Pakistan-Turkey relations

LAHORE: The fresh agreements and the memorandums of understanding signed by the premiers of Pakistan and Turkey at the Pak-Turk High Level Strategic Cooperation Council meeting is another feather in the cap of exemplary relations enjoyed by two brotherly nations. Turkey is one of the most consistent allies of Pakistan and has supported Pakistan in its fight against terrorism by extending every possible help. Turkish Prime Minister Ahmet Davotoglu’s statement that “Pakistan’s security is Turkey’s security” and his announcement of $ 20 million for the assistance of internally displaced persons shows his level of commitment for ensuring security and stability in Pakistan. The Turkish government’s financial and technical help enabled the Punjab government to launch various infrastructure projects, including the Metro bus project and waste management initiatives. The commitment of both countries to increase trade in the next five years will bring a new era of peace and prosperity in Pakistan. Uzma Intezar Published in The Express Tribune, February 20th,  2015. Like <a href="http://www.facebook.com/EToped">Opinion & Editorial on Facebook</a>, follow <a href="https://twitter.com/ETOpEd">@ETOpEd</a> on Twitter to receive all updates on all our daily pieces.

Pakistan-Turkey relations

LAHORE: The fresh agreements and the memorandums of understanding signed by the premiers of Pakistan and Turkey at the Pak-Turk High Level ...

Apple becomes first company worth over $700 bn

<a href="http://tribune.com.pk/story/836436/apple-becomes-first-company-worth-over-700-bn/"> 				<img alt="" height="120" src="http://i1.tribune.com.pk/wp-content/uploads/2015/02/836436-AppleiPhone-1423616312-478-160x120.JPG" width="160" /> 			</a> 			NEW YORK: Apple became the first company to reach a market value of $ 700 billion Tuesday as shares vaulted amid upbeat news on the US tech giant’s gains in the smartphone market and soon-to-arrive smartwatch. Shares rose 1.9 percent to close at $ 122.02, lifting Apple’s market value to $ 710 billion, and making it the first company to hit the $ 700 billion milestone. Apple chief executive Tim Cook, speaking at the Goldman Sachs Technology & Internet Conference, said Apple was hitting its stride. “We’ve taken (the mobile operating system) iOS and extended it into your car, into your home, into your health. All of these are really critical parts of your life,” Cook said. “We want one seamless kind of life. And so, I think that is huge for our future…We also did a lot of things to further our global footprint. And so, if you look at what we’ve done in China, we’ve opened more stores there. We’ve opened a lot more distribution there. Through the world, we’ve opened almost 20,000 new points of sale. We’ve opened 27 new Apple Stores, lot of flagship stores.” Cook said Apple took some $ 50 billion in revenue in emerging markets over the past calendar year. Brian White, analyst at Cantor Fitzgerald, said the leading tech company has even more room to grow. “Given Apple’s powerful iPhone cycle, a big 4G ramp in China and the upcoming launch of Apple Watch in April, we believe there is still plenty to look forward to at Apple during this transformational cycle,” he said in a note to clients. “At the same time, we believe Apple’s valuation has room to expand from depressed levels.” Apple shares remain valued at reasonable levels, according to analysts, because of the whopping $ 18 billion quarterly profit reported recently by the iPhone and iPad maker. Using the price-earnings ratio favored by Wall Street, Apple is valued at around 16 times its annual earnings, but Fitzgerald said the value was only around 10 times the projected earnings for the next fiscal year. Apple is far ahead in market value from the number two company, oil giant Exxon Mobil, worth some $ 382 billion at the market close. The record Apple quarterly profit — on unprecedented revenue of $ 74.6 billion — was driven by the sale of 74.5 million iPhones, well ahead of most analysts’ expectations. Analysts are also seeing expanded adoption of the Apple Pay system that enables customers to purchase items with a tap of their iPhone, and many predict strong demand for the Apple Watch set for release in April. Separately, Apple agreed to commit $ 848 million for solar energy to power its data centers, according to a statement from First Solar, Inc. Cook called the effort “our biggest, boldest, and most ambitious project ever” and said it was part of Apple’s commitment on clean energy and corporate responsibility. Apple will receive electricity from 130 megawatts under a 25-year power purchase agreement, “the largest agreement in the industry to provide clean energy to a commercial end user,” the solar firm said. The 2,900-acre California Flats Solar Project occupies part of a property owned by Hearst Corporation in Cholame, California, with construction set to start this year. Apple unveiled plans earlier this month to pump $ 2 billion over the coming decade into a solar-powered data center “global command” facility in the southwest state of Arizona.

Apple becomes first company worth over $700 bn

NEW YORK: Apple became the first company to reach a market value of $ 700 billion Tuesday as shares vaulted amid upb...

Controlling pests: MoU signed to fund project

<a href="http://tribune.com.pk/story/831895/controlling-pests-mou-signed-to-fund-project/"> 				<img alt="" height="120" src="http://i1.tribune.com.pk/wp-content/uploads/2015/02/831895-pesticides-1422908278-221-160x120.jpg" width="160" /> 			</a> 			<div>ISLAMABAD:  The Pakistan Agricultural Research Council (PARC) on Monday signed a Memorandum of Understanding (MoU) with CAB International (CABI) and All Pakistan Fruit and Vegetable Exporters, Importers and Merchants Association (PFVA) Karachi. </div> PARC through its regional centre Southern Zone Agricultural Research Centre (SARC) at University of Karachi signed the MoU at National Agricultural Research Centre (NARC) Islamabad. Under this MoU, CAB International will provide funding through the USDA-funded project to work on the control of papaya mealy bug and apple mites and codling moth in Pakistan. SARC and PFVA will be the main collaborators in the project while CABI will build capacity of SARC and PFVA members and will also initiate a research and development programme to control mealy bug. This will be a key step towards reducing pests’ risks for the horticulture industry in Pakistan. Published in The Express Tribune, February 3rd, 2015. Like <a href="https://www.facebook.com/ETribuneBusiness">Business on Facebook</a>, follow <a href="https://twitter.com/TribuneBiz">@TribuneBiz</a> on Twitter to stay informed and join in the conversation.

Controlling pests: MoU signed to fund project

ISLAMABAD: The Pakistan Agricultural Research Council (PARC) on Monday signed a Memorandum of Understanding (MoU) wit...

Falling crude prices: Edible oil producers call for cut in oil tanker fares

<a href="http://tribune.com.pk/story/830918/falling-crude-prices-edible-oil-producers-call-for-cut-in-oil-tanker-fares/"> 				<img alt="" height="120" src="http://i1.tribune.com.pk/wp-content/uploads/2015/01/830918-oiltankerAFPxcopy-1422761633-104-160x120.jpg" width="160" /> 			</a> 			KARACHI: The Pakistan Vanaspati Manufacturers Association (PVMA) has demanded a reduction in fares of oil tankers proportionate to the fall in petroleum prices. In a statement, PVMA Chairman Atif Ikram said the oil tankers association has slashed transport fares by less than 1% since the fall in petroleum prices, though the fares should have been cut by at least 10%. He claimed that they have paid an extra amount of Rs25 million since the petroleum prices started to go down, therefore, they are unable to pass on the benefit of the falling fuel prices to consumers. The PVMA has demanded that the oil tankers association cut fares by 10% from February 2015. A four-member committee has been formed to hold talks with the owners of oil tankers. Chairman Atif Ikram chaired a general body meeting of the association which reviewed the supply situation of cooking oil and ghee from Karachi to other parts of the country. The general body recommended that similar to the inter-city bus fares, oil tanker fares should also be regulated by the government. They also called for a substantial reduction in freight charges. Ikram said that after a reduction in transport costs, a substantial cut in cooking oil and ghee prices may be considered. Published in The Express Tribune, February 1st, 2015. Like <a href="https://www.facebook.com/ETribuneBusiness">Business on Facebook</a>, follow <a href="https://twitter.com/TribuneBiz">@TribuneBiz</a> on Twitter to stay informed and join in the conversation.

Falling crude prices: Edible oil producers call for cut in oil tanker fares

KARACHI: The Pakistan Vanaspati Manufacturers Association (PVMA) has demanded a reduction in fares of oil tankers pro...

To the rescue: LPG appears as saviour of fuel-starved Pakistan

<a href="http://tribune.com.pk/story/824310/to-the-rescue-lpg-appears-as-saviour-of-fuel-starved-pakistan/"> 				<img alt="" height="120" src="http://i1.tribune.com.pk/wp-content/uploads/2015/01/824310-sreutersmedia-1421693049-432-160x120.jpg" width="160" /> 			</a> 			<div>LAHORE:  The on-going energy crisis, coupled with petrol shortages especially in Punjab, is paving the way for a higher consumption of liquefied petroleum gas (LPG) as an alternative source of fuel for commuters. </div> The recent developments in the wake of oil shortages and low gas pressure at compressed natural gas (CNG) filling stations have almost doubled the demand for LPG in the country. “LPG consumption has increased 100% and is likely to become an alternative fuel for vehicles due to its easy availability and better mileage,” said Irfan Khokhar, Chairman of the LPG Distributors Association of Pakistan (LPGDAP), while talking to The Express Tribune. However, the demand for LPG fluctuates depending on the season. In November and December 2014, sales touched 40,000 tons per day. On average, according to the association, the demand is around 30,000 tons per day and current sales are touching 35,000 tons. Other than transport vehicles, LPG is widely used in commercial, domestic and industrial sectors. Though during peak demand, the LPG price fluctuates widely and is sold for more than Rs220 per kg, it is currently available between Rs120 and Rs130 per kg. The wild price movements are due to deregulation of the LPG industry by the government back in 2000 to encourage the private sector to pour investments. Khokhar said 25% of vehicles have already converted to LPG, though a large chunk constitutes public transport vehicles, mainly auto rickshaws. But trends suggest even CNG users are now switching to LPG. “Since the emergence of the petrol crisis, we have noticed that around 5,000 vehicles have switched to LPG,” he added. LPG is almost 50% cheaper than petrol. According to Khokhar, 1kg of LPG gives mileage equal to 1.75 litres of petrol and private vehicle owners claim even more mileage. “The decision of converting to LPG from CNG proves to be correct, especially in the current situation where no petrol or CNG is available,” said Ahsan Saddiq, a citizen of Lahore. “I can fill 25kg of LPG in the car’s cylinder, which lasts more than 15 days.” Pakistan is currently producing around 15,000 tons of LPG per day, the rest is being imported. In January 2007, the Oil and Gas Regulatory Authority linked LPG prices with the international market. Khokhar said LPG price per ton in 2007 was around Rs5,000. Currently, the international price stands at $ 452 per ton, which is cheaper than local production ($ 595). But transportation costs equal to $ 150 to $ 200 per ton, almost equalling the price difference, added Khokhar. Industry experts say the LPG demand is likely to increase at a rapid pace in coming years. According to the LPG distributors association, the demand is likely to touch 50,000 tons per day, with a major share being consumed by public and private vehicles. Khokhar and others demand facilitation measures in the wake of the LPG producing companies – 63% of them being state-owned – handling the price mechanism and creating a monopoly. Published in The Express Tribune, January 20th,  2015. Like <a href="https://www.facebook.com/ETribuneBusiness">Business on Facebook</a>, follow <a href="https://twitter.com/TribuneBiz">@TribuneBiz</a> on Twitter to stay informed and join in the conversation.

To the rescue: LPG appears as saviour of fuel-starved Pakistan

LAHORE: The on-going energy crisis, coupled with petrol shortages especially in Punjab, is paving the way for a highe...

GSP programme: Bangladesh told to do more for workers’ safety

<a href="http://tribune.com.pk/story/823503/gsp-programme-bangladesh-told-to-do-more-for-workers-safety/"> 				<img alt="" height="120" src="http://i1.tribune.com.pk/wp-content/uploads/2015/01/823503-bangladeshgarmentreuters-1421532152-973-160x120.jpg" width="160" /> 			</a> 			WASHINGTON: The United States has stated that it is not ready to restore special trade benefits to Bangladesh until the country does more for workers’ safety and rights in the apparel sector. Nearly two years after the collapse of Rana Plaza factory building near Dhaka that killed 1,100 workers, the US Trade Representative said that the Bangladesh government needs to complete inspection of hundreds of more plants before benefits could be restored. Washington removed Bangladesh’s benefits under the US Generalized System of Preferences (GSP) programme two months after the April 2013 disaster, denying the country preferential duty treatment on nearly $ 35 million worth of annual exports to the US. The measure was limited, in that it did not impact exports from Bangladesh’s $ 20 billion garment industry. But it put pressure on the country and many of the world’s largest garment and fashion companies, which sourced clothes from Bangladesh manufacturers. The US stressed Bangladesh government to inspect thousands of factories, shut those which do not meet safety standards and address worker rights issues. More than 2,000 garment sector factories have been inspected by mostly US and European private-sector initiatives under government oversight, resulting in the closure or partial closure of 48 plants, according to the USTR. Even so, it said, “further progress is needed, including to address serious worker rights issues, before reinstatement of Bangladesh’s trade benefits.” “There is more work to do, building on the collaboration between the government of Bangladesh, private sector stakeholders, and the International Labour Organization, to address the concerns about factory safety in the apparel sector,” said US Trade Representative Michael Froman. “We also urge the government to accelerate its efforts to ensure workers’ rights and to take measures to address continuing reports of harassment of and violence against labour activists who are attempting to exercise their rights.” AFP Published in The Express Tribune, January 18th, 2015. Like <a href="https://www.facebook.com/ETribuneBusiness">Business on Facebook</a>, follow <a href="https://twitter.com/TribuneBiz">@TribuneBiz</a> on Twitter to stay informed and join in the conversation.

GSP programme: Bangladesh told to do more for workers’ safety

WASHINGTON: The United States has stated that it is not ready to restore special trade benefits to Bangladesh until t...