There appears to be no end to eurozone woes, with the blocs economic woes beginning to mirror the never-solvable Pakistan-India-Kashmir issue. While the bloc struggles to sustain its existence by bailing out countries and their banking systems, rating agencies continue to spill water over economic managers efforts.
Signing off with a flourish, automotive sales at the end of the year remained positive with a significant increase in unit sales of cars, light commercial vehicles (LCV) and Jeeps; which rose to 179,000 units, representing an increase of 22 percent over FY11.
Everyday, a new airline is making foray into biofuels. Somehow many global airlines seem very ambitious about the environmental targets embarked by their controlling body: International Air Transport Association -IATA.
With nothing but remittances going right, the external balance for the country is swinging out of its favour. Trade deficit soared to as high as $21.2 billion in FY12 compared to $15.5 billion), last year.
The countrys external account concluded the fiscal year in a flimsy state. And had it not been for the multitudes of Pakistanis residing abroad and sending back precious foreign exchange to the country, the situation would have been much worse.
The flimsy economic scorecard of the US and the seemingly incessant eurozone debt crisis are still casting a long shadow on the global IT industry. Western companies cost-cutting measures on one side, it now appears that the IT budgets of companies based in the manufacturing and services-driven developing economies are also under pressure due to depressed demand from the West.