Tuesday, 23 August 2011

Traders’ daily losses soar to Rs2 bn

 Updated at: 1247 PST, Tuesday, August 23, 2011
Traders’ daily losses soar to Rs2 bn

KARACHI: The city is facing a complete shutdown as traders, transporters and fuel station owners decided to keep their regular operations closed after the MQM announced ‘day of mourning’ Tuesday, Geo News reported.

The traders blamed the police and security administration for failing to protect their businesses in such a situation.

Chairman Traders Action Committee, Siddique Memon told Geo News that currently the traders are facing losses up to Rs2 billion while the sales have dropped to 70 % owing to the city situation.

According to sources of industrial sector, colossal loss of Rs10 billion is expected in the production sector due to deteriorating situation of the city.

Economic experts said that the labourers working on daily wages are the worst affected due to business paralysis in such situation while unemployment is also rising on a larger scale.

Therefore, traders’ bodies have demanded the government to deploy army as the police and Rangers have failed to protect them.

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