HBL sings agreement with Finca

KARACHI: Habib Bank Ltd has come into an arrangement with FINCA Microfinance Bank Ltd for the collection of loan instalments through HBL Express network.

The HBL launched its branchless banking services under the premise of financial inclusion for low-cost delivery of basic financial services; serving the unbanked and underprivileged segments of economy. Finca Microfinance Bank with a multinational presence in 23 countries upholds the same values serving the same segment through micro-crediting.

Byco earns Rs414m in Jan-March

KARACHI: Byco Petroleum Pakistan Ltd posted profit-after-tax at Rs414 million during the third quarter (Jan-March) of 2014-15, translated into earnings per share at Rs0.42, said a press release on Monday.

The company posted sales of Rs19.509 billion and a gross profit of Rs2.154bn.

Dow Chemical to cut 3pc workforce worldwide

NEW YORK: Dow Chemical said Monday it would slash about 3 percent of its global workforce as a result of its deal to hive off chlorine activities into a new company. The Dow Chemical Company said the layoffs will affect 1,500 to 1,750 jobs.—AFP

Cisco names new chief executive

WASHINGTON: Cisco Systems said on Monday that chief executive John Chambers, who built the company into a global networking power, will become executive chairman and be replaced as CEO by Chuck Robbins.

Chambers, CEO since 1995 and board chair since 2006, oversaw the company’s growth from a modest tech company to a global giant with nearly $50 billion in annual revenues, riding the growth of the Internet with its ubiquitous routers, servers and switching systems as key units of global interconnectivity.—AFP

McDonald’s announces turnaround plan

NEW YORK: McDonald’s on Monday said it would vastly reorganize its international operations and sell off more corporate sites to franchisees as it strives to reverse a trend of sagging sales.

The US fast-food burger giant said its overseas markets will be organised by their maturity within the McDonald’s system, rather than by region.

Its current structure splits markets outside its home US market into Europe and Asia/Pacific, Middle East and Africa.

Published in Dawn, May 5th, 2015

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