CCP opens second phase review of oncology products

islamabad (Staff Reporter): The CCP in concluding the first phase review of the pre-merger application dated 29 August, 2014 for the proposed acquisition by Novartis AG (Novartis) of the business relating to a portfolio of oncology products (excluding manufacturing) from GlaxoSmithKline Plc. (“GSK”),  has ordered to open a second phase review. Both Novartis and GSK operate in the same relevant product market of the oncology business i.e., in the field of Serotinin Antagonist Antimetics and Anti-nausants in Pakistan, where the preliminary examination of the pre-merger application revealed that GSK holds a dominant position, and with the proposed acquisition.

 Novartis may create a dominant position which may pose competition concerns in the market of Serotinin Antagonist Antimetics and Anti-nausants in Pakistan.

CCP has opened a second phase review of the proposed acquisition under Section 31(1)(d)(ii) of the Competition Act, 2010 in order to determine whether or not the said acquisition is likely to substantially lessen competition by creating or strengthening a dominant position in the relevant product market in Pakistan.

Pakistan has 9th largest labour force in world

Lahore (Staff Reporter): Shah Faisal Afridi, President Pak-China Joint Chamber of Commerce and Industry (PCJCCI) has said that Pakistan has the 9th largest labour force in the world. He pointed that Export of quality manpower is the main driver in growth of remittances; country has 60% economically active population or work force which can prove to be a productive asset if properly trained. China was ready to assist Pakistan also in empowering its labour force in accordance with its industrial requirements that would impart vocational training Chinese work ethics including language and communication to the Pakistani labour.

China would establish such training institutes in Pakistan that would keep themselves in touch with the ongoing industrial trends, getting their input on the kind of workforce it requires, the institutes would be empowered enough to have machines, tools and technology used by textile, pharmaceuticals and surgical industries to ensure a well trained and competent labor force for future consumption, he added.

Surplus sugar production expected during current season: API

ISLAMABAD (APP): Surplus sugar production is expected this year to tackle with the domestic requirements as well as for export where as about 1.2 million tons of carry forward stocks of last year would also be available for local consumption. About five million tons sugar production is expected this year as compared to the production of 5.7 million tons of same period of last year, said Chairman Agriculture Policy Institute (API), Abdul Rahuf  Talking to APP here on Thursday, he said that sugarcane production is expected to reach at 63 million tons as against the last year’s crop out put of 67 million tons which was slightly lower than the crop production of last year.

The country consumes about 4.5 million tons of sugar annually and 350,000 tons per month with an average per capita consumption of 21 kg besides keeping a share for utility Stores Corporation for Ramzan Package, he added.

He said that provincial governments of Sindh and Punjab has also announced the official fixed rates of sugarcane to protect the farmers from the exploitation of middle man and for ensuring the proper rate of return of their produces.

In Sindh Province, sugarcane rate was fixed at Rs. 182 per 40 kg from earlier price of 172 per 40 kg, while the Punjab has announced Rs. 180 per 40 kg, he added.

The federal government has also directed the provincial sugarcane commissioners for ensuring timely payments to farmers for enabling them to prepare for the cultivation of next major cash crop wheat as the government has also increased the wheat supports price from Rs. 1200 per 40 kg to 1300 per 40 kg.

The API head informed that crop output was satisfactory in Sindh but relatively down in Punjab due to delay in payments from the millers to farmers adding that provincial governments were also directed to devise a proper mechanism for timely payments to farmers.

Meanwhile, National Sugarcane Coordinator, Sohail Khan said that sugar mills are scheduled to start sugarcane crushing from mid of current month as it depends on demands of sugarcane.

He further informed that the crop was cultivated over one million hectares of land in the country.

He said that over 86 sugar mills are existing in the country out of which 6-7 plants are non-functional and remaining plants use their 70 percent capacity for crushing the sugarcane.

He further said that government was determined to safeguard the rights of farmers and ensuring the proper rate of return of their produces in time adding that due to prudent polices of the government, output of all major crops including wheat, rice and sugarcane showing increasing trend.

LSE campus outreach programme

Lahore (Staff Reporter): The first and second session of Financial Literacy initiative under Campus Outreach Program is held for the students of Government College University, Faisalabad, in collaboration with SAFE. At the event Corporate Communications Department-LSE gave a detailed presentation covering all spheres of capital and financial markets. The students were briefly informed about the regulatory framework, market indicators, investment products, financial services & opportunities accessible to investors in Pakistan. Ms. Gitee Bhatti-Officer Corporate Communications quoted practical examples about various investment avenues obtainable in the market and their role in the economic structure of the country.

 She also spoke on various operational matters of the Exchanges including listings, trading, corporate governance, sensitivity of Stock Market and investor protection. While addressing to the students, she requested the students to adopt saving behavior in their life style in order to become the Chief Financial Officer of their own life. At the end of the sessions a comprehensive session of questions answer was conducted by Barkat Ali Anjum Head of Media and Public Relation Department LSE.

LCCI opposes SRO 412 by DRA

Lahore (Staff Reporter): The Lahore Chamber of Commerce & Industry has demanded of the government to withdraw SRO 412(1)2014 issued by Drug Regulatory Authority of Pakistan (DRA). The demand was raised by the LCCI Vice President Syed Mahmood Ghaznavi while talking to a delegation of PCMA led by its Chairman Sheikh Abdul Hameed here at the Lahore Chamber of Commerce & Industry. LCCI Vice President Syed Mahmood Ghaznavi said that the SRO 412(1)2014 will deprive a large number of people of affordable treatment. He said that unani and homeopathic way of treatment are considered the cheapest way of treatment but after the implementation of this SRO, the poor would not be to have this treatment.

He urged the government to develop a policy on alternative health care products in line with the international practices and keeping in view the requirement of the sector.

The LCCI Vice President said that regulations should be made and implemented with a purpose of developing this sector.

He said that the policies made without due consultation of the stakeholders are bound to fail.

He said that keeping in view the interests of over 190 million people, SRO 412(1)2014 should be withdrawn immediately.