BrandSafway Announces New EVP and Chief Legal Officer

Imran Hayat brings global strategic general counsel experience to leading access and industrial services company Kennesaw, Georgia, USA, July 22, 2021 (GLOBE NEWSWIRE) — BrandSafway, a global leader in access and industrial services, has announced that Imran Hayat has joined the company as executive vice president (EVP) and chief legal officer (CLO), effective July 19, […]

Imran Hayat brings global strategic general counsel experience to leading access and industrial services company

Kennesaw, Georgia, USA, July 22, 2021 (GLOBE NEWSWIRE) — BrandSafway, a global leader in access and industrial services, has announced that Imran Hayat has joined the company as executive vice president (EVP) and chief legal officer (CLO), effective July 19, 2021.

“Imran has an excellent track record as a global strategic general counsel,” said Karl Fessenden, president and CEO of BrandSafway. “He has extensive experience building and managing legal, risk, compliance and governance teams, and developing strong partnerships internally and externally to drive enterprise and shareholder success. His strategic mindset coupled with his deep domain expertise makes him a great addition to our team.”

Most recently, Hayat served as EVP, general counsel and chief strategy officer for CHC Helicopter Corporation. Prior to CHC, Hayat was in private practice where he advised some of the world’s preeminent public and private companies.

Hayat is looking forward to working with the BrandSafway leadership and legal teams. “I’m excited to join the BrandSafway team,” said Hayat. “BrandSafway is a dynamic and growing company with a strong executive team and a great internal legal and risk team. The company is well-positioned for continued success.”

Hayat earned his law degree from the University of California, Hastings College of the Law in San Francisco and holds a bachelor’s degree in both economics and diplomacy and world affairs from Occidental College in Los Angeles.

About BrandSafway
With a commitment to safety as its foremost value, BrandSafway provides the broadest range of solutions with the greatest depth of expertise to the industrial, commercial and infrastructure markets. Through a network of 360 strategic locations across 30 countries and more than 38,000 employees, BrandSafway delivers a full range of forming, shoring, scaffolding, work access and industrial service solutions. BrandSafway supports maintenance and refurbishment projects as well as new construction and expansion plans with unmatched service from expert local labor and management. Today’s BrandSafway is At Work For You® — leveraging innovation and economies of scale to increase safety and productivity, while remaining nimble and responsive. For more information about BrandSafway, visit www.brandsafway.com.

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Karla Cuculi
BrandSafway
262-523-6580
KCuculi@BrandSafway.com

2020 Marks Highest Growth in Cash in Circulation During Eid-ul-Azha

The economic activity around Eid-ul-Azha is primarily cash-based. The State Bank of Pakistan (SBP) publishes weekly reports regarding ‘cash in circulation (CiC).’This week’s report indicated a multi-fold increase in CiC in percentage terms, going back …

The economic activity around Eid-ul-Azha is primarily cash-based. The State Bank of Pakistan (SBP) publishes weekly reports regarding ‘cash in circulation (CiC).’

This week’s report indicated a multi-fold increase in CiC in percentage terms, going back nearly three weeks before Eid.

Renowned economist, Ammar Khan, took to Twitter to present a brief evaluation of cash in circulation, as shown by the SBP report.

In 2020, CiC growth during Eid-ul-Azha has been the highest, making it one of the more prominent cash-intensive events during a year, said Ammar.

The event effectively leads to a transfer of $1.5 billion-plus of wealth (cash) from urban to rural economy, having a massive multiplier and spillover effect.

Growth in spending during the event can be a leading indicator of improving incomes.

He wrote, “In last five years, CiC growth peaked in 2016, while lowest was in 2020 (lockdowns, et al.), against average of 0.3 percent.”

Looking at absolute cash numbers (excess of long-term average), economic activity during Eid-ul-Azha peaked in 2019 at Rs. 282 billion, while 2020 was a bad year.

However, in dollar terms, the best year was 2016 (overvalued PKR), and since then, it’s only been downhill.

Also, the analysis is about ‘cash in circulation,’ so the same cash is spent multiple times as you buy an animal, the seller buys something else, and cash keeps moving.

“Actual impact would be an easy three times of the excess cash circulating in the economy during the three weeks [in concern],” he said.

Source: Pro Pakistani

ADB Revises Growth Projections in Its Asian Development Outlook Report

The government of Pakistan estimated growth at 3.9 percent in fiscal year 2021, the improvement underpinned by strong growth in industry and services and steady remittance inflow, says the Asian Development Bank (ADB).In its latest report “Asian Develo…

The government of Pakistan estimated growth at 3.9 percent in fiscal year 2021, the improvement underpinned by strong growth in industry and services and steady remittance inflow, says the Asian Development Bank (ADB).

In its latest report “Asian Development Outlook Supplement”, the Bank stated that inflation in Pakistan averaged 8.8 percent in the first 11 months of fiscal year 2021 on rising global commodity prices, especially for food and crude oil.

The supplement to ADB’s flagship economic publication, Asian Development Outlook (ADO) 2021, provides updated projections for the region’s economies and inflation levels amid the COVID-19 pandemic.

ADB has projected 7.2 percent economic growth for developing Asia this year, compared with its 7.3 percent forecast in April, as renewed coronavirus disease (COVID-19) outbreaks slow the recovery in some economies in the region. The growth outlook for 2022 is upgraded to 5.4 percent from 5.3 percent.

Excluding the newly industrialized economies of Hong Kong, China, the Republic of Korea, Singapore, and Taipei, China, developing Asia’s updated growth outlook is 7.5 percent for 2021 and 5.7 percent for 2022, compared with earlier projections of 7.7 percent and 5.6 percent, respectively.

“Asia and the Pacific’s recovery from the COVID-19 pandemic continues, although the path remains precarious amid renewed outbreaks, new virus variants, and an uneven vaccine rollout,” said ADB Chief Economist Yasuyuki Sawada. “On top of containment and vaccination measures, phased and strategic rejuvenation of economic activities—for instance, trade, manufacturing, and tourism—will be key to ensure that the recovery is green, inclusive, and resilient.”

The COVID-19 pandemic remains the biggest risk to the outlook, as outbreaks continue in many economies. Daily confirmed cases in the region peaked at about 434,000 in mid-May. They narrowed to about 109,000 at the end of June, concentrated mainly in South Asia, Southeast Asia, and the Pacific. Meanwhile, the vaccine rollout in the region is gaining pace, with 41.6 doses administered per 100 people by the end of June—above the global average of 39.2, but below rates of 97.6 in the United States and 81.8 in the European Union.

East Asia’s growth outlook for 2021 is raised to 7.5 percent, from 7.4 percent in April, amid a stronger-than-expected recovery by the newly industrialized economies of Hong Kong, China, the Republic of Korea, and Taipei, China. The subregional growth forecast for 2022 is retained at 5.1 percent. The growth outlook for the People’s Republic of China is likewise maintained at 8.1% this year and 5.5% in 2022, amid steady performances by industry, exports, and services.

This year’s growth outlook for Central Asia has been raised to 3.6%, from 3.4% in the April forecast. This is mainly due to an improved outlook for Armenia, Georgia, and Kazakhstan—the subregion’s largest economy. Central Asia’s outlook for 2022 remains at 4.0 percent.

Projections for South Asia, Southeast Asia, and the Pacific for 2021 are lowered as renewed outbreaks are met with containment measures and restrictions, hampering economic activity. South Asia’s growth outlook for fiscal year 2021 is lowered to 8.9% from 9.5%. The forecast for India is downgraded by 1.0 percentage point to 10.0%. Southeast Asia’s 2021 outlook is revised to 4.0% from 4.4%, while the projection for Pacific economies is lowered to 0.3% from 1.4%. However, the 2022 growth forecasts for these subregions are upgraded to 7.0%, 5.2%, and 4.0%, respectively.

The inflation forecast for Asia and the Pacific this year is raised to 2.4%, from 2.3% in April, reflecting rising oil and commodity prices. The projection for 2022 remains at 2.7 percent, it added.

Source: Pro Pakistani

Govt Sets Rs. 27.15 Billion Export Target

The federal government has set an Rs. 27.15 billion export target for the current fiscal year 2021-22 in the proposed Strategic Trade Policy Framework.Sources told Propakistani that the Ministry of Commerce has set a Rs 27.15 billion export target for …

The federal government has set an Rs. 27.15 billion export target for the current fiscal year 2021-22 in the proposed Strategic Trade Policy Framework.

Sources told Propakistani that the Ministry of Commerce has set a Rs 27.15 billion export target for the current fiscal year 2021-22 in the proposed STPF 2020-25.

The exports during the year 2020-21 amounted to Rs. 25.36 billion with major contributions of the textile sector, while the export target was Rs. 24.14 billion.

Sources said that MoC has finalized the Strategic Trade Policy Framework after addressing the reservations of the State Bank of Pakistan (SBP) and the Federal Board of Revenue.

The central bank and Tax department raised certain observations in a meeting held in March, and sources said that MoC incorporated the views of SBP and FBR in the draft of STPF 2020-25.

The ECC deferred the approval last Friday, owing to the absence of the Advisor to Prime Minister on Commerce, Razzaq Dawood, and Secretary Commerce.

Source: Pro Pakistani

Pakistan’s Automobile Sector Posted 23.4% Growth in 9 Months

Pakistan’s automobile sector posted double-digit growth of 23.4 percent from July 2020 to March 2021, sharply improving upwards from a contraction of 37.7 percent during the same time last year, stated the quarterly report by the State Bank of Pakistan…

Pakistan’s automobile sector posted double-digit growth of 23.4 percent from July 2020 to March 2021, sharply improving upwards from a contraction of 37.7 percent during the same time last year, stated the quarterly report by the State Bank of Pakistan (SBP).

The improvement was witnessed across the board, with cars improving 24.7 percent, motorcycles 20.3 percent, LCVs 30.2 percent, and tractors 57.5 percent. Low-interest rates, relative stability in automobile prices, and the introduction of new models led to this increase.

Consumer financing for the automobile sector was registered at Rs. 73.6 billion, up from only Rs. 3.2 billion the year before, the report stated. Almost 40 percent of these loans were disbursed in the third quarter – January to March 2021.

The price stability was also significant, as the overall registered increase in automobile prices was merely 3.4 percent for the three quarters as opposed to 20.8 percent for nine months of the previous fiscal year.

Under the Automotive Development Policy, 2016-2021, several new auto-assemblers invested resources in the automotive industry during the previous fiscal year.

The government’s incentives to revive the economy from the pandemic impacts also had a positive effect on the automobile sector. The indirect impetus came from the improved agriculture sector and construction sector. Record remittances also contributed to the increase witnessed in sales of automobiles, the report noted.

Source: Pro Pakistani

Govt Fixes New Maximum Retail Price for Sugar

The federal government has fixed Rs. 88.24 per kg maximum retail prices of sugar.Documents available with Propakistani stated that the Ministry of Industries and Production has notified Rs. 88.24 per kg maximum retail prices of sugar including transpor…

The federal government has fixed Rs. 88.24 per kg maximum retail prices of sugar.

Documents available with Propakistani stated that the Ministry of Industries and Production has notified Rs. 88.24 per kg maximum retail prices of sugar including transportation and packing charges.

According to FBR, the sugar mills during the six months of this season (December 2020 to May 2021) have sold 2.47 million tons of sugar worth Rs. 174 billion.

The mills have declared Rs. 70.42 per kg as average ex-mill sale rate, Rs. 1 per kg distribution cost, Rs. 4 per kg transport/packing & retailer margin, and Rs17 percent sales tax per kg in their sales tax returns.

Keeping in view the above facts, the maximum retail price works out is Rs. 88.24, the document added.

Sugar mill owners are not willing to lower sugar prices to fair levels voluntarily despite the fact, all the above-mentioned facts have been shared with the Pakistan Sugar mill association so, in the exercise of the powers vested under section 6 of the price control and prevention of profiteering and hoarding act, 1977, controller general of price hereby fix Rs. 88.24 per kg (inclusive of tax) the retail price of locally produced white crystalline sugar at which it shall be made available to the general public.

The provincial authorities/ICT are directed to implement this order and to take action against those mills, dealers, distributors, and retailers who do not comply with this order besides a weekly compliance report shall also be filed by authorities exercising the delegated powers of controller general of price in the provincial and federal jurisdiction.

Source: Pro Pakistani

2021 Global Growth Forecast to Remain Unchanged at 6%: IMF Chief

The global economic recovery will most definitely be held back unless the pace of COVID-19 vaccinations picks up in pandemic stricken countries, as remarked by the IMF Managing Director, Kristalina Georgieva.While addressing an online event, she added …

The global economic recovery will most definitely be held back unless the pace of COVID-19 vaccinations picks up in pandemic stricken countries, as remarked by the IMF Managing Director, Kristalina Georgieva.

While addressing an online event, she added a prediction that the global growth for 2021 will be about 6 percent, which was the same as forecasted in April, reported Reuters.

In April, the IMF had projected that the 2021 global growth would slide by six percent — a rate that had previously been observed during the shaky 1970s. With similar trends predicted for the remainder of the year, the IMF’s focus has now shifted towards global vaccination trends as countries are expected to adjust their fiscal activities on account of vaccine availability and the rate of inoculation as a safeguard against inflation and other pariahs of economic uncertainty.

In this regard, the IMF has hinted at a large-scale partnership with the World Bank to help the countries that are struggling with curbing the coronavirus.

In the meantime, the IMF is scheduled to release its next World Economic Outlook forecast update on 27 July in a report that could hint at a few possible venues for all the countries to consider while addressing the issue at hand.

Source: Pro Pakistani

GB CM directs to restore traffic on roads

Gilgit-Baltistan Chief Minister Muhammad Khalid Khorsheed has directed concerned departments to restore traffic on roads which were blocked due to rain and landsliding.In a statement on Thursday, he asked the Government department to initiate rehabilit…

Gilgit-Baltistan Chief Minister Muhammad Khalid Khorsheed has directed concerned departments to restore traffic on roads which were blocked due to rain and landsliding.

In a statement on Thursday, he asked the Government department to initiate rehabilitation work in affected areas.

Khalid Khorsheed also asked relevant departments to release travel advisory keeping in view weather conditions, so that travelers would be facilitated.

He said the Government will extend maximum support to the rains and floods affectees and ensure their support at all cost.

Source: Radio Pakistan