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corporate watch

June 21, 2018

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Askari Bank gets new president

KARACHI: The board of directors of Askari Bank Ltd has appointed Abid Sattar as president and chief executive of the bank, a press release said.

The appointment is subject to approval of the fit-and-proper test (FPT) by the State Bank of Pakistan, it added.

Mr Sattar has over 35 years of extensive experience in corporate, consumer and retail banking, both in Pakistan and overseas.

CEO of healthcare venture named

NEW YORK: Berkshire Hathaway Inc, Amazon.com Inc and JPMorgan Chase & Co on Wednesday named Atul Gawande as the chief executive officer of their health venture.

The new company would be based in Boston and operate free from profit-making incentives, the companies said in a joint statement.

The three companies announced in January that they would form a healthcare company aimed at cutting costs for their S employees, rattling shares of the healthcare supply chain, including CVS Health, Express Scripts ESRX.O, among others.

Gawande practices general and endocrine surgery at Brigham and Women’s Hospital, and is a professor at the Harvard T.H. Chan School of Public Health and Harvard Medical School.

“All felt that better care can be delivered and that rising costs can be checked... we have found in Atul the leader who will get this important jobw done,” Berkshire Hathaway Chairman and CEO, Warren Buffett said.—Reuters

Bosch to invest 17bn rupees in India

BERLIN: German auto parts maker Bosch Group plans to invest 17bn rupees ($250m) in India over the next three years to meet growing demand in the domestic automotive market, Chief Executive Officer Volkmar Denner said on Wednesday.

The company will also ramp up investments in electric vehicles, self-driving technologies, diesel engines and artificial intelligence, Denner said at a press conference in Bengaluru, India.

To keep pace with rapid changes in the automotive industry, Bosch said it plans to spend an additional 6bn rupees to revamp one of its manufacturing facilities in Bangalore to focus more on advanced technologies such as Internet of Things.

Bosch anticipates electric vehicle technologies will be a future growth area in India as Prime Minister Narendra Modi aims to allow only electric cars in the country by 2030.—Reuters

Deutsche Bank fined $205m for manipulation

NEW YORK: New York regulators are slapping a $205 million fine on Deutsche Bank, following allegations that traders at Deutsche manipulated the foreign exchange market for years.

Deutsche Bank is the latest Wall Street firm to face penalties for manipulating the $5.3 trillion currency market. Banks such as Barclays, Citigroup and several others have paid hundreds of millions of dollars in fines since the scandal broke several years ago.

The New York Department of Financial Services found that from 2007 to 2013, Deutsche Bank engaged in improper, unsafe and unsound conduct in its currency trading business. Like other banks, Deutsche Bank traders allegedly used chat rooms and shared customer information in order to manipulate currencies before they closed each day.

Published in Dawn, June 21st, 2018