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Chairman of APBUMA Urges Major Interest Rate Cut to Strengthen Economy

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Syed Muhammad Aasim Shah, Chairman of the All-Pakistan Bed Sheet and Upholstery Manufacturers Association (APBUMA)

APBUMA

MULTAN, SEPTEMBER 13:Chairman APBUMA Syed Aasim Shah has called for a significant reduction in interest rates to support Pakistan’s home-made textile industry and manufacturing sector. In a recent statement, Shah urged the State Bank of Pakistan and the federal government to consider a 4% cut in the interest rate at the upcoming Monetary Policy Committee meeting.

Shah noted that the country’s inflation rate has recently decreased to 9%, a development he views as highly encouraging for the national economy. He commended Prime Minister Shahbaz Sharif and his team for their efforts to improve the economic situation despite difficult circumstances.

Shah emphasized that a further reduction in interest rates is crucial for maintaining the positive trend of falling inflation. He argued that lowering interest rates would boost investment and trade activities, leading to job creation and increased government revenues.

He pointed out that prolonged high interest rates have adversely affected small and medium-sized enterprises (SMEs). Shah highlighted a comparative analysis showing that SMEs in Pakistan receive only 5% of bank financing, while their counterparts in Bangladesh and India receive about 25% and 18%, respectively.

To foster sustainable economic growth, Shah stressed the need to enhance financing for SMEs. He expressed hope that the government will give greater attention to the SME sector and that a reduction in interest rates will encourage more investment in this critical area of the economy.

In conclusion, Shah expressed confidence that the government and the State Bank would act swiftly on these recommendations to further strengthen the positive economic trends currently underway.

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A billion laser points helped bring Notre Dame back to life

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After a catastrophic fire five years ago, the Notre Dame Cathedral de Paris reopened this month looking almost the same as it did when it was first constructed in 1163.

The massive reconstruction project was a testament not just to the hard work of the French people – but also to the lasers, drones and other advanced technology that gave rebuilders a window into the building’s past.

“The time frame wouldn’t have been possible without the record of what existed,” Amy Bunszel, executive vice president of architecture, engineering and construction at 3D-software company Autodesk, told CNN. Her company was a major part of creating a model of the building as it existed before the fire, giving the reconstruction effort a sort of guide for what to do. “It would’ve required a lot more guesswork. Imagine taking millions of tourist photographs (as a reference point) versus having one consolidated perfect representation.”

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Inflation was the cause, not the result, of the ‘hot’ labor market, research shows

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Back in 2022, when the labor market was so hot that Beyoncé even released a song about it, Americans were job hopping in large numbers, boosting their salary in the process.

The Great Resignation was in full swing.

That fueled fears of a “wage-price spiral” — where wages and prices perpetually rise and feed off each other.

But what appeared to be a hot job market was actually a symptom — not the cause — of the recent bout of inflation, according to new research that explored the consequences of unexpected rising prices on the labor market.

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The Container Store files for bankruptcy

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The Container Store has filed for bankruptcy. It is the latest well-known retailer to fall victim to customers cutting back on discretionary spending.

The 46-year-old company said in a statement late Sunday that filing for Chapter 11 bankruptcy protection will help it “bolster its financial position, fuel growth initiatives, and drive enhanced long-term profitability.” The Container Store revealed in court documents that it has about $230 million in debt and just $11.8 million in cash on hand, but will receive $40 million in fresh financing.

The chain’s 102 locations and website will remain open for orders during the process, which is expected to take 35 days to complete.

“The Container Store is here to stay,” said CEO Satish Malhotra in a statement. “Our strategy is sound, and we believe the steps we are taking today will allow us to continue to advance our business, deepen customer relationships, expand our reach, and strengthen our capabilities.”

Payments to vendors and suppliers will be made as normal and all customer deposits and orders will be honored and delivered, the company said. The Container Store plans to emerge as a private company when the Chapter 11 process is complete.

The company’s Sweden-based Elfa brand, described as a “premium customizable storage system,” isn’t included in the bankruptcy.

The filing comes a few weeks after a deal with Beyond, the parent company of Bed Bath & Beyond and Overstock.com. The Container Store was expected bring Bed Bath & Beyond-branded products to some stores, but that deal appears to be in jeopardy. Beyond previously said that the financing deal was in doubt because the Container Store was struggling to reach an agreement with its lenders.

The Container Store’s stock has already been delisted by the New York Stock Exchange because it failed to meet the exchange’s financial standards.

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