Saturday, 26 October 2013

Galatasaray to offer Drogba new deal

Galatasaray to offer Drogba new deal
The Ivorian joined the Istanbul giants in January on an 18-month deal, but the club are confident he will opt to extend his stay in Turkey
Galatasaray striker Didier Drogba is set to be offered a contract extension, club president Unal Aysal has revealed.

The former Chelsea and Olympique de Marseille forward joined the Turkish side in January on a year-and-a-half deal which is due to run out in June 2014.

Aysal is ready to offer fresh terms to the 35-year-old, who has scored four goals in 10 games for the Super Lig champions this season, and is confident he will opt to stay in Istanbul.

"Drogba has talked about issues related to the future," Aysal told GSTV.

"He wants to extend his career as a player. I told him that, at Galatasaray, you can play as long as quality is evident.

"We are definitely going to offer him a [new] contract. I also do not think he will reject it."

Galatasaray currently sit second in Group B of the Champions League on four points, with a home tie against Juventus and visits to Real Madrid and Copenhagen to come.

In the Super Lig, Roberto Mancini's men sit seventh after eight games - nine points behind league leaders and arch-rivals Fenerbahce.

Fabregas: I was right to snub Manchester United

Fabregas: I was right to snub Manchester United
The midfielder hails the impact that Gerardo Martino has had on his growing influence at Camp Nou and insists that he did not consider a return to the Premier League in the summer
Cesc Fabregas believes that his decision to stay at Barcelona following Manchester United's interest has been vindicated by his performances for the Spanish champions this season.

The 26-year-old was targeted by David Moyes in the summer but was subsequently assured by theBlaugrana hierarchy that he was a valued member of the squad and would not be allowed a return to the Premier League.

And Fabregas has hailed the impact of Barcelona coach Gerardo Martino, claiming that the 50-year-old has been one of the main factors behind his form this term.

"The season's started brilliantly," the former Arsenal star told The Guardian. "[Martino] lets me play the way that suits my qualities and I'm very comfortable, very happy. I feel better all the time, more and more central. The coach is giving me more opportunities, more status, more leadership. 

"On the first day - well, not the first day, but maybe the third or fourth, early on - he called me over and told me: 'I want you to be the player you were at Arsenal' and I thought 'wow!' because I'd always felt so good at Arsenal, so important.

"I never planned to go back this summer," he declared. "It's not something I was even thinking about.

"I was always clear in my mind that I want to succeed at Barcelona and I'd give everything to triumph here. I said openly: I haven't even thought about leaving, I'm not going.

"When I heard [about United's bid], I contacted Darren [Dein, my agent] and he confirmed that it had come out officially. He said: 'Yes, it's true. What do you want to do?' I didn't know anything about it [until then]. 

"If a club comes in for you and you tell your representative that you want to go, then you go. I spoke to [Josep Maria] Bartomeu, the vice-president, and he told me: 'You're not going anywhere; we have complete confidence in you', then I spoke to the president. 

"I was very relaxed about the whole thing because that's what they transmitted to me. It's true that they had offers, and they told me that, but the only thing in my head was staying at Barcelona. At no time did I say that I wanted to go and I stayed out of it. I was surprised. I didn't encourage them at all.

Nawaz asks political parties to support Pakistan Protection Ordinance

PHOTO: AFP
Prime Minister Nawaz Sharif wrote to all political parties asking they support the Pakistan Protection Ordinance (PPO) on Saturday, Express News reported.
The PPO deals with overarching issues related to security of the people, clamping hard on anti-state elements with a mission to implement swift justice on part of the law enforcement agencies.
President Mamnoon Hussain had approved the PPO last Sunday on advice from the prime minister.
The prime minister has now written a letter to all the parties indicating how the post 9/11 Pakistan has been suffering from massive security problems.
He said years of dictatorship, corruption and the absence of powerful legislation had allowed criminals to roam around on loose, and this had to stop.
On the other hand, Opposition Leader Khursheed Shah wrote to Prime Minister Nawaz Sharif asking for the implementation of decisions reached in the All Parties Conference.
He said a mandate for negotiations with the Taliban had been handed to the Pakistan Muslim League-Nawaz, but that mandate has yet be enacted upon.
Features of the Ordinance
According to the new Ordinance, “Security of life, property and dignified living of our own people shall be the prime goal for all functionaries of the state.”
“Writ of the state shall be restored with full might of the law; those to pursue fruit of terror and fear, regardless of nationality, color, creed or religion shall be treated as enemy aliens and dealt with strictly without any compunction”, the ordinance stated.
The new proposition thus promises to rescue the nation from crime and terror through new laws that will be extraordinarily stringent.
The following are said to be some of the main features of the Ordinance:
1. Every possible state instrument and resource will be deployed to defeat and frustrate all or any nefarious attempt to create disorder.
2.The cancer of syndicated crime, in all its forms and manifestations, shall be responded by proportionate use of state force under the law.
3. Separate police stations will be designated for professional and expeditious investigations of specified crime, prosecuted through federal Prosecutors.
4. Special Federal Courts shall be designated to render inexpensive justice with promptitude as mandated by Article 37.
5. Joint investigation teams shall be constituted to conduct investigations by security agencies and police in all heinous crimes committed in areas where civil armed forces are invited to aid civil power.
6. Those involved in syndicated crime shall be relocated to other parts of the country for transparency and fair trial.
7. Judicious and effective use of preventive detentions shall be made in cases involving serious crimes by criminal gangs and mafias.
8. Special jails shall be designated to detain hardened criminals and the minimum quantum of punishments is now re-determined at ten years.
9. The state will not allow Afghan immigrants or other foreign nationals to be used for terrorist purposes.

Back in the game: Packages Limited in the black

Packaging giant earns Rs1 billion in Jan-Sept period. PHOTO: COMPANY WEBSITE
KARACHI: 
Packages Limited boosted its revenues by a third, turning from loss to profit, year-on-year basis, in nine months ended September 2013, according to the company’s financial results, which, a market analyst says, are almost flat.
The packaging giant, according to a notice sent to the Karachi Stock Exchange on Friday, posted an after-tax profit of Rs1 billion or Rs11.91 per share for the first nine months of 2013, turning around after a loss of Rs1.7 billion or Rs21.41 per share in the corresponding period of 2012.
The manufacturer of famous Rose Petal Tissue products has increased its revenues to Rs11.56 billion, up by 33% compared with Rs8.66 billion in the nine months of 2012.
“The nine-month results are almost flat when we look at the company’s profit from operations,” said Syed Nasir Abbas Rizvi, an analyst at Elixir Securities. Revenues have increased with a slight rise in gross margin, he said, but other costs have increased too, offsetting the gains in the bottom line.
The company’s profit from operations increased to Rs759 million, up 8% from Rs701 million earned in the same period last year.
Finance cost has increased 69% to Rs641 million compared with Rs379 million in the same period last year, Rizvi said. Administrative expenses have almost doubled, marketing and distribution costs have also doubled. All of this combined has resulted in a flat result, he said.
A joint venture between the Ali Group of Pakistan and Akerlund and Rausing of Sweden, Packages claims to be the only facility in Pakistan offering a complete range of packaging solutions including offset printed cartons, shipping containers and flexible packaging materials to individuals and businesses worldwide.
The company supplies packaging material to tobacco, food, soap and detergent, pharmaceutical, match and shoe industries. Its clientele includes big names like Anglo-Dutch food and consumer goods giant Unilever and the country’s largest cigarette manufacturer Pakistan Tobacco Company (PTC).
The growth of packaging companies, according to market analysts, is closely tied to that of their clients. PTC, one of Packages’ clients, alone more than doubled its profit, earning more than Rs10 million a day, and increased revenues by nearly a fifth for nine months ended September 2013.
In terms of quarterly performance, the company earned Rs165 million or Rs1.96 per share in after-tax profit during the third quarter of 2013 against a loss of Rs2 billion or Rs24.87 per share in the same quarter of 2012.
“If we want to look at the clients’ impact on the company’s profit, we have to look at its profit from operations,” said Rizvi.
The company has reported a loss of around Rs9 million during the quarter, he said, as profit from operations decreased to Rs193 million compared with Rs202 million in the same quarter of last year.

Food industry: Legislation on halal products’ certification, standardisation stressed

Although many Pakistani companies are eager to get PSQCA, ISO and other international certifications, they rarely focus on Halal certification. PHOTO: FILE
KARACHI: 
Legislations on certification of Halal products and their standardisation covering all aspects of the definition of Halal must be presented and approved by the parliament, otherwise all efforts being made by various schools of thought will go in vain, said a four-member delegation of Thailand’s Halal Science Centre Chulalongkorn University, during their visit to the Karachi Chambers of Commerce and Industry (KCCI).
The government must assist these schools of thought who are currently engaged in carrying out research and raising awareness amongst the masses on this important issue, said the delegation.
President KCCI, Abdullah Zaki along with various other members of KCCI was present at the meeting.
The delegation visited Pakistan under a Memorandum of Understanding (MoU) inked between the Halaal Foundation Pakistan, which works under the umbrella of Jamia Tur Rasheed, and the Halal Science Food Center Chulalongkorn University in Thailand.
The Thai delegation also visited Faisalabad to gather inputs and raise awareness on the importance of Halal products’ certifications, educating their guest on the functioning of the Halal Science Centre in Thailand, which is the world’s first such body carrying out comprehensive research on Halal products and the only center equipped with a complete forensic center capable of testing all edible and non-edible products.
It was suggested to bring all stakeholders, including experts and religious scholars, under one roof to carry out a common research on Halal products so that they could efficiently deal with the challenges confronting Halal certification. The meeting also expressed concerns that although many Pakistani companies are eager to get PSQCA, ISO and other international certifications; they rarely focus on Halal certification excluding some exporters who are mainly involved in exporting meat and some other products.
Abdul Aziz Raja of Jamia Tur Rasheed, who was also present at the meeting, said that the Halal Foundation has been constantly working on raising awareness amongst people, particularly butchers. In this regard, the Halal Foundation recently arranged a seminar prior to Eidul Azha as it was felt and observed that many slaughterers and slaughter houses in Pakistan were not complying with Halal standards.

India traders 'cheating consumers' with onion prices: Minister

A pakistani vegetable trader loads bags of onions onto a truck.
NEW DELHI: India’s ruling Congress government has accused traders of cheating consumers as it struggles to reduce the cost of the vegetable known as the “poor man’s food” ahead of a string of state polls.
The price of onions, a staple in Indian cooking, have gone through the roof in the past few months, quadrupling to as much as INR100 a kilogram ($1.65) in parts of the country and turning the vegetable into an unaffordable luxury for the poor.
Traders are “cheating consumers,” Food Minister KV Thomas said in remarks aired Saturday, appealing for onions to be sold at “affordable rates”.
They “should not loot consumers”, he added.
The politically sensitive rise in the price of onions comes ahead of five regional assembly polls in November and December, seen as a dress rehearsal for general elections due by May 2014.
The Congress-led government has been struggling to curb imports to counter a record current account deficit, the broadest measure of trade.
But such is its alarm as the state elections near that it plans to import import thousands of tonnes of onions to reduce prices.
India is the world’s second-biggest onion grower after China and normally exports onions, but it has floated a tender to import onions to check the spiral in prices.
The state-run National Agricultural Cooperative Marketing Federation of India (NAFED) “is interested in importing onions of Pakistan, Iran, China and Egypt origin”, the co-operative said in the tender issued earlier in the week.
NAFED expects to take a decision on the onion tender next Tuesday, Thomas said.
But supplies from abroad may take weeks to arrive, commodity experts say.
The ruling Congress party fears a backlash from the “aam admi” or “common man”, its main voter-support base.
“The sky-high prices of onions have given the opposition a potent weapon to attack the government with,” commented the Hindustan Times newspaper recently.
Costly onions have a history of political fallout, with the Hindu nationalist Bharatiya Janata Party (BJP) being ousted in 1998 Delhi state polls after surging onion prices soured the voter mood.
In January 1980, the late Congress leader Indira Gandhi rode back to power on the back of rising onion prices, waving huge strings of them at campaign rallies and saying that a government has no right to govern if it cannot control onion costs.
The latest onion price rise has also come in the middle of India’s most important religious festival season, an occasion for multi-day feasts and family dinners.
“We always use onions in our cooking but they are something special for us now,” Pinky Singh, a domestic servant, told AFP.
The government blames the steep price rise on middlemen who hoard onions, and extended rains in onion-growing areas that damaged crops.

Overdue rights: Polish firms still unpaid for tight gas supply

The policy says that a 40% premium will be given over the zonal price of Petroleum Policy 2009 and an additional 10% premium will be offered on the gas that is brought into production within two years of announcement of the policy. PHOTO: FILE
ISLAMABAD: 
As the Oil and Gas Regulatory Authority (Ogra) has not been able to operate effectively in the absence of member gas, exploration companies, which have invested millions of dollars, are facing a financial crunch as they are supplying gas to the distributors but are receiving no payments.
Polish Oil and Gas Company (POGC) is one of the companies that has invested $77 million in exploration work and is supplying tight gas to Sui Southern Gas Company, but gets nothing in response, say sources.
The company, which says that Ogra has not yet announced the gas price causing the delay in payments, is producing 10 million cubic feet of tight gas per day and plans to ramp up production to 100 mmcfd. It is the first company that has discovered tight gas – gas found in rock formations which is difficult to extract – and supplied it to the gas pipeline network after announcement of the tight gas policy by the previous government.
In June 2005, POGC got Kirthar exploration licence and found tight gas in Rehmat-1 well in July 2009 and Hallel well in December 2011. State-run Pakistan Petroleum Limited is POGC’s joint venture partner with a 30% working interest.
After promulgation of the Tight Gas Exploration Policy 2011, the Polish company was given the right of incentives.
In an attempt to encourage exploration companies to tap tight gas reserves, the policy says that 40% premium will be given over the zonal price of Petroleum Policy 2009 and an additional 10% premium will be offered on the gas that is brought into production within two years of announcement of the policy.
According to sources, POGC has been producing 10 mmcfd since June 25 this year in a bid to determine the size of the reserves. After that, it will be able to place the commercial discovery before the government for approval.
The director general gas has requested Ogra to announce a provisional price for the tight gas. However, in a letter to the DG gas, Ogra has sought a sample of calculating the price.
“Owing to lack of quorum, Ogra is currently dysfunctional, hence the case of Polish gas company for setting a provisional gas price shall be determined after induction of member gas which will complete the quorum,” a source quoted Ogra as saying in its reply.
“Price notification is pending due to lack of quorum. We have determined the gas price of Polish company and are waiting for appointment of member gas to notify the price,” Ogra Chairman Saeed Khan told The Express Tribune.
The price would be announced as soon as the government appointed a new member gas, he said.
When approached, a cabinet division official, who asked not to be named, said the process of appointing the member gas was going on and would possibly be completed in a week.