Local raw material should be banned from being exported
Sheikh Manzar Alam
Its pertinent to note that countries having less population like Karachi have increased their exports more than $70 billion. The Pakistan that Almighty Allah has blessed it with four provinces, rivers, oceans, minerals resources, natural fascination in the shape the mountains and catchy valleys, instead of all >>>>>

BUSINESS QUOTES
I'm not a driven businessman, but a driven artist. I never think about money. Beautiful things make money.
Lord Acton

Don't worry about people stealing your ideas. If your ideas are any good, you'll have to ram them down people's throats.
Howard Aiken

The incestuous relationship between government and big business thrives in the dark.
Jack Anderson

Most of the important things in the world have been accomplished by people who have kept on trying when there seemed to be no hope at all.
Dale Carnegie

By working faithfully eight hours a day you may eventually get to be boss and work twelve hours a day.
Robert Frost

Our work is the presentation of our capabilities.
Edward Gibbon

The IMF and Pakistan
Mawaiz Khan Akash
As Pakistan announced on Saturday its first rescue from IMF (International Monetary Fund) in the shape of loan at least 7.6 billion dollars to overwhelm the financial crisis at the other hand opposition think it a new burden on Nation. The business community from all over the Pakistan applauded it in their meetings, seminars and >>>>>

The Most Important Aspect of Marketing
Many of my marketing friends might argue and profess that if you don't have the right message, reach the right audience, the right timing, or the right offer, you won't succeed. And to that I say ABSOLUTELY! In fact, those are the very elements of a successful campaign that can be identified through proper testing. >>>>>

Finance Chill Freezes Plans for High-Rise in Russia Top of Form
By ANDREW E. KRAMER
MOSCOW - From the department of silver linings comes this item from Russia: because of the financial crisis, plans for a controversial skyscraper that would have towered over St. Petersburg's low-slung Baroque skyline have been delayed and - preservationists, >>>>>

Indian economy can overcome financial crisis: World bank
Washington: India will be affected by the global financial melt down, but strong fundamentals and a pro-active monetary policy management will possibly allow it to ride the crisis, a World Bank study says. In South Asia, "the largest economy, India, is relatively more exposed to the contagion effects of global financial markets >>>>>

Role of Information Technology in the Economic Development of Pakistan
Needless to mention that we are in groaning need of foreign exchange to cater to our many needs. At the moment our foreign exchange reserves have not yet crossed the limit of even $2 billion and that too, is due to a number of debts and loans extended to us by a number of loan giving agencies, which in their turn would also drain our national resources to a great extent. The importance of information technology in the >>>>>

Chinese banking giant eyes Pakistan
By Syed Fazl-e-Haider
QUETTA, Pakistan - The Industrial and Commercial Bank of China (ICBC), the world's second-largest bank, is looking to start operations in Pakistan.
It is exploring the possibility of establishing its presence in Pakistan to provide financial support to Chinese companies investing in the South Asian country and other development partners engaged in infrastructure development and financial business. >>>>>

HSBC Snaps Up £350m Indonesian Stake
Bank sticks to preference of making acquisitions in emerging markets but is able to fund deal from own resources HSBC demonstrated its ability to weather the banking crisis when it announced a $607m (£351m) deal in Indonesia yesterday which allows Britain's largest bank to double its presence in the world's fourth-most populous nation.
The arrangement to buy an 88.9% stake in Bank Ekonomi follows frenzied speculation that HSBC would buy a troubled investment bank or bail out one of Britain's banks. Instead, it defied the rumors and stuck to its preference of making acquisitions in emerging markets. It is able to fund the deal from its own resources. >>>>>

FCA sets wheat target of 25 mn tonnes for 2008-09
ISLAMABAD: The Federal Committee on Agriculture (FCA), reviewed food security in the country and set wheat target of 25 million tonnes for the year 2008-09. "The government has enhanced Wheat Support Price and provided subsidies on fertilizers with an aim to encourage >>>>>

Pakistan lifts the ban on YouTube
Pakistan's telecoms regulator has lifted the restrictions it imposed on video-sharing website YouTube. The Pakistan Telecommunications Authority has told internet service providers (ISPs) to restore access to the site, according to a >>>>>

Pakistan plans to unfreeze stock market
Karachi: Pakistan's main Karachi bourse reluctantly decided to unfreeze itself by Oct 27 only if the government fixes a cap on interest rates on loans taken by top brokers, sources said. 'The decision to unfreeze is only tentative. We are watching the government to see if it will inject money into the market and put a cap on interest rates,' >>>>>

Pakistan - 143 percent rise in cotton imports
After failing to achieve the fiscal target of production, millers and traders are importing huge quantity of cotton, as a result of which its import has raised by 143 percent during the current fiscal year, importers said on Tuesday. >>>>>

Oil prices fall to 16-month lows
Oil prices have fallen to 16-month lows on growing signs that a global economic slowdown is reducing demand. The declines came as official US data showed that US crude stocks rose by 3.2 million barrels in the week to October, higher than expectations. Highlighting a fall in sales of petrol and other refined fuels, US light crude fell >>>>>

Haryana minister is country's richest woman: Forbes
CHANDIGARH: A low-profile minister in the Bhupinder Singh Hooda government in Haryana has emerged as the richest woman in the country. Savitri Jindal, 58, who is the chairperson of the Jindal Group, has been named as the richest woman in India >>>>>

U.S. blocks import of Chinese milk products
CNN) -- The Food and Drug Administration has begun blocking the import of milk products from China in an effort to ensure that products contaminated with melamine do not enter the U.S. market.
The agency, in an alert posted Wednesday on its Web site, ordered the "detention without physical examination of all milk products, milk-derived ingredients and finished food products containing milk from China due to the presence of melamine and/or melamine analogs."
The agency listed dozens of products, including cereals, snack foods, cheese, ice cream, carbonated drinks, candy, puddings and pet foods as potentially contaminated with melamine, which is used in the manufacture of plastics and fertilizer.

Philippine stock index climbs 3%
MANILA: Philippine shares climbed on Friday, boosted by bargain hunting and the U.S. market's overnight gains. The Philippine Stock Exchange index rose 59.08 points, or 3.08 per cent, at 1,978.05. Gainers outnumbered lose 49 to 26, with 47 issues unchanged. "We are tracking the American market,'' said Rene de los Reyes, a trader at Abacus Securities Corp. "Blue chip and market heavyweights are leading the way.'' He said bargain hunters snapped up stock at rock-bottom prices as investors see the local bourse doing better than those in markets with stronger links to the U.S. economy. Top-traded Philippine Long Distance Telephone Co. gained 6.7 per cent at 2,295 pesos. Ayala Corp., the country's largest conglomerate, rose 2.5 per cent at 205 pesos.

China announces $586 billion stimulus plan
BEIJING - China unveiled a $586 billion stimulus package in its biggest move to inoculate the world's fourth-largest economy against the global financial crisis.
Chinese and Japanese stocks soared Monday in early trading after the government's announcement. The Cabinet approved the plan to invest money in infrastructure >>>>>

Poor countries face 'serious' damage from financial crisis: IMF
Washington: Developing countries could face the most serious damage from a prolonged global credit crisis as they have fewer resources to prevent their own banks from collapsing, the World Bank and International Monetary Fund >>>>>

Asian shares gain, but wariness ahead of G20
HONG KONG (Reuters) - Asian shares rose on Friday as this week's sharp losses were seen as excessive, but a rally in oil fizzled and the yen edged up as signals flashed 'danger' for the global economy before the G20 meeting this weekend.
European shares were set to pick up the baton from Asia with Britain's FTSE 100 .FTSE seen opening up as much as 3.9 percent and key indexes in Germany GDAXI and France. FCHI seen up more than 4 percent each.
But in a sign of how caution still remained, Asian shares pared earlier stronger gains, while U.S. Treasuries edged up amid doubts about the sustainability of the latest jump in equities. "It's very underwhelming today," said Peter Wright, dealer at Burrell & Co in Australia.

A 'social mobile' for the masses
The UK mobile operator 3 has partnered with INQ Mobile to launch an inexpensive alternative to high-end smartphones.

The new mobile is being billed as "the world's most advanced social networking phone", with Facebook, Skype, Windows Live Messenger and last.fm built in.

However, as Technology Corresp-ondent Matt Cowan reports, its key differentiator may well be its price.

Pakistan's banking sector marks decline in demand against high growth in deposits
KARACHI: Despite high growth of deposits the banks have to face difficult situation as the demand declined significantly in the first quarter of the current fiscal year, said the quarterly report of the State Bank, issued on Monday.
Aggregate Banking sector deposits rose by an unprecedented 4.1 percent during Q-1 FY-03, in contrast to a decline of 0.6 percent in Q-1 FY-02. However, on the credit side, banks faced a substantial contraction in demand, despite falling lending rates. >>>>>

Pakistan Banking Boom Continues Despite Events
Recent events have not dampened Pakistan's continued banking and financial sector expansion. The latest development follows a spate of purchases by overseas banks looking to expand in Pakistan. In the latest deal, Saudi Pak Commercial Bank (SPCB) is due to be bought in a $200m deal. Standard Chartered in 2006 became the first international bank to enter the country since the sector went through the 1997 reforms, paying $487m for Union Bank. >>>>>

Chinese banking giant eyes Pakistan
By Syed Fazl-e-Haider
QUETTA, Pakistan - The Industrial and Commercial Bank of China (ICBC), the world's second-largest bank, is looking to start operations in Pakistan.
It is exploring the possibility of establishing its presence in Pakistan to provide financial support to Chinese companies investing in the South Asian country and other development partners engaged in infrastructure development and financial business. >>>>>

Foreign Minister Makhdoom Shah Mahmood Qureshi launched the Economic Diplomacy Initiative by holding a meeting with the heads of Chinese companies engaged in business/projects in Pakistan here at the Foreign Office on Monday.
The focus of the meeting was on undertaking increased investments and projects in Pakistan and pre-visit preparations for the forthcoming visit of President Asif Ali Zardari to China. The foreign minister, while acknowledging the significant role played by the Chinese companies in Pakistan's national development, underscored the importance of corporate sector in further improving the economic and commercial content of the Pakistan-China fraternal relationship.
He said that Pakistan and China had developed a comprehensive architecture for economic and project cooperation in various fields like trade, power generation, financial and banking sector, and exploration of natural resources.
Foreign Minister Qureshi emphasized the need to translate this framework into on-ground project implementation on fast-track basis.He described the Government's vision to broaden economic cooperation with China to bring it at par with the excellent political and security relations that existed between the two countries.
The foreign minister said that during his forthcoming visit to China, the president will hold meetings with the heads of Chinese companies and financial institutions. He also assured the Chinese companies of the fullest cooperation and facilitation by the government to promote their businesses in Pakistan.

Pakistan Economy in 2008
Economy-overview: Pakistan, an impoverished and underdeveloped country, has suffered from decades of internal political disputes, low levels of foreign investment, and a costly, ongoing confrontation with neighboring India. However, IMF-approved government policies, bolstered by generous foreign assistance and renewed access to global markets since 2001, have generated solid macroeconomic recovery the last five years.
The government has made substantial macroeconomic reforms since 2000, most notably privatizing the banking sector. Poverty levels have decreased by 10% since 2001, and Islamabad has steadily raised development spending in recent years, including a 52% real increase in the budget allocation for development in FY07, a necessary step toward reversing the broad underdevelopment of its social sector.
The fiscal deficit - the result of chronically low tax collection and increased spending, including reconstruction costs from the October 2005 earthquake - appears manageable for now. GDP growth, spurred by gains in the industrial and service sectors, remained in the 6-8% range in 2004-07.
Inflation remains the biggest threat to the economy, jumping to more than 9% in 2005 before easing to 6.9% in 2007.
The central bank is pursuing tighter monetary policy while trying to preserve growth. Foreign exchange reserves are bolstered by steady worker remittances, but a growing current account deficit - driven by a widening trade gap as import growth outstrips export expansion - could draw down reserves and dampen GDP growth in the medium term.

Political Crisis, Inflation, Power Crisis Hurt Pakistan Economy
By Nancy-Amelia Collins
Political turmoil in Pakistan, rising inflation and power shortages could derail the country's strong economic performance of the past five years. VOA's Nancy-Amelia Collins reports from Islamabad. >>>>>

Release of Global Corruption Report 2008
Transparency International's Global Corruption Report 2008 released on 25th June 2008 analyzes how corruption affects all aspects of the water sector, from water resources management to drinking water services, irrigation and hydropower. Syed Adil Gilani Chairman, TI Pakistan said that corruption in Pakistan's water >>>>>

The Mauritian Textile and Clothing Industry: Facing the Challenges Associated with Globalisation
S. Rosunee, Department of Textile Technology, Faculty of Engineering, University of Mauritius Abstract The Maurtian economy grew rapidly during the early 1990's as the country embraced trade liberalisation and became increasingly integrated in the world economy. >>>>>

Prospects of solar water heating for textile industry in Pakistan
Energy is the prime source of human activities in all sectors of life. Traditionally fossil fuel has been the prime source of energy. However, there are two major concerns regarding fossil fuels, i.e. their rapid depletion and their contribution towards growing global warming. It is being widely realized that for sustainable development presently used energy mediums such as fossil fuel and >>>>>

The Pakistan Textile Industry - an Overview
The textile industry is one of the most important sectors of Pakistan. It contributes significantly to the country's GDP, exports as well as employment. It is, in fact, the backbone of the Pakistani economy. >>>>>

FBR withdraws Withholding Taxes
Federal Board of Revenue (FBR) has issued an official statement that notifies exemption from payment withholding taxes. This has been the major demand from export oriented industries of the country. The notification says in exercise of the powers conferred by sub-section (2) of section 53 of the Income Tax Ordinance, 2001 (XLIX of 2001), the Federal Government is pleased to direct that the following >>>>>

Estimating productivity and returns to scale in the US textile industry
In the light of the textile industry's growing foreign competition, trade deficit and job loss, we estimate its productivity and efficiency for the period 1975-93 utilizing a variable elasticity of substitution production function.
The results indicate that, despite job losses, the industry adjusted by increasing labor productivity and maintaining fairly stable profits.
This performance does not warrant protectionist policies. However, with an elasticity of factor substitution less than one and decreasing, the impact of factor price increases could result in higher apparel prices and preference for cheaper imports.
Furthermore, with an elasticity of capital output rapidly decreasing, significant technological improvements will be required to improve competitiveness since textile production is capital intensive. Recently revised rules on trade liberalization could increase competition in the industry. Key words: textile - elasticity of factor substitution - protectionism.

Auto assemblers sector shows dismal performance
The net profit of auto assemblers (cars and light commercial vehicles only) has declined by 61 percent to Rs 828 million in the quarter ended June 30, 2008 as compared to Rs 2.1 billion in the same period >>>>>

Partnering in the global auto industry: the Fiat-GM strategic alliance
GM and Fiat have formed a strategic industrial alliance, creating an important partnership for the companies in two of the world's largest automotive markets Europe and Latin America. >>>>>

The Pakistan Automotives Report
Independent 5 year Automotive industry forecasts for Pakistan. Original Automotive market research and Automotive sector trend analysis for the Pakistan Automotive industry. Competitive intelligence, Pakistani Automotive company rankings and SWOT analysis on international and domestic Automotive companies in Pakistan. The Pakistan Automotives Report has >>>>>

BMI's Executive Summary
Strong new vehicle sales in the first four months of FY2007/08 (ending June 2008) have prompted BMI to raise its sales forecast for the year. BMI has raised its passenger car sales forecast for FY2007/08 and the rest of the forecast period, with sales growth of 3%, while we retain our forecast of overall vehicle sales growth of just over 4%. Car sales of 57,167 units for the first four months of FY2007/08 (August to October) support this forecast. Production strength in the four-month >>>>>