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Showing posts with label Business. Show all posts
Showing posts with label Business. Show all posts

Thursday 12 January 2017

Wednesday 11 January 2017

Pakistan predicted to be world's fastest-growing Muslim economy in 2017

ISLAMABAD (APP)-Pakistan has been forecasted to be the world’s fastest-growing Muslim economy in 2017 ahead of Indonesia, Malaysia, Turkey and Egypt, says “The Economist” magazine.



Pakistan’s estimated GDP growth “5.3%” is also ahead of 4% GDP growth of Israel, making Pakistan world’s fifth fastest-growing economy in the world, only behind India and China and two other countries.

The London-based Economist offers authoritative insight and opinion on international news, politics, business and finance.
The live data comprising global figures, is updated twice daily and is published on the Economist’s website in the form of an interactive table of economic and financial indicators. This data reinforces a Harvard University study which predicted Pakistan to grow by more than 5% in the next decade.

According to the interactive table the contrasting trends in Pakistan’s economy; “The Economist” in 2014 had forecast Pakistan to be world’s sixth fastest-growing economy. This year, the four world economies ahead of Pakistan are: India (7.5%), Vietnam (6.6%), China (6.4%), and Philippines (6.4%).

However, Pakistan is ahead of large Muslim economies such as: Indonesia (5.2%), Malaysia (4.6%), Egypt (4.0%), and Turkey (2.9%), according to the Economic and financial indicators of the magazine.

All of these countries except Malaysia are expected to be among the top 20 economies in the world in 2050, the Economist says. The Economist forecast follows a report by Bloomberg that termed Pakistan Stock Exchange as the 5th best performing stock market in 2016.

Tuesday 10 January 2017

Pen power: China closer to ballpoint success

It has sent rockets into space, produced millions of the world's smartphones and built high-speed trains. But until now, one bit of manufacturing had perhaps unexpectedly eluded China: the ballpoint pen.


A year ago Premier Li Keqiang went on national television and bemoaned the failure of his country to produce a good quality version of this seemingly-simple implement.
Locally-made versions felt "rough" compared to those from Germany, Switzerland and Japan, Mr Li complained.

High precision
The problem was not the body of the pen, but the tip - the tiny ball that dispenses ink as you write.
It might be something we take for granted, but making them requires high-precision machinery and very hard, ultra-thin steel plates.




Put simply, China's steel has not been good enough. And it has struggled to shape its pen tips accurately.

Without that ability, China's 3,000 penmakers have had to import this crucial component from abroad, costing the industry a reported 120m yuan ($17.3m; £14.3m) a year.
But according to People's Daily, the state-owned Taiyuan Iron and Steel Co thinks it has cracked the problem, after five years of research.

The first batch of 2.3-millimetre ballpoint pen tips has recently rolled off its production lines, the paper says.

And once lab tests are completed, it's expected China could phase out pen tip imports completely within two years.

Symbolic
On one level, whether China can make a great pen is not hugely important in the scheme of things.
High-tech and innovative manufacturing lie at the heart of the central government's Made in China 2025 programme - designed to help domestic growth.
Relatively low-value items, like ballpoint pens, have not been a priority.
But the pen-conundrum is a symbolic one.

Despite producing more than half of the world's crude iron and steel, China has still heavily relied on imports for high-grade steel.
It was a failing that Mr Li said highlighted the need to upgrade China's manufacturing capabilities.

Different culture

"Historically, China has never been able to do precision engineering very well and the ballpoint pen is an example of that," says Professor George Huang, head of the University of Hong Kong's department of industrial and mechanical engineering.
"Its parts are so small and very precise, and it's not easy to solve this problem"
Precision engineering is thriving only in certain sectors such as aerospace and defence where the government has placed a high priority, says Prof Huang.
Even when it comes to smartphones and computers, the high end computer chips are usually imported from Japan and Taiwan.
Prof Huang says that China lacks a culture of excellence in precision engineering.
He uses the Mandarin term "fucao" or "floating grass", a euphemism for something that is not 100% solid or reliable.
"The culture is different from the Japanese and Germans," he says, who are known for innovation in engineering.
"We Chinese are supposed to be craftsmen, but somehow the spirit is not as good."
Additional reporting by the BBC's Tessa Wong.

PM to announce incentive package as exports continue to fall

KARACHI (News92world-AP TV) - Pakistan s exports continued to face a declining trend as exports in July-Dec 2016 fell by 4pc to $9.91 billion when compared with same period of last fiscal year, as per date issued by Pakistan Bureau of Statistics (PBS).

During the same period last year, export figures stood at $10.31 billion.
Only in month of December in 2016, exports fell by 3.09pc when compared with same period of previous fiscal year.
On contrary, country’s imports continued upward trajectory in July-Dec 2016 and soared by 10.11pc to $24.40 billion. During last fiscal year, import figure stood at $22.16 billion.
Sources revealed that issuance of fund worth Rs6 billion as per guidelines of new three-year trade policy has been delayed by federal government.
Being worried by increasing trade deficit, economists urge federal government to take immediate steps in order to reduce production cost so that Pakistani products can compete in international markets.
Moreover, sources from Ministry of commerce revealed that Prime Minister is all set to announce bailout-cum-incentive package worth Rs47 to Rs155 billion which could likely uplift Pakistani exports by $2 billion to $3 billion every year. 

Published by: Dunya News

Saturday 7 January 2017

VW near $2bn 'dieselgate' settlement: NY Times

 Volkswagen is close to a deal to pay $2 billion to settle a US criminal investigation into the emissions-cheating scandal involving its diesel cars, the New York Times reported Friday.
A settlement between the US Department of Justice and the German auto giant could come as early as next week, the newspaper said, citing three people who were not identified.

   
VW told AFP it was continuing to cooperate with US authorities to resolve the case.
   
Volkswagen admitted last year it had installed software on as many as 11 million diesel vehicles sold worldwide to circumvent tests for emissions while enabling them to release up to 40 times the permitted amounts of nitrogen oxides during actual driving.
   
Volkswagen already has settled civil charges in the scandal, agreeing to pay $14.7 billion in an agreement that permits owners of nearly a half million 2.0-liter diesel vehicles to either sell them back or get them fixed.

Pakistan's debt to GDP ratio reaches all-time high

ISLAMABAD (News92world) - Despite tall claims of breaking ‘beggar’s bowl’, Pakistan’s loan volume has soared to all-time high of mammoth Rs23, 389 billion during Nawaz Sharif regime. 



Notes worth Rs1.20 billion were printed per day during tenure of current government, quoted State Bank of Pakistan (SBP). 

Nawaz’s government borrowed Rs35, 00 billion in last one and a half year and an overall of Rs9, 000 billion in almost four years. 

At the end of Pakistan Peoples Party’s (PPP) reign, total volume of loan was Rs14, 318 billion out of which Rs9, 522 billion was internal and Rs4, 800 billion was external. 

Total volume of loan in 1971 was merely Rs30 billion which surged to Rs2, 946 billion in 1999 and further piled up to Rs6, 126 in 2008. 

It may be recalled that debt to GDP ratio cannot exceed 60 percent mark but currently it is fluctuating at an alarming 69.8 percent which stands against parameters set in 2005. 



Published by: Dunya News

Pakistan to import cotton worth $1.50 billion

KARACHI (News92World) – According to an estimate, Pakistan has to import 4 million cotton bales that would cost as many as $1.50 billion dollars owing to the declining production of cotton this season.

 This situation could worsen the economic situation as the loans already and now imports of such significant amount can create problems for the country’s economy.
It is pertinent to mention that the economic growth was affected by 5% owing to the low production of cotton last year.
On the other hand, the textile mill owners have demanded that the government should decrease the import duty to 4% on raw cotton.
It is also worth mentioning that the cotton production increased by 11% compares to the last season, however the production was still not sufficient for the current needs.

Published by DUnyia News

Wednesday 4 January 2017

Shares in Next, UK clothing groups slump on price warning


LONDON (AP TV): British clothing retailer Next on Wednesday warned of a tougher trading year ahead as a weak pound caused by Brexit uncertainty pushes up raw material costs. Shares in Next slid 11 percent on the news, dragging down stock values of clothing competitors Marks and Spencer and Associated British Foods, which owns also budget garment chain Primark.


In a trading update, Next said the weak pound would result in prices of its garments rising by up to five percent in its financial year to January 2018.

"In the year ahead we face a number of inflationary pressures in our cost base," Next said in a statement.

British annual inflation is at the highest level in more than two years as a slide in sterling to multi-year lows against the dollar and euro following the Brexit vote in June has lifted the cost of raw materials imported by Britain.

"We may see a further squeeze in general spending as inflation begins to erode real earnings growth," Next added.

The group did, however, note that its overseas sales would be boosted this year by the currency's weakness making the UK's exported goods more price-competitive for foreign buyers.

Following a weak Christmas trading period, Next said pre-tax profits would be slightly lower than expected for the year to January 2017.

They could tumble by as much as 14 percent in the year to January 2018, but may fall by only two percent, it said in further guidance Wednesday.

Next added that "in the light of the exceptional levels of uncertainty in the clothing sector and with little visibility of the approach the UK government will be taking to Brexit", the company had decided to bring forward the announcement of dividend payments to shareholders through the use of surplus cash.

- Sliding shares -

However traders did not take kindly to the overall trading update, sending shares in Next crashing 11 percent to £42.43 in morning trades on London's benchmark FTSE 100 index, which was flat.

Shares in Marks and Spencer shed 4.5 percent and Associated British Foods slid 4.0 percent compared with Tuesday's closing values.

"Across the UK market, investors need to start to face up to the additional challenges associated with the long and tortuous Brexit process," Rebecca O'Keeffe, head of investment at stockbroker Interactive Investor, said in reaction to the share price movements.

"So far, this has mainly involved winners and losers from a weak pound. As 2017 unfolds, however, the effects are likely to be felt more widely across the UK economy. Sectoral volatility across the UK markets is therefore likely to remain high in the weeks and months ahead," O'Keeffe added.

Less than three months before the UK is due to trigger its departure negotiations from the European Union, further uncertainty has been added to the Brexit process after Britain's ambassador to the EU resigned Tuesday.

Ivan Rogers, a highly-regarded diplomat who had been due to end his four-year stint in October, stepped down as London prepares to invoke Article 50, which starts a two-year countdown to Britain leaving the bloc.