World food prices up 8.2pc in 2017: UN

 

PARIS (AFP): Global food prices rose by 8.2 percent in 2017 compared to 2016, the UN's food agency said on Friday. The Food and Agriculture Organization said that its FAO Food Price Index averaged 174.6 points in 2017, the highest annual average since 2014. In December alone, however, the index -- a measure of the monthly change in international prices of a basket of food commodities -- stood at 169.8 points, down 3.3 percent from November, the FAO said in a statement. The month-on-month decline was "led by sharp decreases for vegetable oils and dairy products," it said. Nevertheless, across the whole of the year, the prices of all categories of foodstuffs, except sugar, rose.  The subindex for dairy products rose the fastest, climbing by 31.5 percent year-on-year. The price index for vegetable oils rose by three percent, cereal prices were up by 3.2 percent and meat prices climbed by nine percent from 2016 levels.  Sugar prices, by contrast, declined by an average 11.2 percent in 2017 from 2016, "due largely to a bumper harvest in Brazil, the world's leading producer," the FAO explained.

 

 

 

China firm to set up a chemical plant

 

BEIJING (INP): China has decided to expand its industrial network in Pakistan in chemical sector to develop mutually beneficial cooperative partnership. According to officials, Chemicals maker Zhejiang Huafon New Materials Co Ltd has completed the site selection process for its plant in Pakistan. The Chinese industrial network is establishing operations in overseas economic and trade zones to serve the purpose of the nation's Belt and Road Initiative. The countries which have been marked for bilateral cooperation include Pakistan. According to the officials, the Chinese companies attach high priority to China-Pakistan Economic Corridor, that is the major and pilot project of B & R. As many as 228 Chinese enterprises have established investments in four regional countries, generating combined annual revenue of $2.2 billion and driving up $880 million worth of exports. In the first nine month of 2017, Wenzhou exported 30.5 billion yuan ($470 million) of merchandise to Belt and Road-related economies, up 12.4pc  year-on-year, while imports more than doubled from the same period of 2016 to 4.3 billion yuan.

Company chairman You Xiaoping said the firm is looking for investment opportunities through its overseas marketing network, with the hope of leveraging the reduced tariff and transportation efficiency to boost sales across Belt and Road economies.

 

 

EU appreciates IPO for improving

intellectual property rights in Pakistan

ISLAMABAD (Online): Delegation of the European Union to Pakistan has appreciated Intellectual Property Organization (IPO-Pakistan) for taking effective measures for improving the intellectual property system in Pakistan. A meeting was held between IPO-Pakistan and the Delegation of the EU to Pakistan during which the EU Delegation was apprised about the recent developments and initiatives taken by IPO-Pakistan. The Delegation of the EU to Pakistan was informed that IPO-Pakistan would start online services in February this year. During the meeting, the IPO team apprised the EU Delegation about recent developments in the organization including automation of IP registries, one window operation at Karachi, effective Intellectual Property Rights (IPR) enforcement coordination, enhanced public awareness campaign, international coordination and revision of IP laws in the light of prevailing global IP environment.

The EU delegation appreciated IPO-Pakistan’s achievements and assured that linkages will be strengthened with IPO-Pakistan for IPR developments in the country. The EU Delegation extended its cooperation in strengthening IPRs system in Pakistan.

 

 

Vegetable ghee, cooking oil production up

 

ISLAMABAD (APP): Domestic production of vegetable ghee and cooking oil increased by 7.90pc and 4.50pc respectively in first four months as compared the production of same period last year. During the period from July-Oct (2017-18), about 435,810 tonnes of vegetable ghee was manufactured as compared to manufacturing of 403,831 metric tons of same period last year, according the computation of quantum index numbers of large scale manufacturing industries. On month on month basis, domestic ghee manufacturing grew by 2.19pc as about 103,654 metric tons of ghee was produced in Oct, 2017 as compared to production of 101,434 tons of same period last year. Meanwhile, local cooking oil production witnessed 4.50pc growth in four months as about 128,140 tons of edible oil was produced as compared the production of 122,617 tons of same period last year, it added. However, on month on month basis, domestic cooking oil manufacturing decreased by 10.19 percent as its production was recorded at 28,217 tons in October as compared 31,419 tons of same period last year, it added.

During the period from July-October, production of soft drinks grew by 22.45 percent as about 1,536,631 thousand liters of soft drinks were produced in the country as against the production of 1,254,927 thousand liters of same period last year, it added.

On month on month basis, domestic production of soft drinks witnessed about 93.70 percent growth in October, 2017 as about 530,038 thousand liters of soft drinks produced locally as compared the production of 273,645 thousand liters of same month last year, it added.