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Global experts evince keen interest in fashion industry

“Pakistan can earn huge foreign exchange through export of fashion industry if it succeeds to catch the attention of western buyers.They are going to other regional countries to buy hand-made embroidery and products for fashion industry despite the fact that Pakistan has far better expertise.

Pakistan is a great place as it has marvellous potential as far as fashion industry is concerned”.These views were expressed by the speakers while addressing a conference on fashion industry.Head of Italian delegation Stella Maria Novarino, Diana Battaggia and UNIDO Representatives and LCCI office-bearers attended the conference. Stella Maria Novarino said that all those women are not just workers but artists who are doing embroidery, stitching and other related works.”We also want to change the perception of Pakistan in the world through Pakistani finest quality work and art and want to highlight the talent of Pakistani women that is fit for international fashion Industry”, she added.Pakistani women entrepreneurs have everything that Italian fashion companies need.

There is no reason to not to work with them, she added.He said that Pakistan’s fashion designing and clothing industry has become an important dimension for national economy because of its export potential.He said that decision makers should realize its significance in view of its huge potential for future expansion and give all possible facilities.Convener LCCI Standing Committee on Women Business Development Aasia Sial Khan said that we have to promote our fashion industry and embroidery sector to secure an important place in the international market.

She said that collaboration between Pakistani and Italian fashion designers can be a milestone. Pakistan’s hand-made embroidery can be merged with Italian designs and we are working on this project with the help of UNIDO, she added.Members of Italian & UNIDO delegation Danielle Doujour, Elisabetta Latanzio Illy, Federico Barassi and Dino Fortunato also spoke on the occasion.No content from Business RecorderBusiness Recorder shall not be responsible or held liable for any error of fact, opinion or recommendation and also for any loss, financial or otherwise, resulting from business or trade or speculation conducted, or investments made, on the basis of the information posted here.

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Aslam made acting CEO Telenor Microfinance Bank

The Board of Directors of Telenor Microfinance Bank has appointed Aslam Hayat as acting CEO, following the resignation of Shahid Mustafa.
We are confident that the direction set by the bank’s management team and the ongoing transformation of the organization will continue uninterrupted under his leadership”, said Petter B.Furberg, Chairman of the Board.Commenting on his decision to resign as CEO from Telenor Microfinance Bank, Shahid Mustafa said: “It’s been a true pleasure to lead the bank through this critical period in time.
I am proud of what the team has achieved including bringing onboard a new strategic investor and strengthening our position within branchless banking. Following the conclusion of the transaction and the strong progress of the team,I believe this is a good time for me to seek new challenges outside the Bank.I would like to extend my thanks to the board and the team for the trust and good collaboration during my time as CEO”, said Shahid Mustafa.-PRNo content from Business RecorderBusiness Recorder shall not be responsible or held liable for any error of fact, opinion or recommendation and also for any loss, financial or otherwise, resulting from business or trade or speculation conducted, or investments made, on the basis of the information posted here.

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Saudi index slips on profit-taking

Saudi Arabia’s stock market fell on Monday with most sectors turning red, led by the banks as investors focused on profit-taking after the market by far outperformed its major Gulf peers.
Financial stocks also pulled Abu Dhabi down.Saudi Arabia’s index was down 0.3 percent with its biggest lender, National Commercial Bank, decreasing 1.3 percent and Al Jazira Bank shedding 1.7 percent. Saudi index has got off to a strong start this year, taking many by surprise, with a 10 percent gain year-to-date after returning 8.3 percent in 2018.The rally has been led mainly by foreigners buying close to 4.4 billion riyals ($1.2 billion) through a qualified foreign investors’ scheme and swaps last month in anticipation of inflows after Saudi Arabia is included in the FTSE and MSCI emerging market indexes later this year.Saudi exchange weekly data shows foreign investors have been net buyers in all weeks this year and have bought 838.1 million riyals ($223.48 million) of stocks on a net basis the last week.
The Abu Dhabi index fell 0.6 percent after three straight sessions of gains as eight of its 10 financial stocks declined with First Abu Dhabi Bank, the United Arab Emirates’ biggest lender, shedding 0.9 percent.Gulf Medical Projects plunged 9.6 percent. The firm had last week reported a much lower profit for 2018.
The emirate’s biggest listed developer Emaar Properties and its unit Emaar Development gained 0.5 percent and 1.8 percent respectively. The stocks have risen in recent sessions after posting robust fourth-quarter earnings, boosting the index along.Property firms, which were partly behind the index’s poor performance last year, showed some sign of recovery reflected in the fourth-quarter results and increased construction contracts.Construction contracts were up 4 percent year-over-year last month, and rose four times the lows seen in the preceding four months, SICO Research said in a note.
The real estate gains were offset by financial stocks, however, with Mashreq Bank slumping 10 percent in a very thin trade, while Shuaa Capital plunged 7.9 percent.
Shuaa had last week reported a fourth-quarter loss compared with a profit a year earlier.In Qatar, Qatar Fuel rose 2.5 percent. Drilling rig provider Gulf International Services, which slumped in the last two sessions after it had turned to a full-year loss, recouped some losses to rise 1.1 percent.The Index was hit by a technical glitch which impacted displaying the index value.The stock exchange later said that it was working to fix the issue, but added that the stock prices are correct.Egypt’s blue-chip index was up 0.2 percent with developer Madinet Nasr For Housing And Development gaining 1 percent after it reported 19 percent rise it its full-year profit.No content from Business Recorder.Business Recorder shall not be responsible or held liable for any error of fact, opinion or recommendation and also for any loss, financial or otherwise, resulting from business or trade or speculation conducted, or investments made, on the basis of the information posted here.

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