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British MPs slam 'unacceptable' BHS boss

09:28 AM | 25 Jul, 2016
British MPs slam 'unacceptable' BHS boss
LONDON - British MPs branded a billionaire tycoon the "unacceptable face of capitalism" in a report on Monday about the collapse of department store chain BHS which caused the loss of 11,000 jobs.

The lawmakers also called on former BHS boss Philip Green to address "urgently" the shortfalls in a pension fund of 20,000 former employees.

"The tragedy is that those who have lost out are the ordinary employees and pensioners. This is the unacceptable face of capitalism," read the unusually scathing parliamentary report.

Green "owes it to the BHS pensioners to find a solution urgently. This will undoubtedly require him to make a large financial contribution. He has a moral duty to act," it said.

BHS, which sold clothing and homeware, failed to keep pace with traditional rivals such as Marks & Spencer and online giants like Amazon, resulting in a major loss of market share.

The 88-year-old company had 163 stores and 74 franchise operations across 18 countries.

When it collapsed last month, BHS had debts totalling more than 1.3 billion (1.6 billion euros, $1.7 billion), including a 571-million deficit to its pension fund.

The author is working as Editor Digital Media for Daily Pakistan and can be reached @ItsSarfrazAli.

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PKR exchange rate to US dollar, Euro, Pound, Dirham, and Riyal - 21 Feb 2024

Pakistani currency remains stable against US dollar and other currencies in the open market on February 21, 2024 (Wednesday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.6 for buying and 282.4 for selling.

Euro comes down to 300 for buying and 303 for selling while British Pound rate stands at 350.5 for buying, and 354 for selling.

UAE Dirham AED hovers at 76.15 whereas the Saudi Riyal saw slight increase, with new rates at 74.35.

Today’s currency exchange rates in Pakistan - 21 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.6 282.4
Euro EUR 300 303
UK Pound Sterling GBP 350.5 354
U.A.E Dirham AED 76.15 76.9
Saudi Riyal SAR 74.35 75.1
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.32 751.32
Canadian Dollar CAD 207 209
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.74 36.09
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 902.41 911.41
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 725.96 733.96
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207 209
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 316.9 319.4
Thai Bhat THB 7.93 8.08

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