ISLAMABAD: Pakistan Computer Association (PCA) has strongly resented on the rise of petroleum prices and termed it an unwise move as it would further increase the cost of doing business, hit industrial production and affect exports.

Munawar Iqbal, Central President of PCA, while commenting on the recent hike of petroleum prices, said that our economy is still struggling for recovery and it was the need of the hour that government should have focused on reducing cost of doing business to facilitate economic growth, attract investment and reduce unemployment.

He said that it’s highly unfortunate that instead of creating conducive business environment, government has made unprecedented increase in petroleum prices which would badly hurt the purchasing power of common man. He said that the latest increase  have multiplied the problems for overall economy as production cost has gone very high, inflation is on the rise while people are finding it extremely difficult to make ends meet.

Munawar iqbal said that repeated increase in the prices of Petroleum products in recent past has badly eroded Pakistan’s competitiveness as well and as a result country is losing attraction for investment and this situation would further destabilize the economy.  He said that the new price hike would damage every sector of economy badly. 

New York—Robert Moffat, a former IBM Corp. senior executive whose extra-marital affair with a trader ensnared him in the Galleon hedge fund insider trading probe, was sentenced on Monday to six months imprisonment and a $50,000 fine.

Moffat pleaded guilty in March to securities fraud and conspiracy in connection with tips he passed on about IBM’s business dealings to Danielle Chiesi of New Castle hedge funds.

Manhattan federal court judge Deborah Batts, in imposing the sentence on Moffat, said he had committed “an outstanding breach of fiduciary duty” to IBM by tipping Chiesi.

Batts told a tearful Moffat, who was accompanied by his lawyers, wife, children and friends, that “white collar crime is just as destructive to the social fabric as drugs and violence.”

She also ordered him to serve two years of supervised release at the end of his prison term. Moffat did not trade on information and did not make any money, his lawyers said.

Moffat’s more than three-decade-long career at IBM was left in ruins after his arrest in October 2009 for what U.S. prosecutors said was a minor role in the purported scheme. He was once considered a candidate to become IBM’s chief executive

ISLAMABAD: Pakistan Computer Association (PCA) has lauded the role of computer and IT industry for timely and much needed contribution to provide immediate relief to flood affectees across the country. In response to mobilization of PCA, various international companies i.e. HP, Acer etc. and individuals associated with IT business including computer vendors from all over Pakistan have not only sent million of rupees in cash but relief goods as well to cater the immediate needs of the affectees.  

Munawar Iqbal, Central President of PCA, while appreciating the role of computer industry, said that the ongoing unprecedented torrential rains and flash floods have caused immense human and financial loss to our country and it is the need of the hour that business community should come forward with generous donations so that maximum relief could be provided to the million of displaced families.

Considering the devastation caused by flood, he said, PCA has mobilized the community including various multinational companies working in Pakistan to come forward and play their role in order to provide maximum relief to flood affected families.  He said that the international friends from IT and computer business belongs to every part of the world and various faiths and they are helping the cause of humanity. He said that it’s our collective responsibility to rise up to the occasion and contribute wholeheartedly to the ongoing relief efforts. 

Munawar Iqbal said that the IT and computer sector have done a marvelous job of collecting relief goods in all major cities of Pakistan which are being sent to flood-hit areas swiftly.

He said the flood-affected people are confronting with various problems. Hence, the nation needs to come forward and contribute its share to provide reasonable shelter and food to the affectees.