Pakistan takes EU to WTO over plastic trade

European Union flags fly in front of the European Commission headquarters in Brussels. PHOTO: REUTERS

GENEVA: Pakistan launched a trade dispute at the World Trade Organisation on Wednesday to challenge the European Union’s punitive duties on Pakistani exports ofpolyethylene terephthalate (PET), the WTO said in a statement.

Pakistan says the EU has broken WTO rules in the way that it imposed anti-subsidy duties on PET, which is used in synthetic fibres, plastic bottles and food containers.

Under WTO rules, the EU has 60 days to try to settle the dispute in direct talks, after which Pakistan could escalate the issue by asking the WTO to set up a panel to adjudicate.

Pakistan’s exports of PET were worth just over $200 million last year, according to data from the International Trade Center, a UN-WTO joint venture.

Although its exports have grown, sales to the EU have dwindled in the past few years. The EU accounted for over 80 per cent of Pakistan’s foreign sales of PET a decade ago, but less than 10 per cent of Pakistani PET exports went to the EU in 2013, a tiny slice of the EU’s $4.3 billion imports of the material.

The dispute is the first that Pakistan has initiated in almost a decade and its first against the EU. It previously launched three disputes – two against the United States and one against Egypt, which was settled in 2006.

#Opulent: World's richest Pakistani sails into London in some style

The world's wealthiest Pakistani has arrived in London and in some style as well.

Florida-based multi-billionaire Shahid Khan sailed into the Thames this week in his brand-spanking new 308-foot long mega-yacht, appropriately-named 'Kismet'.

Mr Khan 64, is in the capital not only to watch his National Football League (NFL) team, the Jacksonville Jaguars play in an NFL game at Wembley Stadium this weekend but also to take in some matches featuring his Premiership Football team Fulham FC, which he bought for a reported £200 million from Harrod's owner Mohammed Al Fayed last year.

According to reports, Mr Khan - the world's 367th wealthiest individual with a personal fortune of £3 billion - bought his latest toy after selling up his previous yacht, which was a mere 223 feet in length.

The arrival of the sleek vessel, built by famed German yacht-builders Lurssen unsurprisingly attracted plenty of attention around Canary Wharf with dozens of people clicking photographs and enquiring who the boat belonged to.

The 'Kismet' reportedly features 6 staterooms - mega-suites in British parlance - with Mr Khan's master stateroom boasting its own private deck and a jacuzzi.

The boat also has its own heated swimming pool - for the days when the Thames is not quite there for a quick dip - as well as barbeque areas, a helipad and even a mammoth cast-iron jaguar upfront in tribute to Mr Khan's beloved Jacksonville Jaguars.

Shahid Khan

Born in Lahore, Mr Khan is believed to have travelled to the US at the age of 16, immediately finding his own version of the American Dream; working as a dishwasher and earning $1.20, a "fortune" compared with what his countrymen were earning back home.

After gaining an engineering degree from the University of Illinois, Mr Khan joined the automotive manufacturing company Flex-N-Gate, a business he would go on to purchase and build into a $4.4 billion car parts giant.

In 2012 he purchased the Jacksonville Jaguars, becoming the first ethnic-minority team owner in a uniquely American sport.

Kompany: I wouldn't join Arsenal for £60m & two Ferraris!

The Belgium international responded to a Twitter invitation from celebrity Gunners fan Piers Morgan by insisting he would have no interest in a move to the Emirates

Manchester City defender Vincent Kompany has insisted that he would never consider joining Premier League rivals Arsenal - even for £60 million (€76m) and two Ferraris.

The Belgium international was responding to a Tweet from 

celebrity

 fan Piers Morgan, who had optimistically enquired as to whether he would consider a move to the Emirates.

The enquiry came as Arsenal threw away a three-goal lead against Anderlecht in the Champions League on Tuesday, with the 3-3 draw ensuring they would miss out on the chance to qualify for the knockout stages on the night.

Kompany, a former player for the Belgian champions, was quick to laugh off the suggestion of a move, though, insisting that while Arsenal are a "great club", he would never be interested in a switch to north London.
 


 

Kompany's City side face a crucial Champions League group stage clash with CSKA Moscow on Wednesday, where anything but a victory would likely see them struggle to qualify for the latter stages.

Pjanic: I rejected a transfer to Bayern Munich

EXCLUSIVE: Ahead of Roma's trip to the Allianz Arena, the gifted midfielder has revealed that he turned down the chance to join the reigning Bundesliga champions at the age of 18

By Jasmin Ligata

Roma midfielder Miralem Pjanic has revealed that he was close to joining Bayern Munich in the summer of 2008, but he eventually opted to move to Olympique Lyonnais instead.

The Bosnia-Herzegovina star was one of Europe's most sought-after youngsters at the time following an impressive 2007-08 campaign with Metz.

Bayern were one of the teams looking to lure him to the Bundesliga, but the midfielder felt he wasn't ready for a move abroad.

"I went to Munich to discuss a transfer with Bayern when I was 18," the creative midfielder told Goal.

"It's not that anything went wrong, but I simply decided that Olympique Lyonnais would be a better option for me in the end.

"I don't think I was ready for a club as big as Bayern at the time, so I decided to stay in France. I already knew the language and people knew me, so Lyon were the best option.

"And I don't have any regrets over that decision. It was the right move at the time."



Pjanic enjoyed two fine seasons with Lyon before then joining Roma in the summer of 2010, where he has since developed into an important first-team member.

The 24-year-old then went on to discuss Wednesday's Champions League encounter with Bayern at the Allianz Arena and stressed that Roma are determined to make amends for their 7-1 home defeat two weeks ago.

"I would be happy with a draw in Munich. I am convinced that a result like the 7-1 defeat will never happen again," he stated.

"We went through something similar to Brazil at the World Cup. This week's game will be much closer, though. 

"We are not really talking about revenge, but getting a point would leave us in a good position to qualify for the knockout stages. The game against Manchester City is the most important one for us."

Roma currently sit second in Group E with four points from three 

games

.

Microsoft, Dropbox team up to help people work more effectively

The partnership will provide Dropbox's users access to Microsoft's tools to edit 35 billion documents, spreadsheets and presentations. PHOTO: The Dropbox Blog

SAN FRANCISCO: Online storage company Dropbox and Microsoft Corp on Tuesday announced a ‘strategic partnership’ that would allow subscribers to edit their documents online and then share or sync them, said a statement.

The two industry-leading companies announced that they will be integrating their services for collaboration across Dropbox and Microsoft Office on phones, tablets and the Web.

When you select “edit” while you are viewing your document in Dropbox, the appropriate Office app is offered up for editing. Alternatively, users can access Dropbox from Office apps to get to their files and folders faster; edit Office files directly from Dropbox, and sync them across device and share new or edited files from the Office apps using Dropbox’s sharing functionality.

The partnership will provide Dropbox’s users access to Microsoft’s tools to edit 35 billion documents, spreadsheets and presentations.

Over 1.2 billion people around the world already use Office to get work done.

“In our mobile-first and cloud-first world, people need easier ways to create, share and collaborate regardless of their device or platform,” said Satya Nadella, CEO of Microsoft. “Together, Microsoft and Dropbox will provide our shared customers with flexible tools that put them at the center for the way they live and work today.”

That is why Dropbox said it will be rolling out the feature first on mobile platforms, including iOS and Android in the next few weeks. Next year these features will be extended to the web with integrations between the Dropbox website and Office Online. A Dropbox app for Windows Phone and Windows tablet users is also expected to be launched in the coming months.

“People around the world have embraced Office and Dropbox to empower the way they live and work today,” said Drew Houston, CEO and co-founder of Dropbox. “Our partnership with Microsoft will make it easier than ever to collaborate seamlessly across these platforms, giving people the freedom to get more done.”

While all Office users with a Dropbox account will have access to this facility, Dropbox for Business customers will need an Office 365 subscription.

Alibaba's revenue up by 54%, net income by 15%

Alibaba's logo is seen at its headquarters on the outskirts of Hangzhou, Zhejiang province April 23, 2014. PHOTO: REUTERS

BEIJING: Alibaba Group Holding Ltd reported quarterly results which showed overall revenue rising by 54 per cent and net income rising by 15.5 per cent to $1.11 billion for the July-September period, meeting forecasts.

It was the Chinese e-commerce giant’s first report to investors since its record-setting $25 billion listing in September.

The non-GAAP net income – which excludes the share-based compensation expenses and amortisation of intangible assets – compared with a consensus estimate of $1.17 billion based on a Thomson Reuters SmartEstimate poll of 21 analysts.

Revenue rose 53.7 per cent to $2.74 billion, versus expected sales of $2.7 billion, its fastest growth in three quarters. Diluted earnings per share were $0.20, while non-GAAP diluted earnings per share were $0.45, up 9.4 per cent year-on-year.

“We delivered a strong quarter with significant growth across our key operating metrics,” said Jonathan Lu, chief executive officer of Alibaba in its earnings statement.

Mobile revenue was more than ten times higher than in the same period last year and accounted for 22 per cent of total revenues, as Alibaba continued to successfully ramp up its mobile monetisation.

Meanwhile, profit margins shrank to a two-year low of 18 per cent.

The shares were flat in pre-market trading in New York, from $101.80 at Monday’s close. The stock has risen about 50 per cent from its debut price.

Foreign exchange market rigging: HSBC takes $378m charge over allegations

HSBC added on Monday that its earnings after taxation climbed 7% to $3.431 billion in the three months to September 30. PHOTO: REUTERS

HSBC bank on Monday took a $378 million charge linked to allegations of foreign exchange market rigging, and posted mixed earnings for the third quarter.

The Asia-focused lender added in a results statement that talks were ongoing with Britain’s Financial Conduct Authority (FCA) regulator over the allegations and warned that a “significant” fine was likely.

The news comes after rivals Barclays and Royal Bank of Scotland last week made huge provisions for possible costs and penalties arising from several probes into suspected price-rigging in the foreign exchange market.

“Discussions are ongoing with the UK FCA regarding a proposed resolution of their foreign exchange investigation with respect to HSBC Bank plc’s systems and controls relating to one part of its spot FX trading business in London,” the bank said Monday.

“Although there can be no certainty that a resolution will be agreed, if one is reached, the resolution is likely to involve the payment of a significant financial penalty.

“We continue to cooperate fully with regulatory and law enforcement authorities in the UK and other jurisdictions.”

HSBC added on Monday that its earnings after taxation climbed 7% to $3.431 billion in the three months to September 30 from a year earlier, boosted by falling impairments.

However, adjusted pre-tax profits sank 12% to $4.4 billion in the third quarter, as it set aside around $1.7 billion to cover a series of one-off charges. HSBC also took a $701 million provision to compensate customers for mis-sold products and $550 million for a settlement with the Federal Housing Finance Authority. In addition, restructuring costs were $68 million. Total revenues meanwhile were almost flat at $15.575 billion.

“The third quarter was a period of continued progress,” said chief executive Stuart Gulliver, adding that the bank had maintained a strong balance sheet and robust capital position. “Revenue continued to grow in Commercial Banking, dominated by growth in our home markets of Hong Kong and the United Kingdom. Global Banking and Markets contributed a strong revenue performance.