Zardari, Jayaratne discuss Free Trade Agreement

Pakistan President Asif Ali Zardari (R) signs a guestbook while Sri Lankan President Mahinda Rajapakse looks on during the start of Zardari's three-day visit to Sri Lanka in Katunayake on November 27, 2010. PHOTO: AFP

COLOMBO:?The leaders of Pakistan and Sri Lanka Sunday expressed resolve to join hands against terrorism and to build up their trade and economic relations.

Prime Minister of Sri Lanka Dissanayake Mudiyanselage Jayaratne called on President Asif Ali Zardari here on Sunday and discussed ways to further strengthen ties between the two countries with a focus on exploring new avenues of cooperation.

President Zardari who is on a four-day visit to the island nation is here to hold wide ranging talks with the Sri Lankan leaders to expand economic and trade cooperation between the two countries, that already have an operational Free Trade Agreement.

Foreign Minister Shah Mahmood Qureshi, Defence Minister Ch. Ahmad Mukhtar and Chairman Board of Investment (BOI) are part of President’s delegation.

President Zardari congratulated the Sri Lankan Prime Minister on defeating terrorism and apprised him of Pakistan’s successes in this regard. Prime Minister Jayaratne thanked Pakistan for its moral and material support in countering terrorism.

The President and the Sri Lankan Prime Minister said both countries stand to benefit more from increased military exchanges and training at a regular pace, besides sharing of counter-terrorism measures and sharing of experiences.

They also called for consolidating cooperation in all spheres including trade, health, education and culture.

The President also highlighted the need for high level parliamentary exchanges. The Sri Lankan Prime Minister said following the revival of the parliamentary association a delegation will visit Pakistan soon.

The Sri Lankan Prime Minister said his country was keen to initiate new joint venture projects with Pakistan in several key areas and said the two private sectors can play a crucial role in this regard for the mutual good of the two peoples.

The two leaders discussed increased cooperation in financial and banking sectors. President Zardari said Pakistan values its relations with Sri Lanka and supports its territorial integrity and sovereignty. He said both the countries need to consult more frequently at multi lateral events.

The two leaders also exchanged views on preservation and promotion of the civilization heritage and increase of tourist traffic between the two countries.

Prime Minister Jayaratne appreciated the preservation and maintaining of the Buddhist heritage in Pakistan and said it would be a step forward towards building of a long lasting association between the two countries in all spheres.

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Blast to have repercussions for already depressed trade

The crater caused by the car bomb used in the attack. PHOTO: ATHAR KHAN

KARACHI:?The already suffering businesses and manufacturing units of Karachi shook once again with the powerful bomb blast that targeted the CID building on Thursday night. The tragic event deepened the fears of foreign buyers who were already reluctant to come to the country in order to place industrial orders.

Business owners assert that the latest blast to hit the economic hub of Pakistan has caused irreparable damage to the confidence of foreign buyers. No doubt, this will affect the amount of export orders local industries receive.

“With Thursday’s blast, we believe we have gone back at least three to four years in business. In the current situation, no foreign buyer will come to Pakistan,” said Feroz Alam Lari, CEO of Afroze Textile Industries Private Limited – one of the largest exporters of towels and bed sheets.

“The image of Karachi is just like Nigeria,” he said, adding that efforts of several years to negotiate with buyers had literally evaporated in a matter of hours. “One of our buyers actually returned from the airport just after the Karachi blast.”

The frustration of industrialists is understandable as purchasers typically do feel more comfortable doing business after they actually see the production site or industry. “No buyer will place orders unless he or she sees what the shop actually has to offer,” he added.

Just hours after the blast, television channels – including foreign ones – started airing footages of the bomb site which is right adjacent to the five-star hotel district in Karachi where foreigners tend to stay during their trips to the city. “One cannot help but avoid visiting any such hotel in future. How frightened would one be to see the videos of the hotels where they usually stay,” he questioned.

“The law and order situation has been bad but after this we can expect only worse,” said Sheikh Afzal Hussain, CEO of Hussain Leather Crafts.

He pointed out that purchasers were usually lured to come to Karachi on the plea that it was quite far from the more volatile northern region and the Pak-Afghan border. “I don’t think anyone will believe us after this bomb blast,” he admitted.

Owing to the deteriorating law and order situation, exporters are forced to meet buyers either abroad or in international exhibitions, said Hussain.

Over the past few years exporters have been forced to meet buyers in the Far or Middle East and such meetings abroad are likely to increase – at least in the near future.

Meanwhile, a top towel exporter from Karachi, Sheikh Manzar Alam, claimed that foreign buyers have not been coming to the country for at least 10 years now. “We have been meeting with our buyers in Cambodia, Singapore or Dubai for a long time because no foreigner wants to visit Pakistan owing to security concerns.”

Published in The Express Tribune, November 14^th, 2010.

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Colgate brushes dollar trade

Colgate times

QE2 hope boosted stock enough drilling 11,000 technically significant on the Dow Jones index level, fueled primarily by weak dollar trade.The market may already have prices in most of the next helicopter Ben dump money and employment concerns could put in a high mou.Sur stock market, however, there is still value in superiors with high exposure set overseas to capitalize on the greenback cloud.

Colgate-Palmolive Company (CL), which generates more than two-thirds of sales outside the United States is such entreprise.Le producer of SOAP, detergent and oral hygiene based in New York has delivered record revenues and earnings last quarter despite a negative foreign currency translation. Venezuela - take a piece of projected year-end revenues - currency revaluations has already cooked in the course of actions and further depreciation of the dollar will strengthen Colgate gains.

Yet, Colgate trade multiple range in household products from competitors such as Procter and Gamble (PG) and Clorox (CLX) space in the price of higher earnings.There is also slightly higher yields have with Procter and Gamble (3.1%), Clorox (3.2%) and Kimberly-Clark (4%).But Colgate looks like a piece of better short-term capital gains based on the card seems to be much better shape, because stock has shifted more broadly advance.

Removed hard stock following the second report of quarter at the end of July that investors were disappointed that income is come shy lofty expectations and Colgate has always recovered step is tout.En for 3 months then that S & P won by 7%, Colgate is down over 8 %.Le stock tried and did not post earnings retest price level towards the end of last month.

Downward trend reversed on October 8, confirmed by stochastic increase and a index of relative force bounce territory survendu.Le stock, now trading at $reading, a moving average 10 days to use exponential and could be on the road tests $79.19 man chandelier hanging high on 28 September.

Colgate also has the advantage to be a defensive stock if the broad market fall rally cools, a decent 2.8% annual dividend yield and more return.

USD with QE2 expected downward and interest rate risks low apparent, holding at historically low levels remains the strongest reason for refresh with Colgate.

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