Uncertain political situation affecting cotton sales, prices
KARACHI (APP): Vice Chairman of the Cotton Ginners Association Sindh Prem Chund Saturday expressed concern that agitation calls by PTI chairman Imran Khan and PAT chief Tahir-ul-Qadri may create disorder and affect economic environment in the country. Talking to APP here, he stressed that the present democratic government should be allowed to complete its five-year term and political issues should be resolved on the floor of the Parliament instead of settling them on the streets. Prem Chund said that uncertain political situation is affecting cotton sales and its prices.

He said that supply of cotton from Sindh to Punjab has been stopped as trailer-trucks are not carrying cotton to Punjab due to uncertain law and order situation after calls of agitation from Imran Khan and Tahirul Qadri.
Prem Chund said Imran Khan and Tahirul-Qadri should try to sort out issues through negotiations, as uncertain political situation is hurting country’s economy.

Farmers advised to remove bugs
for better cotton yield
MULTAN (APP): Agriculture Department has advised farmers to eliminate cotton-bug and dusky bugs timely from cotton field to achieve maximum and quality cotton. According to Deputy Director Information Naveed Asmat, the farmers faced losses of billions of rupees annually due the attack of red-cotton bugs and dusky bugs. He added that the bugs penetrate into fruit and at the time of ginning, these bugs pollute cotton. He urged farmers to take care of crops especially during September to November. He proposed farmers to utilized recommended pesticides for elimination of the bugs.

ExxonMobil starts drilling for
oil in Russia’s Arctic
SOCHI (Reuters): US oil giant ExxonMobil began drilling in Russia’s Arctic on Saturday, despite Western sanctions imposed on its Russian partner Rosneft, and was hailed by Russia’s president as an model of “cooperation”. Although U.S. sanctions over the crisis in Ukraine are not designed to halt joint projects by Russian and U.S. companies, they nevertheless aim to starve Rosneft of dollar financing and ban access to modern technology. “Today, commercial success is driven by efficient international cooperation,” Vladimir Putin told Rosneft CEO Igor Sechin and Glenn Waller, ExxonMobil’s lead manager in Russia, on a videoconference call from his Black Sea residence in Sochi.
“Businesses, including Russian and foreign companies, perfectly realise that and despite certain current political difficulties, pragmatism and common sense prevail, and we are pleased to hear that,” he said.
Exxon brought a rig from Norway to drill Russia’s first well in the Kara Sea and its move will be seen as a vote of confidence in Rosneft, run by a close ally of Putin’s, Igor Sechin, who has also had sanctions imposed on him by Washington.
“We of course welcome this approach (to cooperate) and are from our side are open to expand our cooperation,” Putin said.
“I am convinced that the joint projects between Rosneft, Exxon Mobil and other companies will benefit our national economies, will contribute to strengthening the global energy situation,” he said.
Waller, who spoke Russian, said the company was keen to keep working in Russia.
“Our cooperation is a long-term one,” he said. “We see big benefits here and are ready to work here with your agreement.”
The United States and the European Union have introduced sanctions, from asset freezes and visa bans for businessmen and officials thought close to Putin, to limits on access to Western capital for Russian state banks over what Western powers say is Moscow’s role in the Ukraine crisis.
Moscow has responded by banning food imports from the United States, European Union, Australia, Canada and Norway, with Prime Minister Dmitry Medvedev threatening further counter-sanctions if the West presses ahead with more penalties.

Emirates touches down in Chicago

ISLAMABAD (PR): Emirates, a global connector of people, places and economies, has commenced a daily nonstop passenger service to Chicago’s O’Hare International Airport. On board the inaugural flight was a joint VIP delegation from the US and Dubai as well as international media. The inaugural flight carried passengers from more than 20 different countries to Chicago, demonstrating just how Emirates connects people across the globe. “The Chicago route extends our passenger network to America’s third-largest city and complements our existing dedicated freighter service that operates to O’Hare,” said Adel Al Redha, Emirates Executive Vice President and Chief Operations Officer.


“The launch of this route, will allow us to offer Emirates’ unique product and award-winning service to passengers flying to and from the Midwest to our home in Dubai or onwards to more than 140 global destinations including the Far East, Africa and India.”
“Launching Chicago-Dubai nonstop passenger service is another important step in establishing Chicago as one of the top tourism destinations in the world and achieving our goal of hosting 55 million visitors by 2020,” said Chicago Mayor Rahm Emanuel. “Increased connectivity with Dubai will expose more international guests to the world-class hospitality, shopping districts, cultural attractions and architectural achievements that make Chicago one of the greatest cities in the world.”
“Increasing access to other parts of the world creates opportunities for travelers and businesses,” Illinois Governor Pat Quinn said. “2013 was a record year for tourism in Illinois, and this new nonstop flight will build on the advances we have made. It will also help Illinois stay competitive in the global economy and give our businesses new opportunities to expand their markets and create jobs.”

Fitch cuts Croatia’s credit rating

WASHINGTON (AFP): Rating agency Fitch cut Croatia’s credit grade by one notch Friday, after the govt said it could miss its budget deficit target this year. Fitch cut the rating to “BB” from “BB+”, with a stable outlook. “Fitch believes there are increasing risks regarding Croatia’s ability to stabilize its high public debt to GDP ratio over the medium term,” it said. Early in the year the govt projected it could reduce its deficit to 3.8 percent of GDP from 4.9 percent last year, to meet European Commission targets. But recently the government admitted it would not likely be able to meet the target, Fitch said. Fitch said it expected that the country, the European Union’s newest member but also one of its weakest economies, would only make the deficit target by next year.
“Preservation of sovereign creditworthiness depends on the government’s willingness and ability to deliver 3 percent to 5 percent of GDP of fiscal adjustment that would put public debt on a sustainable downward path and restore budget balance,” the agency said.