IMF, WB urged to fix flaws of capitalism

ISLAMABAD (NNI): Pakistan Businessmen and Intellectuals Forum (PBIF) president, AKIA president, FPCCI Businessmen Panel senior vice chairman and former provincial minister Mian Zahid Hussain on Monday said capitalism is so riddled with flaws that it cannot survive for long without serious re-modeling. This economic system benefits few influential countries on the cost of rest of the world and it is promoting a minor group on the cost of majority, he said. The minister said that capitalism has unleashed repeated crisis in many countries and widened gulf between rich and poor which has resulted in many serious problems. He said that sustainable growth can only be achieved in presence of an economic system that reduce rich-poor divide. He said that influential countries and powerful institutions like International Monetary Fund (IMF), World Bank etc should try to fix the flaws of capitalism otherwise it will continue to promote rich and add to the miseries of majority.

Despite financial crisis and global slowdown, the number of billionaires and poor continue to rise which proves that this system thrive on exploitation, he said, adding that all the rich countries in the west have succeeded by plundering resources of poor nations.

The business leader said that more and more people are getting convinced that slogans like globalisation, free trade and free movement etc were created to deprive poor countries of their remaining resources which is evident from the Brexit. Super powers should fix flaws of capitalism before more countries opt for protectionism, he said.

FPCCI media conference on December 3

KARACHI (NNI): The FPCCI Monday announced its first ever, National Production & Entertainment Trade Conference-FocusPK. Currently, FPCCI is being led by Abdul Rauf Alam as its elected president. The conference shall be showcasing the entire business of production, entertainment & media: Film, TV, Theater, Radio, Print & Digital at a 2-day trade related event to be held on 3rd & 4th December, 2016 at Beach Luxury Hotel, Karachi, Pakistan. This first of its kind event will give a unique opportunity for industry professionals for sustained networking with like-minded individuals in their respective fields, business community and national & International trade partners. Prominent international trade related speakers from SAARC shall be invited to be a vital part of this high profile event. This will be an unprecedented access opportunity to link with the industry’s decision-makers such as media house owners, channel CEOs, trade principals, film & television producers, business financiers, cable, film and print distributors and associated trade bodies.

FocusPK is an opportunity for producers, directors, showbiz celebrities, creative & technical professionals along with financiers, distributors, trade bodies, production houses, music producers and film distributors, to connect with all media personnel under one roof ranging from TV channels, entertainment media, FPCCI, TDAP, PEMRA, Ministry of Commerce, Ministry of Information, and Ministry of Culture.

The aim of FocusPK is to empower the mushrooming industry to evolve and grow locally and globally.

NNI

TDAP CE meets Mauritius president to boost trade

ISLAMABAD (Online): Trade Development Authority Of Pakistan (TDAP) Chief Executive S M Muneer met the Republic of Mauritius President Dr Ameenah Gurib Fakim at the State House. Welcoming the TDAP chief executive as well as the officials and businesspersons accompanying the TDAP delegation, the Mauritius president said that there exists a tremendous potential of strengthening the commercial and economic relationship between the two brotherly countries, for which both countries need to work together and make efforts to maximise the benefits of joint commercial and trade relationships. Director General (Americas & Asia Div.) Syed Rafeo Bashir Shah, Seema Mughal, Chancellor of Greewich University, Faisal Idris Acting Charge D’Affaire of the Pakistan High Commission at Mauritius, Hanif Gohar, Shakoor Khatri, Irfan Sarwana, Sardar Yasin Malik and Iqbal Ansari accompanied the TDAP delegation to Mauritius.

Japan swings back to September trade surplus

TOKYO (AFP): Japan swung to a bigger-than-expected trade surplus in September, as tumbling imports offset lacklustre shipments overseas, official data showed Monday. The value of Japan's exports fell again, with vehicles and steel among the worst hit sectors, as a stronger yen clouds the country's trade picture. But imports shrank more than 16 percent in value, with crude oil and liquefied natural gas down significantly due to lower commodity prices, according to the finance ministry. That left a trade surplus of 498.3 billion yen ($4.8 billion), bigger than the market forecast of 372.9 billion yen. It also reversed a surprise trade deficit in August. Analysts pointed out that the volume of Japan's exports actually grew last month. "The strong rise in export volumes underlines that Japan's manufacturing is showing resilience as external demand remains weak," said Marcel Thieliant at research house Capital Economics. But he added that Japan's trade surplus will likely narrow in coming months.

"The price of crude oil has rebounded in recent months, and we expect Brent prices to climb to $60 by the end of next year... the yen has weakened against the dollar and we expect it to depreciate further, which should lift import prices."

Tokyo has been struggling to kickstart spending and lift prices in a bid to conquer the deflation that has weighed on the economy for years.

Th economy grew just 0.2 percent growth in April-June.

Tokyo in July announced a whopping 28-trillion-yen package aimed at kickstarting growth, after Britain's June vote to quit the European Union sent financial markets into a tailspin and sparked a yen rally. The surge in the currency has taken a bite out of profits at Japanese firms that do business overseas.