Truly paradise

I love such weather !!

Good Morning !!

Australia offers joint venture for development of Thar Coal

ISLAMABAD: Australia has offered Pakistan joint venture for the development of Thar coal to exploit its energy potential that would help the country overcome its energy crisis.
“We can jointly exploit the gift of Thar Coal,” the Ambassador of Australia to Pakistan Peter Heyward said Tuesday in a meeting with the delegation of Islamabad Women Chamber of Commerce and Industry (IWCCI).
The delegation members included President IWCCI Farida Rashid, Adviser IWCCI Malik Sohail, Naima Ansari and other officer bearers.
The Ambassador said that major Australian mining and oil and gas companies were keenly watching developments in Pakistan which would help them plan stepping in this promising market.
The Australian Ambassador said that his country was also interested in Pakistan’s matchless potential in human and natural resource.
Peter Heyward said that Australia can get access to energy rich central Asia and Gulf states by using Pakistan as an economic bridge and noted that both the countries can further strengthen bonds in education and agriculture sectors.
Pakistan fulfils every criterion to become a developed nation soon, he said, adding that no county can afford keep away women from taking part in the development of economy.
Underlining the importance of linkages, Heyward said that Pakistani and Australian businesswomen associations would be linked while his country will offer training, education, networking, information sharing and exchange opportunities to Pakistani women.
According to IWCCI press statement, speaking on the occasion,wife of the Ambassador, Ms Suzzane Heyward said that she will try best to infuse confidence in business women by encouragement and capacity building measures.
She offered her residence for exhibitions where wives of all Ambassadors would be invited which will help local women entrepreneurs find business and intercommunication opportunities.
President IWCCI Farida Rashid said that economies of Pakistan and Australia were compatible which is prerequisite for enhanced bilateral cooperation.
“We have a great consumer market and a competent workforce which is fourth largest in the world,” Farida informed.
Adviser IWCCI Malik Sohail also spoke on the occasion and highlighted the potential of Pakistani market for the international investors.

World wastes 1.3bn tons of food annually

ISLAMABAD, Oct 20: Roughly one-third of food produced for human consumption is lost or wasted globally, which amounts to about 1.3 billion tons per year, according to results of a study commissioned by the Food and Agriculture Organisation (FAO).
The study reveals that food is lost or wasted throughout the supply chain, from initial agricultural production down to final household consumption.
In medium- and high-income countries food is to a significant extent wasted at the consumption stage, meaning that it is discarded even if it is still suitable for human consumption.
Significant losses also occur early in the food supply chains in the industrialised regions. In low-income countries food is lost mostly during the early and middle stages of the food supply chain; much less food is wasted at the consumer level, it says.
The causes of food losses and waste in low-income countries are mainly connected to financial, managerial and technical limitations in harvesting techniques, storage and cooling facilities in different climatic conditions, infrastructure, packaging and marketing systems; in medium and high-income countries, the causes of food waste mainly relate to consumer behaviour and lack of coordination between actors in the supply chain.
The study says that food losses in industrial countries are as high as in developing countries, but in developing countries more than 40 per cent of the food losses occur at post-harvest levels, while in industrialised countries, more than 40 per cent of the food losses occur at retail and consumer levels. Food waste at consumer level in industrialised countries which amounts to 222 million tons, is almost as high as total net food production in sub Saharan Africa, stands at 230 million tons.
Per capita food wasted by consumers in Europe and North Africa is 95kg to 115kg a year, while this figure in Sub-Saharan Africa and South/ Southeast Asia is 6kg to 11 kg per year.
The study emphasised the need that food supply chains in developing countries should be strengthened by encouraging small farmers to organise and to diversify and upscale their production and marketing.
Investments in infrastructure, transportation, food industries and packaging industries are also required. Both the public and private sectors have a role to play in achieving this, the report stresses.
Food security is a major concern in large parts of the developing world. Food production must clearly increase significantly to meet the future demands of an increasing and more affluent world population.
In a world with limited natural resources – land, water, energy, fertiliser – and where cost-effective solutions are to be found to produce enough safe and nutritious food for all, reducing food losses should not be a forgotten priority, it concludes.

McDonalds is not lovin’ it

NEW YORK: Tough competition in the US and the weakening economy abroad was a double whammy for McDonald’s in the third-quarter, sending the burger chain’s net income down nearly four per cent.
McDonald’s said Friday it was adjusting some of its plans to deal with the pressures, including stepping up advertising for its dollar menu and bringing back the popular McRib sandwich nationally in December to drive traffic into US stores.
The world’s largest hamburger chain with 33,000 locations worldwide has thrived in boom and bust times by selling cheap eats and constantly updating its menu. But global economic pressures and intensifying competition are wearing at the company, which does two-thirds of its business overseas.
”When economic crisis began in 2008, few people thought the environment would still be as uncertain and fragile as it is today,” said CEO Don Thompson in a call with analysts. ”It is clear however that this operating environment is the new normal. As such our near-term focus is on stabilizing and growing traffic and market share.”
Thompson said revenue in stores open at least 13 months, a key restaurant metric, is trending negative so far in October.
That news sent shares down $4.14, or 4.5 per cent, to close at $88.72. The stock had been down seven per cent since the beginning of the year.
”McDonald’s is facing a lot of pressure,” said Morningstar analyst R.J. Hottovy. ”They’re seeing more competition from their quick-service restaurants and fast-casual peers in the US and facing austerity measures and macro-economic pressures in Europe and Asia”
Oak Brook, Illinois-based McDonald’s said its net income fell to $1.46 billion, or $1.43 per share. That compares with net income of $1.51 billion, or $1.45 per share last year. Analysts expected net income of $1.47 per share, according to Fact Set.
The stronger dollar hurt net income by eight cents per share. When the dollar is strong, international sales translate into fewer dollars back at home.
Revenue was nearly flat at $7.15 billion from $7.17 billion last year. Analysts expected revenue of $7.17 billion.
Revenue in stores open at least 13 months rose 1.9 per cent globally, including a 1.2 percent rise in the US, where the company said it faced ”broad competitive activity.”
McDonald’s is facing stiffer competition from newer chains like Panera Bread Co., which offers higher-end food in a fast casual atmosphere. Long-time rivals such as Wendy’s Inc. and Burger King Worldwide Inc. are also reworking their menus, renovating restaurants and launching new ad campaigns to win back customers.
McDonald’s said it will step up advertising around its dollar menu rather than its more profitable extra value menu that includes items more expensive than $1. Fast-food chains usually lose money on dollar menus, but they’re used as a traffic driver in the hopes customers will spend more once they’re at McDonald’s. It’s also bringing back the always-popular McRib sandwich in December and introducing a new item, a cheddar bacon onion sandwich that will be available in both chicken and beef varieties.
Hottovy, the Morningstar analyst, said focusing on the value menu was a good move for McDonald’s: ”In this environment you have to give customers what they want, and across the globe consumers are squarely focused on value.”
In Europe, where McDonald’s does 40 per cent of its business, revenue in stores open at least 13 months rose 1.8 per cent, hurt by negative guest traffic.
In Asia/Pacific, the Middle East and Africa, the measure rose 1.4 per cent as the company promoted limited-time offers and traffic increased. In China, the measure rose 3.6 per cent. Many US companies are focusing on China for growth, but there is concern of a slowdown in the country. But Thompson said the country is a ”market with significant potential,” and that McDonald’s is on track to open 225 to 250 restaurants there this year, with the goal of having 2000 open by the end of 2013.
Janney Capital Markets analyst Mark Kalinowski said he expects tougher comparisons with a year ago will weigh on sales trends and lowered his estimates on McDonald’s for the current fiscal year as well as fiscal 2013 and 2014. He kept his ”Neutral” rating on the stock.
”We would not be buyers in the context of tougher year-over-year comparisons in the US to be lapped over October through May,” he wrote in a client note.

Tony Greig diagnosed with cancer

SYDNEY: Former England captain and renowned cricket commentator Tony Greig revealed on Saturday that he has been diagnosed with lung cancer.
“I have had a few scrapes in my life and this is another one,” South African-born Greig, 66, told The Sunday Telegraph in Australia.
“Vivian (his wife) and I are going to put the boxing gloves on and fight this like we’ve never fought anything before.” Greig will undergo a biopsy next week on his lung to precisely diagnose the seriousness of the cancer.
Greig said that he first became aware that he had a problem when he was commentating on Australia’s series against Pakistan in the United Arab Emirates in September.
On his return from the World Twenty20 in Sri Lanka, he said he had “a lot of fluid” removed from his right lung and tests revealed he had cancer.
As well as his spell as England skipper, Greig also became a leading figure in the Kerry Packer rebel World Series Cricket in 1977 which sent shockwaves through the sport.
Source: DAWN NEWS