News Update Times

BEIJING: Factory prices in China rose again in February, official data showed Wednesday, as the country´s vast industrial sector recovered from a coronavirus-induced slump.

The producer price index (PPI), which measures the cost of goods at the factory gate, had risen for the first time in a year in January, and analysts expect an increase in global commodity prices to lift inflation further in the coming months.

PPI rose 1.7 percent last month, data from the National Bureau of Statistics showed, exceeding analysts´ expectations.

NBS senior statistician Dong Lijuan said prices for petroleum-related industries continued to rise due to the sustained “upward trend of international crude oil prices”.

Dong added there was also a rise in domestic demand and continued growth in international metal commodity prices, pushing up prices in metals industries.

Consumer prices, on the other hand, fell 0.2 percent in February, slightly less than analysts expected, dragged partly by food prices.

Pork prices were 14.9 percent lower than in the same period last year, when the cost of the staple meat soared after China´s herds were ravaged by African swine fever.

Nomura chief China economist Lu Ting said that mass vaccine rollouts across the world and fiscal stimulus programmes in many developed economies with low interest rates meant commodity prices could rise further in the next few months.

“China is heavily dependent upon energy and commodity imports, so a surge in the prices of these products will have a material impact on China´s inflation, especially PPI inflation,” Lu warned in a market note.

 

BEIJING: Until recently, few people had even heard of the Chinese billionaire with a gruff reputation who built a fortune on China´s seemingly unquenchable demand for his ubiquitous red-capped bottled water.

But reclusive Zhong Shanshan has become Asia´s richest man following the stock listings last year of his Nongfu Spring mineral water and separate pharma company Wantai Biological Pharmacy Enterprise, which has tapped into massive demand for Covid-19 test kits.

Zhong´s net worth has surged to $85 billion and made him the seventh-richest person on the planet, Hurun Report, a China-based compiler of “rich lists”, said last week.

Called a “lone wolf” by Chinese media for his rare public appearances and aversion to interviews, Zhong has achieved one of the fastest accumulations of wealth in history, according to Bloomberg.

He became the first Chinese entrepreneur to enter Hurun´s top-ten global rich list this year, leaping out of nowhere to put him hot on the heels of Facebook´s Mark Zuckerberg and American investor Warren Buffett.

Not bad for someone who dropped out of school at the age of 12 during the political upheaval of China´s 1966-76 Cultural Revolution, and whose later jobs included bricklayer, carpenter and news reporter, according to Chinese media.

Zhong founded Nongfu Spring in 1996 and still owns an 84 percent stake in the company which, according to market research firm Mintel, holds more than a quarter of the bottled water market in China, where many people avoid tap water over health concerns.

In contrast to charismatic Alibaba founder Jack Ma — who Zhong dethroned as China´s richest man — little is known about Nongfu´s billionaire boss aside from his gruff image.

“I don´t have the habit of flattery in my personality,” he once told Chinese media in a rare interview.
“I don´t like to deal with people and have to drink,” he added, referring to a Chinese business culture that encourages excessive wining and dining to cement deals.

His fortunes have risen just as those of Chinese tech companies have slid.

Karachi  (Muhammad Yasir) Engro Energy Limited (EEL) – a wholly owned subsidiary of Engro Corporation – has signed a Memorandum of Understanding (MoU) to support the development of a solarization of Engineer Abul Kalam Library and construction of a Baby Day-Care Center at the prestigious Nadirshaw Eduljee Dinshaw (NED) University of Engineering & Technology in Karachi. This collaboration will enable improvement of educational facilities as the university celebrates its 100 years of academic excellence in 2021.

Under the arrangement Engro Energy will provide the requisite funding solarization of the Abul-Kalam Library, along with another grant for construction of a Baby Day-Care Centre. The solarization of the library is in line with the University’s attempt to cut down on its carbon footprint and become a carbon-neutral institution. Furthermore, the influx of female teachers many of whom have children has necessitated the presence of a day-care centre.

A formal ceremony was recently held at the university campus, where the Chief Executive Officer of EEL – Ahsan Zafar Syed and the Vice-Chancellor of NED University – Dr. Sarosh Hashmat Lodi signed the MoU, in the presence of various stakeholders and distinguished personalities. The participants appreciated this valuable initiative that promises great benefits for this university with over 500 faculty members and a student strength of over 12,000 male and female students.

The Chief Executive Officer of EEL – Ahsan Zafar Syed said; “As the leading enterprise in Pakistan’s energy-sector – we have a vision to contribute towards socio-economic uplift of the nation, by focusing on provision of quality-education. I believe that through targeted interventions we can help NED further its repute as a world-class institution. The solarization of the library will help in NED get closer in its attempt to become a net-zero institute while the day care centre will help forward the agenda of women participation.”

The Vice Chancellor of NED University – Dr. Sarosh Hashmat Lodi expressed his gratitude for this generous support from EEL and stated that: “NED University already has a great reputation for consistently producing thousands of highly qualified engineers, every year, who are making immense contributions towards global developments and socio-economic progress. On the 100th anniversary of our great institution, we are reiterating our commitment to elevate the standards of our education and enrich it with research facilities and other quality services. We would like to thank Engro Energy Limited, for this gracious gesture promising a brighter future for Pakistan.”

The company believes in investing in sustainable initiatives that can change the face of communities and are geared towards impacting people and enriching lives across a wide spectrum of areas, including economic empowerment and sustainable development.

 

Islamabad (Muhammad Yasir) We at Eighteen pledge to strive for inclusion by creating opportunities for women in the workplace and ensuring gender balance across all teams as we believe in action, not rhetoric.

Here’s to celebrating all the women who are change-makers, dreamers, go-getters; who are committed to building others up whilst contributing to all facets of life. Happy Women’s Day!

Lahore (Muhammad Yasir) TCL, Pakistan’s No. 1 TV brand has opened its second flagship store in Islamabad. The newly launched store is located at Rauf Tower, DHA 2, Islamabad. The brand aims to provide consumers a hassle-free shopping experience as they venture out to buy new electronics. To commemorate the opening, the brand is offering exclusive discounts, offers and gifts with every purchase.

 Location: https://bit.ly/2PO5rFW

The flagship store further aims to strengthen TCL Pakistan’s presence in the country by bringing full array of LED TVs including QLED TV, UHD TV, and Smart TVs alongside its expanded range of Smart Air Conditioners and Sound Bars to give customers a premium shopping experience for the entire TCL product range.

Sharing his thoughts on the launch of the store, Majid Khan Niazi, Head Of Marketing of TCL Pakistan, said: “The new flagship store reflects TCL’s strong relationship with their customers in Pakistan and portrays the brand’s commitment to making the best technology readily available all across the country. This store will help customers experience TCL’s cutting edge Smart Connectivity where you can control your devices like your AC, Lighting, Curtains all through your voice or through the TV or the TCL App on your phone. We will continue to work on expanding our network and bringing the latest technology and innovation to provide the best experience to our customers.”

TCL has maintained its position of being the No. 1 in Pakistan and the 2nd Largest TV Brand in the Global Consumer Electronics industry, with a global presence in over 150 countries and aims to further broaden its footprint across the country, giving customers the best Smart CE solutions available globally.