A bad news for pakistani's

Ghee, oil prices raised by Rs12/kg

KARACHI: While the rates of ghee and cooking oil continue to climb a leading manufacturer has again pushed up the rate of five kg/litre ghee and cooking oil tin on Wednesday to Rs895 from Rs835, a hike of Rs12 per kg.

According to Karachi Retail Grocers Group general secretary Farid Qureishi five-litre ghee and cooking oil tin was available at Rs795 in the middle of November. The one kg pouch of ghee now sells at Rs177 at retail as compared to Rs165 earlier.

He added that 16-kg ghee tin is now priced at Rs2,440 as compared to Rs2,400 on Tuesday. Last month, the rate of 16-kg tin had risen by Rs100.

Chairman Pakistan Vanaspati Manufacturers Association (PVMA) Shaikh Mohammad Ikram also confirmed to Dawn that the maker of Dalda ghee and oil had pushed up the rates. When asked that why PVMA did not take any action against the leading players for pushing up the rate, he said the association cannot force the companies on price issue.

He said in Punjab the 16-kg ghee and cooking oil tin price now hovers between Rs2,400-2,450, which was Rs2,250 some 10 days back.

Linking the domestic prices to rising palm oil price in world markets, he said that currently, the palm oil rate is $1,200 per ton (C&F Karachi) as compared to $1,120 in November and $920 in October.

He predicted an increase of Rs10 per kg more in case the shipments booked on $1,200 per ton arrives in January.

“The government is pocketing around Rs30 per kg/litre on ghee and cooking oil in terms of taxes and duties if $1,100 per ton rate of global palm oil is taken into account,” he said, adding that Rs1,000 per ton federal excise duty and Rs9,100 per ton customs duty are fixed, while the government`s earning varies on changes in edible oil imports based on 16 per cent sales tax and three per cent income tax.

The government will earn Rs32 per kg when the shipment booked at $1,200 per ton will arrive next month.

On the proposed implementation of the reformed general sales tax (RGST) Shaikh Ikram said the consumers will see only Re one per kg/litre decline in prices in case the RGST is reduced to 15 per cent from 16 per cent.

The PVMA has already urged the government to cut the RGST and other taxes if it wants to provide relief to the consumers.

The PVMA chairman said due to rising cost of living on surging food and utility bills rates, one kg pouch now forms 80 per cent share in total sales of ghee and cooking oil. Five years back, tinned products were enjoying 80 per cent market share, while one kg pouch`s share was only 20 per cent.

He said that around 20,000-25,000 tons of edible oil products are also being exported to Afghanistan every month in which ghee holds 90 per cent share.

Pakistan v South Africa 3rd ODI at Dubai Preview

Pakistan play South Africa in the fourth ODI of the series. South Africa leads 2-1 and will look to bag the series in this penultimate match.

The good news from Pakistan’s perspective is that after a continuous struggle with the bat in the lead-up to the series and in the series as well, they have had a couple of good games where they have run the opposition close. South Africa, on the other hand, had begun well on the tour but suddenly seemed to have lost their bearing in the second and the third ODI. They managed a nervous win in the third match but the scoreline could have easily been 2-1 in favour of Pakistan.

South Africa will go in favourites into the game with an offer of 1/2 (SportingBet) as compared to 7/4 (Blue Square) if Pakistan win.

After his initial half century, Younis Khan (4/1 at Totesport) has failed to impress and that has contributed to their top-order woes. Fortunately, for two games in a row the lower-middle order has performed their task well and carried the side out of trouble. Misbah-ul-Haq (8/1 at William Hill) lost his place in the ODI side and it looks unlikely that he will be selected in this game and Imran Farhat (9/2 at BetFred) should maintain his place in the side.

Surprisingly, Umar Akmal (5/1 at Boylesports) hasn’t played a single game in the series so far and with the series at stake, he could just be afforded an opportunity.

Hashim Amla (3/1 at Boylesports) continues to dominate the proceedings for the South Africans, following his 65 with an unbeaten century in the third game. What he needs is for some batsman in the top-order to assist him. With the status on the Graeme Smith (4/1 at William Hill) hand injury unknown, one can hazard a guess that he may be afforded more rest to allow him to recover fully from the issue.

In his absence, Jacques Kallis (7/2 at BetFred) will look to overcome his previous game’s duck and bat through the innings given his seniority.

Pakistan seemed to have caught up with the Proteas in the previous couple of games but after the successive games, the question that needs to be asked is whether they have any more fuel in their tank. South Africa should be favourites for this one.

Tips:
Favourites: South Africa (1/2 at SportingBet)
Top South Africa batsman: Jacques Kallis (7/2 at BetFred)
Top Pakistan batsman: Younis Khan (4/1 at Totesport)

Plane with 159 onboard crashes near Islamabad

ISLAMABAD: A Pakistani passenger plane from private company Airblue on Wednesday crashed into hills behind the capital Islamabad, where smoke and flames were seen rising through heavy clouds, police said. 

Initial reports suggested that all passengers and crew members (152) are feared dead. 

A passenger plane has crashed in Islamabad, killing more than 140 people on board and six crew members. The Airbus A330 crashed near Islamabad airport after a flight from Karachi. The plane was on its way from Turkey to Islamabad via Karachi.

The relief teams have rushed to Margalla hills. The airplane lost contact with the control tower of Islamabad airport just before the crash. It is worth mentioning that lack of visibility due to rainy weather might have caused the incident

It was not immediately clear how many people were on board. Thick smoke could be seen rising from between the trees on the Margalla Hills on the edge of Islamabad, according to media reports.

"We have reports that the plane fell into the Margalla Hills. There is smoke, but we have not been able to reach there. It is surrounded by the hills and there is no road access," police official Sayed Subhan.

"We have reports that it was a private Airblue airline plane," he said.

It was also reported that rescue operations were hampered due to bad weather.

EU, Canada hit Iran with new sanctions, urge nuclear talks

BRUSSELS: The European Union and Canada slapped tough sanctions on Iran's key energy sector in a bid to block its contested nuclear programme, and the United States said the punitive steps would bite.

European foreign ministers formally adopted the new measures Monday on the oil and gas industries, going beyond a fourth set of UN sanctions imposed over Iran's refusal to freeze uranium enrichment. Canada then followed suit.

The moves, which follow similar sanctions imposed by the United States, are aimed at reviving moribund talks between Iran and six world powers -- Britain, China, France, Germany, Russia and the United States.

"Today we sent out a powerful message to Iran, and that message is that their nuclear programme is a cause of serious and growing concern to us," EU foreign affairs chief Catherine Ashton told reporters.

"But our objective remains, as I have always said, to persuade Iranian leaders that their interest is served by a return to the table. Sanctions are not an end in themselves," she said.

Iran's foreign ministry however said the sanctions were not "an effective tool" and would only serve to "complicate" its showdown with the West.

Oil Minister Masoud Mirkazemi said they would have no impact on oil production because European oil firms had "no presence" in Iran's energy sector.

The EU measures include a ban on the sale of equipment, technology and services to Iran's energy sector, hitting activities in refining, liquefied natural gas, exploration and production, diplomats said.

New investments in the energy sector are also banned.

Iran is the world's fourth largest producer of crude oil, but imports 40 percent of its fuel needs because it lacks enough refining capabilities to meet domestic demand.

The Iranian banking sector was also hit by restrictions, forcing any transactions over 40,000 euros (52,000 dollars) to be authorised by EU governments before they can go ahead.

The United States hailed the move, saying the steps "underscore the international community's deepening concerns about Iran's nuclear program."

State Department spokesman Philip Crowley said: "We've already begun to see the impact of the sanctions as companies around the world refuse to do business with Iran, rather than to risk becoming involved in Iran's nuclear program and other illicit activities."

The identities of those hit by the new measures will be published in the official EU journal on Tuesday. Diplomats said 41 individuals and 22 government entities were concerned.

Canada's sanctions take aim at Iran's energy and banking sectors, as well as chemical, biological and nuclear activities, Foreign Minister Lawrence Cannon said.

Canada will also bar all new investment in Iran's energy industry, particularly crude oil refining and liquefied natural gas.

Ashton has exchanged letters with Iran's chief nuclear negotiator Saeed Jalili in recent weeks in a bid to revive talks, and Tehran has indicated that the talks could resume in September.

The last high-level meeting between Iran and the six world powers was held in Geneva in October 2009 when the two sides agreed a nuclear fuel swap that has since stalled.

Western powers have demanded that Iran suspend its uranium enrichment programme, fearing that Tehran would use the material to build a nuclear bomb. 

Tehran says its atomic programme is a peaceful drive to produce energy.

Iran's actions "are bringing it closer and closer to possessing nuclear weapons which represents a threat," said Cannon.

British Foreign Secretary William Hague said: "Iran's ongoing refusal to engage constructively on this issue leaves us no option but to implement these sanctions."

Israel welcomed the sanctions and urged other countries to follow suit.

Iranian Foreign Minister Manouchehr Mottaki said at the weekend Tehran was ready to hold immediate talks on a nuclear swap deal brokered by Turkey and Brazil in May.

World powers have given the cold shoulder to that deal, a counter-proposal to the October agreement.