PSO holds procurement conference

KARACHI: Pakistan State Oil (PSO) held its largest ever procurement conference with the theme “Transforming the Procurement Process, Together” at a local hotel to help educate its suppliers and contractors on policies in line with Public Procurement Rules 2004, a press release said on Friday.

Luxury giant Richemont sees net profit plunge

ZURICH: Richemont, the world’s second largest luxury goods group with brands like Cartier and Piaget, confirmed on Friday that its annual net profit fell by more than a third due to losses on financial instruments.

During its 2014-15 financial year, which ended on March 31, the Swiss company earned $1.4bn in net profit, down 35pc from a year earlier. The drop was slightly less than the 36pc decline it signalled in a warning last month, but in line with the expectations of analysts polled by the AWP financial news agency.

Multinationals often use financial instruments to try to protect themselves against changes in exchange rates in the different countries they operate, but unexpected changes can lead to losses.

Published in Dawn, May 23rd, 2015

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