Latest news with #BR
Business Recorder
3 days ago
- Business
- Business Recorder
PSX extends winning streak
KARACHI: The Pakistan Stock Exchange (PSX) ended the week on a positive note as investor sentiment stayed upbeat, fueled by optimism over the upcoming budget and fresh investment pledges pouring in from abroad. The benchmark KSE-100 Index rose by 719.69 points, or 0.60 percent, to close at an impressive 119,691 points, up from 118,971 points in the previous session. During the intraday trading, the index touched high level of 119,913 points and a low level of 118,772 points. On Friday, BRIndex100 ended at 12,842.51 points, which was 89.17 points or 0.7 percent higher than the previous close with the total volume of 489.356 million shares. BRIndex30 also increased by only 2.57 points or 0.01 percent to settle at 37,794.85 points with the total share trading volume of 79.666 million. Mubashir Anis, analyst at JS Global, credited the market's upward trajectory to improved investor sentiment driven by a stabilizing economic outlook and optimism surrounding the upcoming federal budget. He noted that this positive sentiment translated into a robust and broad-based rally throughout the trading session, with healthy participation from across key sectors. The total volume of the traded shares declined to 580.318 million on Friday as compared to 741.654 million shares on Thursday. While the traded value also declined to Rs 22.743 billion on Friday from Rs 23.911 billion on the last trading day. However, the overall market capitalization saw an increase of Rs 77 billion, reaching to Rs 14.503 trillion on Friday, compared to Rs 14.426 trillion on Thursday. Out of 474 actively traded companies, share prices of 259 companies rose, 161 declined, while 54 remained unchanged. Top positive contributions to the index came from FFC, MEBL, HUBC, PKGP, ENGROH and MCB, as they cumulatively contributed 668 points to the index. Among the top traded companies, WorldCall Telecom. ranked first with 79.666 million shares closing at Rs 1.37, followed by K-Electric Ltd, of which 47.700 million shares were traded and it closed at Rs 5.32. Cnergyico PK ranked third and closed at Rs 7.86 with 35.756 million shares turnover. PIA Holding Company LimitedB recorded the highest gains increase by Rs 2,670.41 and closed at a new high of Rs 29,374.54 followed by Khyber Textile Mills Limited whose share price value closed at Rs 2,790.71, up by Rs 253.70. Moreover, Rafhan Maize Products Company Limited and Sapphire Fibres Limited faced prominent losses with share values decreased by Rs 147.42 and Rs 61.74 respectively to close at Rs 9,960.91 and Rs 1,011.89. Meanwhile, BR Automobile Assembler Index closed at 21,287.33 points with a net negative change of 81.64 points or 0.38 percent with the total turnover remaining 3.613 million shares. BR Cement Index gained 90 points or 0.88 percent to settle at 10,317.36 points with a total turnover of 58.092 million. BR Commercial Banks Index closed at 34,990.77 points up by 291.51 points or 0.84 percent with a total turnover of 23.827 million shares. Meanwhile, BR Power Generation and Distribution Index ended at 20,362.78 points with a net positive change of 355.49 points or 1.78 percent with total turnover of 54.752 million shares. BR Oil & Gas Index closed at 11,508.64 points with a net negative change of 0.35 points on 26.888 million shares turnover. While BR Technology & Communication Index finished at 5,022.77 points marking a negative change of 26.32 points or 0.52 percent, with total turnover of 127.320 million shares. In its commentary, Darson Securities Ltd reported that the Pakistan Stock Exchange (PSX) experienced a range-bound trading session amid mixed investor sentiment driven by uncertainties surrounding upcoming Federal Budget. Despite an initial decline, buyers quickly asserted themselves, propelling the index by marking a gain of 942.47 points. While, Ahsan Mehanti of AHL said stocks closed bullish led by blue chip scrips in oil, banking and fertilizers sector amid hopes for positive federal budget announcements. Budgetary relief for oil refineries, real estate, agri-sector, proposed levy of 1.5pc tax on imports to support industries and rupee stability played a catalyst role in bullish close at PSX, he added. Copyright Business Recorder, 2025
The Guardian
3 days ago
- Business
- The Guardian
Sir Bob Reid obituary
In the spring of 1990, the chief executive's office at British Rail received an urgent telephone call from the area manager at Newcastle upon Tyne saying there was a one-armed Scotsman wandering around the main signal box claiming to be BR's new chairman and wanting to know how everything worked. Was it all right to tell him? The man was Bob Reid, who had recently moved from Shell, where he was the UK chairman, and was now on the brink of a difficult five-year stint at BR that would end in a privatisation about which he had serious misgivings. His foray into the signal box, matched by an excursion into the drivers' restroom at Waterloo, was typical of the man. Determined, impulsive and impatient to get things moving, he had a liking for human contact and an easy manner, regardless of rank. The offer to take over BR had come in 1990. Reid, who has died aged 91, was not the first choice; rumour had it that 20 people had already turned it down. But he saw it as an opportunity to apply his skills to an inward-looking public sector organisation that had long been a concern to government and which faced major challenges with the forthcoming Channel tunnel rail link. Reid could not wait to get started, but he dismayed some of his new colleagues with a bullish joke that he was used to much bigger projects than those he faced at BR. When he took over, the railways were improving, although the level of government subsidy remained controversial. Under his predecessor, a veteran railwayman confusingly also called Sir Robert Reid, steady improvements had been made, helped by a benign economic environment. The business had been reorganised into sectors, which proved a success, but the recession of the early 1990s now hit railway finances and Bob Reid failed to get government backing for BR's proposed investments. He left the running of the railway largely to his chief executive, John Welsby, and concentrated on projects such as the Channel tunnel, which the government had made a priority. BR favoured a route through south London that provided alternative options and would be linked to expensive new facilities. But the government, with Michael Heseltine promoting the regeneration of the Docklands area, opted for an east London route. Reid took the rebuff badly and some felt he might resign, but he remarked in an outburst that he immediately regretted: 'When you are in the middle of a pantomime, you want to stay with it.' When BR famously blamed 'leaves on the line' and 'the wrong kind of snow' for various delays, and when he failed to get his investment plans through, his lack of success began to invite questions about his competence in dealing with government. It was not helped when the transport minister, Malcolm Rifkind, described him as being 'on a learning curve'. Within the railways, Reid's lack of appetite for detailed knowledge grated, and managers were reluctant to discuss problems for fear of receiving a diktat. But they respected his strong emphasis on safety, including his insistence that track maintenance supervisors must brief their gangs on safety every morning. Reid's difficulties multiplied when John Major's new government decided to privatise the railways. That scenario had not been part of Reid's original brief, and he was publicly critical of the detail. He forecast accurately that the complex division of the system would multiply bureaucracy, that profits would not be sufficiently reinvested, and that safety could be compromised. Some in BR hoped he would challenge the plan by resigning. But he argued that 'managing large undertakings through the medium of government is a recipe for all sorts of problems. Even though I would have done it differently, getting BR into the private sector is the main thing.' By 1995, at the end of his term, Reid could point to better financial performance (with expectations of a £400m-a-year profit for BR), an improvement in industrial relations that had seen just two days lost to strikes over his whole period in office, and improved productivity. But he had lost the strategic battles. The son of Elizabeth (nee Paul), and William Reid, he was born in Cupar, Fife, where his life was transformed by a terrible accident when he was nine. Working in his father's butcher's shop one evening, he attempted to unstick a mincing machine and lost his right hand. He described the incident as 'catastrophic' but insisted it only sharpened his desire to be part of the action. He learned to write with his left hand within a fortnight and became a formidable golfer with a handicap of four. 'Making things happen is a state of mind,' he would say later. 'The joy of leadership lies as much in overcoming setbacks as enjoying the rewards of success.' Reid demonstrated his leadership during a career with Shell that he started in 1956 as a management trainee after studying politics, economics and history at St Andrews. He represented the university at golf and met his future wife, Joan Oram, there – they married in 1958. He also forged significant friendships with two aspiring politicians, Bob Horton, later chairman of BP and National Rail, and John MacGregor, who was appointed transport secretary while Reid was running BR. His Shell career, largely focused on the 'downstream' processing and marketing of oil, took him to Malaysia, Nigeria, Kenya and then back to Nigeria as managing director from 1970-74, before a similar job in Thailand and a posting in Australia as director of downstream oil. In 1983 he was brought back to London as coordinator for supply and marketing, becoming chairman and chief executive of Shell UK in 1985. Reid, nicknamed 'the one-armed bandit', was admired for his energy and enthusiasm but never reached the committee of managing directors, as board level was known at Shell. His skills in dealing with people were deployed in what was largely a representational role, although it included responsibility for UK refining and the important North Sea operations. His experience of determinedly camping in the outer offices of Nigerian ministers when they refused to see him was judged to have helped him with the UK government. Reid's five years as chairman reinforced his reputation for energy, unstuffiness and charisma. He crusaded for proper management training (in the absence then of business schools), establishing the Foundation for Management Education and chairing the British Institute of Management (1988-90). With his sympathy for the arts (particularly music and opera) and a keen eye for public relations, he took Shell's sponsorship in a new direction with backing for Bafta. At a time when Shell's continuing activity in South Africa was under attack, Reid argued that the company could be part of change, and provided liberally managed employment that helped it to be seen in a different light. He was knighted in 1990. On leaving BR he became chairman of the retail giant Sears Holdings, and later deputy governor of the Bank of Scotland. He was the first chancellor of Robert Gordon University in Aberdeen. Other chairmanships included London Electricity, Avis Europe and the International Petroleum Exchange. Joan died in 2017. Reid is survived by their sons, Douglas, Patrick and Michael. Robert Paul Reid, business executive, born 1 May 1934; died 28 May 2025
Yahoo
3 days ago
- Business
- Yahoo
Sir Bob Reid, visionary British Rail chief whose success could not stave off privatisation
Sir Bob Reid, who has died aged 91, chaired British Rail from 1990 to 1995 after a distinguished career with Shell. He oversaw the achievement of unprecedented levels of efficiency, but could not prevent John Major's government privatising – and fragmenting – the network. A visionary leader who had made very few enemies in a fiercely competitive industry, as chairman and chief executive of Shell UK from 1985 Reid turned what had been a sprawling bureaucracy into a tightly run and highly profitable concern. When Margaret Thatcher's Transport Secretary Cecil Parkinson needed a new chairman for BR, Reid – with whom he had worked closely as Energy Secretary – ticked all the boxes. Known as Bob Reid II as his predecessor was also Sir Robert Reid, he inherited Europe's most cost-effective railway, with InterCity profitable and operating more 100mph trains than any other network. He was surprised to find BR more efficiently managed and faring better by international standards than the public and politicians allowed. During the 1980s BR had cut its losses and increased income by reorganising into business sectors. Pressure for even greater economy grew as the Treasury – facing a deep recession for which Reid said BR was being asked to shoulder the blame – cut its subsidy further. He repeatedly challenged ministers over the contradiction between their talk of private-sector-style management and their refusal to let BR raise capital itself or form joint ventures. Yet he was a perennial optimist. After one public disagreement Reid, asked if he intended resigning, replied: 'You don't leave the pantomime halfway through.' Reid fought BR's corner hard. He warned: 'A Shell board is made up of people who have a depth of understanding of what the practical problems are and what you can and can't do. Here the board – the Secretary of State and the Cabinet – is made up of people who have not had that operational experience. The chances of not finding a practical solution are really quite high.' Importantly, he imposed on BR the safety culture of the offshore industry, bringing a sharp reduction in the number of track workers killed and injured. Under his leadership BR, through a process branded Organising for Quality (OfQ), replaced its historic regions with a chain of self-contained businesses each responsible for train operation, track and signalling. Thirteen months after OfQ took effect in April 1991, Major confounded the pundits by winning a fourth Tory term, having given a manifesto pledge to privatise the railways – a commitment from which even Margaret Thatcher had shied. Reid urged the new Transport Secretary John MacGregor – who had been taught economics at university by Reid's wife – to privatise BR as a whole, or, failing that, sector by sector. This was not what ministers wanted, though there was initially disagreement between Major, who wanted a return to the pre-nationalisation 'Big Four' railway companies, and the Treasury, who proposed auctioning the path for each individual train. As the privatisation Bill was drafted, Reid warned MPs it could become a 'lawyers' paradise, inordinately expensive and bureaucratic'. The Act, passed in November 1993, divided BR the following April into Railtrack, 25 passenger train operating companies, 13 infrastructure maintenance companies, three freight companies, three rolling stock companies and more. Reid oversaw the restructuring and attempted to carry on improving services and keeping finances tight until each part was sold off under his successor John Welsby. He left in 1995, warning that some operators could go bust after privatisation; MTL and Prism, allocated six passenger franchises between them, would sell up to avoid such a fate. At Shell, Reid was noted for masterminding large capital projects. At BR he took direct responsibility for having passenger and freight services to the Continent ready to run as soon as the Channel Tunnel opened, as happened in 1994 after considerable delays. He joined BR with plans for a high-speed link between London and the Tunnel well advanced. Then Parkinson decided the model for financing it was unsustainable, and subsequently Michael Heseltine secured the link's diversion through east London. Reid described the Government's handling of the project as a 'pantomine'; it would be 2007 before the line reached St Pancras. Outgoing and gregarious with a dry wit, Reid was a phenomenally hard worker, and completely without side. A traveller stranded at Euston in the small hours found himself offered a lift by a one-armed man in an old grey pullover who refused a proferred tip, murmuring: 'I'm actually the chairman.' He devoted much of his spare time to community work in Tower Hamlets with his wife, who played a very important part in his life. Reid had lost his right arm aged nine in a mincing machine while helping in his father's butcher's shop. He endured it with courage and equanimity: 'It was fairly traumatic at the time but once you've lost it, you've lost it and you move on.' Move on he did, to chair Shell and become a champion golfer. He refused a prosthetic arm lest it spoil his swing, describing himself as 'a golf fanatic... passion is too weak a word, it is a philosophy, almost a religion.' Robert Paul Reid was born at Cupar, Fife, on May 1 1934, the son of Philip Reid and his wife Margaret. From Cupar Academy, he read political economy and modern history at nearby St Andrew's University. He joined Shell as a management trainee in 1956 and spent 22 years overseas with the company. Starting on the Sarawak and Brunei oilfields, he moved to Nigeria in 1959 as head of personnel, weathering the war over the secession of Biafra, then in 1968 became PA and planning adviser to the chairman of Shell and BP Kenya. Reid returned to Nigeria – a country he loved and where he did much to encourage boxing – in 1970 as managing director, then in 1974 moved to the same position in Thailand, experiencing a military coup. He did not serve in London until 1978, as vice-president for international aviation and products trading. Three years as executive director for downstream oil with Shell Australia followed, before he returned to headquarters as co-ordinator for supply and marketing. He joined the board of Shell International in 1984, then in 1985 took charge of Shell UK. On the way up, Reid proved adept at motivating managers scattered far and wide. As chairman he excelled in crisis management, notably steering Shell through the 1986 world oil price collapse while increasing profits. He won high praise for averting massive pollution of the Mersey from an oil-pipe leak, an operation of which he took personal command. Stepping down at Shell's retirement age of 55 for executives who had served in punishing climates, Reid was snapped up by Parkinson to chair BR. He quickly concluded that the railways needed less political dogma and more spending on deteriorating track, signalling and rolling stock. Reid proposed a £10 billion five-year investment programme, but with few illusions about the Government's likely response: 'When it comes to finance, railways have always been tail-end Charlie.' His championing of BR's case was not what some Tory politicians wanted to hear, and a whispering campaign alleged he had 'gone native'. He treated this with his customary equanimity. The recession hit BR just as business was taking off, particularly on its regional services which had been written off as hopeless loss-makers. Reid attributed this recovery to innovations and efficiency improvements pushed through by his predecessor and namesake, observing: 'Give me the Italian subsidy and everyone could travel for free. And I would give the passengers a tenner for Christmas.' As Reid disengaged from BR, he became an active chairman of London Electricity and Sears (as it sold its last shoe shops) and deputy governor of the Bank of Scotland. He later chaired the International Petroleum Exchange and Avis Europe. Reid also chaired the Foundation for Management Training, the British Institute of Management, the Industrial Society, the Foundation for Young Musicians and the Conservatoire for Dance and Drama. In 2021 he published a memoir: No Condition Is Permanent: Risk, adventure and return. He was knighted in 1990. Robert Reid married the former Joan Oram in Singapore in 1957; she died in 2017. He is survived by their three sons. Sir Bob Reid, born May 1 1934, died May 28 2025 Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Yahoo
4 days ago
- Business
- Yahoo
📋 Fluminense line-up confirmed for Sudamericana decider
It's decision night for Fluminense in the Copa Sul-Americana-2025. Later, starting at 21:30 (Brasília time) this Thursday (29), Tricolor will host Once Caldas at Maracanã. Game valid for the sixth and final round of Group F of the competition. Advertisement Key situation 📊 Once Caldas leads with 12 points and has the advantage of a draw to confirm a direct spot in the round of 16. Meanwhile, Tricolor will only avoid playoffs against a Libertadores team if they win, as they have 10 points. A direct spot is worth $600,000 (R$ 3.4 million) in prize money. And advancing to the playoffs will earn the team $500,000 (R$ 2.8 million). Fluminense Motivation abounds after the comeback win over Vasco in the last round of the BR. Expectations were for Fuentes and Ganso to return to the starting lineup. Which was confirmed. Thiago Silva could have been preserved, but he will start. Advertisement Keno had been being preserved, but he has an injury to the adductor in his right thigh. Samuel Xavier is being spared again. Cannobio, Bernal, Cano, and Otávio remain in the DM. Once Caldas The team led by Alfredo Arias advanced to the second phase of the Colombian Apertura by finishing seventh in the first phase. Veteran Dayro Moreno, 39, is the reference point in the attack. This is his sixth stint with the club that launched his career, and he has 14 goals in 26 games this season - four of them in the Sudamericana. This article was translated into English by Artificial Intelligence. You can read the original version in 🇧🇷 here. 📸 RAUL ARBOLEDA - AFP or licensors
USA Today
4 days ago
- Sport
- USA Today
BR Mock Draft: Warriors land Serbian big man in second round of latest NBA mock draft
BR Mock Draft: Warriors land Serbian big man in second round of latest NBA mock draft Wednesday marked the final day for early entrants to withdrawal from the NBA draft and return to the college level. With players like Auburn's Tahaad Pettiford, Kentucky's Otega Oweh, Michigan's Yaxel Lendeborg, Arkansas' Karter Knox and Alabama's Labaron Philon all officially returning to college, the field for the NBA draft is officially set. With the 2025 draft class official, different mock drafts have been released with predictions for what Steve Kerr, Mike Dunleavy Jr. and the Golden State Warriors what will do in June's draft. While the Warriors don't have a first-round pick, they will be on the clock in the second round with the No. 41 overall pick. In the latest mock draft from Bleacher Report's Jonathan Wasserman, the Warriors landed an international big man in the second round. With the No. 41 overall pick, Wasserman inked Serbian big man Bogoljub Markovic to the Warriors in the second round. The 19-year-old, 6-foot-11 Serbian played the last three seasons for Mega in the Adriatic Basketball League. In 30 games, Markovic averaged 13.7 points on 53.8% shooting from the field and 37% from beyond the arc to go along with 6.8 boards and 2.7 assists per game. Bogoljub was awarded the ABA League's top prospect award for the 2025 season. Current and former NBA players like Nikpla Jovic, Goga Bitadze, Dario Saric and two-time NBA MVP Nikola Jokic have won the same award in the past. The NBA draft is set to begin on June 25 with the first round at Brooklyn's Barclays Center. This post originally appeared on Warriors Wire! Follow us on Facebook and Twitter!
