Capital business community

expresses deep concern over sit-ins

ISLAMABAD (APP): The business community of the federal capital expressed deep concern on Thursday over the continuing closure of their shops due to the sit-ins organised by Pakistan Tehreek-e-Insaf (PTI) and Pakistan Awami Tehreek (PAT). Islamabad Chamber of Commerce and Industries (ICCI) president Shoban Khalid said said that sit-ins, marches were causing huge financial and trade loss to the capital Markets. Talking to APP, he said that ‘Azadi March’ of Tehrik-i-Insaf (PTI) and ‘Inquilab March’ of Pakistan Awami Tehrik (PAT) were adversely affecting the national economy.

Expressing concern over the current political situation, the ICCI president said that PTI and PAT were on one side and the whole country on the other. He said that since almost two weeks, Islamabad’s traders have been confined to their homes and they were suffering a huge loss due to the marches.

Aabpara Market Welfare Association President Ajmal Baloch told APP that the business activities, specially in Aabpara Market have come to a complete halt, due to the marches and sit-ins.

“For last two weeks our shops have been shut due to the protest,” Baloch said. He further said that the Aabpara market was most affected due to the marches and claimed traders had suffered losses to the tune of Rs0.5 billion.

“Traders always get the hit when political parties take the city hostage,” Baloch said.

President Anjuman e Tajran G/9 Markaz, Raj Muhammad The traders appealed to district administration to allot a separate space for protests in future and not to allow such activities in Aabpara and other business centres.

“There was no reason for PTI Chairman Imran Khan and PAT Chief Dr Tahirul Qadri to hold marches and sit-ins as their demand for the resignation of an elected prime minister is not only unjustified but also unconstitutional,” he added.

He said both PTI and PAT wanted to derail democracy and destabilize the country through their unconstitutional demands.

President Islamabad Chamber of Small Traders and Small Industries(ICSTSI), Kamran Abbasi said that trade and commerce activities in the capital were affected due to marches and held PTI and PAT responsible for this loss.

He said the Supreme Court has given a clear order to PTI and PAT to vacate the Constitution Avenue.

Majority in Pakistan backs PML-N economic policies: PEW survey

WASHINGTON (Online): Despite resistance from opposition parties, Prime Minister Nawaz Sharif has maintained his popularity through his first year in office. According to a survey conducted by PEW as many as 64 per cent said they had a favourable opinion of the prime minister. Opposition leader Imran Khan’s support from people has seen a marked decline since 2012, dropping 17 per cent in two years, from a high of 70 per cent. In the latest survey, the ex-cricketer receives favourable reviews from around 53 per cent, while 22 per cent offer no opinion on him, up from 11 per cent in 2012.

Rising prices, electricity shortages, lack of jobs, crime, a rich-poor gap, health care and corrupt political leaders top the list of problems facing the nation, said people in the survey.

About four in 10 residents now have confidence in Pakistan’s economy, compared to just 17 per cent who felt that way last year.

Moreover, the survey notes that 36 per cent of residents are optimistic that the economy will improve over the next year, twice as many who felt that way last year.

Prime Minister Sharif has made improving Pakistan’s stagnant economy a top priority and he has sought international assistance to try to tackle the country’s chronic energy shortages.

Stakeholders discuss steps to

enhance meat exports

lahore (Staff Reporter): Meat sector stakeholders, at a consultative meeting at the University of Veterinary and Animal Sciences Lahore, discussed various steps to enhance meat exports.  Secretary Livestock and Dairy Development Department Punjab Nasim Sadiq and Vice-Chancellor Prof Dr Talat Naseer Pasha chaired the meeting while officials from the Livestock and Dairy Development Department (L&DD Department), livestock farmers and office-bearers of the APMEPA attended the meeting. The secretary sought suggestions and cooperation from the farmers, breeders and other stakeholders to improve the working of the livestock department.

 He assured the participants that the government will take sold steps to solve the problems of meat exporters. The Vice-Chancellor said that Pakistan has great potential for meat exports and called for joint efforts to increase exports. He said that the UVAS on its part was actively involved in development of livestock, dairy, meat and related sectors.

Oil prices down in Asia

SINGAPORE (AFP):  Oil prices moved lower in Asia Thursday as dealers look ahead to fresh US economic data for clues about demand in the world’s top crude consumer following a neutral weekly stockpiles report.  US benchmark West Texas Intermediate (WTI) for October delivery eased 31 cents to $93.57 while Brent crude slipped 13 cents to $102.59 in afternoon trade.  Singapore’s United Overseas Bank said “oil prices were little changed” as investors weighed a 2.1 million barrel fall in overall US crude reserves, but with a 500,000 barrel increase at the key Cushing, Oklahoma depot.  The US Energy Department’s weekly report released Wednesday also showed a 0.4 percent increase in total petroleum inventories, including distillates and gasoline.

Desmond Chua, market analyst at CMC Markets in Singapore, said investors “remain on the sidelines awaiting key US economic data”.

Data on initial jobless claims for the week to August 23 as well as pending home sales figures for July will be released later Thursday, along with revised US gross domestic product figures for the second quarter.

“Aside from the second reading of GDP data — which is expected to notch slightly lower, from 4.0 percent to 3.9 percent — the labour and housing sectors are expected to continue to show signs of growth,” Chua said.

The simmering conflicts in Ukraine and the Middle East are providing support to oil prices, with little sign that they will either escalate further or be resolved imminently.

“With no resolution to the Libyan, Iraqi and Ukrainian crises in sight, the probability of Brent’s upward movement in the medium term is much higher,” said Sanjeev Gupta, head of the Asia-Pacific oil and gas practice at business consultancy EY.

Brent crude is more leveraged to the international oil market compared to the US-focused WTI, and thus its prices are more sensitive to potential global supply disruptions.

EBM to hold MAP’s 16th convention

KARACHI (Staff Reporter): English Biscuit Manufacturers (Pvt.) Limited (EBM), will be deeply involved in Management Association of Pakistan’s 16th Convention to take place next week, in its role as a founding partner of this flagship event that brings together national and international experts on one platform. Saadia Naveed, Deputy Managing Director of English Biscuit Manufacturers (Pvt.) Ltd. (EBM) is also the President of the Management Association of Pakistan (MAP), since June 2013. The theme of the Convention this year is ‘Re-think Management’, and the event will reinforce the need of innovative management practices and re-thinking on contemporary management styles for the future success of businesses.