Monday, June 04, 2012, Rajab 13, 1433
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Business & Finance
Businessmen term economic growth of 3.7pc satisfactoryStaff Reporter `Islamabad—The businessmen of the country have termed the economic growth of 3.7 per cent as satisfactory keeping in view the global recession.
They, however said that the economic performance of the country can neither be termed as bad nor exceptionally good.
“The United States economy is sluggish, unemployment is continuously on the rise, and bank defaults are taking place, therefore, we can say that Pakistan’s growth is better, but it is low as compared to the economic growth of other regional countries”, Dr. Mirza Ikhtiar Baig, Federal Advisor on Textile, said in a statement here.
PM’s commitment to Punjab budget hailedStaff Reporter Lahore—Business community and the trade bodies on Sunday widely appreciated Prime Minister Syed Yusuf Raza Gilani for his assurance of not resorting to any undemocratic and unconstitutional move during presentation of upcoming Punjab Budget in the Punjab Assembly.
Talking to here, the Lahore Chamber of Commerce and Industry (LCCI) president Irfan Qaisar Sheikh said the prime minister’s commitment was a good omen and a fine tradition which a democratic system exactly needs to resolve the people’s grievances. “All parliamentarians must lodge their protest or give suggestions on any issue of public/national interest but in accordance with the constitution and in a democratic way,” he added.
Industrialists term budget realisticStaff Reporter Multan—Industrialists from south Punjab termed the national budget 2012-13 a realistic attempt to provide relief to people.
Former president Federation Of Chambers of Commerce and Industries Pakistan Tanvir A Sheikh appreciated the budget.
Talking to the media at the Multan Chamber of Commerce and Industry, Tanvir Sheikh said priorities identified in the budget were the need of the hour to increase export earnings of the country.
HSBC gets formal approval for Oman merger, names board, CEODubai—HSBC Holdings has received formal regulatory approval to merge its business in Oman with local lender Oman International Bank, it said in a statement to the Muscat stock exchange on Sunday. The combined entity, named HSBC Bank Oman, begins operations today after gaining assent from the sultanate’s Ministry of Commerce & Industry, with shares in the bank to trade from Monday under the HBMO.OM ticker, the statement said.‘Big Four’ to audit Spain’s banking sectorMadrid—Spain has picked the “Big Four” accounting firms KPMG, PwC, Deloitte and Ernst & Young to carry a full, individual audit of its ailing banks, a source with knowledge of the decision told Reuters on Saturday. The review, which should take a few months, will complement an ongoing exercise to stress test Spain’s banking sector by consultors Oliver Wyman and Roland Berger, whose first results are expected around mid-June.Volkswagen overhauls board to speed up China, trucksStuttgart—Volkswagen overhauled its management board to push growth in China and accelerate the integration of VW’s truck brands MAN and Scania, Europe’s largest car maker said on Saturday. Confirming, what sources had told Reuters earlier, VW said Jochem Heizmann would be responsible for China in the management board, replacing former CEO of parts-supplier Continental Karl-Thomas Neumann, who ran the business since September 2010.Economic pain takes toll on US earnings forecastsNew York—Expectations for U.S. corporate earnings are deflating fast as the euro zone crisis deepens and economic data around the world disappoints. Standard & Poor’s 500 earnings for the second quarter are now forecast to grow 7.4 percent, down from an early January forecast of 10.1 percent, according to Thomson Reuters data. But remove profits-generating machine Apple Inc and the financial sector <.GSPF>, which has weak year-ago comparisons, from the numbers and the forecast looks much worse. After those exclusions, the rest of the index is expected to report a 0.9 percent drop in second-quarter profits.‘Fashion industry projects soft image of country’Staff Reporter Lahore—The rapidly growing fashion industry of Pakistan is the result of involvement of youngsters in a variety of fashion shows which allow experimenting to promote traditional and contemporary styles.
These views were expressed by model and actor Maria Khan. “The fusion of conventional and modern trends (East and West) created interest for fashion lovers of different cultures and invited investors to support the fashion industry in Pakistan,” she added.
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