Arshad Husain new managing director of Abbott Pakistan

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KARACHI: Abbott announced that Arshad Saeed Husain has been appointed as the managing director of Abbott Laboratories Pakistan Limited, effective from February 25, a statement said.



Husain joins Abbott from Syngenta, where he was the managing director for Pakistan, it said. Prior to that, Arshad was the president director of PT Syngenta Indonesia, and held other senior management positions during his eight-year tenure with the company. Before Syngenta, he worked with GlaxoSmithKline and ICI Pakistan, it said.


Husain has over 21 years of broad-based commercial experience in life sciences, pharmaceuticals and FMCG sectors. A graduate of the London School of Economics and Political Science, where he specialised in international trade and development, Husain brings with him the extensive expertise and experience required to lead a diverse healthcare company. Husain succeeds Asif Jooma as the managing director of Abbott Laboratories Pakistan Limited.


Patel elected unopposed as KTBA president


By our correspondent


KARACHI: The Karachi Tax Bar Association (KTBA) on Thursday elected office-bearers for the year 2013. Haider Ali Patel has been elected unopposed as president for the year.


The 56th annual general meeting of the bar association was held at the Regional Tax Office. Thereafter, the association elected the office-bearers.


Patel is a fellow chartered accountant and a partner of Ernst Young Ford Rhodes Sidat Hyder. He has over 15 years of experience in the field of taxation.


Other office-bearers elected included Muhammad Imtiazuddin Zubari, vice president; Muhammad Zeeshan Merchant, general secretary; Khalid Mehmood; joint secretary; and Fareed Hussain Siddiqui, librarian.


The managing committee for the year included Adnan Zaman, Arshad Ali Siddiqui, Arshad Siraj, Asif Haroon, Mian Saleem Akhter, Muhammad Zubair, Noor Mohammad Dawood and Syed Wasimuddin Hashmi.


Smeda holds conference on construction


By our correspondent


LAHORE: The Small and Medium Enterprises Development Authority (Smeda) held a consultative conference on construction sector development. According to a statement issued here, the conference, chaired by Ahmad Nawaz Sukhera, CEO Smeda, was attended by Engineer Muhammad Akbar, Constructors Association of Pakistan and prominent stakeholders of the construction industry.


The conference deliberated upon the needs of the construction sector for development at full pace. Industry stakeholders proposed that a credible and speedy mechanism of access to finance and policy framework be developed. They agreed that the construction industry, being a labour intensive sector, can employ both, skilled and unskilled workers. They thanked Smeda for selecting this sector as a priority area in its new five year business plan.


Sukhera gave a presentation on Smeda services and projects followed by an overview of the construction sector.


IMF’s Brazilian representative dismayed by Cyprus tax


WASHINGTON: Brazil’s representative to the International Monetary Fund criticised on Wednesday the bank deposit tax set for Cyprus as a condition of the proposed 10 billion euro ($13 billion) EU-IMF rescue of the country.


Paulo Nogueira Batista, who represents Brazil and 10 other Latin American countries on the IMF executive board, said the move took him by surprise and called it a “highly problematic decision.”


“I was surprised and dismayed by the announcement,” he told AFP.


“I don’t know where that brilliant idea came from... It’s a highly distortive measure.”


The plan announced early Saturday was for the Cyprus government to contribute to the rescue program by raising 5.8 billion euros from a one-time tax of up to 9.9 percent on bank deposits.


The IMF executive board was briefed on the plan on Monday.


By that time the tax portion of the rescue plan had outraged Cypriots and foreign depositors — mainly Russians — and led to the Cypriot parliament rejecting the deal in a vote on Tuesday.


Euro steady as markets weigh Cyprus bailout fears


TOKYO: The euro was steady in Asia on Thursday as markets eye talks over a Cyprus bailout deal, while yen trade was dominated by speculation over the new Bank of Japan chief’s first official press briefing.


The dollar fetched 95.74 yen in Tokyo afternoon trade, slightly down from 95.98 yen in New York Wednesday afternoon, with the greenback held down after the US Federal Reserve stuck firmly to its monetary easing policies.


The euro was quoted at $1.2945 and 123.94 yen against $1.2937 and 124.17 yen in US trade.


Markets were keeping a close watch on Cyprus with talks continuing after lawmakers voted down a controversial plan to tax bank deposits as part of the debt-hit island’s bailout package.


“The impression is that the worst-case scenario would be averted, although the whole problem also reminded us that the European debt crisis is far from being completely solved,” said Daisaku Ueno, senior forex strategist at Mitsubishi UFJ Morgan Stanley.


‘India a laggard in internet revolution’


NEW DELHI: Google chairman Eric Schmidt has warned that India is lagging badly behind in harnessing the power of the Internet because of its failure to invest in high-speed telecom networks.


“It is well behind in the web services model that the rest of the world is adopting,” Schmidt told the CNBC-TV18 television channel late Wednesday during a trip to India.


“It is crucial for India to invest and enable fast fibre Internet connectivity within the country, between the country and the other countries,” he added.


When asked to explain why only 150 million out of 1.2 billion Indians had access to the Internet, he said that the government had perhaps grown complacent due to the country’s success in producing large software and IT companies.


“My guess would be that having been satisfied with the great success of IT, the Indian government and the leadership has made the same mistake that companies do, they rested on their own laurels,” he said.


Experts say India has enjoyed a telecom revolution that has brought cheap mobile phones to the majority of the country, but fast Internet connections remain limited to a small minority in cities.


New Zealand growth hits pre-recession levels


WELLINGTON: New Zealand’s economic growth reached a four-year high in 2012, the best since the country went through a recession that it has long struggled to shake off, official data showed on Thursday.


Statistics New Zealand (SNZ) said gross domestic product (GDP) expanded 2.5 percent in the 12 months to December 2012, buoyed by a 9.4 percent rise in primary industries after good growing conditions in the first half of the year.

Courtesy:   The News


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