Bangladesh Is Going to Become Europe’s Biggest Source of Textile Products Beating China & Pakistan
It is likely that Bangladesh will overtake China as the EU‘s biggest apparel source in the near future, due to China‘s decreasing share of trade due to the economic slowdown caused by the Covid–19 pandemic. This is due to the shortage of skilled labor in China, as their population is decreasing, and Bangladesh is producing high–end value–added garment items. Data shows that apparel shipments to the EU from Bangladesh have grown by 41.76 percent in the January–October period of last year to USD 19.40 billion. There are also other factors, such as China‘s withdrawal of foreign investments, an increase in production costs, and the tariff war between the US and China. As a result, work orders have been diverted to Bangladesh, as well as other Asian countries like Vietnam, Thailand, Cambodia, India, and Pakistan. Bangladesh is also shifting its production base to high–end value–added garment items from basic items, and the country‘s primary textile sector has received investments worth over USD 20 billion. With all these factors considered, it is likely that Bangladesh will overtake China as the EU‘s biggest apparel source in the near future.
Russian delegation to visit Pakistan tomorrow to discuss oil trade and gas pipeline projects
With bilateral talks underway between Pakistan and Russia, a Kremlin delegation will visit South Asian country on January 17 to discuss oil, LNG trade and billion-dollar gas deals and pipeline projects.Islamabad is set to host a Russian delegation tomorrow and will discuss much-vaunted Pakistan Stream Gas Pipeline (PSGP) project according to media reports. Last month, Pakistan’s Minister of State “Musadiq Malik” announced that “Moscow had agreed to ship crude oil, gasoline and diesel to cash-strapped countries at discounted prices”. Islamabad and the Kremlin will exchange views on cooperation in electricity, hydropower, renewable energy sources, and oil and gas exploration. It was reported that a delegation of 80 people will visit Pakistan for three days for bilateral consultations under the Intergovernmental Commission (IGC) Forum. Detailed discussions are also planned to increase trade and investment, especially in the agriculture, energy, education, IT and financial sectors.
Apple CEO Tim Cook calls for 40% pay cut from his salary
Apple CEO Tim Cook has taken a voluntary 40% pay cut for 2023. It’s an unusual move “in response to shareholder ,” according to the company’s annual proxy statement.The decision set Cook’s compensation target from his $84 million in 2022 to his $49 million.Apple declined to comment further on the Washington Post’s decision. However, the proxy statement acknowledges the decision that “balanced shareholder feedback, a desire to continue to provide meaningful performance and retention incentives, and Mr. Cook’s support for the change in compensation.” . Salary cuts by executives are unusual, but CEO salaries have become a growing source of public frustration amid a growing debate about income inequality. Executive salaries have increased 1,460% since 1978, according to an Economic Policy Institute analysis. The CEO will be paid 399 times more than a typical employee in 2021. This is the best ever.
Why does Prices of chicken rising day by day
The cost of chicken is likely to continue to increase in the coming days.The warning from the Pakistan Poultry Association follows a statement by Federal Food Security Minister Tariq Bashir Cheema said “he would not eat chicken raised on “muzr-e-sehat” feed. No, Pakistan has announced that it will only import inclusion-free oilseeds ‘GMO’ from now on”.In this era of economic crisis and inflation, the price of chicken in Pakistan, like other food items, had already risen sharply, but in the past two weeks, the price of chicken has increased from 1.5 times to 200 rupees per kilo.Though there is a slight difference in the prices of every place and every city because the price of chicken varies by one rupee after every 15 to 20 rupees. At the same time, concerns about further price increases have been expressed. A businessman linked to the poultry sector says “the biggest crisis right now is not the chicken, but its feed, and the supply of chicken in the market is declining”. Federal Minister Tariq Bashir Cheema said “GMO soybeans were not included in poultry feed before 2015.The poultry mafia imposed a tax on local soybeans, making imported soybeans cheaper and local soybeans more expensive.”According to him, “the purchase of GMOs is not allowed by regulation” and Pakistan has also signed an international agreement on the matter.According to the federal minister, poultry producers have started buying domestic feed since his statement.According to the owner of poultry farm,” Pakistan itself could produce this feed if the government did better research, but it would require resources”.
Sindh Govt Buying 300,000 Tons of Wheat
The Sindh government approved the procurement of 300,000 tonnes of wheat from PASSCO (Pakistan Agricultural Storage & Services Corporation) in order to meet the province‘s wheat requirement until the harvest of the new crop in early March. The Chief Minister directed the food department to make the necessary arrangements for the procurement, which was to begin in early February so that the set target could be achieved. The minimum price of sugar cane was fixed at Rs302 per 40kg, in line with the federal government‘s approval of a quality premium rate of Rs0.50 (50 paisa) per 40kg in 1989–99.
Pakistan Received 60 Million Dollar Support for Afghan Refugees from US in 2022
Donald Blome, US Ambassador to Islamabad, revealed on Thursday that the US has given $273 million in aid for Afghan refugees and the communities that host them in Pakistan. The fiscal year 2022 saw an additional $60 million added to this figure. The Ambassador expressed his gratitude to Pakistan for its hospitality towards the refugees throughout the last four decades, and said that the US is proud to continue its support. This assistance has gone towards increasing school enrollment for Afghan and Pakistani children in Khyber Pakhtunkhwa and Balochistan, improving healthcare services and nutrition programs, providing livelihood opportunities for refugees and their hosts, and improving water, sanitation, and hygiene infrastructure. It has also been used to help those affected by Covid-19-related health and economic issues. UNHCR representative Noriko Yoshida pointed out that the US support allowed them to respond quickly to the floods of 2022, and provide Pakistani and Afghan refugees with life-saving items. Abdullah Fadil, Unicef representative in Pakistan, thanked the US for their contribution, which enabled Unicef to make an impact on the lives of the refugees.
Flour prices hit high in karachi
Flour costs in have scaled a replacement peak of Rs2500 per 20-kilogramme bag against last week’s Rs2,400, information from the Asian country Bureau of Statistics (PBS) stated. This is the primary time within the history of Asian country that flour costs have surged to Rs2500.According to the Sensitive indicator for the week finished Dec twenty two, 1kg of flour currently prices Rs125, that is nearly a hundred per cent quite the value of the goods in Islamabad and Punjab. The data shows that within the last week, Karachi, Hyderabad and Quetta have witnessed a surge of Rs100 within the worth of a 20kg bag of flour, increasing the rates to Rs2,500, Rs2,420 and Rs2,320 severallyIn Bannu, Peshawar, Larkana and Sukkur, the costs inflated by Rs40, Rs70, Rs50 and Rs40 severally. Meanwhile, the value of a 20kg bag of flour in Islamabad and Punjab has been recorded at Rs1,295.
Pakistanis Spent 290 Million Dollars to Import Phones in Last 150 Days
Though the news is there that Pakistan is on the verge of default and some are claiming that it has technically defaulted already, it’s an amazing fact to not that Pakistanis imported SmartPhones worth $290 in the last 150 days. That’s a huge sum though it’s not as big as it was in the same period last year. If we compare it with the previous year, it’s almost 66% less than the previous year in the same period.
Google Registered as Company in Pakistan
There were news that Google is starting its business in Pakistan in December 2022 and then we heard news that Google Play is suspending services in Pakistan by 1st December 2022. These contradictory news came to an end today when Google, the biggest tech giant in the world registered its company with name Google Asia Pacific Pte. Ltd. in Pakistan. Google company is now officially registered under the Companies Act 2017 and that’s a big news for Pakistan and Pakistani Youth attached to Google by several ways.