Cisco reports $9.6 billion sales in first quarter

Cisco has reported net sales of 9.6 billion dollars in the first quarter that ended on October 27. Cisco is world-wide leader in networking that transforms how people connect, communicate and collaborate.

Similarly net income on a generally accepted accounting principles (GAAP) basis of YS 2.2 billion dollars or 0.35 dollars per share, and non-GAAP net income of 2.5 billion dollars or 0.40 dollars per share.

Chairman and Chief Executive Officer John Chambers said: "We believe these strong results show that Cisco is well-positioned in terms of our vision, differentiated strategy and execution, and our ability to act upon key market transitions."

Cisco has acquired Navini networks, which is a pioneer and leader in mobile WiMax broadband wireless industry. This will result in many more Internet users who can use economically high speed Internet

Textile exporters shifting to Bangladesh

Political unrest and deteriorating law and order situation in the country are compelling most of the textile exporters to shift their business to Bangladesh, the biggest competitor of Pakistan in the region, sources told Business Recorder here on Saturday.

They said that the textile industry was already bearing the pinch of 5.27 percent decline in exports with apprehension that downtrend would exceed 10 percent next month.

Sources said that after imposition of emergency, mainly due to military, European customers of textile products were hesitant to visit Pakistan. Moreover foreign investment is not coming as expected, and the cost of both skilled and unskilled labour has also increased.

According to sources, the months of October, November and December are considered to be peak season for textile export orders from Europe, but these fell to minimum as compared to corresponding period of last year.

Sources said that without properly evaluating the situation, the government abolished R&D subsidy on the pretext that it was being misused by textile exporters.

"Our competition with the neighbouring countries like India, Bangladesh and Sri Lanka is making things difficult for the industry in the international market," sources said, and added that after abolishing R&D subsidy by shifting it to the real research and development, the exporters have to face losses and consequently they are thinking to shift their business to Bangladesh, which is the biggest customer of Pakistan's raw material.

Sources said that once the industrial unit are closed, then it is practically not possible to grab the global market share. They said that during last six months prices of gas have been raised four times by the government whereas the continuous interruptions in power supply is another problem being faced by the textile industry these days.

The frequent disruption in the gas supply has caused closure of approximately 30 textile mills and has badly affected 200 others in the industrial areas. This affects the quality of the fabric and increases cost of production.

Textile mills require in general about 8 pounds pressure for their boilers and generators, but generally the gas is being supplied with 6-7 pounds pressure and at present it is less than 3 pounds, on which the mills can not operate.

"In most of the cases, there is no gas supply while in other its pressure is reduced to one pound due to carbon in the filters", sources added. They said that the frequent interruptions in gas and electricity supply cause delay in meeting supply orders from other countries. Therefore, to overcome the delay the exporters have to send their consignments by air instead of sea which costs Rs 150 more per roll of fabric.

According to sources, there should be free trade agreement with Europe as regards textile exports. "Our output is 40 percent less than Lanka and it is mainly because of the unskilled labour", sources told

Popularity of Web Auctions Helps Fuel Growth in Live Auction Industry

His chanting is rhythmic and rapid, a staccato string of numbers that quickly grows hypnotic as auctioneer Kevin Teets scans the audience, eyes darting between buyers on opposite sides of the room.

Perched in the front row is Dave Kauffman, who has come 220 miles from Marysville, Ohio, in search of vintage, remote-control model airplanes and accessories.

Within hours, Kauffman has so many planes and parts, to be resold at flea markets and online, that it takes five trips to load his hatchback at the Greene County Fairgrounds.

"I can tell from the first sale if it's going to be a good night," he said. "Tonight was a very good night."

Although auctioneers initially considered the Internet a threat, its growth and development of searchable Web sites like AuctionZip have contributed to a boom in the live-auction industry, with one-time rivals forming partnerships that produce bigger audiences for sellers, often by simulcasting live auctions on the Web.

Buyers emboldened by success on eBay and other sites are seeking live sales in search of lower prices -- and the thrill of competing in person.

Sales of goods and services at live auctions totaled $257 billion in 2006, a surge of 7 percent over 2005.

A study for the Kansas-based National Auctioneers Association found residential real estate auctions have grown 39 percent since 2003, agricultural real estate grew 33 percent, and sales of commercial and industrial property surged 27 percent. Car auctions increased by 10.5 percent and charity auctions rose 16.5 percent.

"I don't know where the auction industry would be without the Internet," said Teets, of Fairmont, W.Va. He turned professional three years ago and made the top 12 at the 2007 bid-calling world championships in San Diego.

"The Internet has educated the buyers. It's educated the sellers. It's opened a lot of these small sales up," said Teets, 31, who works for Joe R. Pyle Auctions of Mount Morris, Pa.

Earlier this year, the 6,000-member National Auctioneers Association teamed up with Gemstar-TV Guide International to launch Auction Network, which produces Webcasts of auctions.

"The Internet has been the greatest thing that ever happened to the auction industry," said NAA president Tommy Williams, an Oklahoma real estate auctioneer. "It made us reinvent ourselves."

Auctioneers were slow to embrace the Internet because it was considered competition, said Ina Steiner of Natick, Mass., editor of AuctionBytes, a trade publication for online merchants.

But now, even rural residents often have sufficient Web service to compete and sellers realize that customers have choices far beyond eBay. There are specialty sites like Bid4Assets for real estate and IronPlanet for construction equipment.

"General consumers, they go to sites like eBay," Steiner said. "But they might go to Google. Google's the great equalizer. If an auction site is savvy and has a listing optimized for Google, people can find them."

The intersection of live and virtual auctions promises nearly limitless opportunity, and a few companies have already found niches by pairing traditional auction houses with the online world.

Julian Ellison moved from London to New York in 1999 to launch LiveAuctioneers, a Webcasting project. In 2002, he persuaded San Francisco-based eBay to partner on live Web auctions.

At the time, eBay had 25 million users; today it boasts 275 million. Ellison has ventures with 638 auction houses worldwide and annual sales approaching $100 million.

"A lot of our auction houses that we started doing business with were on their knees," he said. "Some have said to me: 'You guys have absolutely saved our bacon.'

The changing world also creates opportunity for individuals, and the NAA is beginning to see more women and minorities entering the profession. The world champion bid-caller, former real estate investor Denise Shearin of Brandywine, Md., is the first black auctioneer to hold the title.

Shearin, who went pro in March 2006, was initially captivated by the chanting but quickly learned there's more to the business, requiring constant re-education about values, intensive marketing efforts and sophisticated people skills.

"Like so many other businesses, you get out of it what you put into it," she said. "If you really enjoy it, 50, 60 and 70 hours a week really do go by very quickly and fairly easily."