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Pakistan 'Parallel Economy' Problem Grows
Pakistan's parallel economy, or untaxed illegal money, is estimated at $83 billion, or half the country's entire GDP of $166 billion, sources say.
The sources said the problem has become so big it threatens public welfare plans, Dawn reported. They said the amount could generate up to $8 billion in national revenues if taxed at 10 percent, the report said.
These are very conservative estimates. The fact of the matter is that (the parallel) economy could be much bigger, one official dealing with economic affairs told the newspaper.
The official said much of Pakistan's economy is not documented, encouraging the parallel economy to thrive.
The official said hoarders and black marketers earned billions in wheat and flour trading during recent shortages but no record is available to capture them.
Such underground economies are a rampant problem in many developing countries, which lack adequate checks and balances. (c) UPI
Musharraf's picture removed from Governor's House
LAHORE: President Pervez Musharraf's portrait was removed from Governor House on Tuesday, a private television channel reported. According to Aaj TV, lawyers from the People's Lawyers Forum, during a meeting with Pakistan People's Party (PPP) Co-chairman Asif Ali Zardari in the Darbar Hall of Governor House, saw Musharraf's picture hanging alongside the portrait of Quaid-e-Azam and demanded its removal, the channel said. The portrait, which had been hanging on the wall for eight years, was thus removed, it said. daily times monitor 
WASHINGTON (Reuters) - U.S. President George W. Bush is ranked only slightly above the rulers of Pakistan and Iran as one of the least-trusted leaders in the world, a survey released on Monday showed.
The survey, carried out by WorldPublicOpinion.org in 20 countries around the world, found that no national leaders inspired wide confidence outside their own countries. But Bush, Pakistani President Pervez Musharraf and Iranian President Mahmoud Ahmadinejad ranked at the bottom, the polling showed.
Only 23 percent of people outside the United States had "a lot or some" confidence in Bush, compared to 22 percent for Ahmadinejad and 18 percent for Musharraf.
The leaders of other countries fared little better. Only 26 percent had confidence in French President Nicolas Sarkozy, 28 percent in Chinese President Hu Jintao, 30 percent in British Prime Minister Gordon Brown and 32 percent in Russian President Vladimir Putin, who has since become prime minister.
U.N. Secretary-General Ban Ki-moon had the highest confidence levels, at 35 percent.
"While the worldwide mistrust of George Bush has created a global leadership vacuum, no alternative leader has stepped into the breach," said Steven Kull, director of WorldPublicOpinion.org. "Hu Jintao and Vladimir Putin are popular among some nations, but more mistrust them than trust them."
WorldPublicOpinion.org is a project involving research centers around the world and is managed by the Program on International Policy Attitudes at the University of Maryland.
The group polled 19,751 people in nations that represent 60 percent of the world's population. The survey was conducted between January 10 and May 6, with margins of error of plus or minus 2 to 4 percent.
(Writing by David Alexander, editing by David Storey and Philip Barbara))
CARPINTERIA, Calif., June 17 /PRNewswire-FirstCall/ -- CKE Restaurants,
Inc. (NYSE: CKR) announced today that they have signed development
agreements with MDS Foods Pte. Ltd. and Global Food Connection, LLC to open
a combined 25 new Hardee's restaurants in Pakistan over the next five
years. MDS Foods will open 15 Hardee's units in Lahore over the next five
years and Global Food will open 10 Hardee's in Karachi over the next four
years. The Pakistan agreements are part of CKE's overall strategic plan to
accelerate franchise development in international markets. Currently, CKE
Restaurants franchises 294 international units between both its Carl's
Jr.(R) and Hardee's brands. CKE is expected to open its 300th international
restaurant during the second quarter of the current fiscal year.
"We are pleased to have MDS Foods and Global Food Connection as a part
of the CKE team. Both companies have demonstrated a passion for our brand
and a strong desire to offer the best quality food and service available in
the Pakistan market," said Andrew F. Puzder, president and chief executive
officer of CKE Restaurants, Inc. "We currently have 184 Hardee's
restaurants in nine Middle East countries and our entry into Pakistan is an
ideal extension of our brand's international presence. Hardee's already
enjoys a strong following as many Pakistanis have become familiar with the
brand as they travel and work between Pakistan and the Gulf Region where we
have had a strong Hardee's presence for almost 30 years. We are thrilled to
finally bring the great-tasting, premium burgers and other menu items that
Hardee's offers directly to the Pakistan market."
Sohail Yousaf, chief executive officer of MDS Foods added, "We are very
excited to launch Hardee's in Pakistan. People in Pakistan are looking for
a change in their fast food choices and the market is mature enough now to
cater to various multinational quick-serve brands. The most encouraging
thing for us is the extremely positive response and level of awareness that
we have received from our target customers on Hardee's entry into the
market. We are determined to make Hardee's the leading brand in Pakistan by
providing premium, high-quality products and exceptional customer service.
We have aggressive growth plans for the northern region of Pakistan with
plans for growth in all major cities. Our flagship restaurant will open in
the heart of Lahore by the end of the year."
Shabbir Siddiqui, president of Global Food Connection, said, "Hardees's
will bring premium charbroiled burgers and a unique dining experience to
Pakistan that will fulfill the needs of fast food lovers in the region. In
Karachi, we will make Hardee's the destination of choice for consumers and
set the standard for great customer service, food quality, and a great
dining experience."
About CKE Restaurants, Inc.
Headquartered in Carpinteria, California, CKE Restaurants, Inc. is
publicly traded on the New York Stock Exchange under the symbol "CKR". As
of its fiscal 2008 fourth quarter ended Jan. 28, 2008, CKE Restaurants,
Inc., through its subsidiaries, had a total of 3,067 franchised, licensed
or company-operated restaurants in 42 states and in 13 countries, including
1,141 Carl's Jr. restaurants and 1,926 Hardee's restaurants. For more
information about CKE Restaurants, please go to http://www.ckr.com.
About MDS Foods
Headquartered in Lahore, Pakistan, MDS Foods is a division of the
Lahore, Pakistan-based Super Asia group. Super Asia is engaged in the
design and manufacture of home appliances for the Pakistan, Middle East and
South East Asian markets. Super Asia is a family owned business having over
40 years experience in the Pakistan market, employing over 1,000 employees
and generating sales in excess of $100 million. The Super Asia group is the
market leader in home appliances across Pakistan as well as a manufacturer
of motorcycles, three wheeled taxis and automotive parts. Mr. Sohail
Yousaf, son of the founder of Super Asia, has been named chief executive
officer of MDS Foods.
About Global Food Connection
Based in Karachi, Pakistan, Global Food is a private investment entity
established to develop and operate Hardee's in the Sind Province of
Pakistan. Global Food's President, Mr. Shabbir Siddiqui has over 22 years
of operation and ownership experience with CKE's Carl's Jr. brand in the
Western United States and also has business interests in the marketing and
telecom sector in Karachi, Pakistan.
SAFE HARBOR DISCLOSURE
Matters discussed in this news release contain forward-looking
statements relating to future plans and developments, financial goals and
operating performance that are based on management's current beliefs and
assumptions. Such statements are subject to risks and uncertainties that
are often difficult to predict, are beyond the Company's control and which
may cause results to differ materially from expectations. Factors that
could cause the Company's results to differ materially from those described
include, but are not limited to, whether or not restaurants will be closed
and the number of restaurant closures, consumers' concerns or adverse
publicity regarding the Company's products, the effectiveness of operating
initiatives and advertising and promotional efforts (particularly at the
Hardee's brand), changes in economic conditions or prevailing interest
rates, changes in the price or availability of commodities, availability
and cost of energy, workers' compensation and general liability premiums
and claims experience, changes in the Company's suppliers' ability to
provide quality and timely products to the Company, delays in opening new
restaurants or completing remodels, severe weather conditions, the
operational and financial success of the Company's franchisees,
franchisees' willingness to participate in the Company's strategies, the
availability of financing for the Company and its franchisees, unfavorable
outcomes in litigation, changes in accounting policies and practices,
effectiveness of internal controls over financial reporting, new
legislation or government regulation (including environmental laws), the
availability of suitable locations and terms for the sites designated for
development, and other factors as discussed in the Company's filings with
the Securities and Exchange Commission.
Forward-looking statements speak only as of the date they are made. The
Company undertakes no obligation to publicly update or revise any forward-
looking statement, whether as a result of new information, future events or
otherwise, except as required by law or the rules of the New York Stock
Exchange.
SOURCE CKE Restaurants, Inc.
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