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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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Pakistani rupee exchange rate to US dollar, Euro, Pound, Dirham, and Riyal - 24 April 2024 Forex Rates

Pakistani currency remains unchanged against US Dollar and other currencies on April 22, 2024 Monday in open market.

USD to PKR rate today

US dollar was being quoted at 277.4 for buying and 280.4 for selling.

Euro comes down to 293.2 for buying and 296.2 for selling while British Pound hovers at 339.5 for buying, and 343 for selling.

UAE Dirham AED was at 75 and Saudi Riyal's new rate was at 73.25. 

Today’s currency exchange rates in Pakistan - 24 April 2024

Currency Symbol Buying Selling
US Dollar USD 277.4 280.4
Euro EUR 293.2 296.2
UK Pound Sterling GBP 339.5 343
U.A.E Dirham AED 75 75.8
Saudi Riyal SAR 73.25 73.95
Australian Dollar AUD 181 182.8
Bahrain Dinar BHD 740.55 748.55
Canadian Dollar CAD 201 203
China Yuan CNY 38.47 38.87
Danish Krone DKK 39.78 40.18
Hong Kong Dollar HKD 35.53 35.88
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.86 1.94
Kuwaiti Dinar KWD 903.11 912.11
Malaysian Ringgit MYR 58.08 58.68
New Zealand Dollar NZD 164.22 166.22
Norwegians Krone NOK 25.61 25.91
Omani Riyal OMR 723.2 731.2
Qatari Riyal QAR 76.45 77.15
Singapore Dollar SGD 204.5 206.5
Swedish Korona SEK 25.31 25.61
Swiss Franc CHF 305.47 307.97
Thai Bhat THB 7.56 7.71

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