PBIT holds meeting with

economic research foundation

LAHORE (Staff Reporter): A Five member delegation comprising of Prof. Dr. Ahmet Incekara, President Economic Research Foundation Turkey, Nahit Ozen, Secretary General, Rashid Mansur, Honorary Consul General of the Republic of Turkey, Bilal Sheikh, Social Media Manager, Bashir Baksh President, PTBC visited Punjab Board of Investment and Trade (PBIT) and held meeting with PBIT high ups. Choudhary Muhammad Shafique, Minister for Industries, Punjab chaired the meeting. The purpose of the meeting was to discuss the modalities of the proposed Symposium on Improving Economic Relations between Turkey and Pakistan in Lahore on November this year.

The aim of this project is to carry out economic and social research to enhance the economic cooperation and to create awareness between Turkey and Pakistan regarding various investment opportunities.

Furthermore, it aims to inform the entrepreneurs about the developments in the business sectors and investment possibilities in these countries. This symposium will also help the administrators of the public and private sectors to share their opinions and experience, and future plans with the entrepreneurs.

Vegetables export up by 31.16pc in July

ISLAMABAD (APP): The exports of vegetables from the country increased by 31.16 percent in first month (July) of fiscal year 2015-16 as against same period of last year. The vegetable exports during July 2015 as compared to previous month (June, 2015) however decreased by 17.75pc. During the period under review, 36,528 metric tones of vegetable worth of $11.856m was exported while during July 2014, 30,254 metric tones of vegetable worth $9.039 million was exported. Similarly during June 2015, the vegetable export was recorded at $14.414m. The overall exports of the country during July 2015 were declined by 16 percent and 20.73 percent when compared with that of July, 2014 and June 2015 respectively.

Farmers advised to remove weeds from sunflower crop

MULTAN (APP): Agriculture department has advised the farmers to remove weeds urgently from sunflower crops to boost yield. Assistant director information agriculture Naveed Asmat Kohloon in a statement informed that sunflower crop was important source of oil and beneficial against heart diseases. He claimed that seeds of sunflower contained 40 to 45 percent oil. The crop can be sown twice a year as it got ready from 100 to 120 days after its sowing. He also claimed that farmers could generate immense income by cultivating the crop. The assistant director alarmed that growth of weeds affect crop badly as it deprived the crop from required food, water and light.

He suggested that farmers should take special care of the field during first eight weeks of the crop.

Naveed maintained that manual weed removal was of vital importance as it also soften soil which eases flow of water and passage of air. In case of lack of manpower, the use of weedicides was also beneficial for the crop. He also urged them to contact agriculture department for further inquiry or guidelines.

Milk suppliers threaten to stop supply from 27th

LAHORE (Staff Reporter): The Milk Sellers and Suppliers Association Punjab has announced to suspend milk supply across the province from August 27 for an indefinite period against Punjab Revenue Authority’s unfair treatment. Addressing a press conference at Lahore Press Club, the association leadership said that the milk testing system of PRA should be corrected and impartial lab should be designated for this puprose as presently Authority is favouring packed milk producers. The mobile testing of lose milk is wrong, resulting wastage of milk in huge quantity and loss of millions of rupees. “We provide milk of about five million liters to Lahore citizens at half rate of packed milk and a conspiracy is being hatched against us,” they claimed.

We go on strike if our demand is not fulfilled.

Crude extends losses, US oil trades below $40

SINGAPORE (AFP): Crude prices dived in Asia on Monday, with US oil hovering below the key $40 a barrel mark amid deepening concerns about weak Chinese economic growth and global oversupply, analysts said. US benchmark West Texas Intermediate (WTI) for Oct delivery fell $1.04 to $39.41 while Brent crude for Oct eased 91 cents to $44.55 in late-morning trade. WTI extended losses after briefly dipping to $39.86 on Friday in New York -- breaking $40 for the first time in six years -- after data showed an increase in US oil rigs despite ample global supplies. "Soft manufacturing data from China and continued increase in weekly rig count led to the sharp sell-off" in oil prices, said Sanjeev Gupta.

The Baker Hughes US oil rig count showed producers in the world's top crude consumer added two more rigs in the week to August 21, the same number as the previous week, bringing the overall tally of active drilling oil rigs to 674.

A much weaker-than-expected manufacturing report on Friday also added to concerns energy demand is also waning in China.

The Caixin's Purchasing Managers' Index came in at 47.1 this month, falling from 47.8 in July and its worst reading since March 2009. A reading below 50 signifies contraction in activity.

The poor data fuelled concerns about the world's second-largest economy and top energy importer -- already heightened by Beijing's unexpected devaluation of the yuan two weeks ago -- at a time when high production levels and weak demand growth are weighing on prices.

Oil dealers will next be scrutinising preliminary US second-quarter GDP data to be released on Thursday, analysts said.

The data could be key to the Federal Reserve's timeline for raising interest rates, with predictions for a September raise fading in the face of global growth jitters.

Interest rate adjustments are closely watched by crude investors as an increase usually leads to a pick-up in the dollar. A stronger greenback makes dollar-priced oil more expensive for buyers using weaker currencies, denting demand.