Business community opposes PTI call to shut cities

Islamabad—Business and traders community on Friday rejected call of PTI Chairman, Imran Khan to shut main cities, saying they oppose such a move which will hinder investment and weaken national economy. Lahore, Karachi and Faisalabad are the main industrial cities of the country and Imran’s call to block these cities is very disappointing. These three cities are the main hub of country’s economy, said Acting President of Islamabad Chamber of Commerce and Industries (ICCI), Muhammad Shakeel Muneer.

Talking to media here, he said both people and trade unions have rejected the call of PTI Chief, adding that “We do not think to shut our industries even in worse situation. We all need to focus on improvement of national economy for betterment of common man.” “Pakistani nation should have to think that Chief of Pakistan Tehreek-e-Insaf (PTI), Imran Khan has been working on agenda to destroy the economy,” he said. Shakeel further said that business community has rejected the call of Imran Khan, adding some of his own party’s leaders are against his decision.

All Pakistan Traders Association (APTA), President Ajmal Baloch said that trader community has been targeted by Imran Khan. Economy of the country has been coming on right track after better economic policies of present government. Such calls would create hurdles on the way to progress; he said and added the nation should have to think that Imran Khan has been working on agenda to disturb the economy

CNG stations fined for overcharging

FAISALABAD: The District Administration has fined three CNG station owners with Rs 75000 for overcharging.

According to city district government, Assistant Commissioner (AC) city Shah Rukh Niazi conducted raids in different areas of the city and found out that three CNG station owners including Tamoor CNG Satyana Road, Laraib CNG Narwala Road and Akbar CNG Batala Colony were over charging.
The AC city imposed a fine of Rs 25000 each on these CNG station owners.

Exports of sports products witness positive growth in 1st quarter

ISLAMABAD: The exports of sports products from the country witnessed positive growth during the first quarter of the current fiscal year compared to the corresponding period of last year.

The sports goods worth $82.015 million were exported during July-September (2014-15) compared to the exports of $81.527 million in July-September (2013-14), showing a positive growth of 0.60 percent, according to the latest data of Pakistan Bureau of Statistics (PBS).

The sports goods that contributed in positive growth included footballs, exports of which increased by 15.05 percent during the period under review compared the last year.

The football exports reached to $40.705 million in 2014-15 compared to the exports of $35.380 million during the last year, the data revealed.

Similarly, the exports of gloves increased from $27.776 million in 2013-14 to $28.738 million in 2014-15, showing a growth of 3.46 percent.

However, the exports of all other sports products decreased by 31.57 percent by falling from $18.371 million to $12.572 million.

Meanwhile, on year-on-year basis, the exports of sports products decreased by 18.38 percent in the month of September 2014 compared to the exports of September 2013.

The exports of sports products in September 2014 were recorded at $25.083 million compared to the exports of $30.731 million in September 2013.

Among these products, the exports of footballs decreased by 5.77 percent in September 2014 over September 2013 while the exports of gloves and all other sports products witnessed negative growth of 21.99 percent and 42.88 percent respectively in September 2014.

On month-on-month basis, the exports of sports products, increased by 13.70 percent in September 2014 when compared to the exports of $22.060 million in August 2014.

Compared to the month of August 2014, the exports of footballs in September 2014 increased by 22.90 percent whereas the exports of gloves increased by 7.81 percent.

The exports of all other sports products decreased by 1.22 percent in September 2014 compared to the exports of August 2014, the PBS data revealed.

It is pertinent to mention here that the country's overall exports during July-September (2014-15) were recorded at $6.015 billion against $6.695 billion during July-September (2013-14).

On the other hand, Imports during the period under review were recorded at $12.519 billion against $11.177 billion during the corresponding period of last year.

Based on the figures, the trade deficit during July-September (2014-15) was recorded at $6.504 billion against $4.482 billion in July-September (2013-14), showing negative growth of 45.11 percent.

SC allows govt for OGDCL privatisation

The Supreme Court on Monday allowed the government to privatise Oil and Gas Development Company (OGDCL).

Hearing the OGDCL case, the apex court in an interim order directed that OGDCL shares be sold out to companies with higher bids. Notices in this regard have also been issued to the concerned parties by the court and the hearing of the case has been adjourned for three weeks.

In a concise statement submitted before the Supreme Court on Saturday, the federal government said if the privatisation of 10 per cent shares of the OGDCL was not completed, Pakistan would be exposed to ‘great financial loss’.

The government requested the top court to dismiss the petition of the Khyber Pakhtunkhwa government against the privatisation of OGDCL. “It would be an irretrievable loss which would affect future prospects of foreign investments,” said the statement by Additional Attorney General Waqar Rana.

The federal government has alleged that the K-P government is attempting to create the impression of a national economic crisis which simply doesn’t exist.

Since the PHC passed the restraining order, the value of OGDCL’s share has depreciated by about Rs 20, it added. “If this uncertainty continues, there is great likelihood that the share value will further depreciate. The loss already suffered on this account runs into 100s of millions of rupees.”

10 Most Important Business Objectives

Your business objectives are the results you hope to achieve and maintain as you run and grow your business. As an entrepreneur, you are concerned with every aspect of your business and need to have clear goals in mind for your company. Having a comprehensive list of business objectives creates the guidelines that become the foundation for your business planning.

Profitability

Maintaining profitability means making sure that revenue stays ahead of the costs of doing business, according to James Stephenson, writing for the "Entrepreneur" website. Focus on controlling costs in both production and operations while maintaining the profit margin on products sold.

Productivity

Employee training, equipment maintenance and new equipment purchases all go into company productivity. Your objective should be to provide all of the resources your employees need to remain as productive as possible.

Customer Service

Good customer service helps you retain clients and generate repeat revenue. Keeping your customers happy should be a primary objective of your organization.

Employee Retention

Employee turnover costs you money in lost productivity and the costs associated with recruiting, which include employment advertising and paying placement agencies. Maintaining a productive and positive employee environment improves retention, according to the Dun and Bradstreet website.

Core Values

Your company mission statement is a description of the core values of your company, according to the Dun and Bradstreet website. It is a summary of the beliefs your company holds in regard to customer interaction, responsibility to the community and employee satisfaction. The company's core values become the objectives necessary to create a positive corporate culture.

Growth

Growth is planned based on historical data and future projections. Growth requires the careful use of company resources such as finances and personnel, according to Tim Berry, writing on the "Entrepreneur" website.

Maintain Financing

Even a company with good cash flow needs financing contacts in the event that capital is needed to expand the organization, according to Tim Berry, writing on the "Entrepreneur" website. Maintaining your ability to finance operations means that you can prepare for long-term projects and address short-term needs such as payroll and accounts payable.

Change Management

Change management is the process of preparing your organization for growth and creating processes that effectively deal with a developing marketplace. The objective of change management is to create a dynamic organization that is prepared to meet the challenges of your industry.

Marketing

Marketing is more than creating advertising and getting customer input on product changes. It is understanding consumer buying trends, being able to anticipate product distribution needs and developing business partnerships that help your organization to improve market share.

Competitive Analysis

A comprehensive analysis of the activities of the competition should be an ongoing business objective for your organization. Understanding where your products rank in the marketplace helps you to better determine how to improve your standing among consumers and improve your revenue

Eid-ul-Azha brings good business to blacksmiths

 ISLAMABAD: For the blacksmiths in the adjoining city of Rawalpindi the period ahead of Eid-u-Azha is a time of lucrative earnings as sale of their hand-made knives and choppers has soared while there is also a rush for sharpening the old ones.
Purana Qila (old fort), a centuries old area with cluster of narrow lanes and old buildings, is the hub of the artisans.
A hustle and bustle is witnessed these days in the area with customers preparing their tools for performing `Qurbani' - the religious obligation and Sunnah of the Holy Prophet Hazrat Ibrahim (AS) on the eve of Eid-ul-Azha.
"Finding a butcher on first two days of Eid is a very difficult task so people give preference to sacrifice animals themselves to follow the Sunnah and avoid inconvenience. People buy the required tools, while many get their old knives and choppers sharpened," said blacksmith Muhammad Bashir.
Bashir spoke about the business to this agency as he sat in front of his small shop, busy in sharpening a 'kamani chopper' made of solid iron for Rs. 130.
"These are the exceptional days for us as we do sufficient business, much more than the other times throughout the year," Bashir said.
Sharing his experience, he said mostly people buy a set consisting of one big knife to slaughter animal, one small to take off skin and a chopper to cut the meat into pieces, costing Rs. 700 to 1500, depending on quality.
Other hot selling items on these shops are "angeethi" (hand made oven) and steel bars to make barbecue of the sacrificial meat.
Eid- ul- Azha also provides opportunity of good business to vendors who roam around on bicycles to sell a variety of knives and other related articles, which are displayed on a board. Their rates are less than the Purana Qila blacksmiths operating in regular shops.

Corporate result: PIA losses drop 44% in first half of 2014

The Rs5.23 billion exchange gain, which came because of a stronger rupee against the dollar, offset a sharp 88% decline in other income. PHOTO: STOCK IMAGE 

KARACHI:  Financial loss of Pakistan International Airlines (PIA) came down 44.89% to Rs10.131 billion in six months to June 2014 over the same period of previous year as the airline booked exchange gains, higher revenues and a reduction in administrative expenses.

Helped by a rise of 11% in revenues to Rs53.34 billion, the national carrier posted a gross profit of Rs338 million for January-June 2014, reflecting an improvement in its flight operation, according to the airline’s financial statements.
The Rs5.23 billion exchange gain, which came because of a stronger rupee against the dollar, offset a sharp 88% decline in other income. In the first half of 2013, the airline had recorded an exchange loss of Rs1.46 billion.
Cost-controlling measures helped PIA reduce administrative expenses by 6.7% to Rs4.34 billion against last year’s Rs4.65 billion.
Heavy debt of Rs279 billion continues to take its toll on the cash-strapped airline as it has to bear the burden of ever increasing interest payments. This was reflected in the 21.7% rise in finance cost to Rs7.33 billion.
The second April-June quarter would have been even better had the airline not suffered an exchange loss of Rs370 million. Other income when compared with the previous year also saw a steep decline of 90%.
However, PIA was still able to record a gross profit of Rs441 million.
The government has been drip-feeding the airline by helping it arrange loans to pay salaries and vendors as its balance sheet, which carries a negative equity, does not encourage lenders.
The government has decided to sell PIA after its restructuring. The air carrier has been pushing the government for months to release funds for leasing narrow-body fuel-efficient planes.
It has a fleet of 30 active aircraft, but many of these are often grounded for want of repairs.