Emirates airline starts non-stop service to Multan

KARACHI (PR): Emirates has commenced a non stop service to Multan, the airline’s sixth destination in Pakistan. Flight EK 630 from Dubai arrived at Multan International Airport on August 1st, 2015. On board the inaugural flight was Khalid Bardan, Emirates’ Vice President Pakistan, Mian Iqbal Hassan, President of Multan’s Chamber of Commerce and Industry and Mian Muhammad Khan, Senior Vice President, the MCCI. Service to Multan, Pakistan’s 5th largest city by population, commenced with four weekly flights operated by a Boeing 777-300 in a two-class configuration - 54 seats in Business Class and 310 in Economy Class. Multan is one of the world’s oldest cities with a rich history as a cultural and trade hub.

The city is famous for agricultural products such as wheat, cotton, sugar cane, mangoes, citrus, guavas, and pomegranates. Multan is also a commercial and industrial centre, well connected with other industrial hubs such as Lahore, Karachi, Gujranwala, Quetta and Faisalabad.

Oil prices languish as supply

concerns linger

SINGAPORE (AFP): Oil prices fell in Asia Monday on persistent concerns about the global supply glut, after the OPEC cartel indicated that it will not budge from its current lofty output levels, analysts said. US benchmark West Texas Intermediate for Sept fell 37 cents to $46.75 while Brent crude for Sept eased 45 cents to $51.76 in afternoon trade. Prices were facing downward pressure following "signs that top producers in the ME were continuing to pump at record levels despite a growing global glut", said Singapore's United Overseas Bank in a market commentary. Oil prices dived on Friday after Abdullah El-Badri, secretary-general of the OPEC, said the group would not cut output in response to lower prices.

Speaking in Moscow on Thursday after meeting Russia's energy minister, he said the cartel is "not ready" to cut production.

Analysts said the statement shows the 12-nation OPEC, led by kingpin Saudi Arabia, is determined to defend its market share as it fends off competition from US shale oil.

At its most recent meeting in Vienna in June, OPEC kept its output levels of around 30 million barrels a day despite the supply glut that has depressed oil prices.

Crude futures are under pressure also owing to the strength of the US currency, which makes dollar-priced oil more expensive to holders of weaker units, dampening demand.

The dollar has picked up steam on expectations the Federal Reserve will raise US interest rates later this year.

Sanjeev Gupta, head of the Asia-Pacific oil and gas practice at business consultancy firm EY, said the upcoming release of key US and European economic data "will set the tone for crude oil prices" this week.

A slew of German, French and British manufacturing data will be released this week, while the keenly watched US non-farm payrolls data for July will be released on Friday.

Japanese team visits PBIT

LAHORE (Staff Reporter): Two members delegation from Japan (MAKOTOYA. Co., Ltd), accompanied by its chief executive officer visited PBIT as well, on August 3, 2015. The center of attraction of the delegation was seeking of counterpart regarding health/disaster sector. The major focus of the delegates was on mental care, as it is necessity for preventing infections and improving the quality of life. Delegates informed that the infection preventing kit was created from the real life experience from helping out at the refuge and mortuary at any big disaster. The said kit is quite useful for disaster prevention at domestic medical institutes and also large offices buildings. CEO (MAKOTOYA Co. LTD) was grateful to PBIT team for sharing the business opportunities in different hospitals and NGOs.

Turk investors team due today

LAHORE (Staff Reporter): On the invitation of Pak-Turk Businessmen Association (PTBA), the CEOs, chairmen and directors of 10 large Turkish investors companies will visit Lahore on Tuesday. The purpose of this visit is to see the opportunities in different sectors lying in Pakistan. Aslam Bhatti, the Secretary General PTBA, revealed that the Turkish investors are keen to invest in CPEC long with Pakistani and Chinese companies in this mega economic project. He further stated that the coming Turkish investors represent variety of sectors like consruction,energy,textile,agriculture,livestock,machinery,printing,electronics,home appliances etc. During their 5 days long visit to Pakistan, the delegation will have interaction with local Pakistani investors, traders and business community.

They will also visit Federal and Lahore Chamber of Commerce and Industry. Punjab Board of Investment and Trade (PBIT) will brief the delegation about the about different sectors, projects and opportunities available for the Turkish investors.

LCCI for knowledge-based economy

LAHORE (Staff Reporter): Knowledge based economy is only way to cope with the challenges posed by the rapidly changing global scenario. It will also help overcome various internal issues like decline in exports, energy crisis, lowest tax-to-GDP ratio, inefficiency of public sector entities, brain-drain, shortage of skilled human resources and low industrial production etc. These views were expressed by LCCI President Ijaz A Mumtaz while talking to a group of LCCI members here at the Lahore Chamber of Commerce & Industry on Monday. He spoke at length and briefed them about the LCCI role in policy corridors and various steps taken for the economic wellbeing of the country. He said that lack of knowledge and research is one of the biggest reasons of our economic ills.

He said that unavailability of authentic data is coming in the way of Pakistan’s external trade.

“We are talking about to be an Asian Tiger but how it is possible when our exports are declining and we are far behind even from those countries who were following us as a role model a few decades ago”, he said.